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GIC Rate increase
June 7, 2021
7:40 am
Rick
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Pleasantly surprised to see motive raised their GIC rates
GIC.jpg

June 7, 2021
9:08 am
Dean
Valhalla Mountains, British Columbia
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That'll move them up the chart ❗

GIC Chart (to be updated) https://www.highinterestsavings.ca/gic-rates/

    Dean

sf-cool " Live Long And Prosper " sf-cool

June 7, 2021
9:27 am
GR
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The screenshot in post 1 above shows 2% for 48 months. That rate was shown on Motive's website earlier today, but has apparently been adjusted to 1.90%, as is correctly shown on the GIC Chart on the HIS.ca website. Rates are the same for non-registered and registered GICs.

June 7, 2021
1:07 pm
COIN
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Are they the only institution to have a 10 year GIC? That's a long time.

June 7, 2021
1:19 pm
KamWest
Toronto
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Hmm

1.55% at Canadian Tire without tying up the funds

Interest rates will hopefully be going up again soon. When the main banks are giving .1 percent and most of the flankers are sitting at 1% there really is not much less that can happen unless rates go up.

With the world real estate on fire it's just a question of time before money will be needed to fund all these crazy mortgage increases.

I still have a bunch of money locked in at Motus for escalator GIC's at the below rates...

Picture0193.png

At those rates I will lock in again but the Motive ones are pretty pathetic considering the interest they were paying on the savings account a few months ago.

June 7, 2021
4:21 pm
Dean
Valhalla Mountains, British Columbia
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COIN said

Are they the only institution to have a 10 year GIC? That's a long time.  

'No' ... they're not the only ones. And 'Yes' ... that's a long time ❗ sf-smile

I have no interest in 10yr GIC's, so I'm not aware of all the FI's that offer them, but I know EQ Bank is one of them :

.

    Dean

sf-cool " Live Long And Prosper " sf-cool

June 7, 2021
4:34 pm
HermanH
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KamWest said
I still have a bunch of money locked in at Motus for escalator GIC's at the below rates...

Picture0193.png

Those rates seem very nice. Can you explain how they are calculated or how the 'escalator' function works?

June 7, 2021
5:33 pm
Loonie
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COIN said
Are they the only institution to have a 10 year GIC? That's a long time.  

EQ has been offering ten years for a while now, following CDIC decision to insure them.

June 7, 2021
5:41 pm
KamWest
Toronto
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HermanH said

KamWest said
I still have a bunch of money locked in at Motus for escalator GIC's at the below rates...

Picture0193.png

Those rates seem very nice. Can you explain how they are calculated or how the 'escalator' function works?  

Year 1 = 2.70%
Year 2 = 3.10%
Year 3 = 3.15%
Year 4 = 3.35%
Year 5 = 3.95%

I took those out all the way across the board with GIC's, Tax Free GIC's, RRSP GIC's etc.

I have these sweet deals gaining more interest every year, on July 11th they all get paid out at 3.10% and then 3.15% next year etc etc.

I knew they were a sweet deal when I signed up.

June 7, 2021
5:45 pm
Loonie
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For those who, like me, can't read the screen print, here is the current cut and paste version:

12 Month Term 1.350%
24 Month Term 1.450%
36 Month Term 1.650%
48 Month Term 1.900%
60 Month Term 2.000%
72 Month Term 2.000%
84 Month Term 2.050%
96 Month Term 2.050%
108 Month Term 2.050%
120 Month Term 2.100%

June 7, 2021
5:50 pm
KamWest
Toronto
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You can get this from motus right now

Just so you have a comparison chart

This is an escalator so it increases every year

Picture0194.png

The good thing about escalators is you can cash them in penalty free at the end of each year if rates go up higher.

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