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Email this11:31 am
September 7, 2018
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HermanH said
Kevin Rotenberg just got the rate sheet for next week and rates are dropping significantly. 1-yr to 5% from 5.35% and worse. If you want something, you better get it to him today.
Not surprised - we know rates have plateaued and have started to go lower. I noted earlier in the week that Scotiabank GIC rates on iTrade site have dropped to 1 year 4.9, 2 year, 4.44, 3 year 4.27, 4 year 4.17, 5 year 4.12. Just recently 1 year Scotiabank on iTrade site was @ 5.05%. Highly likely that rates from other FIs will also be under 5% by end of February. HISA rates also likely have peaked.
11:53 am
April 14, 2021
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Got my request into GWealth just under the wire. Had to ask DUCA to do a direct pull from my HSBC account. Hope that it goes through. I'm just glad that DUCA is willing to take a direct withdrawal with a void cheque, as a paper cheque would not have arrived in time. As I understand it, not many institutions are willing to accommodate purchasers by allowing direct withdrawal of funds.
7:27 am
March 30, 2017
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HermanH said
Kevin Rotenberg just got the rate sheet for next week and rates are dropping significantly. 1-yr to 5% from 5.35% and worse. If you want something, you better get it to him today.
wonder if broker rates are down universally next week or just 1y and 2y rates ?
10:15 am
September 7, 2018
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HermanH said
Kevin Rotenberg just got the rate sheet for next week and rates are dropping significantly. 1-yr to 5% from 5.35% and worse. If you want something, you better get it to him today.
There don't seem to be any rate changes so far on GIC Wealth site today Mon Jan 30.
10:29 am
October 21, 2013
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four and five years are down significantly
10:41 am
April 14, 2021
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canadian.100 said
There don't seem to be any rate changes so far on GIC Wealth site today Mon Jan 30.
I think that he was quoting for my situation in Alberta. The Y1 5.53% rate is not available to me.
[edit] My mistake. I called and he was able to get me 5.53% for 1-yr with East Coast CU.
7:04 am
September 30, 2017
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Somewhat excited when I saw this broker rate 4.13% on our GIC chart, only to discover $100,000 minimum when I go there. Unlike other brokers, their website only post one set of featured (best) rates.
7:42 am
April 6, 2013
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That 4.13% is is likely the deposit broker rate from MCAN Financial. The rate is only a bit less if one doesn't have $90,000+:
|
MCAN Mortgage Corporation d/b/a MCAN Financial Group TERM DEPOSIT RATES EFFECTIVE: February 26, 2025 |
|||
| Term | $5,000- $24,999 | $25,000- $89,999 | $90,000+ |
| 1 year | 4.03% | 4.08% | 4.13% |
| 1½ year | 4.03% | 4.08% | 4.13% |
8:48 am
November 3, 2022
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I looked into buying GICs at similar rates from them in February, but was stymied by the inability to transfer funds electronically to the issuing bank.
Many of the best rates posted by GIC Wealth Management turn out to be from institutions that require funds on hand (in Toronto) to book the transaction, and they won't guarantee rates while a cheque makes its way across Canada to their office in Yorkdale.
9:10 am
May 20, 2016
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I never purchased a GIC from a broker. Nowadays, we can find similar rates by ourselves. I don't like my fund is handled by a third party.
9:42 am
April 6, 2013
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Rail Baron said
I looked into buying GICs at similar rates from them in February, but was stymied by the inability to transfer funds electronically to the issuing bank.Many of the best rates posted by GIC Wealth Management turn out to be from institutions that require funds on hand (in Toronto) to book the transaction, and they won't guarantee rates while a cheque makes its way across Canada to their office in Yorkdale.
That's normal. One needs to work with a deposit broker who is local and not across the country.
Those best GIC rates are often flash sales from lenders raising controlled amounts of deposits to be lent out shortly. The rate will be withdrawn at the end of the day the targeted amount of deposits is reached.
Such lenders are not interested in giving a rate guarantee as the funds either won't arrive in time or the funds won't arrive at all should the distant depositor reneg after seeing a better rate the next day.
11:52 am
April 14, 2021
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Rail Baron said
I looked into buying GICs at similar rates from them in February, but was stymied by the inability to transfer funds electronically to the issuing bank.Many of the best rates posted by GIC Wealth Management turn out to be from institutions that require funds on hand (in Toronto) to book the transaction, and they won't guarantee rates while a cheque makes its way across Canada to their office in Yorkdale.
I've worked with them for a couple of years and found a little short-cut. Some of their institutions such as Habib and DUCA allow for direct pull from my Tang account. (Habib and DUCA pay my interest directly into my Tang acct.) So, after doing a transaction with them and getting the details sorted out, I was able to send funds to them electronically and directly; thereby forgoing the paper cheque via Canada Post. I make the purchase request and they pull the money directly from my Tang acct.
