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Email this8:59 am
September 30, 2017
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Don't think Ontario Educational CU was ever mentioned on this site.
[ Currently seen on Home page ]
Offer #1 - 3 Year GIC - 3.00% APR.
Hoewever, it is stated on their profile page
Ontario Educational Credit Union is open to all active or retired educational employees and their families throughout Ontario.
So I called and was told general public deposit approvals will be considered on a case-by-case basis. Good to know, IMO.
* APR means Annual Percentage Rate (source from Investopedia)
7:55 pm
February 20, 2018
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Offer2 what do you think?
Cant find their annual report size of this cu?
NEW MONEY Promotions!
Your money while working for you will be earmarked to readily assist those in the educational community who may require financial support during the ongoing negotiations. We have been dedicated to the educational community since 1962 and we are once again preparing for increased demand for assistance with personal financial stability.
Please help us prepare by forward this offer pdf version to your family and friends.
Offer #1 - 3 Year GIC - 3.00% APR.
Offer #2 - 5 Year “Rate Protector” GIC – 3.25% APR.
A one-time option is available on each anniversary date. Funds can be transferred to a higher rate GIC for remainder of original term.
Minimum: $2,500 -New money deposit to OECU
Eligible: Non-Registered
Registered Retirement Plans
Tax Free Savings Plan
8:26 pm
October 21, 2013
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Evidently not available to RIFs?
I can't see anything about how/where to join. Can you?
Perhaps you have to go in person - apparently to Barrie or Mississauga - in order to be vetted as a member of their bond? There is no info at all about joining as far as I can see. This seems odd for a CU that purports to serve all educational workers in Ontario who are not part of a similar professional bond. I don't even see what hours they keep.
Note that there are a lot of picky fees - somewhat like Luminus.
These are very good rates though - if you can get them.
7:52 am
November 7, 2014
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I believe you can join via snail mail. You can provide a lot of the applicable ID info by fax or email, but they need original signatures on applications.
Generally, fees for a lot of products don't bother us if we are not using them for regular banking. I believe annual interest payments on the 5 year GICs can be mailed out to you.
5:21 pm
October 21, 2013
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Thanks, gicjunkie.
There are no forms to send in on their site as far as I can see, so I guess they would send them by post if you qualified?
6:40 am
November 7, 2014
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Loonie said
Thanks, gicjunkie.
There are no forms to send in on their site as far as I can see, so I guess they would send them by post if you qualified?
I think they could fax or email the forms to you and then you would print and sign them and mail them back. You'd have to ask them about it.
1:54 pm
February 20, 2018
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rsp/rif available Loonie maybe for select accounts only
Any of you guys gals see any "holes/traps" in offer#2 ?3.25%@5yrs anniversary reset at prevailing rate seems pretty good deal
6:10 pm
November 7, 2014
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I haven't seen any red flags in the wording provided. To get to the small print you'd have to call them. I'm just happy that, in today's market, we have the opportunity to invest at 3.25% for 5 years, never mind the possibility of a future rate hike. But, it is nice to know that the option is available if that should happen. It is an interesting incentive of sorts.
2:50 am
October 21, 2013
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I agree it's an excellent rate for those who might qualify, and it helps out the teachers who may have to go on strike or get locked out and thus suffer shortage of income and need to borrow. It's nice to see a CU doing something concrete to actually help out its own members rather than funding buildings they may never enter (Meridian - entertainment venues). That was supposed to be the whole idea behind CUs, and is a good reason for closed bond.
But I doubt the reset thing will amount to anything. I think their regular rates are low and we'd have to see a very substantial increase in regular rates before we'd see this CU's 5 yr rate exceed 3.25. But, yes, it could theoretically happen. If it does, I won't care if I got this deal or not!
8:13 pm
October 21, 2013
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This post is a reminder for anyone who bought the five year GiC from this promo.
The rate was 3.25 but there was a proviso that you could ask to have the rate increased to a current rate once, on any anniversary date.
This is the first year that this has been worth considering.
I phoned for details. If you are 3 years into the GIC, which you soon will be, you can choose the current 2 year rate for the remaining two years, which is currently 3.75%. The upgrade is not automatic. You must request it.
So, if this applies to you, be sure you have it in your calendar.
8:47 pm
September 22, 2022
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I see 3.5% on the 2yr
6:34 pm
October 21, 2013
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Correct; now 3.5
You need to keep an eye on the rate when your anniversary date comes up. The promo ran for about 3 months, so there will likely be variations.
5:22 pm
October 21, 2013
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Rates have dropped dramatically at OECU: 
1 year 0.750
2 year 1.250
3 year 1.600
4 year 1.750
5 year 2.000
4:51 am
April 6, 2013
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It might have been a glitch in their web site. Their GIC rates look more normal this morning:
1 year 3.250
2 year 3.500
3 year 3.750
4 year 4.250
5 year 4.500
1:13 pm
October 21, 2013
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You're right, Norman. It's the very same page I looked at last night. Weird!
They have also now introduced a rate for 15 to 21 months, so perhaps the glitch occurred while the page was updating to add this new term, temporarily reverting to an earlier version.
Thanks.
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