GIC Rates Increase | Motive Financial | Discussion forum

.
Thanks for the update ⬆ GR ... that's Good News ❗

And I was afraid/dreading they were going to go
the 'Other Way' ... LOL

Dean

mechone said
What happened all the guru's chimed in and said rates would not be going up . I believe BOC will raise to 4.75 next week  

Funny isn't..... Similar to the following posting, just hoping no one in here took that statement seriously

....., it should be noted these are principle protected notes (PPNs). The Toronto-Dominion Bank, as issuer of the notes, guarantees the principle. TD Bank is, of course, a creditworthy issuer equal to, if not better than, the Government of Canada.   

....., it should be noted these are principle protected notes (PPNs). The Toronto-Dominion Bank, as issuer of the notes, guarantees the principle. TD Bank is, of course, a creditworthy issuer equal to, if not better than, the Government of Canada.   

where is the original post?

Everyone:

principle protected notes (PPNs). The Toronto-Dominion Bank, as issuer of the notes, guarantees the principle

That's PRINCIPAL, not PRINCIPLE. Otherwise it makes no sense.
RetirEd

AltaRed said

There is apparently strong demand for 1-2 year, even 3 yr fixed term mortgages recently, both new and renewals so that would at least partially explain the need to attract new deposits.

. . .

That ⬆ be one of the Main drivers of the current GIC inverted curve.

Dean

GR said
All GIC interest rates increased including 1 yr. @ 5.30%. 2 yrs. @ 5.25% and 5 yrs. and 7 to 10 yrs. @ 4.95%.
GICs do not need to be exactly 1 yr. or 2 yrs., etc. For example, the rate of 5.30% would apply to GICs for a term of 1 yr. to under 2 yrs. (e.g. 23 months).
Reminder that Motive pays monthly interest at same rate as annual for clients ages 57+.

https://www.motivefinancial.com/en/rates  

That's what they say 5 years ago at 55 ,I asked for interest to paid monthly "No problem" came due this year and renewed at 5.10 for 10 years paid monthly ,then bought another 100k @4.95 for 10 years...It's like a pension 850.00 paid monthly into savings at 4.10%

mechone said

GR said

Reminder that Motive pays monthly interest at same rate as annual for clients ages 57+.

https://www.motivefinancial.com/en/rates  

See below - It says only for GIC terms less than 12 months. Is it now any term length where interest can be paid monthly?

"6. The holder has the option to receive interest paid annually into a Motive Savings Account or to have the interest compounded annually and paid at maturity. On Motive GICs with a term of at least 12 months, customers over the age of 57 also have the option of having interest paid monthly into a Motive Savings account."

Loonie said
The operative words are "at least". That means "equal to or longer than" 12 months.  

Thanks. My bad. Read it too quckly.