Why do I get this error message when I click on the link to cannex:
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In all my years of investing I have never found a redeemable GIC that does NOT have a penalty built into its offer...even beyond 30 days. Some institutions have these penelties set as high as 2%, so proceed with full knowledge.
Thanks for the Cannex tip --- they by-far offer the most comprahensive overview.
Re: Cannex. I guess you can go straight to the "English" link instead:
I found that CANNEX has four listing pages, but the TF-GIC 1-6 year term has the fewest listings. Try:
It doesn't list TF-GICs, but it DOES have a long list with all the ones I have heard of, AND instant sorting by any field!
So - Achieva and Accellerate top the list at the moment, with 1-5-years at:
Given that I have no business with any of these at the moment will never use online banking, and want flexibility and 24-hour telephone banking, what do our members point out as significant pluses and minuses? (No worries about minimum deposits.)
I live in BC, and currently do business with Ally, VanCity, ING and North Shore Credit Union (they had a 1-year promo in August I took, having dealt with them previously). Only Ally is maxed out at the $100K at the moment, when they launched their 4% 5-year promo.
Ally also offers to compound their rates - yielding 4.08% in effect. Does anyone know if either of Accellerate or Achieva offers a compounding option, even yearly?
I'm leery of a 5-year, but the 3- and 4-year rates probably won't go higher before the average over the term puts us ahead.
While it's true that the borrowing outlook for financial institutions has not changed much, their 30-year bond yields are starting to sag, and the worldwide inflation outlook is low. Ditto the values of equities, which GICs compete with. I worry that waiting will bring even lower rates.
It's nothing new that the tax-free instruments are most competitive in the first quarter, when RRSP and TF deposits predominate. I do use ING's KickStart accounts, though the KS interest isn't tax-free - they don't make you keep it there past January first, so you can take the interest and go elsewhere. They're offering a short-term 90-day 2.5%, which helps keep people from running, as the total interest differences are small and ING has no withdrawal penalties.
But I have some near-max(insured) stuff nearing rollover that needs a non-registered home, and I'm looking to minimize the hit from their current 4.75-5% levels, so I'm watching non-registered rates closely.
I don't think you're going to have much luck getting your rates. You said you will never use online banking but isn't that what ING and Ally are?
You don't want to put all your eggs in one basket, that's for sure. Have you thought of trying the bank stocks everyone is talking about? It's a fund that yields so far 4% for many years (dividend). Might try it myself.
As for GICs, I am starting to realize that 3.5 maxed at Achieve or Outlook (when they had that rate), I am not going to ever get anything close to that. I am going to go after the big banks to see if they want to keep customers. If I have a lot to invest, surely they'd consider negotiating?
I just wish people would stop using banks, going with credit unions, and then the banks would realize how much they are gouging the public. Well, they know it now, they just don't care.
At the rate we're going, no matter how much someone saves, it's never going to be enough to live on regardless of the CPP and OAS. Only the execs seem to be the ones who can sleep at night. The inequality of people's wages is disgusting. Everyone who works deserves a decent wage.
Receiving the GST isn't necessarily something I'm proud of.
I can only speak to my experience and that is most banks will not come close to the rates you can find through some online institutions such as Achieva. I have steadily moved all my funds to this institution over the past 10 years and had provided my previous bankers the opportunity to match and retain my business --- all to no avail.
MoneyBags is right. Longer term rates are moving lower, so expect GICs to begin moderating with even less motivation by the banks to match these rates.
It looks like these low rates are not moving higher anytime soon.
December 22, 2011
December 22, 2011
The only thing about Achieva Financial's GIC's is that your locked in for long term GIC's (Correct me if I am wrong because I don't know much about Achieva as I am not a client). Under thier FAQ's on their website, under the question "Is my money immediately accessible?" it says "all deposits held in Guaranteed Investment Certificates are not redeemable prior to maturity". Don't get me wrong I have long term GIC's and I fully intend to go to the maturity date but its nice to know you can cash out early if you have too before maturity. That's why I would go with Hubert Financial for the 5 year GIC at the moment. Their current rate is 3.25% as well for 5 years and if I need to cash out early they will pay me 0% interest within the first 12 months and after the first 12 months until maturity they will pay me 1.75% interest. This is according to thier website as well. That being said the rates out there is pathetic I must say.