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Email this11:50 am
April 6, 2013
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Much better rates seen in RBC Online Banking GIC purchase pages than in public site. Not sure if the online banking rates are targeted or not:
| 1 yr cashable |
1 yr | 2 yr | 3 yr | 4 yr | 5 yr | |
| Posted | 2.25% | 3.25% | 3.50% | 3.60% | 3.60% | 3.75% |
| Posted specials | 3.00 | 4.75 | 4.65 | 4.00 | ||
| Online banking | 4.00 | 5.00 | 5.00 | 4.50 | 4.50 | 4.50 |
12:07 pm
February 14, 2023
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hats off to RBC for making it all clear as mud
1:42 pm
September 24, 2019
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Norman1 said
Much better rates seen in RBC Online Banking GIC purchase pages than in public site. Not sure if the online banking rates are targeted or not:
1 yr
cashable1 yr 2 yr 3 yr 4 yr 5 yr Posted 2.25% 3.25% 3.50% 3.60% 3.60% 3.75% Posted specials 3.00 4.75 4.65 4.00 Online banking 4.00 5.00 5.00 4.50 4.50 4.50
I just went into my RBC account. Sure enough, if I go in to purchase a GIC on-line account, I get the 5% for the one and two yr terms. Maybe I'll transfer funds from Tangerine HISA @5.25% until the end of July to my RBC account today.
2:51 pm
May 15, 2007
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For anybody with a business account at RBC, they also have a prime-linked cashable 1-year GIC where the first tier (under $250K) is currently offering 4.50%: https://www.rbcroyalbank.com/business/accounts/prime-linked-cashable-gic.html
7:54 pm
April 6, 2013
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The RBC cashable 1-year prime-linked GIC is available to personal account holders also. 
One needs to open a GIC account to hold it and their other GIC's. Royal Bank doesn't associate one's GIC's to a regular bank account like EQ Bank does.
I still have a few of the RBC cashable 1-year prime-linked GIC's as an alternative to my online-only savings accounts at Hubert, EQ Bank, and Alterna Bank. Their current 4½% yield is better than the rate on any of the online-only savings accounts.
11:34 pm
October 21, 2013
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I don't know what the conditions are at RBC but I have found that it's important to check, when buying "cashable" GICs, whether you will be penalized for cashing early, and by how much.
I have found that there are usually requirements that you must leave the money there for 3 to 6 months in order to be assured of getting the rate quoted. Get it in writing. I was dinged on one of these once by a manager who told me there would be no penalty at all whereas the penalty was in fact quite steep.
9:05 am
April 6, 2013
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I agree. "Cashable" and "redeemable" don't necessarily mean there won't be a penalty or reduced interest when the GIC is cashed/redeemed before maturity.
With the RBC prime-linked cashable GIC, there is a $25 admin fee and complete loss of accrued interest only during the first 29 days.
The GIC is governed by Client Agreement: GIC's and Special Conditions: Prime-Linked Cashable GIC. This is from the latter:
3. Redemption Conditions
The deposit may be redeemed in whole or in part before its term has ended. In the case of a partial withdrawal, the minimum principal amount of money that must be withdrawn from the deposit is $1,000 and the principal amount of money remaining in the deposit after the partial withdrawal must be not less than $5,000. If the principal amount of money remaining in the deposit after a partial withdrawal is less than $5,000, the deposit must be redeemed in whole at that time.
If the deposit is redeemed in whole or in part at any time during the first twenty-nine (29) days of the term, no interest is payable on the principal amount of money withdrawn and you will pay us an Administration Fee for that redemption. We may deduct the Administration Fee from the proceeds of the redemption.
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