looking to invest $10k, not locked in and max 1 year | General financial discussion | Discussion forum

You should look at Canadian Direct Financial, now at 1.9% for a savings account, CDIC insured. Of course, with a savings account, rates can change at any time, so it could go down. On the upside, you can then move the money somewhere else where the rate is better, if there is any such place at that time. Located in Edmonton, available to all Canadians except residents of Quebec.

If you would accept the insurance offered by the Manitoba Deposit Corporation instead of CDIC, then you should look at savings accounts at Accelerate and Implicity credit unions, both currently at 1.9% and available nation-wide, but I am not sure about Quebec. But, on $10,000, it only brings you an extra $10 for the year.

If you can tolerate a lock-in for 90 days, then look at Oaken Financial at 2.0% cashable 1 year GIC; CDIC-insured. There is no penalty for cashing in after 90 days. Might not be worth it for the extra $20/yr. and the possibility of transferring somewhere else if rates go up somewhere after 90 days. Located in Toronto and available nation-wide. I think Quebec is OK but am not positive.

Maxa and Outlook, which are Manitoba Credit Unions insured by the Manitoba Deposit Corporation, have 1 year cashable GICs. There would be a higher rate of interest but also a penalty if you needed to cash it in before 1 year. The penalty with Maxa is 1 year's interest, so that would probably wipe out your gains, but the interest rate is currently 2.15 if you are willing to take the gamble. Outlook has the better deal: the interest on the portion withdrawn is reduced to 1%, but you can keep the rate on any portion that you leave in, which is currently 2.15%. If you do hold it for the entire year, that brings you an extra $35 over Peoples Trust.

Personally, I would never depend on the listings on the Globe and Mail or Financial Post websites, or that of any deposit brokers, or Cannex, as they are often not up to date. See, for example, the Globe's listing for 1yr non-registered GIC for Peoples Trust, which is 1.75 according to them but is in fact 2.35 at the moment. The listings are useful for letting you know about financial institutions that you may not be aware of which may offer superior rates.

It's not a competition, Kanaka! We all have something to offer.
I wrote all this in part to summarize the situation for myself, for future reference, not just because someone asked the question, so I wanted to cover all my bases.

Loonie said
Personally, I would never depend on the listings on the Globe and Mail or Financial Post websites, or that of any deposit brokers, or Cannex, as they are often not up to date. See, for example, the Globe's listing for 1yr non-registered GIC for Peoples Trust, which is 1.75 according to them but is in fact 2.35 at the moment. The listings are useful for letting you know about financial institutions that you may not be aware of which may offer superior rates.

The Globe & Mail and many deposit brokers get their rate information from CANNEX.

According to CANNEX's Term Deposit/GIC/GIA/RRSP Information Sheet, the financial institutions, such as Peoples Trust, are supposed to update their own rates on CANNEX:

The key to the accuracy and timeliness of this information is that the financial institutions update and maintain their own GIC, TD, GIA and RRSP interest rates and product information on CANNEX. This is done electronically by online access or file transmission. All data is checked electronically when entered and CANNEX staff regularly audits the data for accuracy and completeness. Many institutions fully guarantee the interest rates and product information distributed on their behalf by CANNEX.

I wonder if it is intentional by Peoples Trust.

I just checked on CANNEX. Peoples Trust's one-year GIC rate has been updated, but only from 1.75% to 1.77%. Still not the 2.35% advertised on Peoples Trust's web page.

Since you don't want it maxed longer consider Peoples Trust 1 year GIC it is 2.35%. Peoples trust only looses the GIC battle after 1 year though. If you can put that in a TFSA though, or at least some of then just put it in Peoples Trust's 3% TFSA, you can have that money when ever you want Split it up if you want. You could always put some in mutual funds if you don't want to get to much into stocks. But that's not risk free.