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Email this10:15 am
March 12, 2023
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I know EQ Bank is providing 3,6,9 month GICs https://www.eqbank.ca/personal-banking/investments/gics
Is there any other bank providing short term GICs with competitive rate?
I came up this idea because I'm planning some big purchase this Christmas. I can't put them in a 1-yr GIC, and I'm looking for putting my savings into a short term GIC, which could bring more interest, compared to flexible HISA (https://www.highinterestsavings.ca/chart/)
10:31 am
January 9, 2011
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Tangerine provides those options, however in your situation and the present date, only a 6 month (currently 3.25%) would work with expiry in January to pay off your Christmas purchase made on a credit card.
Of course that rate isn't competitive, perhaps inconvenient too for transferring money around, especially when considering HISA pays interest monthly. Don't forget about ISA's if you have a discount brokerage account.
"Keep your stick on the ice. Remember, I'm pulling for you. We're all in this together." - Red Green
10:39 am
January 12, 2019
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.
A good number of FIs offer short-term GICs (too many to list here). A few of their rates are Great, but most are ... not so Great 
You may find that keeping your $$$ in a HISA might be your best (and most flexible) option ➡ [e.g. Motive Savvy Savings Account @ 4.10%].
'Good Hunting'
- Dean
.
P.S.
Only 159 days 'til Christmas ❗ 
" Live Long, Healthy ... And Prosper! "
1:39 pm
October 21, 2013
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You might consider these options:
Hubert one year GICs are cashable with no penalty every 3 months but tiered rates.
Many FIs have cashable one year GICs but you have to look carefully at how long you are required to keep the money deposited before losing interest. Look for interest to be paid up to date of withdrawal.
Watch out too for admin fees for early withdrawals. These GICs give you flexibility to withdraw when it suits you as long as you have met the minimum date. If you are in Toronto, Parama Credit Union has a good one which I have used. I think it pays about 4.7% now, but you should check. I think Meridian may have one also, not sure.
You may get lucky with a HISA deal at Tangerine or Simplii, especially if new customer.
4:27 pm
September 15, 2017
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What about Motive Financial's promo GIC of 5.40% p.a. for 4 months? See thread under "Motive".
4:53 pm
April 6, 2013
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RBC variable-rate one-year Prime-Linked Cashable GIC. Currently, 4¾%. $5,000 minimum. Cashable after 29 days with no admin fee and with interest accrued to date.
One-year CIBC Variable Rate GIC. Currently, 4½%. $1,000 minimum. Cashable after 29 days with interest accrued to date.
Today, BMO InvestorLine was offering Gov't of Canada treasury bills maturing January 4, 2024 (170 days) at 97.824 (commission included) for a yield of 4.776%. $5,000 minimum.
9:07 pm
April 6, 2013
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Home Trust is offering 4½% for 120 to 269 days via deposit brokers.
Equitable Bank is offering 4½% also for 120 days and 180 days via deposit brokers.
Bridgewater Bank is offering 4.7% for 180 to 364 days via deposit brokers.
4:35 pm
March 12, 2023
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Thank you so much for your answers! I found that there are so many options for me.
1. Promotional rate of HISA.
Personally, I don't like moving money between saving accounts to chase these promotions. However, these promotions suit my need perfectly (I need to withdraw the money after the period anyway), so I'll look at them.
2. Cashable GICs
I haven't purchased such a product, and I'll read their terms and consider them.
3. Short-term GICs
Although EQ Bank's rate is not good, I learned that many financial institutions are offering such products. Maybe their rate can't compete with promotional HISA, but they worth a look.
Thank you again for your help!
5:58 pm
February 20, 2022
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Norman1 said
RBC variable-rate one-year Prime-Linked Cashable GIC. Currently, 4¾%. $5,000 minimum. Cashable after 29 days with no admin fee and with interest accrued to date.
.....
Thanks for this Norman1. Taking this for a test drive now. lol
12:43 am
August 9, 2014
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6 months GIC at 5.55% @ Ukrainian Credit Union
7:47 am
March 12, 2023
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Jon said
6 months GIC at 5.55% @ Ukrainian Credit Union
Thank you! 5.55% is a really attractive rate. The only disadvantage is their membership costs 150. Here are my two cents
Assuming I have 10k savings. At UCU, I can get 555/2=280 interest after 6 months. 280-150=130
If I put the saving at RBC for 4.75%, I can get 475/2=238 interest after 6 months.
