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Email this7:08 am
I read in a newsletter about finizi.com where companies bid for your GIC money.
Has anyone heard of it/tried it?
Today I am depressed because I work so hard and see so little at the end of the day. I know there are so many without but I worked so I would at least be happy and comfortable. Now all I do is worry and feel like crying. Getting 2% on my GICs is dreadful and other avenues of income like mutual funds are just not the answer. I don't think anybody unless they are young, can make anything on GICs for income.
2:51 pm
better to put your money in a credit union which pays a little more interest
2:11 pm
January 30, 2009
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Hi Reg,
It's an interesting idea, but from their own table, the bids aren't much better than the regular rates that are offered. Still, something to keep in mind as rates rise (if they ever do!).
8:08 pm
For small amounts it's all handled by computers.. I don't think any bidding ever takes place.. For high dollar amounts this may change.. I'd rather just research myself and compare..
8:51 pm
I checked and you are right, the rates are terrible! I emailed and commented on that and heard from the CEO (said he just bought the company) but I think it's not going to make it as a company. They'll have to do better than what I got from my "auction" results!!
Can't blame a person for trying....
5:26 pm
Cannex.com post all the GIC rates available. However, I've steadily moves all my GICs with Achieva, where I have them laddered one through five year renewals.
8:26 am
September 11, 2013
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Last post here almost 3 years ago, anybody had any recent experience? Company was new at time of last posts, perhaps they've improved - ? Here are their rates today, look pretty good.
8:57 am
October 21, 2013
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I think we can still do better elsewhere. I just experimented with a 5yr non-reg'd GIC for $90,000, with an income greater than what I really have (to make myself a more desirable customer), and it only came up with 2.55% . Can do better at Hubert etc, and even at Peoples Trust 2.6% with CDIC insurance.
I think this is, in effect, just another rate broker - with a cute interactive come-on.
Keep looking, though, Bill! Sooner or later...
10:01 am
September 11, 2013
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It's not about the rates, I realize the rates will be similar, I'm just wondering if anyone has actually used these guys and how they found their experience - ?
10:34 am
December 23, 2011
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Finizi....what a joke!!! I just did a supposed auction for a 5 year GIC for 11000 for a TFSA and got 2.6%. Accelerate, Implicity and Hubert beats that rate hands down. This is what I use http://www.globeinvestor.com/s.....ndicator=N. Then I verify on the appropriate web site.
Ps.....click on the 5 to do a sort for rates...highest to lowest.
3:07 pm
April 6, 2013
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I'm not surprised. Seems like another technological "solution" looking for an actual problem to solve.
I just did an auction for a $40,000 personal, one-year, non-cashable, non-registered, one-year GIC. I was offered 1.85%. Not great.
In contrast, in CANNEX's non-registered GIC listing, I see that Peoples Trust is showing 2¼% for a one year GIC. Hubert is offering their special quarterly-escalating one-year GIC starting at 2.20% for the first three months.
I really doubt one could get better rates through something like Finizi than dealing directly with financial institutions. Any financial institution offering the top rates through them would end up paying above-market rates for the deposits. Like a deposit broker, Finizi is not free for the financial institution.
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