Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this10:04 am
November 3, 2022
Offline
Given the recent increase in GIC rates at EQ, and also their very modest minimum ($100) for GIC deposits, I am thinking of placing my small RSP contribution for 2023 with them in a 5% GIC.
To do this, it appears that I need to open an RSP savings account first. Does that mean that I need to transfer funds into the RSP savings account first, and then move them to the GIC? Would that delay the GIC purchase while I await the 5 business day hold that EQ imposes on EFTs?
Or can I open the RSP savings account with a zero balance, and then fund the GIC directly with my RSP contribution for 2023, leaving nothing in the RSP savings account for the foreseeable future?
10:43 am
January 12, 2019
Offline
.
Some (not all) FI's allow GIC purchases, using funds that are on Hold. Oaken Financial would be one good example.
As for EQ, I don't know. A quick phone call to EQ Bank (1-844-437-2265) would get you your answer.
Cheerio,
- Dean
P.S.
Your first step would be to set
up an RSP Savings Account,
and then proceed from there.
" Live Long, Healthy ... And Prosper! "
3:38 pm
January 9, 2011
Offline
As Dean said, some allow GIC purchases from the only way of transferring in money, which is either a chequing or savings account. I would say most will waive the hold the following day. I know many that do. And why not. Its captive funds to them and they want to keep customers happy. they know customers won't settle for inferior rates for over a week.
In other words, lets say a bank creates a GIC from savings account funds the day after the deposit was made. I know they can see that funds have become available to them, that day (at some point). Now lets say, for whatever reason, the funds are not cleared. Which won't happen because they already know they will. Regardless, no problem, that bank cancels the GIC. Simple.
However RRSP or not, EQ has steadfastly refused for years (I know, because I have complained to them for years about this so called "hold", which they just ignore) to allow its "captive" GICs to be funded by just deposited funds, which by the way to them is 6 Business days (they have to somehow visually see in the past that 5 business days have passed). And the call center people, however pleasant that they are, have no authority and seem to think any referral up the line will cause them to lose their job or something 🙁
So, good luck. let us know if things are different.
"Keep your stick on the ice. Remember, I'm pulling for you. We're all in this together." - Red Green
4:50 pm
April 6, 2013
Offline
EQ Bank doesn't have the ability to fund GIC's directly like Hubert does. So, one needs to first deposit the funds to a savings account and wait for any hold to expire.
To avoid the hold, one can send an Interac e-Transfer to oneself and deposit it to an EQ Bank savings account.
Alternatively, one can push funds in from another online bank, like Hubert, to an EQ Bank savings account. No holds when one is pushing funds in.
Please write your comments in the forum.