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Offer to renew (extend) GIC
October 30, 2020
12:59 pm
Alexandra
Victoria, BC
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September 24, 2019
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I have a 18 month GIC coming due in two more weeks. It was at 3%. Today they called me with an offer of 1.3% for 18 months if I renew. At the time, I bought several 18 month GIC's with them maturing between mid Nov 20 & end Dec 20. I also purchased several 2 yr GIC's at 3% maturing in Apr,May& June 2021.

Right now the offer was only for the one 18 month GIC. As I will not be taking them up on their offer ( at least not right now), I did not ask about the others.

I think they are pulling a Coast Capital on this one. So many people took advantage of their offer 18 months ago ..... and they are all comingsf-surprised due in the same time frames. Likely they are afraid most investors will pull all their money at maturity.

October 30, 2020
1:23 pm
Dean
Slocan Valley, West Kootenays, British Columbia
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January 12, 2019
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.
Re: Motusbank 18mo GIC @ 1.30%

As we know, the pickings are better elsewhere :

Maybe it's time to consider moving your $$$ to a higher paying FI ... no ❓

'Carpe Diem'

    Dean

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

October 30, 2020
2:11 pm
Alexandra
Victoria, BC
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You betcha I will. But the three percent was very good at the time, especially for 18 month and 2 yr terms. They may increase their offer if enough people don't bite on the 1.3%. (Why would they take it)

Otherwise all my extra funds are going to Tangerine until March or EQ , Motive DISAs.

We do not know what will happen. If Biden gets in, the market could go down considerably and maybe just maybe the banks will go against all expectations, and increase their GIC or term deposit rates as worried investors cash in their stocks and or mutual funds.

We will see pretty soon.

November 10, 2020
3:04 pm
Indmuny
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September 10, 2019
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Motus will have to be better than anything else available for me to even consider them. It is too difficult to keep track of outstanding transfers and transfers are frustratingly (if that's a word) slow. I regret every time I realize I will have to interact with them. Got the same calls about my maturing GICs but didn't answer - I'm pleased to find out the rates aren't tempting.

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