11:58 am
November 3, 2022
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HermanH said
I've worked with them for a couple of years and found a little short-cut. Some of their institutions such as Habib and DUCA allow for direct pull from my Tang account. (Habib and DUCA pay my interest directly into my Tang acct.) So, after doing a transaction with them and getting the details sorted out, I was able to send funds to them electronically and directly; thereby forgoing the paper cheque via Canada Post. I make the purchase request and they pull the money directly from my Tang acct.
The one GIC I hold through them is from Habib, and the funds were pulled directly. But most of the banks and credit unions they represent won't do direct debits, and certainly not the ones with rates >4% in February. DUCA was 3.7%. Why get lower rates through a broker when I can buy direct @3.95% from Oaken with easy-peasy direct debit?
12:09 pm
March 30, 2017
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The fact that I am taking the full risk of rate change while my check in transit, the faith of them receiving and processing promptly, are 2 main reasons I don't use brokers most of the time. They may be helpful for that extra 10-20 bps if their offices are within reasonable distance, but unfortunately none does. To me it's an old school business which will cease to exist in the next little while as everything goes electronics eventually.
12:40 pm
April 14, 2021
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Rail Baron said
The one GIC I hold through them is from Habib, and the funds were pulled directly. But most of the banks and credit unions they represent won't do direct debits, and certainly not the ones with rates >4% in February. DUCA was 3.7%. Why get lower rates through a broker when I can buy direct @3.95% from Oaken with easy-peasy direct debit?
Just called GIC Wealth and was told that MCan was offering the 2-yr 3.94%, but they would not allow a direct pull.
I wanted them because of the additional CDIC coverage, as I already max'd out at Oaken.
12:48 pm
April 6, 2013
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Rail Baron said
… Why get lower rates through a broker when I can buy direct @3.95% from Oaken with easy-peasy direct debit?
Because it is not always lower through a deposit broker.
Oaken and MCAN Wealth are offering 3.75% for one-year GIC's. Deposit brokers yesterday were offering 4.03% to 4.13%.
Local deposit brokers are not hard to find. Not everyone lives in the Toronto area. In smaller centres, a local insurance brokerage or local mutual fund dealer will often do GIC brokerage as a side business. For example, someone previously mentioned insurance broker Scrivens in the Ottawa area offering GIC's.
12:55 pm
November 3, 2022
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Norman1 said
Rail Baron said
… Why get lower rates through a broker when I can buy direct @3.95% from Oaken with easy-peasy direct debit?
Because it is not always lower through a deposit broker.
Oaken and MCAN Wealth are offering 3.75% for one-year GIC's. Deposit brokers yesterday were offering 4.03% to 4.13%.
In February, at least, those rates were only available from banks and credit unions that would take cheques conveyed through the broker.
If you can get a cheque to their Yorkdale office on the day of your purchase, then these rates are worth acting on. But if you are three time zones away, not so much. I know because I tried.
1:11 pm
April 6, 2013
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Rail Baron said
…
If you can get a cheque to their Yorkdale office on the day of your purchase, then these rates are worth acting on. But if you are three time zones away, not so much. I know because I tried.
That 4.13% one-year GIC rate is not exclusive to GIC Wealth in Toronto.
Scrivens in Ottawa also offering a 4.13% one-year GIC rate. Same being offered by the GIC Direct/Monarch Wealth network of deposit brokers in BC.
1:32 pm
November 3, 2022
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Norman1 said
Rail Baron said
…
If you can get a cheque to their Yorkdale office on the day of your purchase, then these rates are worth acting on. But if you are three time zones away, not so much. I know because I tried.That 4.13% one-year GIC rate is not exclusive to GIC Wealth in Toronto.
Scrivens in Ottawa also offering a 4.13% one-year GIC rate. Same being offered by the GIC Direct/Monarch Wealth network of deposit brokers in BC.
Yes, but this discussion topic focuses on GIC Wealth Management in Toronto. I thought it relevant to report my experience with them in February, since I concluded that it was not possible for me to take advantage of the >4% GIC rates being offered through due to lack of pre-authorised debit from the issuing institutions.
4:00 pm
September 7, 2018
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Rail Baron said
Yes, but this discussion topic focuses on GIC Wealth Management in Toronto. I thought it relevant to report my experience with them in February, since I concluded that it was not possible for me to take advantage of the >4% GIC rates being offered through due to lack of pre-authorised debit from the issuing institutions.
I was told by my GIC broker (not GIC Wealth Mgt) that pre authorized debits are generally unacceptable because of FINTRAC/money laundering rules. You can call FINTRAC and OSFI if you wish the specific details. A poster above indicated that Habib and DUCA will do it which is apparently true but no other FIs will do from my conversation with my broker. My broker does deal with DUCA, but my agent asks for cheques and does not accept preauthorized debits for GIC purchase payment. My agent does not deal with Habib Bank.
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