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IDing FIs that offer monthly/annual interest
May 10, 2022
11:44 am
turquoise
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Is anyone else interested in identifying FIs that offer monthly and/or annual interest payments? I'm starting to get more interested in FIs that do that, and while I know of a few I'm sure there are some I'm missing.

There could just be an asterisks next to certain FIs on the GIC page, and then an associated footnote.

Any interest in this?

May 10, 2022
12:39 pm
AltaRed
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I know from the list of 20-30 GIC issuers the various discount brokerages offer, one can buy multi-year GICs either in annual interest or compound interest form. That's never been an issue for all the years I purchased GICs.

I can't speak to any of the CUs on the GIC tab though.

May 10, 2022
2:37 pm
savemoresaveoften
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turquoise said
Is anyone else interested in identifying FIs that offer monthly and/or annual interest payments? I'm starting to get more interested in FIs that do that, and while I know of a few I'm sure there are some I'm missing.

There could just be an asterisks next to certain FIs on the GIC page, and then an associated footnote.

Any interest in this?  

create extra work for the admin, not much value added in my mind.. You can easily look it up urself.

May 10, 2022
3:19 pm
Loonie
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I think this would be primarily of interest to retirees who rely on GIC income as part of monthly income. It's my sense that there aren't a lot of those on this forum.

So I don't see a lot of use for this feature. Also, some FIs that do offer it pay a lower rate for doing so (Oaken) and others don't, so it's not a simple yes/no question.

But I would agree that it's not always easy to find this information.

It's up to Peter, if he thinks it's a good idea and can find a way to do it easily.

May 10, 2022
10:47 pm
kelbee
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I like monthly, but some offer it a lesser rate. There are some that don't penalize like Motive (if 58+) and Simplii.

Sometimes you open a GIC and it defaults to compound annual and then you have to call to make it pay interest annually. (Often have to call to make it joint too.)

Please write your comments in the forum.