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GIC Rates to INCREASE ???
March 20, 2020
8:16 am
hwyc
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Save2Retire@55 said
Yes I meant different kind of accounts not new let's say Saving or TFSA. So 1 Saving, 1 LIRA, 1 TFSA, 1 RRSP is total 400K on each bank. 2 banks 800K. Is this correct or am I dreaming?  

Another $200K if you ask spouse to co-sign on joint(s)

March 20, 2020
9:13 am
toto
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I've got non registered
Single/ joint/ in trust
On both sides . Tfsa and rrsp tied up in or her FIs.
Tempting at 2.9 for 5 years , but I'm going to play it safe

March 20, 2020
4:17 pm
Save2Retire@55
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2.9% for 5 is too low. This shall Pass and Market will rise with new highs again and rates will increase again. Maybe this slow down will make our lovely Albertan to reconsider their fight against the environment and find other resources to support themselves and Canada. Also Canada shall not forget all their contributions.
And those who want independent can now re-think.

March 21, 2020
12:00 am
Loonie
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Excellent points, Save2Retire.
David Olive in the oft-maligned Toronto Star, had a good article to this effect a few days ago. Alberta Conservatives and their friends, love, however, to use this issue to launch their complaints, as if the rest of us created their problem.
https://www.thestar.com/business/opinion/2020/03/14/alberta-has-far-more-to-offer-than-oil-and-gas.html

March 21, 2020
1:49 am
MyUsername
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Save2Retire@55 said
2.9% for 5 is too low.

Probably the better option is 2.80% for 3 yrs.

March 21, 2020
3:45 am
3oakwest
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Just opened my account with Oaken yesterday. A very good experience with the rep and I'm transferring my TFSA's to them asap.

March 21, 2020
7:20 am
Save2Retire@55
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Loonie said
Alberta Conservatives and their friends, love, however, to use this issue to launch their complaints, as if the rest of us created their problem. 

I voted to my local Liberal MP because I respect him and his work personally so might be biased but using this crisis to attack other parties is so sick. It is time to be united and find strength to get through this together. Same goes to those stupid ones of QC. Stay safe.

March 21, 2020
7:25 am
Save2Retire@55
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Probably the better option is 2.8 for 3 years  

I personally wouldn't go for more than their 18 months. But you can open multiple accounts and have different maturities. That's what I do. 18 months, 2 years, and 3 years. Basically building your own ladder.

I also started weekly contribution for Tangerine Mutual Fund. I know 1.07 is too high but I like the automatic contributions and I usually get it out before their 1.07 kicks in by end of the year.

March 21, 2020
7:36 am
canadian.100
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Loonie said
Excellent points, Save2Retire.
David Olive in the oft-maligned Toronto Star, had a good article to this effect a few days ago. Alberta Conservatives and their friends, love, however, to use this issue to launch their complaints, as if the rest of us created their problem.
https://www.thestar.com/business/opinion/2020/03/14/alberta-has-far-more-to-offer-than-oil-and-gas.html  

If you were living in Alberta rather than Toronto Ontario, you might think differently. This is a diverse country and becoming more so.

March 21, 2020
11:54 am
Save2Retire@55
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canadian.100 said

If you were living in Alberta rather than Toronto Ontario, you might think differently. This is a diverse country and becoming more so.  

True. Same goes for anything. If you were born in XYZ you might have adopted a different religion, culture, mentality but when you move from place XYZ and become part of Canada, you start adopting to Canadian's values (whatever those are). The point ... The oil price as of now isn't even worth the drilling. It is a loss cause. The oil war won't stop anytime soon unless KSA government goes bankrupt or somehow magically they get in agreement with the Russians or being forced by the US government to stop the madness.

It can be a wake up call. Why everywhere in Canada people pay high income tax and provincial taxes. Maybe time for Alberta to do the same. Oil is not the black gold anymore. Don't you think so? Even if it is now, it won't be in 10-20-30 years. When is the change going to happen? How about future generations? Oil is like any other natural resource. Salt was treated like Gold once upon a time. How much does salt cost these days? We just need to adopt our thinking and move on. The sooner the better.

March 21, 2020
12:45 pm
Loonie
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There are forward-thinking people living in AB who agree with me.
It's time we all pulled together to create a more resilient Cdn economy instead of being beholden to the price of oil.

