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Email this12:42 pm
December 23, 2011
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I have begun to use short term deposits to have all my GIC's mature at roughly the same time to prepare for my exit from Manulife. I had asked for some 60 day terms and my adviser made them at 61 days to catch the higher interest rate, which was nice.
1.3% from Home Trust and Equitable Bank of which I have never heard of the latter but both CDIC insured.
Assuming going through your adviser/broker you would get a bit better of a rate and the adviser would get their cut too. That did not happen!
I could not find short term rates on the Equitable Bank site as it appears you have to phone in for them but did find the same 1.3% on the Home Trust. Which made me think hmmmmmm, Oaken offers 1.75% which is .45% more and today every .1% is crucial. lol.
So this site has made me some much more aware of rates, my quest to go on my own continues to be reinforced!!
Thanks Everyone!!!
12:53 pm
October 21, 2013
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I'm glad you're getting the help you need here!
I sure hope rates are up a bit in 61 days, although seems unlikely at the moment.
According to my notes, which I hope are correct, Equitable Bank opened last year, which may be why you never heard of it. May be connected with the insurance company of same name?
Home Trust = Oaken. Make sure you are not over the CDIC limit with the 2 of them combined.
1:00 pm
August 5, 2014
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Kanaka, you are right. One should always shop around for the highest possible rate on their own too but sometimes it is not available to everyone.
For example, Caisse Financial Group is a Manitoba Credit Union that has 2.00%, 1 year GIC, term deposit redeemable anytime with no interest lost or penalties.
I was curious yesterday searching for Manitoba credit unions and found one called Rosenort Credit Union that has 2.00% to 2.20% savings account rates, 2.35% TFSA and RRSP/RRIF savings or variable account rates.
Kanaka, about Oaken Financial, if you do not want to be locked in for 60 or 61 days or are not sure how many days you need your money available, Oaken Financial also has 1.75%, 1 year cashable GIC's after 30 days with no interest lost or penalties to pay.
If you can go for after 90 days, it is 2.00% but it seems that is not your time horizon.
1:11 pm
October 21, 2013
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I recall that Rosenort was mentioned once on this forum some time ago by a member who has since withdrawn and deleted most of his posts. It had a good rate then too. May be a place to watch, although I don't know if one can join from afar, but it looks like you might have to show up in person.
I have a fantasy of taking a road trip to MB and visiting all the little credit unions that only accept in-person applications... The trip might pay for itself!
1:19 pm
August 5, 2014
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Loonie, just don't go in the winter because it may put a freeze on all your plans. For some reason, Manitoba is the high rate GIC place to be.
1:40 pm
December 23, 2011
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Jack Manning said
Kanaka, about Oaken Financial, if you do not want to be locked in for 60 or 61 days or are not sure how many days you need your money available, Oaken Financial also has 1.75%, 1 year cashable GIC's after 30 days with no interest lost or penalties to pay.
If you can go for after 90 days, it is 2.00% but it seems that is not your time horizon.
Yes I looked at but it is not listed under the RSP caption.
1:45 pm
August 5, 2014
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Kanaka, I wonder if their Oaken savings account at 1.75% is RRSP eligible. This is what I was discussing with Loonie about registered accounts. I don't get why they do this.
7:02 pm
December 23, 2011
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Jack Manning said
Kanaka, I wonder if their Oaken savings account at 1.75% is RRSP eligible. This is what I was discussing with Loonie about registered accounts. I don't get why they do this.
Will find out and let you know. Just noticed I could get a short term deposit for 1.75 BUT have to start with the 90-119 days with a minimum of $2500....so that is ok and would choose 91 days.
But also keep in mind every transfer from Manulife is 75 bucks...so I am accumulating funds to minimize how many transfers I have to do not to mention it cuts into your interest. Acclerate does offer a few dollars to transfer in and Oaken apparently does not charge to transfer out and Coast Capital charges $55 to transfer out.
8:07 pm
August 5, 2014
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Kanaka, I know what you mean. If you don't keep on top of things trying to minimize RRSP transfer fees and keep on telling them to transfer your RRSP then they take as long as they like.
There are no laws protecting depositors on how long financial institutions can take to transfer a client's RRSP so everyday that goes by one loses interest.
The only thing I know about some RRSP transfers and financial institutions is they provide a 30 day rate guarantee when transferring in RRSP's.
I learned one important thing about these 30 day rate guarantees, make sure you get in writing on their transfer form.
8:24 pm
August 5, 2014
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Kanaka, I don't know if this is going to help you but Alterna Savings Credit Union or Alterna Bank has a 2.00%, 120 day term savings deposit for new money coming in only.
I noticed at their website that clicked on new money, at the bottom on that information page they have a 30 day rate guarantee for T2033 transfers from other financial institutions.
This means that their 2.00%, 120 day fixed rate deposit is RRSP eligible.
8:51 pm
December 23, 2011
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Jack Manning said
Kanaka, I don't know if this is going to help you but Alterna Savings Credit Union or Alterna Bank has a 2.00%, 120 day term savings deposit for new money coming in only.
I noticed at their website that clicked on new money, at the bottom on that information page they have a 30 day rate guarantee for T2033 transfers from other financial institutions.
This means that their 2.00%, 120 day fixed rate deposit is RRSP eligible.
Thanks.....I only will use the short term at Manulife as part of my exit strategy and once I move out I will be on to 5 year laddering. I thought I had read here that Alterna was for Ontario folks only....I am from BC. I was only comparing to show how you can do better WITHOUT an adviser.
10:51 pm
August 5, 2014
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This is why I also mentioned Alterna Bank in my above post. I don't know if everyone in Canada can open an online account with them but it is a separate financial institution that is a CDIC member.
8:06 am
December 23, 2011
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Jack Manning said
Kanaka, I wonder if their Oaken savings account at 1.75% is RRSP eligible. This is what I was discussing with Loonie about registered accounts. I don't get why they do this.
They do not offer the Savings account or 1 year Cashable GIC for RSPs. I guess a matured RRSP GIC sits in limbo unless you are on top of reinvesting it.
9:15 am
December 23, 2011
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Loonie said
I recall that Rosenort was mentioned once on this forum some time ago by a member who has since withdrawn and deleted most of his posts. It had a good rate then too. May be a place to watch, although I don't know if one can join from afar, but it looks like you might have to show up in person.
I have a fantasy of taking a road trip to MB and visiting all the little credit unions that only accept in-person applications... The trip might pay for itself!
Their savings rates look good. But they don't post GIC rates..... http://www.rcu.ca/site/index.p.....osit-rates
I wonder if they accept applications from all provinces?
Loonie as part of my job I used to visit Winnipeg often and being a BC boy I was quite intrigued with the cold winter with lots of deep white snow and clear sunny skies and of course to visit the windiest corner in Canada is a phenomenon for sure at Portage and Main. And their licence plates do say "Friendly Manitoba". And a drive north along the Red River in the summer dotted with garage sales to an antique furniture store on the highway just before it crosses the river was a nice Sunday drive. Wellink Antiques in Lockport MB. And there is a great rib house in The Forks, called Muddy Waters.
7:30 pm
October 21, 2013
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Aah, I hear Friendly Manitoba calling...!
9:11 pm
August 5, 2014
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Kanaka and Loonie, yes I noticed that too that they do not post GIC and other fixed deposit rates on their website. It says to call them. I believe on their website that their deposit base is 300 million dollars which does not seem huge but is no small potatoes either.
For comparison, I believe Duca Credit Union has a 1.1 billion dollars deposit base. I think I read that Comtech C.U. has about a 210 million dollars deposit base.
Please write your comments in the forum.