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Anyone pondering where to put TFSA money today?
January 1, 2024
10:13 am
lifeonanisland
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Curious to see people's ideas about where to park funds. I've got about $28K that I'm trying to find a place for today. Thinking about Hubert's 5.75% two-year GIC at the moment.

January 1, 2024
10:43 am
semi-retired
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I'm thinking the same thing for mine & the wifes contributions this year.5.75% for 2 yrs.sounds good.

January 1, 2024
10:43 am
Dean
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.
Right now a 2yr GIC @ 5.75% is a good choice, BUT Many of us are holding back on Hubert to see how the rest of the transition/amalgamation goes.

So far, it hasn't been going very well, and some of us are already planning our exits to other FIs (including myself)... regardless of Hubert's present rates.

'Caveat Emptor',

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

January 1, 2024
11:03 am
Guest203
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If you have over 25K to invest in a GIC you might try one of the GIC brokers noted at the bottom of the GIC chart.

Once you have over 25K the broker's clients will pay a slight premium and you'll probably get a rate better than anything posted on the chart.

January 1, 2024
11:18 am
serendipity
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lifeonanisland said
Curious to see people's ideas about where to park funds. I've got about $28K that I'm trying to find a place for today. Thinking about Hubert's 5.75% two-year GIC at the moment.  

o I guess the rate is good.

o Hubert, currently , has no fees to transfer out. Which is also good.

o Have you considered a 5 year ladder? Once using one you may go for the lower rate for a longer period. Ie what do we expect as the best rate in 2 years when your GIC matures?

o I too am a non believer in Hubert and have drawn my exit plan. And no rate will make me change my mind.

January 1, 2024
11:27 am
Dean
Valhalla Mountains, British Columbia
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Guest203 said

If you have over 25K to invest in a GIC you might try one of the GIC brokers noted at the bottom of the GIC chart.

Once you have over 25K the broker's clients will pay a slight premium and you'll probably get a rate better than anything posted on the chart.  

A Good suggestion , for sure !

Check out the GIC Broker's rates at the bottom of this page

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

January 1, 2024
11:30 am
HermanH
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lifeonanisland said
Curious to see people's ideas about where to park funds. I've got about $28K that I'm trying to find a place for today. Thinking about Hubert's 5.75% two-year GIC at the moment.  

I am under CDIC limits and will be buying an 18-month GIC at WealthOne for 6%.

January 1, 2024
11:37 am
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Guest203 said
If you have over 25K to invest in a GIC you might try one of the GIC brokers noted at the bottom of the GIC chart.

Once you have over 25K the broker's clients will pay a slight premium and you'll probably get a rate better than anything posted on the chart.  

Those broker rates are probably for non-registered GIC's.TFSA GIC's currently listed at Scrivens(broker) 1yr 5.35% & 2yr.5.15%.

January 1, 2024
12:10 pm
teacherbho
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I'm looking at the 9 or 10 year GIC at Motive. 5.2%. Or 7/8 year GIC at 5.3%. Looking at long term laddering.

January 1, 2024
12:28 pm
MattS
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teacherbho said
I'm looking at the 9 or 10 year GIC at Motive. 5.2%. Or 7/8 year GIC at 5.3%. Looking at long term laddering.  

I think you're spot on... at this point 5 or longer feels right. Of course depending on people’s needs... I feel taking a juicy two yr rate will possibly have you to renew at the new rate bottom for this cycle. We’ve already seen rates drop in anticipation of BOC rate reductions forecasted in 2024

January 1, 2024
12:33 pm
Case1030
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Probably equities so not really appropriate for discussion in an interest savings forum. sf-cool

January 1, 2024
12:41 pm
davidgeorge
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Seems we cannot open Hubert TFSA GIC accounts online. We can open Access TFSA GIC accounts online, but we have to have funds in our TFSA savings accounts to open GIC accounts.Screenshot-2024-01-01-154112.png

January 1, 2024
12:45 pm
Alexandre
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lifeonanisland said
Curious to see people's ideas about where to park funds.

On January 1st I had $10K to park in TFSA. Bought 1yr 5% GIC from Tangerine today. This is the best 1yr GIC offer from FIs I already have TFSA accounts with.

Too little money to bother parking at better rates with FIs I don't already have TFSA accounts with.

January 1, 2024
7:13 pm
HermanH
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teacherbho said
I'm looking at the 9 or 10 year GIC at Motive. 5.2%. Or 7/8 year GIC at 5.3%. Looking at long term laddering.  

I was really hoping to get a 2-yr (extended to 35-month) GIC with Motive at 6%, but they dropped it in December; one month before TFSA season started. Sigh. sf-cry

January 1, 2024
8:35 pm
lifeonanisland
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HermanH said

I was really hoping to get a 2-yr (extended to 35-month) GIC with Motive at 6%, but they dropped it in December; one month before TFSA season started. Sigh. sf-cry  

Thanks for everyone's comments on this thread. Food for thought. Herman, the Hubert 2 year at 5.75 is pretty good. Yes, there's growing pains during the Hubert/Access amalgamation, but given that it just takes a phone call to transfer in, and the GIC won't be touched for 2 years, I really don't see the downside. As for your outburst in your earlier post (which has been deleted, I see), no worries...your mini tirade was well-deserved by the object of your ire, who is handy at posting annoying little graphics but lacking when it comes to contributing anything of substance.

January 2, 2024
5:51 am
Sandy999
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Wealth One seems to have the best rates right now. 6% 1 yr 5.7% 3 yr

January 2, 2024
8:36 am
4n2t0
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I went with Hubert, 2 years @ 5.75%. I did have to call to have a TFSA account created, which took the CSR 5 minutes to setup. Once the TFSA account was created I just transferred the funds into the account and they created the GIC. I had withdrawn in December knowing that I was going to recontribute January 1st.

Personally, I wouldn't go any longer than 5 years. I know that rates are likely to fall in the coming year but you never know what will happen in 7-10 years from now. I'm just not comfortable reading the tea leaves that far into the future.

January 2, 2024
9:45 am
Warwick111
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In early December, I had planned to put my 2024's TFSA money in Motive's 5 year GIC. However, Motive had dropped their GIC rates 4 times in the last three weeks, so my new contribution is going to Hubert.

January 2, 2024
11:22 am
Yatti420
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You can open hubert rates via live chat or call them. The flexibility of the old Sunova Hubert I don't think will ever be coming back. For example inputting your own chequing details for a transfer out lol. Personally I would rather use an EFT via the banks network then using Interac EMT.

January 23, 2024
2:14 pm
RetirEd
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My 2024 TFSA deposit is in for a year at 5.75% with Peoples. That will score short-term gain and allow me to merge it with a longer deposit that will mature in 2025.

No terms in my portfolio are due until August, and my loose (non-registered) cushion cash is parked with the temporary VanCity promo at 5.75% until mid-March.

My all-assets rate is currently 4.68%, including savings accounts and older GICs taken before the big rate rise. I plan to move more to longer terms at the best rates I can get as term yields fall.

RetirEd

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