New GIC rates | Meridian Credit Union | Discussion forum

Meridian says cashable without penalty. But, the fine print for the one-year 3% cashable GIC indicates substantial loss of the 3% accrued interest in the first 180 days:

If cashed out before 90 days: 0.00%
Between 91-180 days: 1.50%
Between 181-364 days: 2.25%
At maturity (1 year): 3.00%

Yes, me and my wife have a few raise the rate GICs at Meridian - purchased about 2 years ago.
My wife used the raise the rate feature on one about a month ago. It went very smoothly, it was done online (no need to call or go in person to the branch) and it took one or two business days - so it was quick. Overall, we are happy with this product. Note that for a 3 year raise the rate GIC you can only raise the rate once.

Meridian has 2 different GIC products that are not locked in.

Their 1 yr. CASHABLE GIC pays 3.10% if held to maturity.
Early redemption rates are not attractive:
if cashed out before 90 days: 0.00%
Between 91-180 days: 1.50%
Between 181-364 days: 2.25%
At maturity (1 year): 3.10%

Their 1 yr. REDEEMABLE GIC pays 3.15% if held to maturity.
Early redemption rate paid is 2.10%.

COIN said

Thanks, a couple of questions.
1) Can you exercise the RTR at anytime during the term or only on certain fixed dates?
2) Is the comparable for RTR the same as the existing RTR GIC? For example, I notice Meridian has two 5 year GIC's, one with and one without the RTR.  

1. yes, anytime.
2. In my understanding, you can raise the rate to the corresponding non redeemable long term GIC (but you should ask them to be certain; it could be the maximum rate between the two)

PS Early this week both I and my spouse asked them to raise the rate on some of our existing RTR GICs - online. My wife's was processed yesterday and mine is still showing the old rate (no explanation given). Looks like I will have to call them tomorrow ... most likely just slow response, I see no reason why mine would be denied.

More new rates as of October 18:

1 Year Cashable GIC (1)

Current Rate: 4.10%
New Rate: 4.25%
1 Year Non-Redeemable GIC

Current Rate: 4.30%
New Rate: 4.50%
18 Month Non-Redeemable GIC

Current Rate: 4.40%
New Rate: 4.55%
2 Year Non-Redeemable GIC

Current Rate: 4.45%
New Rate: 4.60%
3 Year Non-Redeemable GIC

Current Rate: 4.50%
New Rate: 4.65%
4 Year Non-Redeemable GIC

Current Rate: 4.60%
New Rate: 4.70%
5 Year Non-Redeemable GIC

Current Rate: 4.70%
New Rate: 4.80%
3 Year Escalator GIC (2)

Current Rate: 4.50%
New Rate: 4.65%
5 Year Escalator GIC (2)

Current Rate: 4.70%
New Rate: 4.80%
3 Year Raise the Rate GIC (3)

Current Rate: 4.25%
New Rate: 4.40%
5 Year Raise the Rate GIC (3)

Current Rate: 4.45%
New Rate: 4.55%

It looks like some institutions, Meridian being one, where 5% does not appear anywhere on the 1-5 year spectrum.

lifeonanisland said

Which is why they're not getting any of my business at this point...  

me to parking at Simplii and HSBC for 4.75%

I believe we will see the 5% on the short term next month after the Bank of Canada's October 26, 2022 rate announcement.

As of November 23

1-Year Cashable GIC1

Current Rate: 4.50%
New Rate: 4.60%
1-Year Non-Redeemable GIC

Current Rate: 4.70%
New Rate: 4.90%
18-Month Non-Redeemable GIC

Current Rate: 4.75%
New Rate: 5.25%
2-Year Non-Redeemable GIC

Current Rate: 4.80%
New Rate: 5.00%
3-Year Non-Redeemable GIC

Current Rate: 4.85%
New Rate: 5.05%
4-Year Non-Redeemable GIC

Current Rate: 4.90%
New Rate: 5.10%

I put the line breaker where it belongs 🙂

As of November 23

1-Year Cashable GIC1
Current Rate: 4.50%
New Rate: 4.60%

1-Year Non-Redeemable GIC
Current Rate: 4.70%
New Rate: 4.90%

18-Month Non-Redeemable GIC
Current Rate: 4.75%
New Rate: 5.25%

2-Year Non-Redeemable GIC
Current Rate: 4.80%
New Rate: 5.00%

3-Year Non-Redeemable GIC
Current Rate: 4.85%
New Rate: 5.05%

4-Year Non-Redeemable GIC
Current Rate: 4.90%
New Rate: 5.10%