2.75% RBC 1-yr non-redeemable US Dollar GIC | RBC Royal Bank | Discussion forum

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2.75% RBC 1-yr non-redeemable US Dollar GIC
June 6, 2022
11:41 am
ritawije
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It was here on the forum several years ago that I saw a post about a USD 3.00% GIC at RBC. The local branch had never heard of it and could not find it, but I did some digging and reached an RBC investment advisor who could help. I opened an account. The second year I reinvested, though it fell to 1.75%. The third year it went very low, and I moved to EQ at 1.00% (now 1.25%). On a hunch I reached out to RBC a week ago and learned they again have a competitive product at 2.75%, and I moved our US funds to that.

This GIC is 1 year, non-redeemable, any amount, available to both new and existing RBC clients, but not insured by CDIC. It is not advertised, and the available rate may fluctuate. I asked, and was told by the fellow who assisted me that he could be named here with his contact number in BC. (He said he could assist a client outside BC, too.). This is who helped me set it up: Chad MacMillan, RBC Investments, 604-626-7354.

June 6, 2022
12:02 pm
Loonie
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Thanks.

US funds are now covered by CDIC.
https://www.cdic.ca/your-coverage/protecting-your-deposit/?gclid=EAIaIQobChMIuZKn-sCZ-AIVApJbCh23EwscEAAYASAAEgLzIfD_BwE

Is there some reason you think this particular GIC would not be covered?

June 6, 2022
3:06 pm
ritawije
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Thanks, Loonie, for the clarification. I had added that item only because there was no CDIC coverage when I first opened a USD GIC at RBC. I had erroneously assumed nothing had changed. Good to know the times have indeed changed.

June 6, 2022
9:16 pm
Norman1
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The 2.75% rate for a Royal Bank US$ one-year GIC is good.

Scotia iTRADE offers the following US$ GIC's:

Issuer 1 Year 2 Years 3 Years 4 Years 5 Years
Bank of Nova Scotia 2.55% 3.30% 3.45% 3.60% 3.70%
June 6, 2022
9:25 pm
Norman1
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CDIC Act section 12 was amended April 30, 2020 to remove the Canadian currency requirement for a deposit to be insured.

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