Parama CU, 1 yr TFSA GIC, 2.75% (Toronto) | Tax Free Savings Accounts | Discussion forum

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Parama CU, 1 yr TFSA GIC, 2.75% (Toronto)
December 17, 2019
11:01 pm
Loonie
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https://parama.ca/carousel-landing?gclid=EAIaIQobChMIhfC51c6-5gIVSr3ACh3FLAs5EAAYASAAEgISjvD_BwE

This is valid for January 2020. You give them the money now and they put it in regular savings until January when it goes into TFSA. It is unclear how long this offer will be available.
New members must join in person.

December 17, 2019
11:29 pm
Canadianbull
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@loonie why are we not getting good deals like last year around this time?

December 18, 2019
3:25 am
Loonie
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Canadianbull said
@loonie why are we not getting good deals like last year around this time?  

I think it's basically because rates in general plummeted after last winter and have continued to sag, with the occasional upward blip.
Or perhaps this was a rhetorical question?

Sad, isn't it? We are at the mercy of events beyond our control - and of the people who set them in motion.

December 19, 2019
8:18 am
Peter
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Regarding how long this offer will be available, looks like the offer ends on December 31, 2019. In other words, they make no claim that it will be available in January when you would directly open the TFSA instead of putting the funds into a savings account first.

December 19, 2019
8:07 pm
Loonie
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I agree, Peter.
It's an effort by Parama to try to pre-empt the potential competition that might come in January. It's similar to what Tangerine used to do . (I don't know if they still do it.)
GR has now brought to our attention a better offer from Resurrection cU, a few blocks from Parama, at 2.8%. I haven't checked but I don't think it has the same condition.

I would warn everyone though that if you're only putting in the annual 6K, these offers may not be worth your while by the time you consider the transfer out fee at the end of the term - which is always subject to an increase.

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