5 year = 5.00% (via BMO InvestorLine, Scotia iTRADE) | RBC Royal Bank | Discussion forum

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5 year = 5.00% (via BMO InvestorLine, Scotia iTRADE)
November 2, 2022
8:27 am
Norman1
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Royal Bank is issuing five year GIC's at 5% via BMO InvestorLine and Scotia iTRADE.

November 2, 2022
9:03 am
Bill
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Same at RBC Direct Investing, offering 4 different ones from various RBC-family entities, plus others at same rate from other issuers. Top 5-year rate available there is 5.01%.

November 2, 2022
9:32 am
COIN
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Norman1 said
Royal Bank is issuing five year GIC's at 5% via BMO InvestorLine and Scotia iTRADE.  

Bill said
Same at RBC Direct Investing, offering 4 different ones from various RBC-family entities, plus others at same rate from other issuers. Top 5-year rate available there is 5.01%.  

Are you locked in for the full 5 years? No "escape clause"?

November 2, 2022
9:49 am
Norman1
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Those are regular non-redeemable GIC's.

Both the owner and Royal Bank will be stuck with each other for five years. I don't know if the GIC's have that redeemable-on-death-of-owner condition.

November 2, 2022
9:57 am
AltaRed
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Norman1 said
Those are regular non-redeemable GIC's.

Both the owner and Royal Bank will be stuck with each other for five years. I don't know if the GIC's have that redeemable-on-death-of-owner condition.  

To my knowledge, most discount brokerages will work with the Executor to 'mature' GICs upon death based on the anecdotal information I've read in financial forums for the past 20 years. RBC DI did that for my mother's estate back in 2015. Ultimately, it is the issuer that needs to agree to 'mature' the GIC, not the discount brokerage and AFAIK, this is a relatively consistent practice among GIC issuers.

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