May 24, 2016
FYI - Just seen on Meridian site (https://www.meridiancu.ca/Personal/Investing/Products-and-Account-Types/Raise-the-Rate-GIC.aspx):
“Raise the Rate GIC
You don’t need lots of money to get started. The minimum deposit is only $100.
How it works
You get a competitive rate to start with:
3-year Raise the Rate GIC: 2.60%
5-year Raise the Rate GIC: 2.70%
Plus, you can increase your rate. Let’s say you buy our 3-year Raise the Rate GIC, and then a few months later you see that interest rates for similar Meridian GICs have gone up. All you have to do is request a rate change online, in a branch, or by calling our Contact Centre.
This is a great option for you if:
You want to invest long-term without locking into one rate and missing out on something better if rates go up
You like flexibility and security - you can raise your rate when you see a better one, but when rates start going down you can keep earning the rate you've got
You feel confident that you won't need access to your money before the term is up
You have a minimum of $100 to invest
Open Raise the Rate GIC now
Current Meridian Members can open the Raise the Rate GIC via Online Banking, by visiting a local branch or calling our Contact Centre.”
October 21, 2013
There is some potential here, but I would be more impressed if they said they would raise their rate when OTHER FIs raised theirs or if it were cashable at minimal cost.
The rates aren't quite as good as some others, but there is still a role for bricks and mortar, especially when the manager is on the ball and accessible.
I had occasion to visit my Meridian branch the other day and there was a steady stream of customers and nobody had to wait. The manager, whose office is situated so that she can observe the incoming traffic and tellers stepped out to ensure that everything was running smoothly as my transactions were complex and were probably taking longer than she would have expected.
There is a Big Bank branch within a block. I've never been in there, but if it's like the ones I deal with, you'd stand and wait at least five minutes and would never see the manager or know that person's name as they would hide away in the back somewhere.
February 17, 2013
Probably a safe bet for Meridian with talk of rate cuts and recession possibilities. Nice to have an option if the profits' crystal balls are wrong. Are they available for registered and non-registered funds? Our registered funds are all maxed out, and still happy with Motive's 2.8% Savvy Savings for cash. They've been steady at holding the rate, but for how much longer if / when things start to slide off the rails?
October 17, 2018
The raise your rate 5 year still at 2.70% . It seems to meet criteria for GIC chart , which shows 5year @ 2.60%
Good point. I've added it to the listing at the bottom of the chart. Because the chart itself is automated, it would only get updated if Meridian updates the rate listed under its standard Non-Redeemable GIC list.
October 17, 2018