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Email this7:09 am
November 4, 2014
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I was just looking for different GIC rates and came across QuintEssential Credit Union that has 2 rate specials.
These are 2.80% for 24 months and 3.09% for 60 months and are not just GIC rates. They are GIC, RRSP, RRIF, TFSA eligible.
It seems that since Oaken Financial put their 0.25% bonus interest promo in place for weeks now, it has stirred competition for GIC and other deposit money.
I don't see anything for RESP's which I keep seeing this many times from financial institutions. This is probably not available for everyone in Canada as Kanaka was talking about BC credit unions are not available to everyone.
They are in Ontario so check their website for their rates and this too, http://www.qcu.ca/Personal/.
It pays to shop around and take care.
8:51 am
August 4, 2010
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As an Ontario credit union, membership is available ONLY to residents of Ontario. As far as I know, Manitoba is the only jurisdiction where the credit unions sign up residents of other provinces (through their online arms).
10:06 am
November 7, 2014
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I am an Ontario resident. I have used Revelstoke CU in BC in the past with no problems. I think that it sometimes depends on which province and sometimes which credit union you are trying to deal with. There are some credit unions, eg. in Manitoba and Ontario, that will not deal with you unless you come in personally to set up a membership.
10:36 am
December 2, 2012
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QuintEssential Credit Union is only for Ontario residents.
https://www.qcu.ca/Personal/BecomeAnOwner/ApplyForMembership/
11:00 am
August 4, 2010
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gicjunkie said
I am an Ontario resident. I have used Revelstoke CU in BC in the past with no problems.
How did you come to be a member of RCU? Were you a BC resident at the time? Or through a GIC broker? Buying BC property through a Revelstoke mortgage? Or directly with them as an Ontario resident? I don't actually see any sort of online membership form at their site, so I can't check what that might say.
Historically, credit union membership was defined by a "common bond" or "bond of association" - so residents of a community or region, or members of an ethnic group, or employees of a corporation. it is possible that in BC there isn't a legal obligation for provincial residence to join. However, I did check Coast Capital, a very large CU, and it does not sign up non-residents.
I'm curious as to how the GIC brokers who show logos from Ontario and BC credit unions work this. Do they have local offices in those provinces and buy the GICs in trust for the customer? Or only sell, say, BC CU GICs to BC customers? Or are the BC CUs allowing membership to non-residents when they come in via a broker, but not generally? I'd suspect a combination of the former two, not the latter.
6:43 pm
November 7, 2014
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For many CUs, location of the investor's residence is an issue. As you have said, the CUs are established to provide a service to a particular community. I am not, nor have I ever been, a resident of BC. They advertised a rate on line that I liked and I called them. (this was a number of years ago) They had no problem setting up a membership and a GIC for me at that time. Whether this policy has changed recently I cannot comment.
Often when you see a broker advertising a high rate from a CU, whether locally or in another community or province, the broker takes care of any "membership details", often at no cost of membership to the end customer. CUs often have some kind of profit sharing plan for their regular members, but this plan likely will not apply to broker-created members because of the "special investment rate offer". Under these circumstances, residency is likely not an issue. One just has to provide proper IDs for the broker to pass on to the CU.
12:57 pm
November 4, 2014
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Gicjunkie, I am not sure about this either but I noticed that GIC brokers or registered independent deposit brokers or dealers have rates listed by each province, Ontario, B.C. Quebec, Alberta etc.
I guess there is someway through their dealer or broker network that may allow them to do this. So far 3.10% 5 year GIC money and 2.55% 30 month GIC money seem to be their best offers. This is of December-1-2014, today.
2:07 pm
November 4, 2014
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For those that are interested I just checked QuintEssential Credit Union's website today, December-1-2014 and they still have 2.80% 2 year and 3.09% 5 year rates.
In the last 2 weeks, I noticed government bond rates, Canada, U.S., have been falling by decent amounts so I would not be surprised if present things hold, that other GIC rates may come down.
GIC rates usually follow these rates but there are other factors that can set financial institution's GIC rates as well.
Please write your comments in the forum.