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Email this11:33 am
January 12, 2019
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kesa said
is there a reason why MCAN GICs aren’t quoted in the GIC chart?
One reason might be . . .
Unlike all the other FIs listed on this site, MCAN is neither a Bank or a CU.
MCAN is a 'Loan Company / Mortgage Corporation'. There may be other
reasons as well.
Nice GIC Rates, though !
Dean
" Live Long, Healthy ... And Prosper! "
1:45 pm
April 15, 2015
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MCAN GIC's are covered by CDIC.
4:49 pm
April 6, 2013
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Pretty good rates. They would place near the top of GIC rate chart:
| Current MCAN Wealth GIC Rates Effective: 13 September 2024 |
|||||
| Term | 1-year | 2-year | 3-year | 4-year | 5-year |
| Rate | 4.75% | 4.55% | 4.35% | 4.25% | 4.25% |
Probably not included because MCAN deposits used to be through brokers only and not available directly.
5:54 pm
January 12, 2019
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.
Most likely ⬆, Norman.
Now that their GICs can be accessed directly through their MCan Wealth direct-to-client GIC channel (as of January 2024), maybe Peter might consider adding them to the GIC Chart.
What say you, Peter ? 
- Dean
" Live Long, Healthy ... And Prosper! "
9:15 pm
October 21, 2013
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Good idea, Dean.
10:06 am
May 15, 2007
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I've added it now! https://www.highinterestsavings.ca/gic-rates/
Does anybody know it's available to Quebec residents? I've sent them an email inquiry.
10:33 am
February 14, 2023
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Peter said
I've added it now! https://www.highinterestsavings.ca/gic-rates/Does anybody know it's available to Quebec residents? I've sent them an email inquiry.
Thank you, Peter.
11:21 am
May 15, 2007
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Got an answer about Quebec: "Unfortunately, our GICs are not currently available to residents of Quebec."
12:10 pm
August 4, 2010
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Norman1 said
Pretty good rates. They would place near the top of GIC rate chart:
Current MCAN Wealth GIC Rates
Effective: 13 September 2024Term 1-year 2-year 3-year 4-year 5-year Rate 4.75% 4.55% 4.35% 4.25% 4.25% Probably not included because MCAN deposits used to be through brokers only and not available directly.
That's interesting, because MCAN was at the top of the GIC broker charts quite some time back, and then pulled in their horns and were showing 2% in the stock brokerage channel. I think they still are, if anyone is with Qtrade/Questrade/BMOIL and wants to check their rates there?
And for the GIC broker channel, looks like they are showing no more than 3-3.15%. Neither set of rates is what you would call competitive, so seem designed as placeholders to catch auto-renewals or dumb money and whatnot.
They only seem to be willing to be competitive on their retail channel, trying to build up their direct customer base presumably.
12:51 pm
January 12, 2019
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Dean said
.
Most likely ⬆, Norman.Now that their GICs can be accessed directly through their MCan Wealth direct-to-client GIC channel (as of January 2024), maybe Peter might consider adding them to the GIC Chart.
What say you, Peter ?
Dean
Peter said
I've added it now! https://www.highinterestsavings.ca/gic-rates/Does anybody know it's available to Quebec residents? I've sent them an email inquiry.
kesa said
Thank you, Peter.
-
Ditto ⬆
- Dean
" Live Long, Healthy ... And Prosper! "
5:43 pm
April 6, 2013
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NorthernRaven said
That's interesting, because MCAN was at the top of the GIC broker charts quite some time back, and then pulled in their horns and were showing 2% in the stock brokerage channel. I think they still are, if anyone is with Qtrade/Questrade/BMOIL and wants to check their rates there?
No MCAN Mortgage GIC's on Scotia iTRADE.
On BMO InvestorLine, MCAN Mortgage is offering a bottom GIC rate of 2% on all terms, from one year to five years.
3:56 pm
January 9, 2011
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I have some concerns about them. Perhaps unfounded, but they are "strange" in any event.
To open a GIC, you need the usual SIN and e-mail. They may also require a valid provincial photo ID. Fine, no problem. But wait, I have to have a Mobile phone? What possible reason. What's behind that "linkup/info", I wonder? Besides the fact I have a Home Phone.... I have security concerns. Also, as indicated by the posts in here, they seem really flighty with the numerous rapid rate changes in different channels.
And how to I get my money to and FROM them, fast? Online ETF? I looked at their site and this information isn't apparent. Is this just a broker trying to get retail clients roped in without up front information?
" It wouldn't take much for me to up and run, to another life somewhere in the sun. " - Kenny Chesney
8:45 am
January 12, 2019
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.
I asked MCAN the same question ⬆ Dougjp, about needing a Mobile Phone, because we don't have Cell reception at our semi-remote rural acreage. This is their answer I received this morning . . .
.
- Hi Dean,
Thank you for your interest in MCAN Wealth!
A mobile phone may be needed if our system cannot verify your identity. An application, called Gemalto, may be triggered during the application process to further verify your identity by having you take a picture of the front and back of your valid government issued ID as well as a selfie.
If you are still interested, you can try applying for a GIC as Gemalto may not be prompted.
Thanks,
MAXINE ESCANO
Term Deposit Administrator, MCAN Financial Group
.
As for your other very good questions, I'd send them an email ... as it's best to get the answers straight from 'The Horse's Mouth' 
.
Please share with us, their replies.
Thanks,
- Dean
.
P.S.