March 21, 2020
1:25 pm
Save2Retire@55
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Loonie said
There are forward-thinking people living in AB who agree with me.
It's time we all pulled together to create a more resilient Cdn economy instead of being beholden to the price of oil.  

I agree and it makes me so sad. Going to the History Museum in Ottawa always make me wonder how we became a nation of influence with great technology and factories during the cold war to a nation of import. We don't even produce our own petrol. Just export the Oil and import petrol for tripple the price or more. It is sad. We are bigger and greater than be an oil follower!

March 21, 2020
1:45 pm
canadian.100
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Loonie said
There are forward-thinking people living in AB who agree with me.
It's time we all pulled together to create a more resilient Cdn economy instead of being beholden to the price of oil.  

Yes forward thinking is always good. Justin Trudeau, supposedly the environmental champion of the world just bought a pipeline at huge $ cost. Forward thinking?

March 21, 2020
1:51 pm
Loonie
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Ironically, COVID-19 may be showing us the way forward.

It is becoming difficult to get sufficient imported supplies, so Cdn manufacturing is jumping into the breach.

We sold way too many Cdn companies and workers down the river to Mexico and China etc. and stood by doing nothing in the name of globalization.
We don't have all the answers yet, but with the various global crises that clearly lie ahead, we will all need diverse ways of meeting our needs.

March 21, 2020
2:27 pm
Lamaison
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Has anybody had any luck at all completing a transaction with Oaken in the last week? Their webpage says that all "Stores" are closed as of the 16th, whatever that means. I completed a Savings Account to GIC transaction online over a week ago and to date nothing has transpired in my account. Yesterday I spent 2 hours on hold to no avail - I didn't realize until after that the last half hour spent on hold was apparently also after their closing time for phone inquiries. They could at least have hung up on me!! Not the end of the world but very frustrating and poor service, Coronavirus or not.

March 21, 2020
4:09 pm
ReX
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Lamaison,
…if you received an automated confirmation of your GIC purchase transaction, do not threat…
"Stores" refers to their brick-and-mortar locations.
They were probably overwhelmed by a sudden avalanche of rate-chasing clientele and got caught with their pants down. BTW, I had a similar call experience with an issue that could not be addressed online.
I agree though, they should have paid overtime and extend the phone in hours to accommodate those with "special needs"sf-laugh

March 21, 2020
4:14 pm
Save2Retire@55
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Lamaison said
Has anybody had any luck at all completing a transaction with Oaken in the last week? Their webpage says that all "Stores" are closed as of the 16th, whatever that means. I completed a Savings Account to GIC transaction online over a week ago and to date nothing has transpired in my account. Yesterday I spent 2 hours on hold to no avail - I didn't realize until after that the last half hour spent on hold was apparently also after their closing time for phone inquiries. They could at least have hung up on me!! Not the end of the world but very frustrating and poor service, Coronavirus or not.  

They will catch up. Just like Peoples Trust when offered their 3% and took them 2.5 weeks to open my GIC. However, when they did, it started from the date of the application so I didn't lose any interest while waiting.

March 21, 2020
5:30 pm
GICinvestor
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Lamaison said
Has anybody had any luck at all completing a transaction with Oaken in the last week? Their webpage says that all "Stores" are closed as of the 16th, whatever that means. I completed a Savings Account to GIC transaction online over a week ago and to date nothing has transpired in my account. Yesterday I spent 2 hours on hold to no avail - I didn't realize until after that the last half hour spent on hold was apparently also after their closing time for phone inquiries. They could at least have hung up on me!! Not the end of the world but very frustrating and poor service, Coronavirus or not.  

I did one last night, Friday 9 pm,ish, system a bit slow. Received confirmation number right away and confirmation email 20 minutes later.

I did a transfer in and system pushed it and warned me it would be processed Monday. But GIC confirmation dates were for Friday.

I like Oaken. All on line including how to handle at maturity. Just wish they would have savings accounts for registered funds.

March 27, 2020
8:12 am
GR
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I expect Oaken will need to increase GIC rates again within a couple of days.
1) Some FIs are now equal to or higher than Oaken, esp. 1 yr rate, including Tangerine.
2) Home Bank and Home Trust 1 yr GICs are available through agents today at 2.53% and the agents receive commission of probably about .25% p.a.

March 28, 2020
7:16 am
Save2Retire@55
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Tangerine rate is higher now.

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