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GIC Rates Big Jump Up To The Top
March 27, 2020
6:59 am
GR
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180 Day Guaranteed Investment 2.80%
270 Day Guaranteed Investment 2.60%
1 Year Guaranteed Investment 2.80%
1½ Year Guaranteed Investment 2.85%
2 Year Guaranteed Investment 2.90%
3 Year Guaranteed Investment 3.00%
4 Year Guaranteed Investment 3.10%
5 Year Guaranteed Investment 3.20%

March 27, 2020
7:11 am
JenE
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Wow! Thanks for posting.

March 27, 2020
7:32 am
Peter
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Here's the rate history for an idea of just how drastic the jump is: https://www.highinterestsavings.ca/profile/tangerine-bank/gic-rate-history/

March 27, 2020
7:34 am
dommm
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Just on my account & can't figure out how to get this 5yr GIC at 3.2%. Anyone else having this problem?

March 27, 2020
7:52 am
fabafter50
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dommm said
Just on my account & can't figure out how to get this 5yr GIC at 3.2%. Anyone else having this problem?  

Okay I just found it. You have to click on the gic open an account. Even though it says 2.85%, when you click on it, it shows these rates.

March 27, 2020
7:52 am
Alexandre
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Thanks for posting. I suspect that would not last long, considering BoC announcement. Moved my money into Tang GICs with new rates right away.

March 27, 2020
7:54 am
toto
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Wow. All over this today. Especially after seeing BOC lower.

March 27, 2020
7:55 am
Bud
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Alex might be right cause bond yields cooperating with BoC for now

March 27, 2020
7:57 am
Alexandre
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dommm said
Just on my account & can't figure out how to get this 5yr GIC at 3.2%. Anyone else having this problem?  

Steps:

1. In an Overview, scroll down to "Add Account" and click on it.

2. In "Add Account" list of accounts click "Add" in front of "Guaranteed Investment GIC" and it says there "up to 3.2%"

3. At the very bottom of the screen it should say "1 Account(s) added" with "Next" button right from it. Click on "Next" button.

4. In the following page it'll ask duration (term) of GIC, when you choose one you want, corresponding rate will appear.

From there, continue the process till completion.

March 27, 2020
8:04 am
Doug
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GR said
180 Day Guaranteed Investment 2.80%
270 Day Guaranteed Investment 2.60%
1 Year Guaranteed Investment 2.80%
1½ Year Guaranteed Investment 2.85%
2 Year Guaranteed Investment 2.90%
3 Year Guaranteed Investment 3.00%
4 Year Guaranteed Investment 3.10%
5 Year Guaranteed Investment 3.20%  

Yes, this is almost entirely related to the tight corporate credit markets. With the BoC's 0.50% rate drop today and, more specifically, to the likely forthcoming purchases of corporate bonds (including corporate bond ETFs and mutual funds) at its April 15th regular meeting following its announced daily purchase of $5 billion in government securities (including residential mortgages securitized through Canada Mortgage Bond from CMHC), I suspect you will see the GIC rates normalize and you will see sudden, corresponding moves downward. Take advantage of these rates while you can, if you prefer GICs, and I'm now shifting my recommendation from 1-3 year GIC maturities to fully 5 year maturities because I see 0-0.25% BoC rates for at least the next 2, possibly 3, years. In short, sub-1.00% BoC rate for the next 5-10 years as this economy is going to need all the stimulus it can get.

I will be tactically shifting my large cash position into secure equities later this year when my Coast GIC matures and next year when my Concentra GIC matures. I'll probably take my cash position down to as little as $25,000.

Cheers,
Doug

March 27, 2020
8:52 am
Bud
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Dont be so bold doug

On March 9th Doug posted on a Motive thread he purchased Imperial Oil at around $23.50 per share it's currently at 13.50. He also purchased Cnq that day at about 21.50 now selling for 13.35

https://www.highinterestsavings.ca/forum/motive-financial/motives-savvy-savings-account-dropping-march-10-to-2-20-from-2-80/

March 27, 2020
8:57 am
toto
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I had bought a GIC from tangerine 5 days ago and they let me break it and renew at the new rates! Awesome!
The rep told me the mutual funds were getting hammered and clients wanted a safe haven so they raised rates on gics.

March 27, 2020
9:10 am
Doug
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Bud said
Dont be so bold doug

On March 9th Doug posted on a Motive thread he purchased Imperial Oil at around $23.50 per share it's currently at 13.50. He also purchased Cnq that day at about 21.50 now selling for 13.35

https://www.highinterestsavings.ca/forum/motive-financial/motives-savvy-savings-account-dropping-march-10-to-2-20-from-2-80/  

Excuse me? This is an indication of nothing.

I have not purchased Imperial Oil or Canadian Natural Resources with a one or two month time horizon. I have purchased them with a 5-10 year time horizon. Perfect market timing is extremely difficult, if not nearly impossible, to do. Fundamentally, I purchased both at below their book and intrinsic values. They are now just merely further below those levels.

Cheers,
Doug

March 27, 2020
9:32 am
toto
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I went long with tangerine.

March 27, 2020
9:51 am
Dean
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GR said
180 Day Guaranteed Investment 2.80%
270 Day Guaranteed Investment 2.60%
1 Year Guaranteed Investment 2.80%
1½ Year Guaranteed Investment 2.85%
2 Year Guaranteed Investment 2.90%
3 Year Guaranteed Investment 3.00%
4 Year Guaranteed Investment 3.10%
5 Year Guaranteed Investment 3.20%  

WOW ❗❗❗

Whoda thought Tangerine (of all places) would do that ⬆ sf-surprised

sf-cool " Live Long And Prosper " sf-cool

March 27, 2020
10:09 am
andied20
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I do like Doug's thoughts on why GIC rates are increasing, but I also wonder if the banks are concerned there may be panic withdrawals in the future and they are attempting to mitigate this issue by locking up funds for a considerable time.

March 27, 2020
10:23 am
Kidd
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i'm on hold right now with tangerine, i bought into this offer.

WARNING. this is SIMPLE interest, it's not COMPOUNDED and that makes one hell of a difference over the years. i hope it's just an error on their end with the calculation.

March 27, 2020
10:35 am
Kidd
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Annotation-2020-03-27-132939.jpg

compounded this should result, $491,727.17 NOT $490,500.00

$450,000 for 3 years at 3%

March 27, 2020
10:46 am
Kidd
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new-pic.jpg

after almost an hour on hold, i got through. the calculation has been adjusted to COMPOUND interest.

LOOK out for this

March 27, 2020
10:47 am
fabafter50
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Kidd said
Annotation-2020-03-27-132939.jpg

compounded this should result, $491,727.17 NOT $490,500.00

$450,000 for 3 years at 3%  

Thank you Kidd for letting us know!

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