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Email this7:05 pm
September 7, 2016
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I just finished PC 2.25% and dropped down to 0.8%. PC said the programs are rigid can't match rates. Transferred money out for DUCA. It's got a $5 fee per year but free online transactions. If you've got big $ it's worth it.
7:40 pm
January 30, 2009
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Thanks moneyman! You can see the offer on the website but you need to call them to set up a 'promotional account' if you are an existing member.
9:27 pm
October 21, 2013
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If your comparison is EQ at 2.0, it might not be worth it because the time frame for DUCA is so short. you would gain well under $100 for a deposit of DICO max of 100K.
If you already belong to DUCA, then you might find it worth your while, but it's a nuisance moving the money around for $70 or so.
5:52 pm
September 7, 2016
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some people got capped at 100k with EQ. Others run into the 500k caps with PC or tangerine. DUCA currently has no cap. So it all depends on your capital levels and what is your time worth in money to shift or open new accounts.
What this site has done by sharing info we don't need to just take it anymore we have choices which then hopefully causes competition which gives us better service or rates.
As far as DICO is concerned. You can always use multiple joint accounts to get around that to a degree. What's interesting about DICO is that there is no limit on registered accounts.
If you think you might need DICO you should not really deposit with them regardless of rates. I was really attracted to LUMINUS rate but as one astute contributor pointed out they had very limited assests on their balance sheet for me. But those that went ahead have done well. To each their own.
10:37 pm
October 21, 2013
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Nobody ever knows when they might need DICO. That's the point of insurance, to deal with the unexpected. If I held back until I found a FI where I thought the insurance would never be needed, I'd have it all hidden under the mattress
The unlimited coverage on registered accounts is under review and is likely to be reduced to 250K. There is another thread about this somewhere. So, I would not want to put in more than that (on maturity), as the rules might change mid-stream.
So far, OK with Luminus, and it's far less risk than stock market, corp bonds etc., because I know I will get my money back. eventually, should it come to that. Whether you like their financials or not, it's fully insured to DICO limits, which is to say that it has met the criteria for getting the insurance. However, we have had problems with their customer service, and will not likely invest with them again.
8:16 am
January 30, 2009
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Just a reminder to my friends here that DUCA's promotion ended yesterday so your money is now earning 1.2% instead of 2.5%. Remember there are also withdrawal limits so if you're moving money, best to start now.
3:23 pm
December 12, 2015
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Duca ran the 2.5% again but only for two months ending August 10th, which I guess is why it was not even mentioned here. It is starting to feel like way too much effort to chase these teaser promos. In case any banks and CUs read this, can you please return to just offering decent rates continuously?
11:44 am
September 11, 2013
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Though some institutions do what you say, Saver-Mom, it's a crowded market with lots of participants, the free market's a competition and I (if I was a bank) use promo rates to attract funds away from my competitors. I know there will be a certain % of people that will leave some or all of the funds with me, at least for a while, and some will like me enough to stay, maybe they like my other services, or the fact I sent them emails warning them of rate changes or orange-tinged emailed happy birthday wishes so they think I'm nice and so become "loyal", or they get one of my credit cards, or they tell their friends, or the publicity re my temporarily high rates is good and creates a favourable impression in the marketplace, or some folks forget when the promo ends and leave their money there, or etc, etc. The tiny % of hard-core rate-chasers this attracts are not my target - in fact, they're just an annoying side-effect of my promo marketing efforts, and if I can identify them any contact with them is an opportunity to let them feel I'm not particularly interested in their gone-the-second-there's-a-better-offer money. So if the chase is "starting to feel like way too much effort" for those folks that just might be a positive side-effect of these unpredictable promos.
8:18 am
December 12, 2015
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Bill, I had not thought of that, but I agree with your post. Perhaps we are just the rate-chasing-pests they hope will go away!
BTW, DUCA is now offering a 40 month cashable GIC paying 2.4%, or 1.4% if cashed in early. Eligible for registered or nonregistered investments, including RRIFs (Loonie!), minimum deposit $500.
12:06 pm
December 12, 2009
Online
It's small but DUCA charges a $5 "annual membership fee," which is more irksome than anything. If not for that, I'd be all in on DUCA. I'd probably even ditch my Tangerine accounts completely. 🙂
Cheers,
Doug
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