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Know High Interest accounts/ GICs for Small Incorporated Businesses?
September 10, 2018
3:05 pm
Hornby
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I can't seem to find any recent discussions on High Interest accounts/ GICs for Small Incorporated Businesses. I do notice that some of the Banks such as EQ Bank and Tangerine are not offering business accounts or their biz interest rates are significantly lower than their personal rates. Wonder why as a business $ is the same as a personal $?

This is a great website !! Thanks Bob
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September 10, 2018
3:33 pm
Koogie
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Here is a start...
https://www.highinterestsavings.ca/forum/gic/gic-for-small-business/

The usual answer I get is because of all the extra paperwork they have to do. Which is basically b.s. 10 extra minutes work for a 5 year deposit is a joke.

Worryingly, I am starting to see more and more institutions offer two tiers of rates, as you have said. I told Meridian for instance that it was complete BS and bad customer service. Especially as they had one of their self serving "we love business" marketing campaigns on at the time.

September 10, 2018
5:02 pm
Hornby
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Thanks Koogle for the other Forum at
https://www.highinterestsavings.ca/forum/gic/gic-for-small-business/
Very helpful

I am trying to avoid CUs beacuse they are not CDIC insured, but they are insured by their Central Credit Union in the relevant province and I am told the Central Credit Union is then backed by the relevant Provincial Government as the regulator. In BC I have tried to track down this Provincial backing, but it becomes very murky and unclear. If anyone knows any better, please advise.

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