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One year laddered GIC rates going back down
March 16, 2023
8:54 pm
Primus
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Heads-up everyone - the rates are going down by 0.2% tomorrow. I have a term deposit with its quarterly rollover date on Monday, called in today to arrange a withdrawal and rollover, but was told that the new rate will start at 4.65% instead of 4.85%.

I asked about locking in the current rate but was politely told to go fly a kite. So I'm taking my money elsewhere next week.

March 16, 2023
9:31 pm
KamWest
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Well, I guess I lucked out because I locked in a couple of significant GIC's today.

Got the 5% rate for 1 year which starts at 4.85%

I have been doing that every 3 months as long as the rates have been going up but I feel this time I might have to keep it in for the term.

I expect rates to drop next year and am a bit annoyed I was not able to reach my desired 6%

At 6%, according to my calculations is the sweet spot for me because it basically replaces my salary.

If I had a wish, it would be to lock in for a 5 year term at 6%

March 17, 2023
1:08 am
HermanH
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Primus said
Heads-up everyone - the rates are going down by 0.2% tomorrow. I have a term deposit with its quarterly rollover date on Monday, called in today to arrange a withdrawal and rollover, but was told that the new rate will start at 4.65% instead of 4.85%.

I asked about locking in the current rate but was politely told to go fly a kite. So I'm taking my money elsewhere next week.  

You should have just gone ahead and purchased a GIC under the current rate, but left it unfunded. As I have been told by Hubert CSRs, they will comb through and close unfunded GICs, but do not conduct the sweep daily. You might have been able to escape the sweep and then added your funds to the GIC on Monday, after it rolled over.

KamWest said If I had a wish, it would be to lock in for a 5 year term at 6%  

Same wish, here.

March 17, 2023
4:33 pm
ritawije
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Primus wrote: "Heads-up everyone - the rates are going down by 0.2% tomorrow. I have a term deposit with its quarterly rollover date on Monday, called in today to arrange a withdrawal and rollover, but was told that the new rate will start at 4.65% instead of 4.85%."

My question for you: How did you learn that? The practice of giving account holders a one-day notice of rate changes by email has been discontinued.

March 18, 2023
11:09 pm
Primus
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