Any Chinese New Year GIC promo this year ? | Page 5 | Wealth One Bank of Canada | Discussion forum

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Any Chinese New Year GIC promo this year ?
January 27, 2023
3:18 pm
savemoresaveoften
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The 1 to 5y 5.28% offer good till Mar 1 now looks a lot more appealing given whats going on by FIs reducing rates.

January 27, 2023
3:58 pm
Canadianbull
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I decided to go with 5 years 5% with Meridian.

January 27, 2023
6:42 pm
HermanH
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Canadianbull said
I decided to go with 5 years 5% with Meridian.  

Why did you forgo the 5.28% from WealthOne?

January 27, 2023
7:10 pm
Canadianbull
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Peace of mind. I don't want to deal with wealth one right now.

January 27, 2023
8:20 pm
UkrainianDude
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Canadianbull said
Peace of mind. I don't want to deal with wealth one right now.  

You don’t trust in CDIC coverage? sf-wink

January 28, 2023
10:31 am
canadian.100
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I thought I had noticed a posting by someone on the Scotiabank Lunar New Year GIC rates. but I can't seem to find it. Can anyone tell me the Scotiabank special Lunar GIC rates? The Scotia site talks about lunar specials but there are no rates indicated for such. Thx.

January 28, 2023
10:48 am
HermanH
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I looked, too, and all their site would say was 'call us'.

January 28, 2023
11:03 am
Norman1
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It was this post:

LJT said
Scotiabank Lunar New Year bonus rate GIC 388 days at 5.2%.  

January 28, 2023
12:47 pm
canadian.100
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5.2% - Thanks - not bad for a big bank.
iTrade offers Scotia one year GIC @ only 4.90%. All GICs on iTrade are now under 5%. For sure, the lunar special won't be available on iTrade.

January 29, 2023
8:15 am
Norman1
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That's not surprising as Scotiabank doesn't offer 388-day GIC's through their advisor deposits channel. It would have to be either one year or two years.

The promotion is likely a marketing promo from their Scotiabank branches and not from the treasury of Bank of Nova Scotia.

January 29, 2023
9:22 am
savemoresaveoften
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It’s designed for face to face interaction so their advisors have the opportunities to sell more products.

January 30, 2023
7:06 am
Canadianbull
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So, in order for you to open a GIC with wealthone. Do you need to call and ask the representative to open it for you because I see there is no online option for you to open the GIC on your own.
After you open GIC investment account will it be showing online with all the details?

January 30, 2023
7:31 am
Canadianbull
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After I log in I see 5% for 5 years why?

January 30, 2023
7:46 am
Bill
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Online you select Account Services, allows you to buy a GIC and then everything shows up just fine if you select the right options.

January 30, 2023
9:17 am
Canadianbull
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Thanks Bill. I can see it now. Now I'm thinking about going with wealthone for 5.28%. My gic with Meridian was not going to open till Wednesday morning so I told them to wait and secure 5% for 30days. Now I have time to look into this. Recommendation is not to go over 100K including the profit?

January 30, 2023
10:01 am
Bill
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I wouldn't exceed CDIC limit with this bank, it's been pointed out here a few time they've been losing money since day one. At 5.28% you can buy a $94,980 1-year term GIC and still be a few bucks under the limit in a year, if that's the term you're looking at.

January 30, 2023
10:22 am
Loonie
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If you choose annual pay, you can put in more capital - so that a one year is the same investment as a five year..

January 30, 2023
11:06 am
Canadianbull
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I am looking for 5 years term.

January 30, 2023
2:02 pm
Canadianbull
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Wealthone offered both registered and non registered accounts right?

January 30, 2023
3:34 pm
Loonie
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Canadianbull said
I am looking for 5 years term.  

I don't know how much you want to deposit, but if you ask for annual pay, you can put in up to the amount Bill suggested for one year as you will be removing the interest annually.
When I bought from them a while back, you had to call them and ask for the annual pay.

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