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September 27, 2023
6:27 am
gamgam
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Received email:
Please note that effective Wednesday, September 27th, 2023, we will be increasing the interest rate for Oaken long-term GICs as noted below:
Long-term GICs:
1 Year GIC – 5.75% (previously 5.50%)
18 Month GIC – 5.65% (previously 5.50%)
2 Year GIC – 5.60% (previously 5.50%)
3 Year GIC – 5.40% (previously 5.35%)
4 Year GIC – 5.15% (previously 5.00%)
5 Year GIC – 5.15% (previously 5.00%)

The new GIC rates will be applied automatically for all corresponding GICs booked on Wednesday, September 20, 2023 or later.

All other Oaken rates will remain unchanged.

September 27, 2023
6:47 am
savemoresaveoften
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gamgam said
Received email:
Please note that effective Wednesday, September 27th, 2023, we will be increasing the interest rate for Oaken long-term GICs as noted below:
Long-term GICs:
1 Year GIC – 5.75% (previously 5.50%)
18 Month GIC – 5.65% (previously 5.50%)
2 Year GIC – 5.60% (previously 5.50%)
3 Year GIC – 5.40% (previously 5.35%)
4 Year GIC – 5.15% (previously 5.00%)
5 Year GIC – 5.15% (previously 5.00%)

The new GIC rates will be applied automatically for all corresponding GICs booked on Wednesday, September 20, 2023 or later.

All other Oaken rates will remain unchanged.  

Yeah saw that too. But still no one would step up and pay close to 5.5% for 5 year money, except in the GIC broker's world.
Guess it means every FI expects recession to kick in at some point, just keep compressing the spread 5y GIC over GoC.

September 27, 2023
7:54 am
COIN
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Looks like no one is offering 6% for any term. Wealth One at 5.98% seem to be the closest to 6% but do you dare go to them?

September 27, 2023
8:00 am
cgouimet
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COIN said
Looks like no one is offering 6% for any term. Wealth One at 5.98% seem to be the closest to 6% but do you dare go to them?  

Tangerine for 18Mo ... Screenshot-2023-09-27-at-10-59-46-GIC-Interest-Rates-Tangerine.png

CGO
September 27, 2023
8:02 am
althisa
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COIN said
Looks like no one is offering 6% for any term. Wealth One at 5.98% seem to be the closest to 6% but do you dare go to them?  

Tangerine still offering 6% 18 month and 5.95% 1 yr GIC
https://www.tangerine.ca/en/products/saving/guaranteed-investments

September 27, 2023
8:07 am
althisa
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savemoresaveoften said

Yeah saw that too. But still no one would step up and pay close to 5.5% for 5 year money, except in the GIC broker's world.
Guess it means every FI expects recession to kick in at some point, just keep compressing the spread 5y GIC over GoC.  

5.45% from Scotia on 4 yr GIC
https://www.scotiabank.com/ca/en/personal/rates-prices/gic-rates.html

5.28% from Motive for 5 year GIC
5.20% from Laurentian for 6 year GIC
https://www.cannex.com/public/term02e.html

How 'close' does one need to be to 5.5% to make it worthwhile?

September 27, 2023
8:19 am
Dean
Valhalla Mountains, British Columbia
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COIN said

. . . Wealth One at 5.98% seem to be the closest to 6% but do you dare go to them?  

That subject has been pretty much Beat To Death ... but I still answer that question with a Big Fat; ' Negatory ! '

And now back to the subject of this thread . . .

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

September 27, 2023
12:02 pm
friskyib
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On the 23rd I had a transfer in of a TFSA. Will Oaken automatically give me 1 Year GIC – 5.75% as was only given 5.50%.

Oh wow... I see it should. Will be interesting to see when it gets changed.

September 27, 2023
12:24 pm
Dean
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.
Friskyib

Maybe call Oaken to confirm. Their CSRs are usually quite helpful.

Cheerio,

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

September 27, 2023
7:37 pm
friskyib
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Thanks Dean. I should not have to.

