Coast Capital 3% GIC | Coast Capital Savings | Discussion forum

Thanks for the information, Denise.

While there may be situations where CC might be an option, it would be hard to overlook the dual CDIC coverage of Oaken that currently offers 3.3% for 18 months and 3.35% for three years, unless the alternatives have been exhausted for CDIC, if that is a factor.

Surprising that CC has been conspicuously unaggressive since becoming a national player.

Stephen

I have to say, I've been disappointed in how unprepared Coast Capital is in terms of not launching nationally. Yes, they've reincorporated as a federal credit union and I get that there may still be some technological and staffing things to take care of, but I don't see why they couldn't have soft launched their national ambitions, by at least onboarding new members from outside B.C. (which they can legally do now).

It's strange...meanwhile, Meridian's Motus Bank subsidiary is set to launch soon after being long delayed and we've also got Innovation Credit Union set to reincorporate as Innovation Federal Credit Union later this year.

Cheers,
Doug

hotmony said
the 3yr 3.2% one rate adjustment allowed deal apparently say you held the gic for 2yrs the adjustment has to equal the amount of time left on the gic till maturity. What could go wrong?  

Not sure what you're asking, but it's a convertible GIC which gives you a one-time option to convert to a new non-redeemable GIC (cannot be another convertible GIC, even though their terms don't say so - I ran into this problem but thankfully the branch staff honoured my conversion request) of a term that is equal to or greater than the remaining length of the existing term. No bonus interest is paid on conversion - you're just paid whatever the accrued interest is. It does offer you some inflation protection if rates should go up, so it's a good option for short- to medium-term GICs. 🙂

For what it's worth, I still have my 40-month 4.00% GIC and have yet to convert.

Cheers,
Doug

It sounds ike CC may have had to pull all hands on deck to deal with the security issue before moving forward - even though they haven't exactly admitted that there was a breach on their side.
It would have probably been very bad timing for them to try to go ahead with a big new launch with this issue hanging over their heads unresolved.

hotmony said
How come the link doesn't work outside B.c?  

... because although they can accept customers from anywhere in Canada, they haven't formally launched outside of B.C. yet. 🙁

Cheers,
Doug

Just got my first interest payment from the 33 month convertible at 4 percent. Had good experience so far with the term, but don't use them for anything else.

Sorry, Rick, if that's one of your major beefs with Coast, the line-ups, I don't really have any sympathy. People need to realize that banking can be done through alternate channels. Banks and credit unions can't just keep adding staff endlessly. At the Kelowna branch of Coast, they actually don't have any MSRs. They do do day-to-day banking transactions, but generally the branch manager (what Coast calls the Manager, Member Services now, which is kind of different because normally that's the Assistant Manager role at other FIs) works out of one of the three lobby workstations. She refers potential clients to existing RMs and Member Banking Specialists, books appointments, and handles the occasional day-to-day banking transaction.

I suspect the new-ish Courtenay branch does the same thing.

Cheers,
Doug