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OddBall Term GIC Rates
December 13, 2019
9:04 am
Nehpets
Ontario
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Forum Posts: 712
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December 20, 2016
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With the proliferation of "other than annual" GIC rates, I noticed that some of these rates are reported on the GIC Comparison Chart page while others are reported on the Promo Page.

When checking both of these, Oaken 18 month rate, which is currently the highest of the similar comparable terms rates at 2.6% is missing.

Would it be easier to keep these oddball GIC term rates on only one listing location, making it easier to monitor and easier for Forum members to alert the admin of any discrepancies?

Stephen

December 13, 2019
2:05 pm
Doug
British Columbia, Canada
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Hi Stephen,

Adding new FIs to the GIC comparison chart makes more work for Peter than just adding a link to the "promos" page, since the GIC comparison chart also tracks historical GIC rates (not sure we even really need that; it's good to have for the HISA chart, though), so that could be why.

Personally, I think we should establish some criteria for inclusion in the GIC comparison chart such that the GICs must be able to be opened:
(1) virtually or in-person (prefer virtually);
(2) to any Canadian resident, regardless of which province they live); and,
(3) the GIC rates should be competitive, which could be defined as being 25 bps above the Bank of Canada's Policy Interest Rate (currently 1.75%) based on a 1 year GIC term.

Then, perhaps, on the "Promos" page, we could have a section for GIC promotions with provincial residency restrictions.

As for Oaken's 18-month GIC term, it's a good question, but since these tend to be sporadic and change frequently, I'd favour including them on the "Promos" page or possibly as a footnote to the GIC chart like we did with Peoples' 15-month GIC.

What do you think of something like that?

Cheers,
Doug

December 13, 2019
3:27 pm
Nehpets
Ontario
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Forum Posts: 712
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December 20, 2016
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...Adding new FIs to the GIC comparison chart makes more work for Peter than just adding a link to the "promos" page...

Agreed, Doug!

I wasn't thinking of adding listings to the GIC chart, but rather proposing to figure out a way to keep listings of GIC promos in one location. By all means, linking these promos to the Forum post makes sense, and since these odd ball terms seem to be offered by the same usual suspects, with Oaken always offering an 18 month term, keeping them in one location would help making real time comparisons.

I've often found these oddball terms to be a worthwhile alternative to annual terms, so I find myself seeking them out and tracking them on my own.

Stephen

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