Any Chinese New Year GIC promo this year ? | Wealth One Bank of Canada | Discussion forum

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Any Chinese New Year GIC promo this year ?
January 11, 2023
8:18 am
savemoresaveoften
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Has anyone spotted anything, in branch poster / flyer or ?

January 11, 2023
12:08 pm
HermanH
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I saw a message/flicker of 4.88% and thought it was odd. I think it was for last year's promo. I haven't been able to find it, again, and have seen nothing new.

January 11, 2023
1:13 pm
cgouimet
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HermanH said
I saw a message/flicker of 4.88% and thought it was odd. I think it was for last year's promo. I haven't been able to find it, again, and have seen nothing new.  

4.88 looks like a No Frills price ... LOL ...

CGO
January 11, 2023
4:23 pm
HermanH
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Ooops. My mistake. I must have flashed through HSBC and saw their 4.88% offer

January 11, 2023
7:41 pm
justsmileandnod
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cgouimet said

4.88 looks like a No Frills price ... LOL ...  

Ugh - don't give Galen any ideas. Next thing you know there will be No Name GICs with PC Optimum points.

January 11, 2023
8:19 pm
Canadianbull
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January 12, 2023
10:44 am
Canadianbull
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Well may be next week.

January 12, 2023
6:02 pm
YoungPunk
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Scotiabank is offering a 388 day GIC at 5.2% if you call them.

https://www.scotiabank.com/ca/en/personal/investing/guaranteed-investment-certificates.html

January 18, 2023
7:54 am
Greedy Guy
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5.28% for 1 to 5 year GICs purchased between Jan 18 and March 1

https://www.wealthonebankofcanada.com/Invest/GICs

January 18, 2023
9:52 am
Alexandra
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Greedy Guy said
5.28% for 1 to 5 year GICs purchased between Jan 18 and March 1

https://www.wealthonebankofcanada.com/Invest/GICs

I got their e-mail this morning on this. 18Mo also @5.28%. Darn, I have purchased my TFSA GIC for this year from RBC @5.03%. I'm already at the limit covered by CDIC with Wealth One for non registered funds. Tempting to add a small one for one year? Thing is nothing with them is coming due this year either so the risk would last until next year.

January 18, 2023
10:44 am
savemoresaveoften
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Greedy Guy said
5.28% for 1 to 5 year GICs purchased between Jan 18 and March 1

https://www.wealthonebankofcanada.com/Invest/GICs

they definitely make it difficult to decide on a term 🙂

on the other hand, free option for a guarantee rate until Mar 1.

January 18, 2023
11:38 am
Bill
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I believe someone on here has pointed out this bank has always lost money, keep CDIC limits in mind. If housing market tanks, foreclosures, lack of demand for mortgage money, etc maybe Wealth One will be one of the more vulnerable ones.

January 18, 2023
11:41 am
Jowett
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It looks like they only pay interest at the end of the term, so for example on a 3 year GIC, interest would be compounded and payable at the end of 3 years.

January 18, 2023
12:02 pm
Bill
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Compounded annually, paid on maturity.

Terms say "For GICs with a term of more than one year, interest is compounded on each anniversary date of the GIC and then paid on the maturity date."

January 18, 2023
12:02 pm
HermanH
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savemoresaveoften said
on the other hand, free option for a guarantee rate until Mar 1.  

Be wary of the final date. Most offers will honour the terms set out but, occasionally, an offer will be withdrawn prior to the previously announced final date.

January 18, 2023
12:39 pm
canadian.100
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Alexandra said

Darn, I have purchased my TFSA GIC for this year from RBC @5.03%. I'm already at the limit covered by CDIC with Wealth One for non registered funds. Tempting to add a small one for one year? Thing is nothing with them is coming due this year either so the risk would last until next year.  

Alexandra - Don't feel bad about missing the WealthOne offer @5.28%. RBC is a FAR more secure FI, highly unlikely to ever go under, while WealthOne Bank has not yet turned a profit (I reviewed their Financial Statements on the OSFI site) - so the chances of it going under are not impossible if things do not improve. No business can operate with endless losses - and as one poster said you don't know how long it would take to get your money if WO should go down.

January 18, 2023
12:55 pm
Greedy Guy
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Jowett said
It looks like they only pay interest at the end of the term, so for example on a 3 year GIC, interest would be compounded and payable at the end of 3 years.  

I requested depositing GIC annual interest to my WealthOne savings account. "Interest calculated and transferred Annually to another one of your accounts" is in the details of my WealthOne GICs .

January 18, 2023
1:39 pm
Bill
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Aside from their precarious financial situation the December online monthly statements are still not available - ?

We have significant funds with them, probably be withdrawing them over the course of the next few months.

January 18, 2023
6:27 pm
rodeworthy
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savemoresaveoften said
Has anyone spotted anything, in branch poster / flyer or ?  

I received the following information in an email from Wealth One today:

Wealth-One-Offer-3.gif

I apologize for the clarity of the term and rate information.

The term of the promotion is January 18 to March 1, 2023
Rates for: 1-yr, 18-mo, 2-yr, 3-yr, 4-yr and 5-yr fixed-term GICs all @ 5.28%

January 18, 2023
7:03 pm
UkrainianDude
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5.28% after taxes will be 3%

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