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Deposit Broker Comparison Chart?
August 19, 2021
8:10 am
gicjunkie
Ontario
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Don't know if anyone has ever suggested this, but what about the possibility of having a comparison chart here for deposit broker GIC rates? It could show broker names, 1 to 5 year rates and a contact number. Contributors to this site would provide the updates to Peter. Just a thought.

August 19, 2021
9:43 am
Koogie
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Seconded.

Quite a few of us (especially those with more than one ladder) use deposit brokers. It would be handy to have all the info. and comparative rates in one place.

August 19, 2021
2:06 pm
Loonie
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I think their rates are too fluid to keep track of in a chart, i.e. a lot of work for Peter. They can and do change daily, and their best rates are often very short-lived, 2 or 3 days. The last few weeks at GICWealth and Monarch have been exceptional, not the norm.

August 20, 2021
9:09 am
gicjunkie
Ontario
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Loonie said
I think their rates are too fluid to keep track of in a chart, i.e. a lot of work for Peter. They can and do change daily, and their best rates are often very short-lived, 2 or 3 days. The last few weeks at GICWealth and Monarch have been exceptional, not the norm.  

I think that all of the FI and broker rates are pretty fluid, depending on their individual needs at any point in time. It's just that, quite often, the broker rates exceed the posted FI rates. As I said earlier, we could be providing the update info to Peter as we notice changes. Also, there don't have to be many brokers listed, maybe just the top 5-7, if there are that many with good rates.

August 20, 2021
9:25 am
GR
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I think that most of the GIC Agents and Deposit Brokers only serve their local communities as their operations aren't provincial or national.

August 20, 2021
9:31 am
Peter
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This sounds like something that could start as a shared Google doc. I could coordinate an email thread if people are interested, in order to gather a list of people who should have edit permissions. Or if someone else wants to take the reigns on this, people could just PM them directly.

August 20, 2021
9:46 am
Nehpets
Ontario
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Peter,
Since the major brokers show their rates on a table on their respective websites, could a script be built on the Forum that would refresh daily to consolidate and display the monitored rates on the Forum's own table?

Stephen

August 21, 2021
7:47 am
Peter
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For sure it could be coded. However, that takes time and ongoing upkeep (and also forces all changes to go through one person), and thus I'd have to decide whether I'm willing to step up to that!

August 21, 2021
8:01 am
Doug
British Columbia, Canada
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Peter said
This sounds like something that could start as a shared Google doc. I could coordinate an email thread if people are interested, in order to gather a list of people who should have edit permissions. Or if someone else wants to take the reigns on this, people could just PM them directly.  

Yeah, I agree, if we're to do anything here, all we need is a shared Google document, which could be linked from the "Resources" page and even as a footnote on the main "comparison chart" page.

Cheers,
Doug

August 21, 2021
8:10 am
Nehpets
Ontario
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Peter said
....takes time and ongoing upkeep (and also forces all changes to go through one person), and thus I'd have to decide whether I'm willing to step up to that!  

Understood!

An alternative might be to simply provide hyperlinks on the promos page to the sites where the respective brokers display their interest tables.

I don't believe there are that many nationally available GIC brokers that members of the Forum might patronize, so the number of links might be three or four...for those who don't want to save those links to their own browser bookmarks.

The brokers I follow are:

GIC Wealth
Monarch
GIC Direct as well as the GIC Direct local representative's website

Most of the time I find I can do better by dealing directly with the FI, but there have been exceptions.

Stephen

August 21, 2021
11:41 am
Loonie
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Peter said

For sure it could be coded. However, that takes time and ongoing upkeep (and also forces all changes to go through one person), and thus I'd have to decide whether I'm willing to step up to that!  

Honestly, I don't think it makes sense for you to do this, especially as their rates are so fluid - much more so than the regular FIs that are on the charts already with possible exception of Motive..

As Stephen pointed out, they only occasionally have better rates than we can get elsewhere, and those rates often disappear in a few days. What is going on with them right now is exceptional, and I don't think it makes sense to change course on that account.

I've only bought one GIC from a broker in the last two years. I might be buying one now but don't immediately have a need for 3 to 5 yrs. If these rates hold a couple of months or more, I might buy, but I doubt they will.

Before a decision is made to put them on a chart, has anyone confirmed that any of them will serve the entire country?

August 22, 2021
6:48 am
gicjunkie
Ontario
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When I made this suggestion about a chart for brokers it was not my intent to create a ton of extra work for the administration (Peter). I just felt that the information is relevant to a lot of us and should be easily accessible. I am not a tech expert and never will be. Maybe the simplest answer to this problem is to just have an area either in this forum, in the Promos area (even if it's not a true promo) or as a separate category heading on the home page which is dedicated to updates to broker GIC rates. We could supply the updates as we become aware of them. I do know that within this forum, when a new topic begins, people often tend to go off on tangents into totally unrelated areas, but I suppose we could self-police that.

August 22, 2021
12:03 pm
HermanH
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As a test for proof of concept, why not just start a generic thread in the general forum for GIC brokers and the authors/participants could post their updates as they occur. If there is real interest in the subject, then the admin could consider further action. Meanwhile, all the work would fall on the participants. They might grow tired and give up on the idea, too.

September 14, 2021
7:08 pm
dommm
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I would love to see a Broker comparison chart. The more info & choice the better. Thanks

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