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Email this10:31 am
November 19, 2014
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Don't know if this will be of any use to anyone but I own a small business and invest in GICs.
Finding financial institutions (other than the Big Five) who will take business money for GICs is fairly hit and miss. I understand that it has to do with regulatory requirements, additional onerous audits and anti-laundering issues.
So, I do a lot of phoning around to see who does/does not take business GICs/term deposits.
Here is a list I've compiled. (x3) means they have separate divisions/branches to increase the relevant deposit insurance coverage.
TD - Yes. CDIC (x3)
CIBC - Yes. CDIC.
BNS - Yes. CDIC (x3)
RY - Yes. CDIC.
BMO - Yes. CDIC.
Oaken - Yes. CDIC.
Steinbach CU - Yes. DGCM.
DUCA CU - Yes. DICO.
Alterna Savings - Yes. DICO.
Alterna Bank - Yes. CDIC.
Comtech CU - Yes. DICO
Tangerine - Yes. CDIC.
Peoples Trust - No.
Maxa Financial - No.
Accelerate Financial - No.
Achieva Financial - No.
Outlook Financial - No.
PC Financial - No.
Implicity Financial - No.
Hubert Financial - No.
Please feel free to comment or add-on !
11:15 am
November 4, 2014
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Well, Koogie, I don't have a small business but I my nephew's friend works for 3 different small businesses of about 25 to 40 employees each.
I used to work for a medium size business of about 100 to 125 employees for almost 29 years. I never worked for a large corporation or company.
I can imagine that there is alot of regulations, laws, tax filing etc. to comply with and it is not that easy to run a small business in the first place so this makes things even more difficult regarding these financial institutions not offering small business GIC's.
Well, at least Oaken Financial, Duca Credit Union are 2 financial institutions that have 3.05% 5 year and 3.00% 7 year GIC rates if you can lock in that long.
Alterna Savings Credit Union and Bank has 2.05% 120 days, 2.30% 19 month, 2.47% monthly interest paying 3 year GIC rates.
Steinbach Credit Union has 2.60% 30 month and 2.85% 55 month GIC rates. Looking at your list, these seem to be the higher GIC rate payers.
Koogie, this is great information that will help others with small businesses so keep us up to date.
Take care and I hope your small business keeps growing and all the more success to you. I hope you find more options, flexibility and higher rate GIC's for your small business.
12:32 pm
November 4, 2014
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Koogie, sorry about telling you that Steinbach Credit Union has 2.60% 30 month and 2.85% 55 month GIC rates.
In just checked yesterday and they were still offering these specials but they are now gone, http://www.scu.mb.ca/rates/investments.
I am wondering if this is because Oaken Financial's 3.05% GIC bonus interest promotion is ending very soon, December-19-2014.
12:34 pm
October 21, 2013
Online
Good list, Koogie. Thanks for sharing.
Do you know if these only apply to incorporated businesses, or would it suit a smaller business?
12:39 pm
November 19, 2014
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Greg Franklin said
Koogie, sorry about telling you that Steinbach Credit Union has 2.60% 30 month and 2.85% 55 month GIC rates.
In just checked yesterday and they were still offering these specials but they are now gone, http://www.scu.mb.ca/rates/investments.
I am wondering if this is because Oaken Financial's 3.05% GIC bonus interest promotion is ending very soon, December-19-2014.
No problem ! Wasn't meaning the list to keep up to the minute on rate specials but more as a primer for people so that if they do see a rate they like, they can cross check it against the list before they waste their time calling.
12:41 pm
November 19, 2014
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Loonie said
Good list, Koogie. Thanks for sharing.
Do you know if these only apply to incorporated businesses, or would it suit a smaller business?
Hi,
I should think it would suit any type or style of business (Incs., LLC, Non Profit, etc..) as long as the funds are legally invested in that business name and not in the name of an individual. I've always asked for "small business" GICs when I've been phoning around.
Cheers.
12:57 pm
November 4, 2014
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Koogie, Comtech has a 2.10% 1 year, 2.25% 18 months, 2.75% 5 year GIC rates which is not the best but is better than Tangerine Bank and the big Canadian banks.
I just wanted to make sure that people are up to date on today's rates but they can change next day for sure, Koogie.
1:19 pm
November 19, 2014
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Greg Franklin said
Koogie, Comtech has a 2.10% 1 year, 2.25% 18 months, 2.75% 5 year GIC rates which is not the best but is better than Tangerine Bank and the big Canadian banks.
I just wanted to make sure that people are up to date on today's rates but they can change next day for sure, Koogie.
Hey, thank you ! Always like to hear and see the best rates ! I am maxed out with Comtech at this time but am in the market for a decent one year rate ! Keep them coming ! Great service you're giving people.
Cheers.
1:47 pm
November 4, 2014
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Koogie, now that you mention it about shorter term rates, Duca does have a 2.75% 40 month FlexGIC which you can withdraw after 6 months but a reduced rate of 1.75% which is not bad considering where rates are 2.00% to 2.40% higher interest savings accounts, cashable GIC's after 30 days, 90 days and 1 year locked in GIC's.
