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12:57 pm
December 20, 2016
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from email received today:
Chinese New Year Special Offer: 1.68% for 18-month term GIC
In celebration of The Year of Ox, Wealth One Bank of Canada offers this limited-time GIC with a special promotional rate of 1.68% on an 18-month term.
Use promo code GIC18M to purchase any time from January 18 to March 15, 2021.
Stephen
2:12 pm
September 24, 2019
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9:20 pm
October 21, 2013
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5:51 am
September 7, 2018
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Loonie said
Thanks for posting, Stephen.
Does anyone know if this is an annual rate with includes annual compounding? I can't find any 18 month GICs on their website with which to compare.
You might want to phone Wealth One to find out - however, it would be very strange if the 1.68% were not an annual compounded rate. A simple (i.e. not annual compounded) rate of 1.68% for the entire 18 months would not be much of a promo.
7:06 am
September 7, 2018
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6:41 pm
October 21, 2013
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Thanks for getting the clarification, canadian 100.
I agree it would be strange if it were otherwise, but not unheard-of. One can never be too careful with promo innovations!
I am reminded of the index-linked "GICs", the kind that advertise that you can get a maximum of 10% return (or whatever figure). In the fine print, it tells you this is not per annum but per term. A lot of people misinterpret these by making the wrong assumptions. And they too are called "GICs".
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