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Wealth One Prosperity Rate 5yr @ 2.88%
September 20, 2021
9:18 am
Alexandra
British Columbia
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Just got this in e-mail today. Wealth one offering 5 year Prosperity Rate GIC @2.88% with a minimum of $25K. Offer open from Sept 20- Oct 20th.

You use the code they send to get the rate.sf-laugh

September 20, 2021
9:40 am
COIN
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Alexandra said
Just got this in e-mail today. Wealth one offering 5 year Prosperity Rate GIC @2.88% with a minimum of $25K. Offer open from Sept 20- Oct 20th.

You use the code they send to get the rate.sf-laugh  

That is an amazing rate in to-day's market.

Is it an "escalator" GIC?

September 20, 2021
9:51 am
Nehpets
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COIN said ......Is it an "escalator" GIC?  

Doesn't appear to be, based on the text of their email:

Dear Valued Client,
This is a special time of the year for the Chinese Community. We celebrate the Mid-Autumn Festival this year while WealthONE Bank celebrates the 5 year anniversary of the establishment of the bank!

To celebrate and thank you for your loyalty, WealthONE is pleased to offer a special promotion 5-Year Prosperity GIC with an incredible rate of 2.88%*!

Use promo code GIC5Y to purchase any time from September 20 to October 20, 2021.
*Minimum investment of $25,000. Terms and conditions apply.

Stephen

September 20, 2021
9:56 am
Alexandra
British Columbia
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COIN said

That is an amazing rate in to-day's market.

Is it an "escalator" GIC?  

I already have the max under CDIC so will not be able to take advantage of this rate. I believe it is just a straight 5 year GIC. I don't know if they even offer escalator rate GIC's.

The offer is to "celebrate" their anniversary. I think they did this last year as well, so I'll note that for myself around this date next year. By then I'll have two matured 18 month GIC's with them.

From now on, I select annual payments for all GIC's (except 18 month ones), and you are allowed to do that with them.

September 20, 2021
9:59 am
Jowett
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One thing to note here, it is compound interest only and paid out at the end of 5 years. Doesn't seem to be an option to pay interest year to year.

September 20, 2021
10:13 am
COIN
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Thanks guys,

I don't have now or in the past any relationship with them. I tried calling them but the computer voice said to leave my telephone number and someone will call me back.

BTW: Maybe also worthwhile to check with them around Chinese New Year as well.

September 20, 2021
10:25 am
Alexandra
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COIN said
Thanks guys,

I don't have now or in the past any relationship with them. I tried calling them but the computer voice said to leave my telephone number and someone will call me back.

BTW: Maybe also worthwhile to check with them around Chinese New Year as well.  

I called them when I did my 5 year GIC and they changed it for me to be paid out annually. There are a couple of banks that require you to call them to get it. A bit of a pain, but it is worth it if that is what you want.
With this new rate, I guess the lines are pretty busy.

September 20, 2021
10:51 am
Dean
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.
Fear Not

It won't be long before other FI's start to raise their GIC rates, as well.

Watch for the likes of Oaken and EQ to soon follow suit.

    Dean

sf-cool " Live Long And Prosper " sf-cool

September 20, 2021
12:23 pm
Bill
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Latest annual inflation rate reported here as slightly over 4%, and rising. To lock in for 5 years at this rate (before taxes, if unregistered), fixed income portion of portfolio continues to lose value. (But still beats what I hear markets are up to today!)

September 20, 2021
1:25 pm
COIN
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I sent them an email saying I'm interested in the 2.88% for 5 years and got an email back saying I have to open a savings account first.

Question: Is Wealth One strictly Internet or do they also have a walk in branch?

September 20, 2021
3:00 pm
hwyc
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The promo can be seen from the chinese web page(s) - 5yearProsperityGIC ... English subtitled near the bottom sf-smile

September 20, 2021
3:15 pm
Loonie
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sf-confusedClearly I need to brush up on my Mandarin!

Nobody knows what inflation will do over the next five years, which is the period in question. There are pressures pushing in both directions.
GICs and TSX are not directly comparable. They occupy different portions of one's investment portfolio.

Interestingly, my 5 year GIC at Oaken at 2.75% matured today, so 2.88% is actually an improvement, at least superficially - and who knows beyond that?

From what I read elsewhere on their website, it looks like they only pay compound interest, no annual payout option. Is that true?

Branches in Markham and Vancouver area as far as I know.

September 20, 2021
3:23 pm
canadian.100
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Bill said
Latest annual inflation rate reported here as slightly over 4%, and rising. To lock in for 5 years at this rate (before taxes, if unregistered), fixed income portion of portfolio continues to lose value. (But still beats what I hear markets are up to today!)  

Yes - the TSX was down 1.64% today - however bear in mind the TSX is up 29.7% over the last 12 months, so some pull back is not unusual. If there is more pull back this week, then there will be investors who will add to their market ETFs or see if there are bargains in bank shares, or communications or utilities. I would not agree with your statement that the 2.88% GIC "beats the market" - you can not compare the 2.88% GIC rate to a one day drop in the index of 1.64%. When you buy a GIC you are prepared to hold it for 5 years - so think the same about stocks - hold for 5 years - it is that panic reaction to sell that makes people losers.

September 20, 2021
3:24 pm
Vatox
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COIN said
I sent them an email saying I'm interested in the 2.88% for 5 years and got an email back saying I have to open a savings account first.

Question: Is Wealth One strictly Internet or do they also have a walk in branch?  

They have a head office in Toronto and a regional office in Richmond, B.C.
I don’t think they are banking branches, but I’ve never visited them.

September 20, 2021
3:40 pm
Loonie
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The one in Markham is a retail branch.

September 20, 2021
5:00 pm
Alexandra
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Loonie said
The one in Markham is a retail branch.  

The branch in Vancouver is at 1021 W Hastings St. I believe it is a branch.

Anyway, the bank reps I have talked to are very nice and helpful. They speak perfect English.

When you go on line to do your banking, you either choose the Markham or Vancouver branch.

One thing about them is there rates don't keep jumping back and forth.

This forum is really about GIC and HISA.

September 20, 2021
5:04 pm
Loonie
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Dean said
.
Fear Not

It won't be long before other FI's start to raise their GIC rates, as well.

Watch for the likes of Oaken and EQ to soon follow suit.

    Dean

  

For those of us who use a five year ladder, the year only has about 3 months left for the competition to come up with a comparable or better offer. The number 8 is auspicious in traditional Chinese thinking; other FIs will not feel the same attraction to it. 2.9 would be a huge jump.

I was hedging my bets this year. I put in some of my five year money for this year several months ago at 2.5%. I think I'll try to put some into this one too although I've neer dealt with WealthONe before. They will average out (weighted) higher than the five year GIC I am redeeming at Oaken!

If inflation, going forward, continues to rise higher than expected and rates then go higher, we will catch up over the subsequent four years. That's what ladders are for, to average out the rates.

September 21, 2021
7:18 am
COIN
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The guy from Wealth One said they only offer a savings account, no chequing. Does this mean EFT is the only way to move money in and out?

September 21, 2021
7:32 am
Bud
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5yr is dead too much uncertainty

September 21, 2021
7:44 am
savemoresaveoften
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COIN said
The guy from Wealth One said they only offer a savings account, no chequing. Does this mean EFT is the only way to move money in and out?  

if thats the case, I wont consider that name at all. How are you going to move $100k when GIC matures....

Wire transfer will be $30+ fee and its a PITA

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