The basics of buying bonds: A timely refresher | Page 2 | General financial discussion | Discussion forum

Loonie said

Norman1 said

According to the May 24, 2013 issue of the Money Reporter newsletter, the customary deposit broker commission for a GIC is ¼% for each year of the GIC's term. For example, a deposit broker selling a three-year, $10,000 GIC would be paid

    (¼% per year) x $10,000 x 3 years = $75

by the GIC issuer.

I think I'll be a deposit broker when I grow up. The last time I bought a GIC through one of them, it was for 1 year at 1.45%, the same thing they offered me last month when it came up for renewal, but this time I didn't bite.
So, I'll set up a small business as a deposit broker in my basement, and you guys can all buy your GICs from me, and I'll take the .25 that you should have had if only you'd not gone through me. Heck, I'll knock off 5 basis points for friends. If all the people reading this thread come up with, let's say $10million between you, I can make $20,000 each and every year for doing not much more than I already do on my own behalf but with much less money! I too can read what it says on Cannex. Sound like a deal? Sign here, please__________. I also offer excellent vacuum cleaners, hot water heaters, and eavestrough cleaning services, and will appraise your house for free when I come to your door for a friendly follow-up chat.

That should be a newbie special.