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Email this9:39 am
November 4, 2014
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They have 5 year 3.10%, GIC, RRSP, RRIF rates, http://www.alltrans.com/rates/index.php. I don't know if this credit union is available to everyone in Canada but I thought it may help someone that is looking for better rates.
This is true especially for those that are having a harder time finding higher RRSP and RRIF GIC rates for compound interest and income.
Take care and shop around and compare as it usually pays to do so.
10:13 am
December 23, 2011
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So, I wonder.....would Oaken match these rates?
11:03 am
November 4, 2014
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Kanaka, I think Oaken Financial now has probably reached a decent amount of deposits. Their 0.25% bonus offer and 3.05% 5 year GIC rate has made a few financial institutions compete for new clients business and others taking money out.
The few that come to mind are ICICI Bank of Canada, State Bank of India Canada, 3.00% 5 year RRSP, TFSA rates, 3.10% 5 year GIC rate Luminus Financial, QuintEssential Credit Union 2.80% 2 year, 3.09% 5 year GIC, RRSP, RRIF, TFSA rates, CFF Bank 3.00% 3, 4 year, 3.30% 5 year TFSA rates.
They all raised their rates right around when Oaken Financial increased their rates.
11:13 am
November 4, 2014
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Looking at Luminus Financial's website, they now have an 18 month 2.50% GIC rate. This was the same as Oaken Financial's 2.25%+0.25% bonus GIC equaled 2.50% for 18 months.
They also have an 18 month 2.35% cashable GIC but you have to be cautious about the rate and terms and conditions on cashable GIC's, redeemable GIC's.
Each financial institution's cashable GIC, redeemable GIC are not the same.
So far, Oaken Financial's 2.25% 1year cashable GIC after 90 days with no interest lost and penalties is straightforward, terms and conditions etc.
We made sure that we have at separate $5,000 GIC certificate for liquidity, accessibility so we don't cash in one large one say $10,000, $15,000, $20,000 etc.
Kanaka, we have to keep on top of things and do our shopping, comparing, due diligence all the time or we can get shortchanged so to say.
11:41 am
October 21, 2013
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AllTrans has branches in Toronto and London, Ontario.
It was founded to service public transit employees. I am not sure if membership is open to the public, but I think it might be since only some of its locations say "not accessible to the public". Even so, it is likely to just be open to Ontarians.
The language that describes whether a CU is open to the public in Ontario (i.e. open to all residents of Ontario) is 'open bond'. 'Closed bond' means that they are only open to members with specified fraternal relationships, e.g employment, ethnicity, geography. I don't know which one this is.
Their most recent Annual Report says that this is a "class 2" credit union, and that therefore the gov't requires it to have 4% cash reserves. At end 2013, it had 9.3%.
12:10 pm
November 19, 2014
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Greg Franklin said
Looking at Luminus Financial's website, they now have an 18 month 2.50% GIC rate. This was the same as Oaken Financial's 2.25%+0.25% bonus GIC equaled 2.50% for 18 months.
Have you spoken to Luminus ? Do you know if that rate is for the full term (18 mos) or is it just a teaser rate ? I ask only because on their website it says:
=====
Limited Time Special Offers
Fixed 18 month term deposit - Promotional rate until March 31, 2015 2.50%
=====
ie: does the rate reset lower after March 31 ? Just thought I would ask and safe myself a phone call..
12:34 pm
November 4, 2014
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Koogie, no, I did not speak to anyone at Luminus Financial but a fixed 18 month term deposit means it is locked for 18 months and so should the rate.
Other financial institutions usually tell you to if the rate changes after 6 months or 12 months etc. I believe the promotional period until March-31-2015 is when it is available for clients.
Their 5 year 3.10% GIC rate is says fixed as well with a promotional period until January-30-2015. The rate will not reset reset after January-31-2015.
It seems they just want people to know in advance that they have 3 specific rate specials and when they end.
You should check with them to be sure but fixed means for the entire term. This is why I said be careful about their cashable GIC because there is no word fixed mentioned on their website.
They may give you a lower rate when cashed in before the 18 months term ends. You are right Koogie to be careful and doing your research because every financial institution can be different naming them GIC's or term deposits etc.
You have to make sure that it is a real fixed term deposit or GIC and not a look-a-like.
7:09 am
November 7, 2014
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FYI about QuintEssential CU: They insist that you go to a branch to apply for membership. There are still a number of financial institutions that do this in spite of the ability to obtain verification of the client's existence in other ways. Many institutions can verify a client's legitimacy via emails, faxes, snail mail and Equifax without having you apply in person. Although these narrow minded ones want to raise money, they sure make it hard on themselves to do so. I can see this being relevant only if they want their membership to be totally local. Luminus does not require one to apply in person.
7:48 am
August 9, 2014
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gicjunkie said
I can see this being relevant only if they want their membership to be totally local.
Maybe that is what they want gicjunkie.
7:51 am
November 4, 2014
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Gicjunkie, they probably just want to make sure that the person or persons opening the account is really who they say they are. Documentation is good but they probably want to double check to see that everything is legit.
Also, they are still probably offering more personal service as smaller credit unions do compared to bigger, financial institutions like banks, trust companies, biggest credit unions etc.
It is a hassle but I would think even some clients want to go in person in a branch of theirs to see where they are putting their savings, investments.
A small hassle opening an account today did not really hurt anyone in the long run.
10:32 am
November 7, 2014
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First, QuintEsential will deal with people who are not local, but are willing to make the trek to their office.
Second, you cannot convince me that a lot of other, more significantly large institutions, are somehow circumventing or skimping on "security" by allowing customers to invest from a distance. There are enough ways for these companies to check us out without having to visit in person. It's the new age we live in, love it or hate it, so they should get with the programme.
11:31 am
November 4, 2014
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I don't know about other people but if I am investing large sums $50,000, $100,000 etc. or more we personally like to go in person and know who we are dealing with.
Security and information for clients of big financial institutions like banks are safeguarded but if something goes wrong using online and other electronic methods, people do not have much recourse of being made whole all the time.
Just because something is mainstream does not mean it is always good for consumers, clients etc. This is why everyone should have a choice and financial institution's policies should reflect that but we all know this does not always happen.
2:43 pm
November 7, 2014
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You are absolutely correct about "mainstream" not always being good. This is why I have not, nor do I ever intend to be a part of Facebook or any similar social media. Too much personal stuff is out there already without us needlessly contributing to it.
Unfortunately, for those of you who think you must go into an institution in order to invest, you are really shrinking your investment world, unless, of course, you plan to do a lot of traveling. There is plenty of relevant and corroborating information available on line which will enable one to reasonably check out whom you are investing with. Trust me, you can meet someone in person who can end up scamming you. Nothing is perfect.
5:03 pm
October 21, 2013
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On the travelling question, if you are making significant investments, it really is worth a trip to Belleville or Manitoba. Think of it as a "free" trip. You'll still be far ahead in some cases, compared to nearest competitor! You have to have the time to take the trip, however.
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