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Email this10:18 am
May 24, 2016
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FYI - I discovered today that GIC Direct became part of Monarch Wealth group of companies on November 1, 2022. Perhaps this is already known by some.
1:25 pm
April 14, 2021
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If they are now combined, does anyone know why the offered rates are different?
https://www.highinterestsavings.ca/gic-rates/
Shows two listings with different rates for each entity.
Shouldn't they both be offering the same (best) deals?
3:23 pm
September 24, 2019
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HermanH said
If they are now combined, does anyone know why the offered rates are different?https://www.highinterestsavings.ca/gic-rates/
Shows two listings with different rates for each entity.Shouldn't they both be offering the same (best) deals?
Hi Herman; I was thinking the same thing, because I e-mailed "GIC direct" and yet was responded to by Monarch. I wish I had saved their answer, but because it was DUCA, I just deleted their e-mail. Maybe investors get more in Ontario for instance than those in BC? But as I said earlier, the best rate was if one had $100K to invest.
3:52 pm
May 24, 2016
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I’ll be making enquires about the differences in rates after the holiday and will report back!
4:49 pm
December 12, 2009
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JenE said
I’ll be making enquires about the differences in rates after the holiday and will report back!
My guess is that though Monarch Wealth may ownGIC Direct and its offices, it hasn't formally amalgamated GIC Direct into Monarch Wealth, consolidated its technology systems, and consolidated its offices and broker relationships. As such, GIC Direct likely deals with different financial institutions than Monarch Wealth.
Cheers,
Doug
8:08 pm
January 10, 2017
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Anyone know of a GIC Broker where GICs can be purchased online or via mail or any method except having to walk into the office?
5:43 am
March 30, 2017
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Lodown said
Anyone know of a GIC Broker where GICs can be purchased online or via mail or any method except having to walk into the office?
online : Nope
mail: Yes, you can mail in your cheque. But ur money is sitting in ur chequing account earning zero while your cheque is in snail mail.
8:22 am
September 15, 2017
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Lodown said
Anyone know of a GIC Broker where GICs can be purchased online or via mail or any method except having to walk into the office?
If you are in the GTA, Monarch Wealth picks up cheques with their courier, if you have an account with Monarch Wealth and arrange a GIC purchase by phone by about 10 a.m. or 10.30 a.m. - GIC starts same day.
Also in the GTA, Fiscal Agents picks up cheques with their courier, if you have an account with Fiscal Agents, but I believe the GIC starts next day.
9:44 am
November 7, 2014
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Lodown said
Anyone know of a GIC Broker where GICs can be purchased online or via mail or any method except having to walk into the office?
GIC Wealth picks up cheques in the Toronto area. GIC usually dated the same day! Again, you could mail in a cheque. There would also be forms to fill out if you are a new client.
Not aware of any online GIC broker sales.
9:52 am
April 14, 2021
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savemoresaveoften said mail: Yes, you can mail in your cheque. But ur money is sitting in ur chequing account earning zero while your cheque is in snail mail.
Here's something you could try. I've been considering it. Tang offers a notification service for lack of funds. So, you can put the money in your Tang HISA, write the checque, and wait until the broker attempts to cash the cheque. At that point, you will get a warning notification for insufficient funds and you have the opportunity to move the funds from HISA to Chq and satisfy the request.
10:47 am
March 30, 2017
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gicjunkie said
GIC Wealth picks up cheques in the Toronto area. GIC usually dated the same day! Again, you could mail in a cheque. There would also be forms to fill out if you are a new client.
Not aware of any online GIC broker sales.
I am in GTA not Toronto and they wont send courier for $25k....
12:23 pm
April 6, 2013
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One could try finding a local deposit broker.
A starting point would be the Registered Deposit Brokers Association's search tool.
Deposit brokers have been around for a long time, even before the current Internet age. Many of them offer GIC's from smaller issuers as a side to a larger business, like insurance or investments.
One can look around locally for insurance or investment advisors and ask if they also do GIC's.
I used the RDBA search tool to see if there were any RDBA brokers out west located in smaller centers on Vancouver Island. There is one in Parksville, BC called Precision Wealth Management offering these comparable GIC rates to the rates from GIC Wealth:
| 1 year | 2 year | 3 year | 4 year | 5 year | |
| Precision Wealth Management | 5.55% | 5.53% | 5.55% | 5.55% | 5.55% |
| GIC Wealth Management | 5.58% | 5.57% | 5.59% | 5.59% | 5.64% |
5:32 pm
January 10, 2017
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Thank you all great answers...but the short answer to my question seems to be no.
The best one can do is:
a. Look up a RDBA broker for closest office with acceptable rates.
b. go to broker office at least once to fill out paperwork/show ID
c. After first visit can possibly mail in a cheque
d. Use Tang service to avoid having funds in chequing acct at no interest...or ask broker to call you the day your cheque is received ..then xfer funds to chequing acct.
One last question, can a person ask the broker to make up a file/GIC for someone not present like a spouse, on whose behalf the person present would fund?
7:47 pm
April 6, 2013
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Lodown said
…
One last question, can a person ask the broker to make up a file/GIC for someone not present like a spouse, on whose behalf the person present would fund?
You do realize how suspicious that would be to the anti-money laundering and anti-terrorist funding folks.
8:36 pm
January 10, 2017
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I did say a related person which implies I would have all required credentials to show. So no, I don't think it would/should be suspicious.
8:47 pm
October 21, 2013
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How would you propose to provide your spouse's signature on required documents?
9:54 pm
January 10, 2017
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Loonie said
How would you propose to provide your spouse's signature on required documents?
Right, that is the question. But as you know, contributions to a spouse's RRSP needs no signature from spouse.
10:13 pm
April 6, 2013
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That's irrelevant.
The spousal RRSP would be held by your spouse. The spousal RRSP needs to be opened by your spouse and not you, the spousal contributor.
Full transaction authority is with the holding spouse who would be the annuitant of the RRSP. The designated spousal contributor can only make contributions.
12:05 am
April 14, 2021
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Lodown said
One last question, can a person ask the broker to make up a file/GIC for someone not present like a spouse, on whose behalf the person present would fund?
I have registered my mother and myself at the same broker via mail. The broker is willing to purchase GICs in my sole name, joint, and in my mother's sole name, too. We have not bought anything in her name, but I suspect he would simply want to verify/authenticate that it was indeed for her, when the time comes.
I believe that as long as the checque details are in her name, he would not have a problem putting a GIC in her name. I once had a glitch when I tried to purchase a GIC in my name, but the cheque details were in her name. (The account was jointly held, but the cheques were old and only printed her name at the time.) I had to transfer to a chequing account that had a cheque containing my specific name in order to finish the transaction.
3:05 pm
January 10, 2017
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HermanH said
I have registered my mother and myself at the same broker via mail. The broker is willing to purchase GICs in my sole name, joint, and in my mother's sole name, too. We have not bought anything in her name, but I suspect he would simply want to verify/authenticate that it was indeed for her, when the time comes.I believe that as long as the checque details are in her name, he would not have a problem putting a GIC in her name. I once had a glitch when I tried to purchase a GIC in my name, but the cheque details were in her name. (The account was jointly held, but the cheques were old and only printed her name at the time.) I had to transfer to a chequing account that had a cheque containing my specific name in order to finish the transaction.
That sounds like a reasonable broker. You were able to register by mail and I suppose you can even mail in your cheques if desired. The only requirement it appears is that the cheque details match the name/person for whom the GIC is for. Thanks for the info...can you say who the broker is?
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