GICs through discount brokers | Page 5 | GIC discussions | Discussion forum

I see the 3y best rate about 5.35% more or less. Still quite decent and thats good enuf for me to avoid using GIC brokers.

What is being offered at Scotia iTRADE is closer to that expectation:

Pattern seems to be an inverse yield curve.

During a hiking cycle especially mid way and towards the end of it, the yield curve is always inverted. And its the other way around during a easing cycle.

Couple of comments.

1) Banks have increased their loan loss provisions
2) At least 2 provincial premiers have asked the Bank of Canada to stop raising rates.

Norman1 said

Annual Pay GIC's via Scotia iTRADE
Term	Rate	Issuer
1 year	5.58%	Versa Bank
2 year	5.54%	Concentra Bank Equitable Bank General Bank of Canada Home Trust Company ICICI Bank Canada
3 year	5.37%	Concentra Bank Equitable Bank Home Trust Company
4 year	5.07%	Concentra Bank Equitable Bank Home Trust Company HomeEquity Bank
5 year	5.10%	Bank of Nova Scotia Bank of Nova Scotia Trust Co. Scotia Mortgage Corporation Montreal Trust Company National Trust Company

  

GIC rates from Scotiabank direct:
2 Years 5.75%
4 Year: 5.45%
https://www.scotiabank.com/ca/en/personal/rates-prices/gic-rates.html
Best I have seen form the 6 big banks so far.

The discount brokers like Scotia iTRADE and BMO Investorline of course dont/cant provide these rates

I don't know, Warwick111, but if not why not just leave the GIC where it is and then close the account when it matures if you still want to close it (assuming the GIC is large enough to ensure you don't pay any account fees)? I have a number of discount broker accounts with big banks, never hurts to have options, far as I'm concerned. Only tricky thing I find is keeping track of CDIC limits if you have GICs issued by non-big banks in various places.

One will have to ask TD Direct Investing for an authoritative answer. The answer is likely that the TD GIC's purchased via TD Direct Investing are not transferable in kind outside of the TD group of banks and companies.

Scotia iTRADE has this on the back of their non-registered account transfer form:

For Guaranteed Income Certificates (GICs):
Often a Guaranteed Investment Certificate (including Term Deposits) is not transferable "IN KIND" (as is) prior to its maturity. Most GICs can be transferred in cash on their maturity. There are some exceptions, please check the terms and conditons with the Institution which issued your GIC.

Please note: Most Scotiabank Group issued GICs are readily transferrable "IN KIND" within the Group.

TD Direct Investing has this on the back of their transfer form:

Guaranteed Investment Certificates & Term Deposits:
Generally, a Guaranteed Investment Certificate (GIC) is not transferable IN-KIND (as is) prior to the maturity date. Most GIC's must be transferred IN-CASH upon their maturity. Please check the terms and conditions with the Institution which currently holds your investment. If your GIC matures in more than 6 months' time, please submit your transfer request one month prior to maturity.