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Email this9:26 am
December 12, 2009
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Rick said
Just an FYI... I bit the bullet and committed half my liquid cash to their offer. Went smoothly and had no problems setting it up over the phone on the day the funds arrived. I do wish they would do something to improve the wait time on hold. That has to improve ... especially if they go national. On the "Hmmmm...that's weird" side ...after setting it up and confirming the details, I checked my account on line and saw it showed as a 5 year term. I will spare you my immediate thoughts, but after calming down and before phoning back to raise holy hell, I checked the details and found that it did indeed mature in 33 months. Sorry to CC for assuming the worst and thanx for the jolt to blood pressure. Always good to confirm you're alive.
Thanks for the share, Rick. Glad you took them up on the offer. Did they have to reactive your dormant chequing account? 😉
Are you referring to how they show the maturity term on the certificate in days that gave your blood pressure a "jolt"?
Cheers,
Doug
9:29 am
December 12, 2009
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Parsimonious, it sounds your portfolio is fairly well diversified. It just depends on how much risk you can take. If you are more conservative, I don't see anything wrong with putting a few hundred thousand into this GIC, but make sure you leave some of the "cash & cash equivalent" portion of your portfolio in GICs with maturities of 12-18 months or less or in straight HISAs for emergencies (call it 10-20% of whatever that "cash and equivalents" portion is). If that's in place, I think $300-400,000 in this GIC would be fine. 🙂
Cheers,
Doug
10:19 am
February 17, 2013
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Doug said
Thanks for the share, Rick. Glad you took them up on the offer. Did they have to reactive your dormant chequing account? 😉
Are you referring to how they show the maturity term on the certificate in days that gave your blood pressure a "jolt"?
Cheers,
Doug
Thanx Doug. Account never actually went dormant. I used it as a "middleman" between PayPal, benefit suppliers, on-line stuff. There were a dozen or so transactions a year.
Haven't gotten the certificate yet...it's in the mail. When I log into CC online. the GIC account shows as a 5 Year Term deposit. Have to click on it and then the details to see it is actually 33 months.
11:44 am
December 12, 2009
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Rick said
Thanx Doug. Account never actually went dormant. I used it as a "middleman" between PayPal, benefit suppliers, on-line stuff. There were a dozen or so transactions a year.
Haven't gotten the certificate yet...it's in the mail. When I log into CC online. the GIC account shows as a 5 Year Term deposit. Have to click on it and then the details to see it is actually 33 months.
Ah, okay, that's good to hear you're using it for a few things. One more thing I do love about Coast: they're generous with their ATM deposit release limits. When I joined, even though I was brand new to the bank, they gave me their top "hold release"/"access to funds" limit of $5000 (which is fast becoming the new "standard" nowadays) based on my credit score and profile alone. I like that. 
Yes, in the "account details," it shows it in months. As for the certificate, if you opened it online or by phone, I think they only send a certificate in the mail upon request. In-branch, it varies. Some automatically offer to print a copy unless you say "no"; others wait for you to request it.
Here's a screenshot from my 19-month GIC of the actual certificate in days. It was simple, though, I just divided it by 19 and got my answer fairly easily:
Cheers,
Doug
12:20 pm
February 17, 2013
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Csr did say they will send the certificate in the mail...will be watching for that.
When I log on, this is what got my attention:
Then when you check the details:
<img
I assume their system doesn't allow for a 33 month term so it's filed under 5 year. Maybe because thats what the 5 year rate should/could be.
12:55 pm
August 17, 2010
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Rick, I received my certificate in the mail, and my online looks exactly like yours.
12:57 pm
February 17, 2013
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toto said
Rick, I received my certificate in the mail, and my online looks exactly like yours.
is the certificate the same as Dougs? ie term in days?
1:19 pm
August 17, 2010
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Yes, just like Doug's, my term says 1004 days .
1:28 pm
December 12, 2009
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Rick said
Csr did say they will send the certificate in the mail...will be watching for that.
When I log on, this is what got my attention:
Then when you check the details:
<imgI assume their system doesn't allow for a 33 month term so it's filed under 5 year. Maybe because thats what the 5 year rate should/could be.
Hi Rick:
I see what you're saying about the categorization - that confused me at first and then I re-read it more closely, note the "1-5YR" prefix. I suspect that's the "short form" of their GIC product type. I imagine shorter term GICs (i.e., less than one year) have a different prefix and, thus, product code.
As for rates, they just manually write the rate on the certificate and key up the term in days. When you get yours, note the handwritten, "one-time conversion option," or something in the blank space. 😉
Hope that helps,
Doug
2:38 pm
February 17, 2013
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Thanx Doug. I see it now, but at first glance, I took it as GIC #1 - 5 YR Term. Heart skipped a beat, but panic only lasted until I checked out the details.
