Highest Rate Is Not Everything, A Small Comparison | General financial discussion | Discussion forum

Hello,

As some of you might know, my LIRA in Oaken is maturing and I was looking around for where to move it next. Of course, I referred to the GIC chart and contacted the top 4 with rates between 4.80% to 5.00% for a 5-year GIC.

AcceleRate Financial doesn't offer LIRA so out of the question.

Outlook Financial has the 2nd highest rate at 4.85% but they feel outdated with $50 transfer-out fee. They ask for a "physical" cheque to be mailed to them. Come on, it is 2023. We can all deposit cheques from home.

Next on the chart is Achieva Financial at 4.80%. Some benefits:
1. Everything can be done electronically (From couch)

2. No transfer-out fee (Yes, the total earning in 5 years will be $70 less than Outlook but count in the time to mail a cheque, post, and potential $50 transfer-out, that leaves me with just a $15sh extra over 5 years, not worth it)

3. They have chat support and I already tried. 3 min wait time and talked to a real human

4. They have the referral program so I can earn up to $100 a year from referring others plus can get $25 for using someone's referral.

So $25 (from referral) - $15 (the 0.05% interest difference), I am winning by $10 and I don't have to wait for the $25 for 5 years, Haha!

Kudos for the easy setup.