I think I'd go for UCU if
1) I want to use their service in future
2) I have more money to deposit so it would break even
10:27 am
April 14, 2021
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I just called UCU. You must purchase $150 in shares, but this money is refunded to you when you leave UCU. There IS a $25 service charge levied for closing accounts (it does not matter how long/short your membership is.) So, the charge should only be considered $25.
1:09 pm
October 21, 2013
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Credit union membership fees are always refunded when you leave, but they don't earn any interest while tied up. $150 is steep; some are as low as $1.
3:07 pm
December 20, 2016
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UCU interactive systems are generally outdated particularly for online access and absence of eft facilities.
Their business model targets small scale home accounts and falls short when dealing with investors.
All transactions must be done in a branch.
Stephen
6:24 pm
April 6, 2013
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The Ukranian Credit Union 5.55% offer for 6-month GIC's is not really that attractive unless one is already a member of the credit union for other reasons.
Looking at their service fee schedule, I don't see anything that is compelling. 50¢ per cheque or per pre-authorized debit may be less than what the Big Banks charge. But, that's more than I'm paying at Simplii.
That is a challenge with some of the options: Is it worthwhile to take up an offer from another financial institution that one does not already deal with?
The RBC Prime-Linked Cashable GIC I mentioned is currently 4¾%. If someone banks at BMO and not RBC, would it be worthwhile to go to RBC for 4¾% for six months instead of accepting the lower 4.40% from the BMO Variable Rate GIC?
6:38 pm
August 9, 2014
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Norman, it depends on amount of $ invested.
If you have pre authorized credit, you can open UCU blu account that have no fee on debit and cheque. One can move money from their UCU blu account and pull it out from the CU.
7:53 pm
October 21, 2013
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The UCU offer is a very good one if it meets your needs and if you are OK with whatever inconvenience it might present to you. This is an individual call. You don't have to intend to belong to it indefinitely.
I have no interest in UCU and am not looking for a six month GIC, but, if I were looking for this, I'd definitely consider it.
the last time I opened an account at RBC, a couple of years ago, for a promotion, it took a full hour on the phone to sign up - most of the time wasted by their employee who tried to sell me things I didn't want. I am a known quantity at RBC, having had their CC for over 40 years, and various other accounts from time to time
When I closed the account almost a year later, I had to go to a branch in order to avoid a closing fee. The whole process involved in getting this promo was far from convenient in my view but the promo was worth it for me considering what I would gain, so I put up with it.
That's basically the way it is for most promos. If you restrict yourself to FIs you already deal with, you miss out, not just on the promo but also on the possibility of finding FIs that you might prefer. You also miss out on a learning opportunity. This may not appeal to everyone but I enjoy seeing how the various FIs operate, and experience is a great teacher. - And then I enjoy reporting back to you-all!
5:04 am
March 30, 2017
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I avoid all big6 bank promotion, esp the one I don’t currently bank with. This is just to avoid their constant upwelling efforts and what’s not. And as Loonie points out, they make u jump thru hoops when u decide to close your accounts.
Anyone that don’t offer 100% online and self serve, won’t get my money.
5:52 am
February 7, 2019
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savemoresaveoften said
Anyone that don’t offer 100% online and self serve, won’t get my money.
My main criteria as well!
Although we do deal with ...
Hubert who need a phone call to close quarterly 1 year GIC's but their wait times are nil and CSR's friendly, fast and effective.
TNG who do need a phone call to convert accounts to Joint and their wait times are seldom anywhere near nil and CSR's are too frequently anything but friendly, fast and effective.
| CGO |
12:05 pm
November 18, 2017
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Loonie: Vancouver City Savings Credit Union (A.K.A. VanCity) doesn't pay interest on membership shares, but they do pay an annual "dividend" (taxable) that's usually much higher than prevailing interest rates. Any member can withdraw their accumulated and compounded membership shares at any time as long as the minimum $5 remains in their share account. That $5, too, will be refunded if membership is canceled.
They also have investment shares, distinct from membership shares, that pay an interest rate set according to funding needs. Historically, those are generally very popular and are only offered to members at specific times.
savemoresaveoften: We all have our preferences. I stick to outfits that let me visit an office without needing an appointment or phone in directly, as I won't touch internet banking.
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