4:46 pm
December 12, 2009
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Rick said
Thanx Doug. I see it now, but at first glance, I took it as GIC #1 - 5 YR Term. Heart skipped a beat, but panic only lasted until I checked out the details.
No problem. I think I thought the same thing but was clarified when my second 1-5YR GIC was opened.
Cheers,
Doug
12:40 pm
February 17, 2013
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Doug said
No problem. I think I thought the same thing but was clarified when my second 1-5YR GIC was opened.
Cheers,
Doug
Cashed in the last of my CC GICs in 2013 when they matured. Been a while since I had any deposits with them at all, so if I knew that at one time, it left me long ago. If I some how manage to fall ass-backwards into a pile of money before Mar 20, I'll open another 33 month GIC and see for myself. Holding my breath. 
4:36 pm
October 29, 2017
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Mmmmm.. 4.0%. I'm going down the street to a branch. I have no accounts there, but will buy in.
1:58 pm
May 28, 2013
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Finally managed to transfer 100K to CC (it had to take a circuitous route, in two lumps of 50K each, from Simplii to Hubert to CC), which I have now used to get 4 GICs of 25K each. Having 4 of them gives me some flexibility in case I need some cash in a future emergency. Or if interest rates continue to go up in the next few years, I can pick four different times to exercise the conversion option.
Currently these are the only GICs I hold.
2:45 pm
February 17, 2013
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rhvic said
Finally managed to transfer 100K to CC (it had to take a circuitous route, in two lumps of 50K each, from Simplii to Hubert to CC), which I have now used to get 4 GICs of 25K each. Having 4 of them gives me some flexibility in case I need some cash in a future emergency. Or if interest rates continue to go up in the next few years, I can pick four different times to exercise the conversion option.Currently these are the only GICs I hold.
So you have to convert 3 of the terms, at the rate of the day, on separate, hopefully equally spaced dates? Dunno how long it will take to get the 2 or 3 year terms rates up to 4%, but if the rates do go up, I think I'll just renew the whole thing to the new rate.
Guess I should have asked when I opened it, but if you are 9 months in and want to renew for, "a non-redeemable term of equal or greater remaining length of original term", the two year rate would have to be better than 4%? I REALLY hope that happens, would help my bottom line significantly. Not going to hold my breath though.
7:00 pm
December 12, 2009
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Rick said
So you have to convert 3 of the terms, at the rate of the day, on separate, hopefully equally spaced dates? Dunno how long it will take to get the 2 or 3 year terms rates up to 4%, but if the rates do go up, I think I'll just renew the whole thing to the new rate.
Guess I should have asked when I opened it, but if you are 9 months in and want to renew for, "a non-redeemable term of equal or greater remaining length of original term", the two year rate would have to be better than 4%? I REALLY hope that happens, would help my bottom line significantly. Not going to hold my breath though.
Yep, you got it. The convertibility option is nice in that offers flexibility to higher rates, but you're right, the chances of that happening are slim - unless Poloz & Co. are total boneheads and continue raising rates too fast. 😉
My money's on one more rate increase, either in April or December of this year. Probably April. Canada's economy will slow down - we may even get another technical recession from April-October 2018, inclusive, and they'll put things on pause again. 🙂
Isn't it funny how Quebec is Canada's economic engine these days!? My have the tables have changed in this upside-down world!
Cheers,
Doug
6:28 am
October 11, 2015
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Hello everyone:
I'm following this thread with interest (haha). I'm an Ontario resident so I guess I don't qualify. I have Ontario friends with a Vancouver address (their secondary home), but don't know if it would work to qualify for the 4% GIC.
Do we have a page on this website (highinterestsavings.ca) with GIC rates? If so, I can't find it!
Another question: do any of your use a GIC broker? if so, can they provide higher rates than we find on our own? Would you please share their contact info?
My Oaken accounts are maxed out; ZAG is offering 2.5% for 2 years (their other rates suck); I'm maxed at EQ savings--but perhaps someone can also help me with this question: If I purchase a EQ GIC, does it have the $100K CDIC protection? and then would separate EQ savings account have an additional $100K CDIC protection? (ie. $200K at the institution, or is it cumulative $100K ?)(I hope that this makes sense?)
Any other suggestions for great GIC rates in Ontario?
Thank you for your help!!!
9:09 am
January 17, 2018
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dentgal said
Hello everyone:
I'm following this thread with interest (haha). I'm an Ontario resident so I guess I don't qualify. I have Ontario friends with a Vancouver address (their secondary home), but don't know if it would work to qualify for the 4% GIC.Do we have a page on this website (highinterestsavings.ca) with GIC rates? If so, I can't find it!
Another question: do any of your use a GIC broker? if so, can they provide higher rates than we find on our own? Would you please share their contact info?
