GIC 2022 rate change | Meridian Credit Union | Discussion forum

I know I’m not adding anything here but I view this offer from meridian to be very underwhelming and not remotely tempting. All offerings from meridian and motusbank have been on this track a long time

I haven't checked directly with Meridian as yet ... just reading this ... but are these rates, including the 4yr 2.6%, only available through a GIC Broker ?

My wife and I both have 'laddered' GICs with them, so it we can get north of 2.5% is this a good time to pull the trigger on their 'Raise the Rate' provisions for our 3yr and 5yr GICs ?

Jim Sherat said
I haven't checked directly with Meridian as yet ... just reading this ... but are these rates, including the 4yr 2.6%, only available through a GIC Broker ?

My wife and I both have 'laddered' GICs with them, so it we can get north of 2.5% is this a good time to pull the trigger on their 'Raise the Rate' provisions for our 3yr and 5yr GICs ?  

I don't think so.
You have 3 and 5 yr GICs. The rate under consideration is only for 4 year GIC. You won't be able to change the term.

Also, it's not clear to me whether the Raise the Roof guarantee refers to "regular" GIC rate hikes or just to Raise the Roof rates. Perhaps you know the answer. The Raise the Roof rate for 3 yr GIC right now is only 1.9 and a regular one is 2.0

thanks for the feedback and comments ... yeah, it does look like 2.1% is the best I can do for our 5-yr Raise the Rate [or Raise the ROOF, as Lonnie says... love that! :)] GICs at this time.

Now I did move much more significant funds out of our TFSAs into non-registered account the last week of Dec. with intent to move elsewhere in Jan. as Meridian rates were not very competitive any longer. however, I waited given the climate of possible rate increases coming soon.
Now I need to think about the 4yr 2.6% GIC as an option, starting Feb 2nd, rather than go through the hassle of likely having to start dealing with yet another FI, linking more accounts, and moving the funds. We do have EQ TFSAs, so there's that ...

Finally, I've had nothing but positive experiences with Meridian, since they first attracted us, with those series of Promos offering 1% instant cash and 18mo rates exceeding 3.5% I believe it was.
There is a branch a short drive away, and the branch mgr. is very approachable and flexible, having enhanced their normal max for offsetting transfer-out fees from the sending FI as an example. So, I like them and their friendly service, which is worth something on it's own.

Not to rain on anyone's parade at this point, but we all know that FIs factor in rate changes before they actually occur, and sometimes it's even more than one rate change if the tendency seems pretty definite. The Canadian public and FIs are expecting a few BoC rate increases in short order, so these increases may already have been factored into the current rates at some FIs to the point that we may not be seeing more increases until well after the more iminent actual announcements. What we are now seeing may be what we will be getting for a while at least, so plan accordingly. Let's face it, a BoC overnight rate of .25% doesn't really translate into a 3.00% or more 5 year GIC rate, does it?

Of course, any sudden shift in the economic landscape between now and the eventual then could change everything. Can't say that hasn't happened before.

Bright and early this Wednesday a.m., and the 4yr rate has indeed been changed from 2.05 to 2.60. The 1yr rate also upgraded marginally 1.65 > 1.70.

The 3yr and 5yr rates remain unchanged at 2.00, 2.10, quite possibly due to their "Raise the Roof, er, Rate" default for those years, knowing many, like me, would be all over it, immediately contacting them to do just that. 😉

Figures .... just as I no sooner pull most of my $$ out, and move to Hubert for their 1yr 2% offering ... at least theirs are fully cashable, so there's that.

I do hope the 1yr and 4yr hikes spread soon to their 3yr and 5yr rates, as I have some of those in our TFSA ladder, which are subject to 'Raise the Rate' upon request. Their 5yr @ 2.10% is near the bottom of the heap, so maybe an increase there in the coming weeks / months? We shall see.