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Email this7:44 am
November 19, 2014
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Since many banks and CU are going to a two tier rate system in order to screw over (sorry, I mean "help") small business it is nice to occasionally see some decent rate specials. Especially for USD.
Meridian Business Member short term GIC options (as of Aug. 15, 2023).
6 month USD cashable - 5.00 %
1 year CAD cashable - 4.25 %
6 month USD non-redeemable - 6.10 %
9 month CAD non-redeemable - 5.15%
Terms and Conditions
Interest rates shown are subject to change without notice and are on a per annum basis.
The minimum required investment is $100 up to a maximum $10,000,000 per offer. (excepting the US Dollar GIC, with a $5,000 investment minimum).
All offers applicable to Meridian Business Members only.
Eligible deposits in a non-registered account are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA), excepting the US Dollar GIC.
For additional terms and conditions, refer to Guaranteed Investment Certificate Terms & Conditions.
11:08 pm
October 21, 2013
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Good catch, Koogie.
My experience with Meridian is that they are very keen on helping small business. Good to see it working out at this difficult time.
11:57 pm
April 14, 2021
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Koogie said
Eligible deposits in a non-registered account are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA), excepting the US Dollar GIC.
Interesting, indeed. I didn't know they could specifically exclude an entire class of deposits. Just another very important distinction from CDIC coverage. Is an institution simply able to deny CDIC coverage over selective products?
4:19 am
March 30, 2017
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Koogie said
6 month USD non-redeemable - 6.10 %
All offers applicable to Meridian Business Members only.
Eligible deposits in a non-registered account are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA), excepting the US Dollar GIC.
For additional terms and conditions, refer to Guaranteed Investment Certificate Terms & Conditions.
wonder what non business members get and also if USD GIC is excluded, so there is NO insurance at all on any USD GIC deposit amount ? That will be a deal breaker in my mind.
8:06 am
November 19, 2014
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To be clear, Ontario based credit union deposits are regulated under the Ontario FSRA (the artist formerly known as DICO).
Under FSRA rules, USD deposits are not covered.
https://www.fsrao.ca/consumers/credit-unions-and-deposit-insurance
I agree that for me that would be a deal breaker for the USD GIC offer. However, it is a short term offer and Meridian is, I believe, the largest CU in Ontario and one of the largest in Canada and financially sound so.. a braver soul would probably have no issues.
I assume the non-business rates would be similar or higher but I'm not in that market right now so haven't looked into it.
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