Canadian Tire GIC rates | Canadian Tire | Discussion forum

For anyone who has recently purchased a GIC from C.T. Bank....can you go through the entire process from start to finish? Did you fill out the on-line form then call them? Did you fund the GIC direct from your linked bank account or did you fund from your HISA? Can you do either? Can you have interest paid out annually to your account or must it compound? Once GIC has been purchased, does it show up along with funds in HISA when you log on? Thanks in advance for telling of your experience.

dougjp said

I found the last part in the the GIC disclosures:
" Interest is calculated at the applicable annual rate based on the principal amount and the number of days in the term of your GIC. Interest will be paid on the maturity of your GIC - until then you will earn interest on accrued and unpaid interest (compound interest), which will be calculated annually. This will increase the interest you will receive on your GIC. Alternatively, you can choose to be paid interest annually. If you do, you will not earn compound interest. Interest is paid by cheque or deposited into a savings account you may have with us depending on your instructions. At maturity, interest is added to the principal and repaid as set out in “Repayment of Principal” below. "

I don't know about the other things. This is the first day I managed to access the ctfs site and see much of anything. To do so, I had to use a different browser that I use for ALL other banks, where Firefox works fine. I can't be bothered contacting them about this failure because I just know it would waste my time and they wouldn't care or do anything to fix it.  

I can reach the site okay. Just google Canadian Tire Bank. That is where you can log in if you have a HISA with them as I do. But, if you want to purchase a GIC apparently at that site before you do the log in, click on deposit accounts, then click on GIC, then click on Apply now. The rep I was talking to, who was blase about the entire matter, said I had to fill out the form, then phone them? He said I could fund GIC from my linked CIBC account. But the on line info says you don't have to fill out the form if you already (and thank you), have a HISA....you just phone them. I did start to fill form just to see how it would work but quit as I don't have the funds in CIBC account yet. Don't know if the whole process is worth it. Maybe I'll just go into RBC and purchase a GIC through "Royal Trust" as have over the CDIC limit with Royal Bank.

user82yz said
I purchased a one year GIC a couple of weeks ago. Completed the application form online first as they prefer. Apparently it unburdens them from reading all the disclaimers etc when applying over the phone. The phone call is essentially to open and fund the new GIC. I pulled the funds from Hubert to CTFS and it went smoothly. A paper copy of the GIC certificate comes along later in the mail. The GIC appears beside the HISA on the website. I have found the staff very easy to deal with. The website is a little clunky so feel free to "click" around.

The interest rate quoted online is good for a couple of weeks and it can go up. From the time I applied to the time of funding the rate increased and thereby the higher rate was applied.

One discomfort. I requested the principal and interest in the GIC be transferred to savings at maturity and "they" said fine and the certificate would confirm the instructions when received. This did not happen. There is not note attached to the GIC on the site either. Another phone call and "they" said they could/would not provide written confirmation of the instructions. They said there won't be a problem as there are the phone recordings if there is an issue. (I didn't want to be in the position of forgetting to cancel the automatic re-investment because it is "locked in." I'd rather forget to check the rate at maturity than forget to close it)  

user82yz said
I purchased a one year GIC a couple of weeks ago. Completed the application form online first as they prefer. Apparently it unburdens them from reading all the disclaimers etc when applying over the phone. The phone call is essentially to open and fund the new GIC. I pulled the funds from Hubert to CTFS and it went smoothly. A paper copy of the GIC certificate comes along later in the mail. The GIC appears beside the HISA on the website. I have found the staff very easy to deal with. The website is a little clunky so feel free to "click" around.

The interest rate quoted online is good for a couple of weeks and it can go up. From the time I applied to the time of funding the rate increased and thereby the higher rate was applied.

One discomfort. I requested the principal and interest in the GIC be transferred to savings at maturity and "they" said fine and the certificate would confirm the instructions when received. This did not happen. There is not note attached to the GIC on the site either. Another phone call and "they" said they could/would not provide written confirmation of the instructions. They said there won't be a problem as there are the phone recordings if there is an issue. (I didn't want to be in the position of forgetting to cancel the automatic re-investment because it is "locked in." I'd rather forget to check the rate at maturity than forget to close it)  

Thanks for that user!