Featured GIC rates | Scotiabank | Discussion forum

The full footnote text is under the Terms and Conditions at the bottom of the page. Looks like regular GIC fine print:

¹ Interest is accrued daily on your GIC from the issue date up to, but not including the maturity date. Also, interest will be paid/compounded for the leap day in a leap year. These GICs are available within registered and non-registered accounts. For Scotiabank GICs that pay interest during their term (monthly, semi-annually or annually) the last interest payment is paid at maturity. If the maturity date falls on a Sunday, then the term of the GIC will be extended to the following Monday and interest will be paid to that day. Where an actual interest rate is disclosed, it is an annual interest rate if held to maturity.

The Bank of Nova Scotia, Scotia Mortgage Corporation, Montreal Trust Company, and National Trust Company each issue these Featured GIC Rates. We reserve the right to change, extend or cancel these offers at any time without prior notice. A $500 minimum investment is required. A maximum investment of $5,000,000 per customer.

Watching Moneytalk show on BNN Bloomberg
Looking into Canada’s Big banks
Mario Mendonca, Director of Tax and Estate Planning at TD Wealth
https://www.bnnbloomberg.ca/money-talk

The commentator pointed out Scotiabank gap between loans and deposits had widened, and they were actively trying to narrow the gap by reducing loans and growing deposits. Wondering if it is the reason for Scotia having the highest 2 and 4 yr GIC rates among the big 5 banks?

5.75% for 2-yr or 5.45 for 4-yr non-redeemable term

https://www.scotiabank.com/ca/en/personal/rates-prices/gic-rates.html

Another interest rate that stands out: BMO 4 years - under 5 years 5.35%

hisuser1 said
Now at 5.90% for 2-yr or 5.50 for 4-yr non-redeemable term  

Interesting. If u buy a 2 year Scotia GIC at Scotia iTrade you get 5.55%. That is a fair difference from 5.90% through the branch.

Got through to a CSR relatively quickly
The 13 month 'Diwali' GIC rate is 5.71%

Not sure what is special or promotional about 13 mo 5.71% given that Scotia itself is advertising 5.9% for 2 yrs, and Oaken and Motive are offering 6% for 1 yr and 2 yr GICs

Was looking for a 6% at least a match with Oaken and Motive