My Oaken accounts are maxed out; ZAG is offering 2.5% for 2 years (their other rates suck); I'm maxed at EQ savings--but perhaps someone can also help me with this question: If I purchase a EQ GIC, does it have the $100K CDIC protection? and then would separate EQ savings account have an additional $100K CDIC protection? (ie. $200K at the institution, or is it cumulative $100K ?)(I hope that this makes sense?)
Any other suggestions for great GIC rates in Ontario?
Thank you for your help!!!
The GIC rates comparison chart is at the top of the column to the right of this page. As I understand it cash and GICs are together covered under $100K CDIC and registered accounts under separate $100K CDICs. Have you checked out Hubert which has good GIC rates but has Manitoba insurance coverage on all your funds with them?
9:16 am
November 7, 2014
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dentgal said
Hello everyone:
I'm following this thread with interest (haha). I'm an Ontario resident so I guess I don't qualify. I have Ontario friends with a Vancouver address (their secondary home), but don't know if it would work to qualify for the 4% GIC.Do we have a page on this website (highinterestsavings.ca) with GIC rates? If so, I can't find it!
Another question: do any of your use a GIC broker? if so, can they provide higher rates than we find on our own? Would you please share their contact info?
My Oaken accounts are maxed out; ZAG is offering 2.5% for 2 years (their other rates suck); I'm maxed at EQ savings--but perhaps someone can also help me with this question: If I purchase a EQ GIC, does it have the $100K CDIC protection? and then would separate EQ savings account have an additional $100K CDIC protection? (ie. $200K at the institution, or is it cumulative $100K ?)(I hope that this makes sense?)
Any other suggestions for great GIC rates in Ontario?
Thank you for your help!!!
The link for GICs is https://www.highinterestsavings.ca/gic-rates
Ganaraska Credit Union has 4%, 5 year GICs, but you have to go out to Port Credit, Cobourg or Peterborough to open an account. Check out the Ganaraska thread on this site or their website.
EQ Bank has the next best 5 year rate @ 3.26%. Your EQ accounts are CDIC insured for each account, as long as the names are different, ie. if you have an individual investment, it's insured for $100,000. If you have an additional joint investment, it's insured as a separate entity for $100,000. As long as the names on the investment are different, the investments are insured to $100,000.00 each. Ganaraska is a credit union in Ontario with $250,000.00 of DICO insurance per entity. Same kinds of rules as for CDIC, except insured by the province.
I do often use GIC Wealth as my broker, but only when other rates are not directly available to the consumer. I've always been happy with them.
Happy hunting.
10:02 am
December 12, 2009
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dentgal said
Hello everyone:
I'm following this thread with interest (haha). I'm an Ontario resident so I guess I don't qualify. I have Ontario friends with a Vancouver address (their secondary home), but don't know if it would work to qualify for the 4% GIC.Do we have a page on this website (highinterestsavings.ca) with GIC rates? If so, I can't find it!
Another question: do any of your use a GIC broker? if so, can they provide higher rates than we find on our own? Would you please share their contact info?
My Oaken accounts are maxed out; ZAG is offering 2.5% for 2 years (their other rates suck); I'm maxed at EQ savings--but perhaps someone can also help me with this question: If I purchase a EQ GIC, does it have the $100K CDIC protection? and then would separate EQ savings account have an additional $100K CDIC protection? (ie. $200K at the institution, or is it cumulative $100K ?)(I hope that this makes sense?)
Any other suggestions for great GIC rates in Ontario?
Thank you for your help!!!
Unfortunately, as others have correctly mentioned, CDIC insurance limits are not by product type. However, are you married? You could use your individual customer profiles at each of Oaken Financial and EQ Bank (it sounds like those are your preference) and then within each, allocate funds like this:
Oaken Financial
dentgal's own Home Trust GICs and HISA(s) - $100,000
dentgal's own Home Bank GICs and HISA(s) - $100,000
dentgal's spouse's own Home Trust GICs and HISA(s) - $100,000
dentgal's spouse's own Home Bank GICs and HISA(s) - $100,000
dentgal & spouse's Home Trust GICs and HISA(s) - $100,000
dentgal & spouse's Home Bank GICs and HISA(s) - $100,000
Total CDIC Insured: $600,000
EQ Bank
dentgal's own EQ Bank GICs and HISA(s) - $100,000
dentgal's spouse's own EQ Bank GICs and HISA(s) - $100,000
dentgal & spouse's EQ Bank GICs and HISA(s) - $100,000
Total CDIC Insured: $300,000
Combined Total CDIC Insured: $900,000
A final point: Keep in mind this includes principal plus accrued but unpaid interest. If fully maxed out, a small amount in each customer profile at each CDIC member would be uninsured, representing that portion that is the accrued interest. If you're concerned about such matters, you would want to keep a bit less (i.e., $98,000) in each. Depends on your comfort level.
Also, you could have both a TFSA and an RRSP for each of you maxed out that would still be still be CDIC insured as registered deposits are insured separately from non-registered.
Cheers,
Doug
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