This makes sense if you think you don't need your money for years, 40 months in this case but you have a backup plan for cash being more accessible and liquid after 6 months, http://www.duca.com/myMoney/Li.....nts/flex40.
This also makes sense if you think rates will rise and you cash it out after 6 months and lock in for higher, longer term rates. It is only a $500 minimum deposit required by Duca Credit Union.
Always shop around, compare and stay informed everyday. Take care.
9:07 am
November 19, 2014
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Hello,
Since there was a couple of requests, I am reposting this list from 2014. There have been a couple of additions to it since then (bolded).
====================================
I do a lot of phoning around to see who does/does not take business GICs/term deposits.
Here is a list I've compiled. (x3) means they have separate divisions/branches to increase the relevant deposit insurance coverage.
TD - Yes. CDIC (x3)
CIBC - Yes. CDIC.
BNS - Yes. CDIC (x3)
RY - Yes. CDIC.
BMO - Yes. CDIC.
Oaken (Home Trust) - Yes. CDIC.
Oaken (Home Bank) - Yes. CDIC.
Steinbach CU - Yes. DGCM.
DUCA CU - Yes. DICO.
Alterna Savings - Yes. DICO.
Alterna Bank - Yes. CDIC.
Comtech CU - Yes. DICO
Tangerine - Yes. CDIC.
Thamesville CU - Yes. DICO.
Luminus CU - Yes. DICO.
Peoples Trust - No.
Maxa Financial - No.
Accelerate Financial - No.
Achieva Financial - No.
Outlook Financial - No.
PC Financial - No.
Implicity Financial - No.
Hubert Financial - No.
Please feel free to comment or add-on !
10:34 am
November 19, 2014
Offline
An addition and a change, so I thought I would repost this.
=========================================
TD - Yes. CDIC (x3)
CIBC - Yes. CDIC.
BNS - Yes. CDIC (x3)
RY - Yes. CDIC.
BMO - Yes. CDIC.
Oaken (Home Trust) - Yes. CDIC.
Oaken (Home Bank) - Yes. CDIC.
Steinbach CU - Yes. DGCM.
DUCA CU - Yes. DICO.
Alterna Savings - Yes. DICO.
Alterna Bank - Yes. CDIC.
Comtech CU - Yes. DICO
Tangerine - Yes. CDIC.
Thamesville CU - Yes. DICO. (renamed Nexus and purchased by Alterna CU)
Luminus CU - Yes. DICO.
Peoples Trust - No.
Maxa Financial - No.
Accelerate Financial - No.
Achieva Financial - No.
Outlook Financial - No.
PC Financial - No.
Implicity Financial - No.
Hubert Financial - No.
Canadian Tire Bank - No.
Please feel free to comment or add-on !
9:39 am
November 19, 2014
Offline
Just an addition to the list that won't take business accounts (Motive).
=========================================
TD - Yes. CDIC (x3)
CIBC - Yes. CDIC.
BNS - Yes. CDIC (x3)
RY - Yes. CDIC.
BMO - Yes. CDIC.
Oaken (Home Trust) - Yes. CDIC.
Oaken (Home Bank) - Yes. CDIC.
Steinbach CU - Yes. DGCM.
DUCA CU - Yes. DICO.
Alterna Savings - Yes. DICO.
Alterna Bank - Yes. CDIC.
Comtech CU - Yes. DICO
Tangerine - Yes. CDIC.
Thamesville CU - Yes. DICO. (renamed Nexus and purchased by Alterna CU)
Luminus CU - Yes. DICO.
Peoples Trust - No.
Maxa Financial - No.
Accelerate Financial - No.
Achieva Financial - No.
Outlook Financial - No.
PC Financial - No.
Implicity Financial - No.
Hubert Financial - No.
Canadian Tire Bank - No.
Motive Financial - No.
Please feel free to comment or add-on !
11:00 pm
October 21, 2013
Online
WealthOne offers business savings and GICs. CDIC.
No chequing, for anyone, as far as I can see.
https://www.wealthonebankofcanada.com/Business/ProductsAndServices/Investing/
9:28 am
November 19, 2014
Offline
Just an addition to the list that will take business accounts (MCAN).
=========================================
TD - Yes. CDIC (x3)
CIBC - Yes. CDIC.
BNS - Yes. CDIC (x3)
RY - Yes. CDIC.
BMO - Yes. CDIC.
Oaken (Home Trust) - Yes. CDIC.
Oaken (Home Bank) - Yes. CDIC.
Steinbach CU - Yes. DGCM.
DUCA CU - Yes. DICO.
Alterna Savings - Yes. DICO.
Alterna Bank - Yes. CDIC.
Comtech CU - Yes. DICO
Tangerine - Yes. CDIC.
Thamesville CU - Yes. DICO. (renamed Nexus and purchased by Alterna CU)
Luminus CU - Yes. DICO.
MCAN Mortgage - Yes. CDIC.
Peoples Trust - No.
Maxa Financial - No.
Accelerate Financial - No.
Achieva Financial - No.
Outlook Financial - No.
PC Financial - No.
Implicity Financial - No.
Hubert Financial - No.
Canadian Tire Bank - No.
