3.1% one year GIC is gone | Tangerine Bank | Discussion forum

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3.1% one year GIC is gone
December 22, 2018
5:02 pm
Vatox
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It's now 3.0% for one year, the 5 year dropped too.
This stinks.

December 22, 2018
5:30 pm
canadian.100
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Vatox said
It's now 3.0% for one year, the 5 year dropped too.
This stinks.  

It would appear that the economy will start to turn down in the next few months and it appears fears of inflation are subduing after the interest rate hikes by central banks. Some have already noted the interest rate inversion creaping in.

December 22, 2018
5:53 pm
Vatox
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Yes, that's completely true, but my plans for that TFSA January deposit, was the one year GIC. I figured TFSA offers of some kind, would be coming by now.

December 22, 2018
6:05 pm
Loonie
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Tangerine is normally fairly low down in the pack, so this is not really surprising,. It was surprising to me that they ever went this high.

December 23, 2018
5:39 am
2of3aintbad
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Vatox said
Yes, that's completely true, but my plans for that TFSA January deposit, was the one year GIC. I figured TFSA offers of some kind, would be coming by now.  

I would never buy a regular 1 year GIC in January in a TFSA When it matures, what are you going to do - withdraw or leave in TFSA savings if the renewal options are not good? Also, the term is so short that even a seemingly good rate won't make a big $ difference on the $6000.

A better choice is the 18 month GIC at 3.15%. When it matures in July 2020, your options are better.

December 23, 2018
7:07 am
bb123
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Implicity still has 3.10% for 1 Year. But what I like better, given whats going on in the bond market right now is their 2 Year @ 3.30%. I had some money to invest and put 1/3 of it in 1 Year and 2/3 in the 2 year. (I don't have a crystal ball so I like to ladder). I think FI's have tried to get out ahead of the market with some of these specials thinking rates were going up. I suspect that's what has prompted Hubert to reduce their rates of late. I think we could see a pull back here soon from many, especially on the longer end of the yield curve.
I just hope Implicity or someone keeps their rates where they are (or better) for TFSA investing in a couple of weeks.

December 23, 2018
10:21 am
Rick
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Don't think losing 50 cents a month in interest is that odoriferous. Six bux a year isn't significant enough (to me) to consider changing my plans over.
I prefer to put my TFSA into GIC's later in the year just in case I have to pull a December maneuver when they mature. Don't want to have it sit in a HISA (1.25% @ Tang) for a year before moving it.
If you're set on Tang, I think 2of3's suggestion to go for the 18 month term would be better. Might even consider the 270 days @ 2.8 and bet rates are going to be higher then and you're better positioned to move if need be.
Just my 2 cents. Best of luck in whatever you decide to do.

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