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RRSP GIC rates
June 9, 2014
6:20 am
Loonie
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There was another thread somewhat similar but it is out of date and full of blank spots where a previous member deleted his posts, so I am hoping that this could be a place to keep track of best rates for RRSP GICs. The rates are often worse than for non-registered, and the same institution does not necessarily have the best rates for all of the terms. I don't see much value in posting inferior rates, just the ones that would be top contenders, not necessarily the highest, because people sometimes need to diversify due to CDIC rules or may find it better to stick with an institution where they already have deposits, etc., but at least within the top of the range. I believe these are all compounded annually. All information should be confirmed with the institution in question before you invest.
Please post if you find a better rate or one that you think is worth mentioning or an update to a rate that was previously posted. I will try to transfer any updates to this posting so they are easier to find. Thanks.

For 1 year, Accelerate at 2.25%. 30 day rate guarantee for transfers from other financial institutions (ask for more time if needed!). Not cashable. Transfer-out $50.
Outlook (cashable at 1%) (transfer-out $50.) 2.15%.
Maxa (transfer-out $75.), Achieva (no transfer-out fee) 2.15%.
Peoples Trust (no transfer-out fee) 2.1%.
Oaken (no transfer-out fee) 2.0%.

For 2 years, Oaken at 2.35%. 30 day rate guarantees for transfers from other financial institutions. Not cashable. No transfer-out fee.
Outlook (cashable at 1%) (transfer-out $50.) 2.3%.
Accelerate (not cashable) (transfer-out $50.) 2.3%.
Maxa (transfer-out $75.), Achieva (no transfer-out fee) 2.25%.
Peoples Trust (no transfer-out fee) 2.2%.
CDF (transfer-out $50.) 2.15%.

For 3 years, Outlook (cashable at 1%) (transfer-out $50.) 2.5%.
Accelerate (transfer-out $50.), ICICI (cashable at 0.75% after 6mo.) 2.5%.
Oaken (no transfer-out fee), MAXA (transfer-out $75.) 2.4%.
Peoples Trust (no transfer-out fee), Achieva (no transfer-out fee) 2.35%.
CDF (transfer-out $50.) 2.3%.

For 4 years, Outlook (cashable at 1%) (transfer-out $50.) 2.65%.
Oaken (no transfer-out fee), ICICI (cashable at 0.75% after 6mo.) 2.6%.
Accelerate (transfer-out $50), CDF (transfer-out $50) 2.55%.
MAXA (transfer-out $75) 2.55%.
Korea Exchange Bank 2.5%.
Achieva (no transfer-out fee) 2.45%.
Peoples Trust 2.4% (no transfer-out fee).

For 5 years, Oaken (no transfer-out fee) and ICICI at 3.0%. (ICICI is cashable at 0.75% after 6mo.)
Outlook (cashable at 1%) (transfer-out $50.) 2.8%.
Community Trust (100% online by Aug 2014; CDIC-ins.), Korea Exchange Bank 2.75.
Accelerate (transfer-out $50.), CDF (transfer-out $50.) 2.7%.
Peoples Trust (no transfer-out fee) , Achieva (no transfer-out fee) 2.6%.
MAXA (transfer-out $75.) 2.5%.

Here are the daily rates, for reference:
Accelerate 1.9%
Achieva 1.8%
Community Trust - no rate shown.
CDF 1.35%
ICICI 1.4%
MAXA 1.8%
Peoples Trust - no rate shown
Oaken - no rate shown
Outlook 1.8%

June 9, 2014
8:49 am
kanaka
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I would call Accelerate as I believe they will hold a rate for 70 days for transfer in money.

June 9, 2014
2:01 pm
Loonie
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I understand 30 days from this page
http://www.acceleratefinancial...../rrsp.aspx
Do you have another source of info, or experience?

June 9, 2014
5:50 pm
kanaka
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Loonie said

I understand 30 days from this page
http://www.acceleratefinancial...../rrsp.aspx
Do you have another source of info, or experience?

Hi Loonie. Another experience yes, but I am getting soooo old I forget details. Lol sf-smile

I believe either Debbie or Kim said they would hold a rate for me for either 60 or 70 days. I am a member there and they said they would out a note on my file for the current rate or higher. They called it "peg" or ?? Give them a call they are all fantastic to talk to. They would also give me some offset $ for the transfer fees too.

June 9, 2014
6:17 pm
kanaka
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Loonie. I tend to go for the best rate irregardless of " lock in ".
I use Oaken, Hubert, Outlook, and Accelerate. If I really need money I think I have enough at Outlook to hold me over till other GICs mature. I am no longer hung up on being loyal and use these options to the best advantage.

June 9, 2014
6:27 pm
Loonie
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Those seem like good choices, kanaka, to judge from my chart above.
I don't think Hubert offers RRSPs, at least I can't find any, so have not included it here.

I agree that lock-in is not an important issue for everyone or for every investment, and probably less so for RRSPs than for other kinds of investments, except possibly for people who have an emergency and don't have any other source of funds so could use the cashable option. Otherwise, they'd be better off with a daily rate.

Transfer-out fees can be more or less important. It depends on duration of term and the amount invested. The more you invest and the longer the term, the less significant is the transfer-out fee. Everyone should do their own calculation.

Another factor for some people might be whether the institution also offers RRIFs. If you are close to making this transition, it might be easier to know you could do it all in one place, especially if you have a GIC that will mature after you need to set up the RRIF, because you should be able to transfer it into the RRIF if it's in the same institution.
The following institutions DO offer RRIFs: Accelerate, Achieva, Community Trust, MAXA, Oaken, Outlook.
The following institutions do NOT offer RRIFs at this time: CDF, ICICI, Peoples Trust.

June 9, 2014
6:55 pm
kanaka
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Loonie said

Those seem like good choices, kanaka, to judge from my chart above.
I don't think Hubert offers RRSPs, at least I can't find any, so have not included it here.

We must be both around mid 60's age wise? I need TFSA, RRSP, RRIF and non registered. Hubert does not have RRSP or RRIF but they sent me survey today and asked for RRSP and RRIF....who knows. I would also consider Implicitly. But when I first got on to doing more virtual banking I had to eliminate Maxa and PT. And CDF just does not come to top for rates and I don't think I can do Achieva from BC. So far I like my choices but not sure about Hubert. I guess that is what we all need is a comfort level along with communication with others using the same institutions. sf-smile

June 9, 2014
8:00 pm
Loonie
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Yes, I use all of those routes as well right now. It gets complicated, keeping track of the rates etc. for all of them!
I believe it's no longer true that you have to be a Manitoban to join Achieva, although I think it used to be when it was in a different relationship with Cambrian CU. Click on "Terms and Conditions" on this page, where it just says you have to be a Canadian resident as far as I can see. https://online.cambrian.mb.ca/AWapp/ (section 2, paragraph 3). Also, Achieva does not charge transfer-out fee (I emailed them.).
CDF may still be useful for people with deep pockets so need several institutions and who want to deal only with CDIC-insured institutions and who have longer terms, but not for me either unless they raise their rates.
Implicity, like Hubert, doesn't appear to offer RRSPs.
See my update two posts above in regards to RRIFs.

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