Motive Financial - No.
Please feel free to comment or add-on !
10:09 am
January 29, 2018
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I believe Tangerine is no longer opening business accounts
11:11 am
November 19, 2014
Offline
Two additions. One that will (Ganaraska CU) and one that won't (EQ Bank).
===============================================
TD - Yes. CDIC (x3)
CIBC - Yes. CDIC.
BNS - Yes. CDIC (x3)
RY - Yes. CDIC.
BMO - Yes. CDIC.
Oaken (Home Trust) - Yes. CDIC.
Oaken (Home Bank) - Yes. CDIC.
Steinbach CU - Yes. DGCM.
DUCA CU - Yes. DICO.
Alterna Savings - Yes. DICO.
Alterna Bank - Yes. CDIC.
Comtech CU - Yes. DICO
Tangerine - Yes. CDIC.
Thamesville CU - Yes. DICO. (renamed Nexus and purchased by Alterna CU)
Luminus CU - Yes. DICO.
MCAN Mortgage - Yes. CDIC.
Ganaraska CU - Yes. DICO.
Peoples Trust - No.
Maxa Financial - No.
Accelerate Financial - No.
Achieva Financial - No.
Outlook Financial - No.
PC Financial - No.
Implicity Financial - No.
Hubert Financial - No.
Canadian Tire Bank - No.
Motive Financial - No.
EQ Bank - No.
Please feel free to comment or add-on !
4:55 pm
September 10, 2018
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Tangerine is no longer opening new biz accounts and their rates for existing accounts are way below the personal rates
7:32 am
November 19, 2014
Offline
Three additions. Wealth One, Momentum CU and Tandia CU.
===============================================
TD - Yes. CDIC (x3)
CIBC - Yes. CDIC.
BNS - Yes. CDIC (x3)
RY - Yes. CDIC.
BMO - Yes. CDIC.
Oaken (Home Trust) - Yes. CDIC.
Oaken (Home Bank) - Yes. CDIC.
Steinbach CU - Yes. DGCM.
DUCA CU - Yes. DICO.
Alterna Savings - Yes. DICO.
Alterna Bank - Yes. CDIC.
Comtech CU - Yes. DICO
Thamesville CU - Yes. DICO. (renamed Nexus and purchased by Alterna CU)
Luminus CU - Yes. DICO.
MCAN Mortgage - Yes. CDIC.
Ganaraska CU - Yes. DICO.
Wealth One - Yes. CDIC.
Momentum CU - Yes. DICO.
Tandia CU - Yes. DICO.
Peoples Trust - No.
Maxa Financial - No.
Accelerate Financial - No.
Achieva Financial - No.
Outlook Financial - No.
PC Financial - No.
Implicity Financial - No.
Hubert Financial - No.
Canadian Tire Bank - No.
Motive Financial - No.
EQ Bank - No.
Please feel free to comment or add-on !
8:19 am
September 10, 2018
Offline
Thanks Koogle for the update
My small incorporated business has ST deposits with the two Oaken FI, Canadian Western Bank and Blue Shore Financial CU (via a deposit broker)
Oaken was the easiest to open an account, CWB was average and Blue Shore was painful.
Wealth One is a bank CDIC insured and is currently paying 2.4% for a 6 month deposit. Worth a look at.
7:12 am
November 19, 2014
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Hornby said
Thanks Koogle for the updateMy small incorporated business has ST deposits with the two Oaken FI, Canadian Western Bank and Blue Shore Financial CU (via a deposit broker)
Oaken was the easiest to open an account, CWB was average and Blue Shore was painful.
Wealth One is a bank CDIC insured and is currently paying 2.4% for a 6 month deposit. Worth a look at.
Thanks for the input ! The above have been added to the list.
Cheers.
===
Two additions. Canadian Western Bank and Blue Shore Financial CU.
===============================================
TD - Yes. CDIC (x3)
CIBC - Yes. CDIC.
BNS - Yes. CDIC (x3)
RY - Yes. CDIC.
BMO - Yes. CDIC.
Oaken (Home Trust) - Yes. CDIC.
Oaken (Home Bank) - Yes. CDIC.
Steinbach CU - Yes. DGCM.
DUCA CU - Yes. DICO.
Alterna Savings - Yes. DICO.
Alterna Bank - Yes. CDIC.
Comtech CU - Yes. DICO
Thamesville CU - Yes. DICO. (renamed Nexus and purchased by Alterna CU)
Luminus CU - Yes. DICO.
MCAN Mortgage - Yes. CDIC.
Ganaraska CU - Yes. DICO.
Wealth One - Yes. CDIC.
Momentum CU - Yes. DICO.
Tandia CU - Yes. DICO.
Canadian Western Bank - Yes. CDIC.
Blue Shore Financial CU - Yes. CUDIC.
Peoples Trust - No.
Maxa Financial - No.
Accelerate Financial - No.
Achieva Financial - No.
Outlook Financial - No.
PC Financial - No.
Implicity Financial - No.
Hubert Financial - No.
Canadian Tire Bank - No.
Motive Financial - No.
EQ Bank - No.
Please feel free to comment or add-on !
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