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GIC Rates Increase
November 6, 2023
1:57 pm
hwyc
GTA
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Alexandra #38 and GR #39 can both be correct.

From their product page, non-registered GICs have interest paid options.
Registered GICs do not.

November 6, 2023
2:20 pm
Alexandra
British Columbia
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GR said

I don't agree that an odd term GIC can only earn compound interest at Motive. I have an odd term GIC and they pay interest monthly at annual rate for ages 57+. I believe that they would pay interest monthly or annually on an odd term GIC.  

You are no doubt right. I very seldom talk to a Customer Rep. Today I just purchased a non registered GIC for 35 months on-line. The option of annual interest payments didn't pop up so presumed because of the 35 month vs 24 or 36 month. Usually I do opt for the annual payments. I've never asked about the monthly payments. (Yet!!) Today's purchase was just for a small amount as don't wish to go over CDIC limits and so don't mind getting the compound interest on this one. Sorry, if any confusion.sf-frown

November 6, 2023
3:18 pm
victor6433
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iotama said
Both Oaken and Motive 6% now. I'm going with Oaken since Motive is still not 100% DIY online with GICs (ie, auto-renewals, unless you call them). I've now actually come to absolutely hate calling any financial institution for anything.  

I canceled the Oaken deal I had...
Moving forward with Motive now...

November 8, 2023
6:41 am
savemoresaveoften
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Thanks for the tip on the new rates and partial years. Did a 35months at 6%.
Also called in and they removed hold on funds and put it in GIC same day !

December 21, 2023
3:56 pm
Lamaison
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GR said

I don't agree that an odd term GIC can only earn compound interest at Motive. I have an odd term GIC and they pay interest monthly at annual rate for ages 57+. I believe that they would pay interest monthly or annually on an odd term GIC.  

This is a little off topic for this thread, but I just renewed a TFSA GIC (12 month) on which I was getting interest paid monthly. My new term was set at 23 months and monthly paid interest for 57+ was not available. I phoned and a new employee who was unsure took the time to check with someone else and was told that the option for monthly interest payment was ended in January 2023. Anybody else experienced this?

December 21, 2023
4:29 pm
elad
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My experience is that they do not pay monthly interest anymore to new TFSA GIC's. They still pay monthly interest on new non registered GIC's if one meets the qualifying criteria such as being 57 years of age or older.

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