6CDC3C3F-47A0-48C2-919E-EC23FFB09B60.jpeg

And it’s not worth the call for $2.50.

September 28, 2023
1:39 am
RetirEd
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I'd never have expected myself to be quoting The Gypper...

"Trust, but verify!"

We wallow in a miasma of financial inconsistencies and errors. I would urge you to call in, get confirmation and get names.

RetirEd

September 28, 2023
2:22 am
cgouimet
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friskyib said
Thanks Dean. I should not have to.

6CDC3C3F-47A0-48C2-919E-EC23FFB09B60.jpeg

And it’s not worth the call for $2.50.  

I have benefited from this Oaken retroactive thing a few times in the last few years. Never had to call to confirm; it just appeared upgraded within one week.

You have it in writing. If the rate doesn't change to 5.75% within 1 week, then call with this written commitment.

CGO
September 28, 2023
4:03 am
savemoresaveoften
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althisa said

5.45% from Scotia on 4 yr GIC
https://www.scotiabank.com/ca/en/personal/rates-prices/gic-rates.html

5.28% from Motive for 5 year GIC
5.20% from Laurentian for 6 year GIC
https://www.cannex.com/public/term02e.html

How 'close' does one need to be to 5.5% to make it worthwhile?  

althisa said

5.45% from Scotia on 4 yr GIC
https://www.scotiabank.com/ca/en/personal/rates-prices/gic-rates.html

5.28% from Motive for 5 year GIC
5.20% from Laurentian for 6 year GIC
https://www.cannex.com/public/term02e.html

How 'close' does one need to be to 5.5% to make it worthwhile?  

My point is 5y reached north of 5.5% few months ago when 5y GoC were lower in yield and O/N significantly lower.

September 29, 2023
7:11 am
COIN
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cgouimet said

Tangerine for 18Mo ... Screenshot-2023-09-27-at-10-59-46-GIC-Interest-Rates-Tangerine.png  

althisa said

Tangerine still offering 6% 18 month and 5.95% 1 yr GIC
https://www.tangerine.ca/en/products/saving/guaranteed-investments  

Yes, looks like 6% is still the peak rate and only available for the 18 month term. Inverse yield curve.

September 29, 2023
8:02 am
althisa
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savemoresaveoften said

My point is 5y reached north of 5.5% few months ago when 5y GoC were lower in yield and O/N significantly lower.  

Can you explain the acronym O/N, not familiar with it

September 29, 2023
8:07 am
althisa
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COIN said

althisa said

Tangerine still offering 6% 18 month and 5.95% 1 yr GIC
https://www.tangerine.ca/en/products/saving/guaranteed-investments  

Yes, looks like 6% is still the peak rate and only available for the 18 month term. Inverse yield curve.  

Had the tough job of advising 19yr old nephew about where to invest his savings today. Told them to stick with their current FI even though better rates are available elsewhere to keep life simple. But open a TFSA and take advantage of 1 yr and 2 yr GIC rates. sf-cool

September 29, 2023
9:05 am
Dean
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althisa said

Can you explain the acronym O/N, not familiar with it  

It's a mystery to us all, Althisa. Your guess is a good as anyone else's.

O/N could be an acronym for a Number of different things.

Go Figure sf-wink

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

September 29, 2023
4:07 pm
GR
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althisa said

Can you explain the acronym O/N, not familiar with it  

Probably, "overnight".

September 29, 2023
6:32 pm
savemoresaveoften
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GR said

Probably, "overnight".  

bingo.

First sentence of Sep 6 release. overnight rate is the headline rate.

"The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening."

October 6, 2023
1:34 pm
friskyib
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friskyib said
On the 23rd I had a transfer in of a TFSA. Will Oaken automatically give me 1 Year GIC – 5.75% as was only given 5.50%.

Oh wow... I see it should. Will be interesting to see when it gets changed.  

Ok. Today October 6. I received the 5.5% certificate in the mail. Yesterday I received an amended 5.75% copy online. I guess an amended one will come in mail in a few days.

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