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Email this10:28 am
April 22, 2019
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I have a TD Special Offer GIC from the bonus $100 offer last year.
Current rate is 2.0%, I'm guessing TD's rate is lower now, what happens if I don't want to renew the GIC?
This is what it says when I look at the account details:
Maturity Instructions:RENEW PRINCIPAL AND INTEREST
11:40 am
April 15, 2020
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lancedragons said
I have a TD Special Offer GIC from the bonus $100 offer last year.
Current rate is 2.0%, I'm guessing TD's rate is lower now, what happens if I don't want to renew the GIC?This is what it says when I look at the account details:
Maturity Instructions:RENEW PRINCIPAL AND INTEREST
Contact them before maturity. All my GICS pay principal and interest to my savings account on maturity date. Great feature.
11:46 am
April 26, 2019
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lancedragons said
I have a TD Special Offer GIC from the bonus $100 offer last year.
Current rate is 2.0%, I'm guessing TD's rate is lower now, what happens if I don't want to renew the GIC?This is what it says when I look at the account details:
Maturity Instructions:RENEW PRINCIPAL AND INTEREST
I know nothing about TD. But I ask every FI I have to make my GIC's, at maturity, for both principal and interest to go into my HISA account. I do it by email, chat and lastly phone. I keep it documented by day, time and person you spoke too. I do this right after I purchase the GIC. And I do a follow up and week or two before maturity.
2:41 pm
October 29, 2017
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Those instructions say it will renew at the new rate. Check for an online maturity option that you can change or simply contact them and get the maturity option changed to payout to savings account. Doing nothing will renew.
7:02 am
December 20, 2016
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lancedragons said
I have a TD Special Offer GIC .... I don't want to renew the GIC?....
Maturity Instructions:RENEW PRINCIPAL AND INTEREST
In addition to the advice already given, if it were me, in dealing with TD, I would take my GIC certificate to the branch, at least a week before maturity, and have them revise or note the change in maturity instructions on the certificate in writing and stamp it with the branch date stamp.
If there is no certificate, I would demand a written confirmation of the change in maturity instructions if an online option change is not possible.
According to RateHub, today's TD GIC rate is 0.75%....would you really want your GIC to renew at that rate or less?
As has been said, doing nothing will result in automatic renewal with little or likely no recourse after the fact.
Stephen
7:44 am
March 30, 2017
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I believe most if not all of the big 6 banks will say their systems can NOT put in an instruction to redeem to cash and default MUST BE renewal. That sounds BS to me but it is what it is. So make sure you contact them and tell me not to renew around maturity time. Also if they auto renew you can still reverse it within a few days.
They do this to be like "pay no interest until blah blah" promo. Their hope is you forget or "too lazy" and they get cheap funding.
Some of the smaller banks/ CU (for example, Oaken, Meridian) do allow instructions to redeem to cash to be entered in the system.
8:47 am
April 15, 2020
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When I tried buying GICs at several FI I quickly found that on buying there was an option to redeem principle and interest to cash account. I deal with iTRADE. I will still check with them before Oct.
11:33 pm
October 21, 2013
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I think but am not certain that there is a legal requirement that they have to give you a few days after the renewal in which to change your mind.
I had one with TD perhaps 10 years ago, and I missed the maturity date. I called them about a week later and had no difficulty reversing this, by phone.
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