Check out MCAN's stock (MKP)
Dividend Rate ... It's almost 9% ❗
" Live Long, Healthy ... And Prosper! "
11:28 am
January 9, 2011
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Thanks for looking into that question with them, Dean. For sure others will be interested in this degree of background info. I don't have a smartphone or access to a cell that can take a legible photo anyway.
This leaves me even less interested, because the idea of some 3rd party app possibly being triggered part way through a process, meaning having access to a mobile phone immediately (which on average is much less likely to be adequately protected against malware/AV) and then also my driver's license, is a leap too far IMO. In other words, why a home phone and/or desktop computer can't accomplish what they need is beyond me. Same feelings about Saven and a few others. Want my money ? = do the basics to earn it. 😉
But to not outline how money is transferred in and out, in detail AND in advance of even commencing an application to buy a GIC, is a definite deal breaker for me. An error of omission, hard to believe ?
The dividend rate sure is impressive/excessive. But I've been "down that road" a number of times before, having lost big time when the dividend wasn't sustainable and was reduced. I can't be bothered digging into their financials to see how much leverage and debt they have.
" It wouldn't take much for me to up and run, to another life somewhere in the sun. " - Kenny Chesney
2:39 pm
January 12, 2019
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.
I asked some more questions of MCAN Wealth today (via email), and got a very quick and fairly thorough response. And so I thought I'd share with everyone here.
Their answers to my questions are in the "quoted lines", including their additional information near the end of their email . . .
.
- Hi Dean,
.
Kindly see the below responses to your questions.
.
- Is there a place on the MCAM Wealth website that explains the ins-and-outs/nuts-and-bolts of how an MCAN Wealth account works. I've looked, but so far I haven't found anything. Maybe you could point me in the right direction.
"We do not currently have an information section with complete details on how an MCAN Wealth account works."
.
- Does an account have a savings account option available, or is it just for GICs ?
"We currently only offer GICs, specifically individual non-registered GICs."
.
- How is money typically moved in and out of the account (EFTs, etc.?) ?
"Money is moved in and out of the account via EFTs. There are three funding methods: Flinks (initiates an EFT from your chequing account after you connect your online banking with MCAN), manually entering account details to set up payment, and a bill payment method (setting up MCAN Wealth as a payee)."
.
- Once an MCAN Wealth GIC matures, what happens to the funds ?
"At maturity, the interest and principal payments will be directly deposited back to the same account they were debited from. We currently do not have the option for auto-renewal."
.
"Another commonly asked question is: Do I need to create an account with MCAN in order to purchase a GIC? The answer is no, you do not need to create an account before purchasing a GIC. An account is created once an application is successfully funded and processed. This can take approximately 2-3 business days. Once we receive the funds, we will process the application in which you should receive a registration link. This link will help you gain access to your service portal, where you will be able to view your GIC."
Please let me know if you have any other questions.
Thanks,
MAXINE ESCANO
Term Deposit Administrator, MCAN Financial Group
.
Well ... it seems that MCAN Wealth is still in it's Infancy. I think I'll just Pass for now, and visit the idea again sometime in the new year.
O&O,
- Dean
" Live Long, Healthy ... And Prosper! "
6:56 pm
April 6, 2013
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dougjp said
…
This leaves me even less interested, because the idea of some 3rd party app possibly being triggered part way through a process, meaning having access to a mobile phone immediately (which on average is much less likely to be adequately protected against malware/AV) and then also my driver's license, is a leap too far IMO. In other words, why a home phone and/or desktop computer can't accomplish what they need is beyond me. Same feelings about Saven and a few others. Want my money ? = do the basics to earn it. 😉
Financial institutions are required by FINTRAC to confirm the identity (including name, address, and date of birth) of depositors.
If the depositor's TransUnion or Equifax credit record was started less than 3 years ago or does not have more than one lender, then the record is not sufficient to confirm the name, address, and date of birth of the depositor.
Eyeballing the depositor and his/her government photo ID over a video conference is not sufficient either for FINTRAC. Technology is required to verify the photo ID remotely and match the photo in the ID to the person presenting it remotely:
Using the government-issued photo identification method if a person is not physically present
You may use the government-issued photo identification method if a person is not physically present, but you must have a process in place to authenticate the government-issued photo identification document. …
When a person is not physically present, you must still determine whether the authenticated government-issued photo identification document is valid and current, and that the name and photo are those of the person providing the document. …
Note: It is not enough to only view a person and their government-issued photo identification document through a video conference or another type of virtual application.
MCAP has given some thought about accepting deposits from people who cannot be verified with Equifax or TransUnion credit files.
9:34 pm
April 6, 2013
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Dean said
- How is money typically moved in and out of the account (EFTs, etc.?) ?
"Money is moved in and out of the account via EFTs. There are three funding methods: Flinks (initiates an EFT from your chequing account after you connect your online banking with MCAN), manually entering account details to set up payment, and a bill payment method (setting up MCAN Wealth as a payee)."
- Once an MCAN Wealth GIC matures, what happens to the funds ?
"At maturity, the interest and principal payments will be directly deposited back to the same account they were debited from. We currently do not have the option for auto-renewal."
."Another commonly asked question is: Do I need to create an account with MCAN in order to purchase a GIC? The answer is no, you do not need to create an account before purchasing a GIC. An account is created once an application is successfully funded and processed. This can take approximately 2-3 business days. Once we receive the funds, we will process the application in which you should receive a registration link. This link will help you gain access to your service portal, where you will be able to view your GIC."
Sounds fine with me: Bill pay MCAN Wealth to fund the GIC. Principal plus interest are direct deposited back when the GIC matures. No need to open a useless chequing account or savings account with them to buy a GIC.
Please write your comments in the forum.