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Email this10:14 am
February 4, 2015
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I am wondering if there is a reason that ECU (Ajax, Ont) doesn't feature on the GIC comparison chart, considering its 5% rate on 2-5 year GICs? Its acceptance of non-Ontario residents makes it appealing to myself (in BC). It doesn't require a broker intermediary. Is there a downside that I'm missing?
11:04 am
July 7, 2022
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No deposit outside of Ontario - the provincial government provides the deposit insurance and only insures Ontarians...
Oaken / EQ / and Peoples Group / Peoples Bank have some of the best rates for BC
11:17 am
April 14, 2021
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Martster said
No deposit outside of Ontario - the provincial government provides the deposit insurance and only insures Ontarians...
How does that work (or not work)?
If non-Ontarians can open accounts, how can they discriminate against them with regards to FSRA coverage? Can you quote/point-out the exact wording where FSRA coverage is limited to Ontarians? I could not find it.
https://equitycu.com/wp-content/uploads/2022/09/DIRF-Brochure-August-2022_ENG_clean.pdf
One significant difference betwen FSRA and CDIC coverage is that FSRA does not cover foreign currency deposits.
11:24 am
February 4, 2015
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HermanH said
Martster said
No deposit outside of Ontario - the provincial government provides the deposit insurance and only insures Ontarians...How does that work (or not work)?
If non-Ontarians can open accounts, how can they discriminate against them with regards to FSRA coverage? Can you quote/point-out the exact wording where FSRA coverage is limited to Ontarians? I could not find it.https://equitycu.com/wp-content/uploads/2022/09/DIRF-Brochure-August-2022_ENG_clean.pdf
Yeah, I only see a requirement to be a member of the credit union to qualify: "To be eligible for deposit insurance coverage, you must be a member of the credit union or caisse populaire." And ECU does accept non-resident members.
11:42 am
February 4, 2015
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Martster said
No deposit outside of Ontario - the provincial government provides the deposit insurance and only insures Ontarians...
Oaken / EQ / and Peoples Group / Peoples Bank have some of the best rates for BC
Thanks for responding. Peoples Trust does have the better 1-yr rate at 4.8%, but Oaken, EQ and Peoples aren't just now matching the 2-5 year rate at this credit union.
12:18 pm
February 4, 2015
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Martsten said "No deposit outside of Ontario - the provincial government provides the deposit insurance and only insures Ontarians."
Can I ask what the source is for this? The DIRF brochure linked by HermanH states that credit union membership entitles you to depositor insurance. This Ontario credit union accepts out of province members. Either DIRF must insure those non-resident members or that credit union is illegally accepting those non-resident members, no?
8:32 am
July 7, 2022
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If they accept out of province deposits - then you are correct, sir.
2:05 pm
April 6, 2013
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We looked into this previously. The former insurer, DICO, explicitly said citizenship and residency were irrelevant to the deposit insurance of Ontario credit unions.
10:02 am
February 1, 2016
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Equity Credit Union GIC Rates for 1-5 years -- down
HISA
2.5% Super-Saver account - no change
GIC
1-yr 4.40%
2-yr 4.75% was 5.0%
3-yr 4.75% was 5.0%
4-yr 4.80% was 5.0%
5-yr 4.85% was 5.0%
2:00 pm
February 20, 2018
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Several weeks ago I submitted an application to join Equity. Didn't hear back, which, given the 5% rates, wasn't too surprising. Received a call from them today explaining that they've been extremely busy (of course), but also explaining that they are only allowed to have a certain percentage of out of province members. At this point in time, those limits have been reached. For now at least, no Equity GICs for those outside of Ontario.
5:04 pm
April 14, 2021
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Back when the Equity 2-5yr rates were 5%, I managed to get GIC Wealth Mgmt to get approval to check on the purchase of them on my behalf. I am in Alberta. I do not know if there were any limitations for out of province orders. If I had the funds, I think that I would have been able to buy them.
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