May 13, 2014
December 23, 2011
Apparently there is no fee to transfer out. I just transferred RRSP from Coast Capital to Oaken. CC charge $55 and I asked if they would pick it up and they would not but added their no charge to transfer out. All communication with them by phone and email has been professional and thorough. They guarantee to hold their rates for 30 days. The transfer process was very quickly expedited and completed in less than 15 days. I received a certificate that clearly shows the principal, interest and maturity date. As of today they still have the highest 5 year rate at 3.05%
Give them a call or email.
October 21, 2013
I am going to move one of my maturing RRSP GICs to Tangerine, depositing it to regular daily interest, using the 2.5% deal. I am not ready to reinvest it longterm yet, as I am still working out rejigging my investments. I realize this is a particular circumstance, not applicable to many, but if I leave it where it is until i make up my mind longer term, it gets a very low rate of interest. So, by moving it to Tangerine short-term, it effectively pays for my transfer-out fee with the 2.5% rate. Tangerine, of course, does not have this fee, so, when I am ready to reinvest, I can move it wherever I want with no charge.
Don't forget that even if an institution does not have transfer-out fees NOW, this does not mean that it might not have them LATER. "Later" could occur part way through the duration of your GIC. And then you are stuck with it. This sort of thing happened regularly in the earlier years of RRSPs (1980s), and I would not be at all surprised if it occurs with some of the newer banks etc when they become more established, in a few years, and they think they can get away with it. They are required, legally, to give you a certain amount of notice of change of terms - a few months as I recall - but that is no use when you are holding a longer fixed term investment.