Habib bank | GIC discussions | Discussion forum

They offer RSP and TFSAs but apparently not RIFs.

Looks like Habib Bank reduced one year GIC to 2.8% today

Norman1 said

gicjunkie said
Some brokers are offering Habib 5 year GICs @ 3.60%, if one is interested.

These are Habib Canadian Bank's $25,000 minimum rates through Ontario deposit broker Fiscal Agents:

Institution	Update	Amount	1 yr	2 yr	3 yr	4 yr	5 yr
Habib Canadian Bank	16 APR	25000	3.100	3.250	3.350	3.450	3.600

Their posted $2,000-minimum branch rates are

Institution	1 yr	2 yr	3 yr	4 yr	5 yr
Habib Canadian Bank	2.75	3.05	3.15	3.25	3.40

  

OK, this is the one bank that everyone should be worried about given they can pack and go anytime given the country's reputation (not singling out but this is like Nigeria bank - again not singling out). However, it is good to know that capital is protected by CDIC or DICO (whichever they have). If they go down probably will take few weeks to get money back.

And if they bargain on rates, this is great news for consumer.

What is their best TFSA rate and TFSA fees?

hotmony said
Butter don't be a goof

https://en.m.wikipedia.org/wiki/Habib_Bank_AG_Zurich  

Thanks, hotmony. On that basis, I would put them roughly equivalent to an ICICI Bank Canada or even, potentially, an HSBC Bank Canada, as a foreign-owned banking subsidiary.

Still, I would probably recommend staying within your CDIC limits because the parent company is under no obligation to cover your deposits in the event of a failure. Even still, though, of the few bank failures Canada has had, CDIC has been able to transfer the assets and liabilities to a surviving entity (the largest of which was the Crown-owned Bank of British Columbia, which shows there's no such thing as a provincial government guarantee, when CDIC transferred it to Hongkong Bank of Canada and no CDIC funds needing to be tapped).

Cheers,
Doug