EQ GIC rate changed | EQ Bank | Discussion forum

hwyc said
Again 1 to 5 year new lower rate posted on chart today.
... Need to know 3 month now @ 1.50%
... 10 Year term remains @ 2.70%  

Would anyone really go for a 10 year term at these rates? I don't even know if that's covered by CDIC, but it might be under the recent rule changes. I find it hard to get my head around this at my age! I could be gone long before 10 years are up. Or might need it for health care under the new regime that will be coming after covid.

Canadianbull said
Hi Loonie,
I hope all is well with you. I have a question regarding 3 months GIC I bought from EQ bank. My maturity date is June 18 2020. Do I need to do anything or EQ will automatically payout contribution + interest in my savings account?
What date all funds are going to be available for me; June 18 or 19?

Thank you!
CB  

I think the GICs I’ve had with EQ all paid the principal and interest out to my EQ savings account. I can’t remember, but there is probably a choice for GIC maturity. Try tapping the GIC and look for the options. You can probably alter those options even now.

It will pay out on the maturity date. So June 18.

EDIT: if there aren’t any maturity options, it deposits everything into your savings. All of mine did and never renewed.

Loonie said

Would anyone really go for a 10 year term at these rates? I don't even know if that's covered by CDIC, but it might be under the recent rule changes. I find it hard to get my head around this at my age! I could be gone long before 10 years are up. Or might need it for health care under the new regime that will be coming after covid.  

Yes, 10 year GIC terms are insured by CDIC now. Assuris has always insured insurance company GIC terms greater than five years. It'll be interesting to see what effect this has on the transitional CDIC insurance rules when provincial credit unions continue as federal credit unions, or when two CDIC members amalgamate. In such instances, the existing deposit insurance coverage and limits apply until the GIC term "matures" or is otherwise "redeemed."

Cheers,
Doug

cruzinalong said

They are one of the first to offer 6,7 and 10 year. I am waiting to see what my FI offers for these terms. May nothing wrong with them. Put no more than 1/11th, 1/12th, 1/13th, 1/14th or 1/15th of your available GICS into them. I am currently working on 20% in each 5 year GIC. Once I had strip bonds of 17 1/2 - 18 1/2 year maturity. I buy once a year. No more until next year.  

Around Oct 2018 I saw a special rate of 3.9% 5 year term at my CU. I had cash to purchase something. Competitive rates were about 3.3% at the time. I was not interested in touching 3.9% since I would end up having GICS scattered amongst to many FI for 5 years. The difference in interest rate is not going to change us. KISS. One FI is OK.