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GIC Rates increase (4 and 5 Years)
March 29, 2021
1:10 pm
chamnic
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Finally some rates increase sf-smile

Here is email

Please note that effective Tuesday, March 30, 2021, we will be increasing the interest rates for some of our long-term GICs (registered and non-registered) as noted below:

Long-term GICs

4 Years GIC – 1.90% (currently 1.70%)
5 Years GIC – 2.10% (currently 1.80%)
These new rates will be applied automatically for all corresponding GICs booked on March 23, 2021 or later.

All other Oaken rates will remain unchanged.

March 29, 2021
1:23 pm
Dean
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.
I just got that same email. Perhaps we're starting to pull out of the Rate Dive ❗

    Dean

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

March 29, 2021
1:31 pm
AltaRed
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For longer terms due to GOC5 yield going up. Not the case for HISA or short term money where the overnight rate is stuck at historic lows.

March 29, 2021
10:32 pm
Loonie
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Other FIs may follow suit in days / weeks to come as these rates are further out in front than where Oaken was before.

March 30, 2021
9:09 am
Dean
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Loonie said

Other FIs may follow suit in days / weeks to come as these rates are further out in front than where Oaken was before.  

Any bets on which FI will be next ❓

I'm guessing EQ Bank.

Time will tell . . .

    Dean

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

March 30, 2021
9:34 pm
Loonie
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I think Hubert has some "room to grow", but probably won't go as high as Oaken.

It could come out as a promo somewhere. - Tang? Simplii? or even at a larger bank.

But I could be very wrong!

April 1, 2021
4:44 am
Laertes
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So, I think this is a good rate. What's the wisdom on this? Good idea to lock away money for 5 years at 2.1%? Added info: hoping to start a really early retirement in 5 years.

April 1, 2021
3:31 pm
Loonie
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Laertes said
So, I think this is a good rate. What's the wisdom on this? Good idea to lock away money for 5 years at 2.1%? Added info: hoping to start a really early retirement in 5 years.  

It might be the best we see for 2021 for five year term. I don't think we'll get above 2.25 - and very possibly not that.
I would have no difficulty putting up to one-fifth of my money, to CDIC limits, in this GIC. Whether or not you put in any more has to do with your personal situation and how you have invested other money.
If you want to hedge your bets, you could put in half of the above and wait and see if something better comes along this year for the other half.

April 2, 2021
9:27 am
Laertes
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Sounds good to me. Thanks, Loonie.

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