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Email this9:00 am
May 24, 2016
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I’ve just become aware of this credit union and was able to secure an unregistered GIC at 5.55%, which is available for 3 and 5 year terms through a broker, with a minimum $10,000.
9:04 am
January 11, 2023
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JenE said
I’ve just become aware of this credit union and was able to secure an unregistered GIC at 5.55%, which is available for 3 and 5 year terms through a broker, with a minimum $10,000.
Way to go. What broker did you use?
9:17 am
May 24, 2016
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Oakstone GIC Services, a division of Oakstone Wealth.
email: info@oakstonewealth.ca
9:47 am
December 26, 2018
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@JenE do you have a link that can take me to the credit union site?
9:49 am
April 6, 2013
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Lighthouse CU is an Ontario credit union located in the North York area of Toronto.
Their directly offered GIC rates (last updated January 5) are the following:
| 1 Year | 5.53% |
| 2 Year | 5.54% |
| 3 Year | 5.55% |
| 5 Year | 5.10% |
Fairly new. Launched around March last year:
Lighthouse CU becomes Ontario's newest credit union … (March 23, 2022)
10:12 am
December 26, 2018
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Thank you. Do they allow people outside Ontario to buy their products?
3:11 pm
May 24, 2016
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I’m not sure, but they are at:
2828 Bathurst Street, 5th Floor, Toronto Ontario, M6B 3A7
Contact Us
(416) 477-LCUL (5285)
Monday to Friday, 8:00 am to 5:00 pm
I’m sure you’ll get better rates with a broker. Good luck
3:25 pm
December 26, 2018
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Canadianbull said
Thank you. Do they allow people outside Ontario to buy their products?
I did send them an Email this morning. I am still waiting for their response.
6:15 pm
May 20, 2016
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5.55%, 0.25% higher than the highest in the GIC chart, very attractive. Hope somebody can share experience of signing up, opening accounts, linking external accounts and transferring funds.
7:30 pm
May 24, 2016
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I used a broker as they had higher rates than the credit union.
9:34 pm
October 21, 2013
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This is a very new credit union and has no track record. Be careful!
5:08 am
September 7, 2018
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Loonie said
This is a very new credit union and has no track record. Be careful!
This is a clear example why FSRA and CDIC exist - to encourage Canadians to support new FIs to encourage competition in the sector with basically NO risk of losing their funds if they stay within insurance limits. (Lighthouse is listed on the FSRA site.) I note that several of the reputable GIC brokers are selling Lighthouse C.U. GICs. I wish success to Lighthouse C.U.
6:17 am
March 30, 2017
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canadian.100 said
This is a clear example why FSRA and CDIC exist - to encourage Canadians to support new FIs to encourage competition in the sector with basically NO risk of losing their funds if they stay within insurance limits. (Lighthouse is listed on the FSRA site.) I note that several of the reputable GIC brokers are selling Lighthouse C.U. GICs. I wish success to Lighthouse C.U.
I don’t think reputable brokers carrying a CU’s product mean anything at all. It’s not en endorsement by any means. It just mean they offer a rate high enough to bring business for the broker. Insurance protection via FSRA etc is what matters.
7:00 am
September 7, 2018
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savemoresaveoften said
I don’t think reputable brokers carrying a CU’s product mean anything at all. It’s not en endorsement by any means. It just mean they offer a rate high enough to bring business for the broker. Insurance protection via FSRA etc is what matters.
Having dealt with a GIC broker who steered me away from a certain FI, giving me a very valid reason, I was pleased and considered his advice a good service - since he would have had his commission in any case. I consider that broker "reputable" for my interests. Yes, of course I would have "protection" under FSRA or CDIC even for the most shaky of FIs.
8:52 am
January 11, 2023
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canadian.100 said
Having dealt with a GIC broker who steered me away from a certain FI, giving me a very valid reason, I was pleased and considered his advice a good service - since he would have had his commission in any case.
Who was the FI and what was the reason?
9:31 am
January 13, 2022
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canadian.100 said
This is a clear example why FSRA and CDIC exist - to encourage Canadians to support new FIs to encourage competition in the sector with basically NO risk of losing their funds if they stay within insurance limits. (Lighthouse is listed on the FSRA site.) I note that several of the reputable GIC brokers are selling Lighthouse C.U. GICs. I wish success to Lighthouse C.U.
Totally agree. And feel the same about the situation in BC with smaller CUs...not necessarily new, but with history and longstanding commitments to their communities. And all as safe as possible given their CUDIC coverage.
11:39 am
January 11, 2023
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savemoresaveoften said
I don’t think reputable brokers carrying a CU’s product mean anything at all. It’s not en endorsement by any means. It just mean they offer a rate high enough to bring business for the broker. Insurance protection via FSRA etc is what matters.
I agree with this. And while I am sure what Canadian.100 says about his ethical broker is the truth (and it's great to hear that), in my experience brokers are no different than the rest of us: they act out of self-interest. If they blacklist a FI, it's because there was an issue with payment or the admin is a problem, or something else.
I used to have brand loyalty to FIs, because it just felt better that way. But I learned that the loyalty does NOT flow both ways.
It's possible (and enjoyable and profitable) to build relationships with individuals in FIs. But I've learned -- repeatedly, I'm embarrassed to admit -- that this loyalty is not driven by the FI. If that person leaves their role, or if they don't have the power to do something, then your history with that FI and all the times you could have moves money elsewhere but didn't will be 100% irrelevant to them.
Since coming to this understanding things are a lot simpler for me. If the FI is CDIC or FSRA insured, I go with the best rate/term. It's liberating.
12:30 pm
April 14, 2021
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canadian.100 said
I wish success to Lighthouse C.U.
Weren't they the ones who recently offered the 5.9% for 1- and 2-yr GICs?
12:03 pm
April 19, 2019
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Loonie said
This is a very new credit union and has no track record. Be careful!
Be careful how? Is it not CDIC listed?
The two risks are:
1- Losing the interest as they can go bankrupt and CDIC pays the principal.
2- Economy goes really bad and CDIC can not cover.
#1 is a higher risk than #2.
Do you see any other risk? Let's say if you even know this is run by people with bad financial reputation.
12:35 pm
December 20, 2016
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butterflycharm said
Be careful how? Is it not CDIC listed?
Lighthouse CU is an Ontario credit union covered under FSRA; CDIC would not be involved.
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