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omnia rates drop March 16
March 13, 2020
7:53 pm
gicjunkie
Ontario
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No more 3% rate for 5 years. Other annual rates will drop as well on Monday March 16. Could be 2.3% - 2.7% for 1-5 years.

Don't know for sure what the rates will be because BoC dropped their rates again today. Check website on Monday.

March 13, 2020
8:22 pm
Adam1
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If I put in an application for the 5 year GIC at 3% on March 10 and I'm mailing my cheque on March 16, will they still honor the 3% rate?

Was wondering how long I had to mail the cheque, since they didn't mention a timeframe in the email I received after submitting the application.

Adam

March 14, 2020
10:27 am
gicjunkie
Ontario
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Adam1 said
If I put in an application for the 5 year GIC at 3% on March 10 and I'm mailing my cheque on March 16, will they still honor the 3% rate?

Was wondering how long I had to mail the cheque, since they didn't mention a timeframe in the email I received after submitting the application.  

Don't know why it took you so long to mail the cheque. Did you not speak to anyone at omnia during the process to confirm the investment details? If you haven't already mailed the cheque you may want to try to arrange a preauthorized debit withdrawal from your home bank account. By filling out a PDA form, or providing a "Void Cheque" and either emailing or faxing it to omnia, you eliminate the need for mailing the payment. This allows an electronic withdrawal directly from your home bank account. You just indicate to the recipient institution how much to withdraw.

You will have to speak to them on Monday to see what kind of leeway they'll give you. Hopefully they will still honour the rate. Good luck!

March 14, 2020
10:46 am
JenE
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gicjunkie, Omnia is still showing 3% for 5 years online. I guess they haven’t had chance to change it yet.

March 14, 2020
12:28 pm
gicjunkie
Ontario
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JenE said
gicjunkie, Omnia is still showing 3% for 5 years online. I guess they haven’t had chance to change it yet.  

They are closed today. Check back Monday morning for changes.
Welcome to the reality of REALLY low rates.
Have a virus free weekend everyone!

March 16, 2020
10:11 am
Loonie
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Omnia currently showing 2.7 for five years.

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