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Email this8:06 am
October 21, 2013
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Four-year terms don't seem to be too popular right now and are not attracting much in rate specials. Oaken and Momentum CU (Ontario) are both offering 3.40%, which is the best I've found. This is not a bad rate, but I'm wondering if there is anything better.
Does anyone know of anything better, e.g. through a broker or a negotiated deal or an obscure CU? I should make this decision by early November. I could go for a term with an odd number of months, less than 4 years, as long as it matures in 2022. 3.5 years would be ideal, but is not likely to attract a better rate.
I live in the GTA.
Please let me know if you hear of anything.
Thanks!
3:01 pm
October 21, 2013
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I found my solution at Ganaraska CU, thanks to gicjunkie. 4%.
5:16 pm
December 2, 2018
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It is a worth while effort to turn on ALERTS on your Credit Cards and Bank/Credit Union Accounts.
5:42 pm
September 5, 2013
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Retep said
These are structured products, which are different from those traditional insured GICs.
https://www.investopedia.com/articles/bonds/10/structured-notes.asp
6:44 pm
April 6, 2013
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As well, those "Minimum Return for the Term" and "Maximum Return for the Term" numbers are per term and not per annum:
1. On the Maturity Date you will receive 100% of the amount you invest in the BMO Return Enhancing GIC plus an amount based on the Rate of Return for the Term. …
You should note that the Rate of Return for the Term is not an annual rate. It is the rate of return over the entire term of the GIC.
…
Consequently, that 4% minimum return for the 4 year GIC is actually 4% over the four years or just 0.985% per annum.
8:23 pm
October 21, 2013
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We have discussed market-linked funds before. in other threads at length.
For this BMO one, you would be risking 3% p..a. for the unlikely possibility of gaining 5% p.a.
In my books, an uncomplicated 4% p.a. plus annual compounding is the best choice.
But if your alternative is vanilla GICs at BMO, currently advertised at 1.8%, the market-linked might look fairly good!
And that's how they manage to sell them. https://www.bmo.com/home/personal/banking/rates/gic-term-deposits?nav=tools&gclid=EAIaIQobChMImuHQppK_3wIVhDxpCh1VVALlEAAYASABEgLG5_D_BwE&gclsrc=aw.ds
2:13 pm
December 26, 2018
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Loonie said
I found my solution at Ganaraska CU, thanks to gicjunkie. 4%.
Is this offer only for Ontarian?
2:36 pm
October 17, 2018
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Online application form says you must be an Ontario resident.
https://ganaraskacu.com/Personal/BecomingAMember/ApplyForMembership/
7:00 pm
December 26, 2018
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Oscar said
Online application form says you must be an Ontario resident.https://ganaraskacu.com/Personal/BecomingAMember/ApplyForMembership/
Thanks for the clarification
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