Some GIC Rates Edging Up at Brokers/GIC Agents | GIC discussions | Discussion forum

Monarch Wealth Rates:

TERM OPEN RRIF RRSP TFSA
1 Year 1.56% 1.15% 1.41% 1.15%
2 Year 1.86% 1.60% 1.65% 1.45%
3 Year 2.50% 2.50% 2.50% 2.50%
4 Year 2.60% 2.60% 2.60% 2.60%
5 Year 2.61% 2.30% 2.30% 2.30%

How about that extra .01% for 5 years? Watch out for the stampede!

Nehpets said
Scrivens, a broker in Ottawa with whom I have had good experience is currently offering a 18 month GIC at 1.76%. The rep I have dealt with is Jane.

Stephen  

Very strange that GIC Wealth Mgt in Toronto, a reputable well established agency does not offer that rate. I think their best 18 month rate is 1.68%.
Scrivens 1.76% is with WealthOne Bank.

Nehpets said

From my experience, not strange at all. Scrivens a similarly well established and reputable broker will sometimes be contacted by out of mainstream, reputable FI's with a need for limited funds with better than average offers.

They may not be located in the navel of the world in Toronto, but are most capable of serving clients in extraordinary ways.

I appreciate having a relationship with broker like that.

Stephen  

A number of years ago, I happened to have some dealings with Scrivens as with some other GIC agents - The people I dealt with at Scrivens were very good - but not sure I would use the word "extraordinary". Why do you consider Scrivens "extraordinary"?

canadian.100 said .... Why do you consider Scrivens "extraordinary"?  

Because they have, on occasion, provided me with superior GIC rates that were limited and not on the open market. They also provide exceptional personal service in both their investment department as well as their general insurance department, where I am also a client.

Stephen

Nehpets said

Loonie said
...The TFSA rates here, for example, are so poor that you might well be better off not bothering with a TFSA (and its attendant rules).....

Perhaps a discussion topic for a separate Forum thread, have you considered moving some of your TFSA deposits into high quality dividend paying stocks, Loonie?

Stephen  

Yes, I consider it regularly, and always decide otherwise. I do think that if one were to make such an investment, the TFSA would be the best place for it, for a senior. The dividends won't mess up your income bracket with the mark-up or whatever it's called, and that's where you will likely have the longest horizon - the last piggy bank you will raid.

I wasn't so much concerned for myself as I'm getting good rates but for others, just to note that some TFSA investments, although conservative, may not make sense, which is a new idea to me.

Agreed, never shut down your TFSAs, been a beautiful place for some of my dividend payer common shares and some other non-fixed income vehicles for years now. Bad name for these accounts, should have been called TFISAs, tax free investment/savings accounts, so that people are reminded a variety of financial instruments can be held tax free.