5 Year GICs | Motive Financial | Discussion forum

Rick said
Just got back from vacation and checked their rates. I guess they have enough GIC cash locked in.

GICs and Term Deposits
Non-Redeemable Motive™ GICs1,3 (Rates effective 2019-03-25) Rates
12 Month Term 2.54%
24 Month Term 2.67%
36 Month Term 2.73%
48 Month Term 2.76%
60 Month Term 2.82%

Motive Savvy Savings Account™1,3 (Rates effective 2018-11-01) Rates
$0 - $2,500 2.80%
$2,500.01 - $5,000 2.80%
$5,000.01 - $1,000,000 2.80%

A whopping .02% extra for locking up your cash for five years. Actually worse off if you lock it up for 1 - 4 years. Their way of predicting future rate drops? Seeing a lot of advertising for the Savvy accounts, so thinking they probably won't drop the rate for the HISAs anytime too soon. The way they seem bounce GIC rates around on a weekly basis is starting to get annoying.  

Print advertising, or digital? Digital can be changed quite easily and cascaded, almost instantaneously, to any digital ad networks they're using.

I could see the HISA rates dropping, but probably not below 2.50%.

My former HSBC colleague said she always bought a new 5-year GIC every year. I get the strategy, but not sure it makes sense anymore in this upside down interest rate world.

Cheers,
Doug