New GIC Rates for May 4, 2022 | Meridian Credit Union | Discussion forum

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New GIC Rates for May 4, 2022
May 4, 2022
6:17 am
KamWest
Toronto
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December 20, 2019
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Meridian’s rates are changing
- here’s the latest
1 YEAR CASHABLE GIC
CURRENT RATE: 2.25%
NEW RATE: 2.50%
AS OF MAY 4, 2022

1 YEAR NON-REDEEMABLE GIC
CURRENT RATE: 2.50%
NEW RATE: 2.75%
AS OF MAY 4, 2022

18 MONTH NON-REDEEMABLE GIC
CURRENT RATE: 2.60%
NEW RATE: 2.85%
AS OF MAY 4, 2022

3 YEAR NON-REDEEMABLE GIC
CURRENT RATE: 3.20%
NEW RATE: 3.40%
AS OF MAY 4, 2022

5 YEAR NON-REDEEMABLE GIC
CURRENT RATE: 3.50%
NEW RATE: 3.75%
AS OF MAY 4, 2022
View upcoming rate changes.

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May 4, 2022
9:59 am
seh
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The 1 yr. "cashable" is not a great option if you want a place to park your cash and see if rates continue to rise. The full posted 2.5% is only paid if you don't touch the money for 1 full year. Otherwise, the early redemption interest penalty is 40% - 100% of the interest paid.

May 4, 2022
11:33 am
turquoise
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seh said
The 1 yr. "cashable" is not a great option if you want a place to park your cash and see if rates continue to rise. The full posted 2.5% is only paid if you don't touch the money for 1 full year. Otherwise, the early redemption interest penalty is 40% - 100% of the interest paid.  

Great point. I think a lot of people (nobody here) believe that a cashable GIC works just like a HISA, and they will earn interest even if they cash out early.

May 4, 2022
1:33 pm
canadian.100
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I deal infrequently with Credit Unions, but a friend was telling me that his CU advised him that the total insurance on his non-registered accounts was 250K and his Joint non-registered account would not have any additional coverage because he is already up to limit on his sole Acct.

I was under the impression that his Joint Acct would have separate coverage of $250K. Do CUs not provide additional insurance on Joint Accts if one is up to the max on sole acct? He is in Ontario.

May 4, 2022
1:43 pm
KamWest
Toronto
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I recently moved funds to Hubert in Manitoba which is 100% guaranteed.

May 4, 2022
2:01 pm
cgouimet
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canadian.100 said
I deal infrequently with Credit Unions, but a friend was telling me that his CU advised him that the total insurance on his non-registered accounts was 250K and his Joint non-registered account would not have any additional coverage because he is already up to limit on his sole Acct.

I was under the impression that his Joint Acct would have separate coverage of $250K. Do CUs not provide additional insurance on Joint Accts if one is up to the max on sole acct? He is in Ontario.  

According to the FSRA brochure ... $250k for individual non-registered accounts plus $250k for joint non-registered accounts.

https://www.fsrao.ca/media/1906/download

CGO
May 4, 2022
2:21 pm
Norman1
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April 6, 2013
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Joint account coverage has requirements.

The FSRA brochure mentioned requires that certain info about the joint owners be recorded by the Ontario credit union:

Joint Accounts: Deposits held jointly by depositors are insured separately from insurable deposits in each individual depositor’s name, provided the records of the credit union or caisse populaire identify the name and address of each joint owner. …

May 4, 2022
3:43 pm
canadian.100
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Makes sense about insurance on the Joint Acct in addition to the individual accounts. This apparently is with DUCA and I am told they cannot cope with the large volume of applications for their Earn More Promo to Dec 31. It took 3.5 weeks for my friend to open the individual accounts. They have found the service reps not very knowledgable - eg saying there would be no insurance coverage on their joint account funds. (which appears to be misinformation.) Perhaps the reps are new trainees who have not been trained. We keep hearing everywhere it is hard to get staff and in particular good staff.

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