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GIC Comparison
October 11, 2020
3:07 pm
Rick
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Since CDIC has expanded coverage to include terms longer than 5 years, and some FI's are now offering longer terms, would it feasible to add a few extra columns to the GIC comparison chart so we can easily see which ones offer them, and their rates?

October 11, 2020
4:59 pm
Loonie
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Good idea. It might encourage more of them to offer these, and encourage competition.

October 13, 2020
9:34 am
Peter
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Thanks for the suggestion. It might depend on how many offer other terms. It might be similar to the issue of terms that are less than 1 year long, or even 18-month terms -- how to make non-standard information easy to access but also easy to maintain.

October 13, 2020
10:22 am
AltaRed
BC Interior
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I don't think the additional administration and management warrants it at this point. Members here can do some of their own homework.

January 29, 2021
11:24 am
archangel
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I'd add to this: are there enough FIs offering 3-month terms to add a column for that as well? I'd like to see.

January 29, 2021
11:45 am
topgun
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Not necessary. FI's will add many different terms depending on their cash needs.

Have a Great Day

January 29, 2021
2:30 pm
Rick
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Peter said
Thanks for the suggestion. It might depend on how many offer other terms. It might be similar to the issue of terms that are less than 1 year long, or even 18-month terms -- how to make non-standard information easy to access but also easy to maintain.  

Listing short term and odd term rates (like CC's 33 month GIC) would be overwhelming, if not impossible. Of all the FI's listed in the GIC comparison chart, rates over 5 years are available through:
Motive
EQ
Accelerate
Hopefully a few more will offer them in the future. CDIC coverage of terms over 5 year still fairly new.

January 29, 2021
3:02 pm
Briguy
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Peter said
Thanks for the suggestion. It might depend on how many offer other terms. It might be similar to the issue of terms that are less than 1 year long, or even 18-month terms -- how to make non-standard information easy to access but also easy to maintain.  

Also, Peter, how come we don't include in charts smallerCUs like Access ( just merged with Crosstown Civic CU ) or Steinbach ?

January 29, 2021
3:45 pm
Dean
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Briguy said

Also, Peter, how come we don't include in charts smallerCUs like Access ( just merged with Crosstown Civic CU ) or Steinbach ?  

Are their interest rates High enough to qualify being mentioned on this site ❓

There's lots of FIs not mentioned on this site, because of their low rates.

    Dean

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

January 29, 2021
8:14 pm
Loonie
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Steinbach CU doesn't really fit on the chart because the rates vary according to the size of your deposit.
And they have other peculiarities which don't make for a straight comparison. Interest is paid annually only, so there is no monthly compounding of interest. Rate applies only to lowest balance during each month.
I've dealt with them, and I don't think it's possible to compare them directly with FIs that pay monthly on daily balance.

For example, current one year rates are:
Less than $100K 1.40%
$100K - $249,999 1.45%
$250K** and over 1.50%

To make it even more complicated, on their savings accounts, they are incapable of telling you how much interest you have earned to end of most recent month in a given year. They act like it's a strange question, and the answers they give, when pushed, are inaccurate.

This calculation is complicated further by the fact that the monthly statements are not issued at the end of the month, but on an arbitrary date.

I have found them to be far more trouble than they're worth. Will keep the account for now in case a really good rate comes along. Hah!

January 31, 2021
9:03 pm
Peter
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Access and Steinbach simply didn't make it past the consideration for the savings account comparison chart. However, they can be considered separately for the GIC chart.

January 31, 2021
11:27 pm
Loonie
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Steinbach's GICs are tiered the same way their HISA is. Would you actually list 3 different levels for each year on the chart?

February 1, 2021
6:54 am
Peter
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Loonie said
Steinbach's GICs are tiered the same way their HISA is. Would you actually list 3 different levels for each year on the chart?  

No. Sorry, I should have been clearer in my previous message. I was explaining why I hadn't seriously considered them for the GIC chart prior to Briguy's message.

February 25, 2022
7:19 am
BlueSky
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I'm not sure if this was ever discussed/suggested on here: creating a filter in the GIC Comparison Chart for those FIs that operate in Quebec, similarly to the one that presently exists in the HISA Chart.

March 2, 2022
2:35 pm
Flds
ON
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Hi,
I could not see "Saven Financial" listed on the comparison Chart.
Is it possible to add it to the Chart.
Today's Rates (verify)
1 Year 1.85%
2 Year 2.55%
3 Year 2.75%
4 Year 2.80%
5 Year 2.90%

March 2, 2022
3:33 pm
Peter
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Thanks for the suggestion. I need to add the same type of province filtering to the GIC comparison chart as currently exists for the savings account comparison chart, since Saven Financial is only available in Ontario. It's a goal to do that, but without a concrete timeline yet!

March 2, 2022
3:54 pm
MattS
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Tandia and equity CU often carry. High rates for periods of time too if we adding to the list

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