4 year = 4.60%, 5 year = 4.65% (via Scotia iTRADE) | Scotiabank | Discussion forum

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4 year = 4.60%, 5 year = 4.65% (via Scotia iTRADE)
June 20, 2022
8:27 am
Norman1
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Through their Scotia iTRADE discount broker:

1 year 2 year 3 year 4 year 5 year
3.75% 4.25% 4.55% 4.60% 4.65%

Minimum $1,000. For related issuers:

  • Bank of Nova Scotia
  • ADS Canadian Bank
  • Scotia Mortgage Corporation
  • Montreal Trust Company of Canada
  • National Trust Company
June 20, 2022
9:56 am
Dean
Valhalla Mountains, British Columbia
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.
WOW ... those 3, 4, & 5 year rates are even better than the GIC Brokers rates, right now ❗

I've never invested in a GIC through my discount broker before (TD WebBroker). In the past they were always a bit of a joke, compared to what I could get elsewhere. I guess it's past time I look into it again.

Thanks for the Heads-Up, Norman.

    Dean

P.S.
I just checked the GIC rates for the same issuers
that Norman mentioned above , through my
TD WebBroker account. The rates there are not
Quite as good ... but they're Very close!

sf-cool " Live Long And Prosper " sf-cool

June 20, 2022
12:12 pm
Nehpets
Ontario
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Norman1 said
Through their Scotia iTRADE discount broker  

Can those rates be viewed without being a Scotia iTRADE logged in client?

Stephen

June 20, 2022
12:36 pm
Norman1
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I don't know of a way to view Scotia iTRADE's bond and GIC offerings without logging in.

June 20, 2022
1:04 pm
Greedy Guy
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Norman1 said
Through their Scotia iTRADE discount broker:

1 year 2 year 3 year 4 year 5 year
3.75% 4.25% 4.55% 4.60% 4.65%

Minimum $1,000. For related issuers:

  • Bank of Nova Scotia
  • ADS Canadian Bank
  • Scotia Mortgage Corporation
  • Montreal Trust Company of Canada
  • National Trust Company

  

BMO Investorline offers same or slightly higher rates than TD WebBroker as BMO carries more issuers and, at times BMO and/or its affiliates sometimes chooses to offer higher than market rates.

Looks like 3 Bank of Nova Scotia affiliates have chosen to offer higher than market rates for 3, 4 & 5 year GICs.

June 20, 2022
1:05 pm
Dean
Valhalla Mountains, British Columbia
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Norman1 said

I don't know of a way to view Scotia iTRADE's bond and GIC offerings without logging in.  

It's the same with TD WebBroker.

To see their GIC rates, etc., you have to have an account with them, and be logged in.

I'm guessing it's the same with most (if not all) discount brokerages.

    Dean

sf-cool " Live Long And Prosper " sf-cool

June 20, 2022
1:52 pm
COIN
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Are these rates also available for RRIF's and LIF's? If yes, can they be "broken" to make the minimum mandatory annual payout?

June 20, 2022
3:50 pm
AltaRed
BC Interior
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COIN said
Are these rates also available for RRIF's and LIF's? If yes, can they be "broken" to make the minimum mandatory annual payout?  

The best I can tell, the rates at discount brokers are generally independent of account type though GIC minimums might vary by account type. I don't know what each discount broker's process would be to ensure minimum annual payment but I can imagine there would be at least an administrative cost (or penalty) to 'break' something.

Quite frankly, it probably is up to the account holder to manage their accounts to be sure they meet legal minimums. After all, a discount broker is technically only an 'order taker'. It is not the discount broker's job to babysit DIYers.

June 20, 2022
4:04 pm
Dean
Valhalla Mountains, British Columbia
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.

    What AltaRed said

Especially his Last paragraph. sf-smile

    Dean

sf-cool " Live Long And Prosper " sf-cool

June 20, 2022
4:33 pm
blake
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Nehpets said

Can those rates be viewed without being a Scotia iTRADE logged in client?

Stephen  

I “was” an iTrade customer and you have to logon. I cancelled my accounts but they left me with the ability to login still. Kind of idiotic but that’s what they do when you cancel your account. I left because of their low GIC rates. If I can see the rates , I will post here.

June 20, 2022
5:28 pm
Norman1
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The GIC's are regular GIC's that can be held in their regular, TFSA, RSP, and RIF accounts.

They are not special RIF GIC's that provide early access to accrued interest or principal for RIF payments. So, one will need to manage the liquidity required for the RIF withdrawals and any source tax withholding on those withdrawals.

July 27, 2022
2:00 pm
AllanB
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Can someone update what itrade is offering for Scotia's subs the five sisters

Bank of Nova Scotia
ADS Canadian Bank
Scotia Mortgage Corporation
Montreal Trust Company of Canada
National Trust Company

July 27, 2022
2:12 pm
Norman1
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On Scotia iTRADE, the Scotiabank related issuer rates are

1 year 2 year 3 year 4 year 5 year
4.15% 4.30% 4.40% 4.45% 4.60%

The Concentra Bank GIC's are better on Scotia iTRADE for longer than one year:

Issuer 1 year 2 year 3 year 4 year 5 year
Concentra Bank 4.12% 4.45% 4.50% 4.53% 4.65%
July 28, 2022
6:01 pm
Doug
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Nehpets said

Can those rates be viewed without being a Scotia iTRADE logged in client?

Stephen  

Hi Stephen,

These appear to be a slight preferential rate for Scotia iTRADE, ostensibly since they may not have to pay Scotia iTRADE the typical commission they pay to deposit brokers. Their broker GIC rates are posted at: https://ads.scotiabank.com/ratesheet

However, to view the actual Scotia iTRADE GIC rates (a 5-10 bps premium for each term), you need to be logged in.

Cheers,
Doug

August 6, 2022
2:13 pm
Norman1
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Looks like Concentra Bank attracted enough funds and trimmed its rates on Scotia iTRADE:

Issuer 1 year 2 year 3 year 4 year 5 year
Bank of Nova Scotia
ADS Canadian Bank
Scotia Mortgage Corporation
Montreal Trust Company of Canada
National Trust Company
4.15% 4.30% 4.40% 4.45% 4.60%
Concentra Bank 4.12% 4.26% 4.31% 4.36% 4.50%

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