18 month GIC in GIC chart | Site suggestions | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
18 month GIC in GIC chart
June 17, 2022
6:20 pm
Jon
Member
Members
Forum Posts: 435
Member Since:
August 9, 2014
sp_UserOfflineSmall Offline

I believe 18 month GIC is a fairly standard thing these day. Therefore, I suggest including it on the GIC comparison page.

June 17, 2022
7:26 pm
AllanB
Member
Banned
Forum Posts: 200
Member Since:
April 18, 2022
sp_UserOfflineSmall Offline

Some are promoting the 18mth to shortchange investors imo. The 2yr can make more sense if you're ready to lock 6mths is not too much longer. Sometimes deposit brokers don't make it as easy to compare 18 vs. 2.
15mth may be preferable to 18 in the current environment.

June 17, 2022
8:05 pm
RetirEd
Member
Members
Forum Posts: 1157
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

GIC terms other than one-year multiples are useful in moving a maturity date to later in the year.

This is useful when dealing with TSFA transfer fees, for example. If one does the "December hop," withdrawing funds from a TFSA late in the year and depositing elsewhere after January 1st, one can't do the same thing next year without leaving your funds in taxable territory for almost a whole year. Being able to use a 6-month, 18-month or some other term skips much of that taxable stretch.

And many people have a lot of terms started in the spring, during RRSP/TFSA season. Using odd terms to move some later in the year helps with ladder scheduling.
RetirEd

NOTE: Don't leave TFSA/RRSP transfers to late in December. They sometimes take their sweet time.

RetirEd

June 17, 2022
8:15 pm
Loonie
Member
Members
Forum Posts: 9391
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I support Jon's suggestion and endorse RetirEd's reasoning.

18 month offerings are far more common than 15 month ones - and more useful.

The following 18 month GICs are currently available, along with the date when I last checked the rate. This is not necessarily a complete list.

GICWealth 4.20% [17 June 2022]
Scrivens 3.85% [01 June 2022]
WealthOne 4.00% [10 June 3022]
Oaken 4.00% [08 June 2022]
Wyth 4.00% (16 June 2022)
Meridian 3.75% (07 June 2022)
Accelerate 3.75% [11 June 2022]
CIBC 3.70% (16 June 2022)
motusbank 3.50% [09 June 2022]
Tangerine 3.25% (15 June 2022)
Tandia CU 3.15% (09 June 2022)
DUCA 1.80% [05 May 2022]

For 15 months, I only have EQ and Peoples listed.

June 18, 2022
6:49 pm
semi-retired
Member
Members
Forum Posts: 240
Member Since:
April 15, 2015
sp_UserOfflineSmall Offline

RetirEd said
GIC terms other than one-year multiples are useful in moving a maturity date to later in the year.

This is useful when dealing with TSFA transfer fees, for example. If one does the "December hop," withdrawing funds from a TFSA late in the year and depositing elsewhere after January 1st, one can't do the same thing next year without leaving your funds in taxable territory for almost a whole year. Being able to use a 6-month, 18-month or some other term skips much of that taxable stretch.

And many people have a lot of terms started in the spring, during RRSP/TFSA season. Using odd terms to move some later in the year helps with ladder scheduling.
RetirEd

NOTE: Don't leave TFSA/RRSP transfers to late in December. They sometimes take their sweet time.  

TFSA ending very late in Dec is a good thing. It doesn't have to be transferred. Just cash it out & purchase a new one 1st thing in the new year.

June 19, 2022
8:55 am
Alexandra
British Columbia
Member
Members
Forum Posts: 497
Member Since:
September 24, 2019
sp_UserOfflineSmall Offline

I see CWB/CWT have
19mo @ 4.15%
23mo @ 4.33%
27mo @ 4.38%

kind of unusual terms but may be handy to marry up with another maturing
GIC at a later date.

June 19, 2022
9:30 am
Dean
Valhalla Mountains, British Columbia
Member
Members
Forum Posts: 2147
Member Since:
January 12, 2019
sp_UserOfflineSmall Offline

Jon said

I believe 18 month GIC is a fairly standard thing these day. Therefore, I suggest including it on the GIC comparison page.  

They may be coming more common these days, but they're still 'A Looong Way' from being Standard.

Of the seven FIs I deal with that are mentioned on this site, only One of them offers an 18 month GIC (and I use it) ... but I'm quite happy to monitor that one on my own.

No offence to Jon, but I'm guessing this site's Admin (Peter) has bigger fish to fry. So I'll pass on supporting this suggestion.

Others may differ ... and they're welcome to it.

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

June 19, 2022
6:59 pm
RetirEd
Member
Members
Forum Posts: 1157
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

semi-retired: That's correct. I added that last line to remind readers that TRANSFER, as opposed to withdrawal, can take its own sweet time. The rest of the post referred to withdrawals.

And I forgot to note that, as well as tax status, leaving cash in savings accounts also (usually) means lower interest during that period.
RetidRd

RetirEd

Please write your comments in the forum.