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Email this6:20 pm
August 9, 2014
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I believe 18 month GIC is a fairly standard thing these day. Therefore, I suggest including it on the GIC comparison page.
7:26 pm
April 18, 2022
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Some are promoting the 18mth to shortchange investors imo. The 2yr can make more sense if you're ready to lock 6mths is not too much longer. Sometimes deposit brokers don't make it as easy to compare 18 vs. 2.
15mth may be preferable to 18 in the current environment.
8:05 pm
November 18, 2017
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GIC terms other than one-year multiples are useful in moving a maturity date to later in the year.
This is useful when dealing with TSFA transfer fees, for example. If one does the "December hop," withdrawing funds from a TFSA late in the year and depositing elsewhere after January 1st, one can't do the same thing next year without leaving your funds in taxable territory for almost a whole year. Being able to use a 6-month, 18-month or some other term skips much of that taxable stretch.
And many people have a lot of terms started in the spring, during RRSP/TFSA season. Using odd terms to move some later in the year helps with ladder scheduling.
RetirEd
NOTE: Don't leave TFSA/RRSP transfers to late in December. They sometimes take their sweet time.
RetirEd
8:15 pm
October 21, 2013
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I support Jon's suggestion and endorse RetirEd's reasoning.
18 month offerings are far more common than 15 month ones - and more useful.
The following 18 month GICs are currently available, along with the date when I last checked the rate. This is not necessarily a complete list.
GICWealth 4.20% [17 June 2022]
Scrivens 3.85% [01 June 2022]
WealthOne 4.00% [10 June 3022]
Oaken 4.00% [08 June 2022]
Wyth 4.00% (16 June 2022)
Meridian 3.75% (07 June 2022)
Accelerate 3.75% [11 June 2022]
CIBC 3.70% (16 June 2022)
motusbank 3.50% [09 June 2022]
Tangerine 3.25% (15 June 2022)
Tandia CU 3.15% (09 June 2022)
DUCA 1.80% [05 May 2022]
For 15 months, I only have EQ and Peoples listed.
6:49 pm
April 15, 2015
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RetirEd said
GIC terms other than one-year multiples are useful in moving a maturity date to later in the year.This is useful when dealing with TSFA transfer fees, for example. If one does the "December hop," withdrawing funds from a TFSA late in the year and depositing elsewhere after January 1st, one can't do the same thing next year without leaving your funds in taxable territory for almost a whole year. Being able to use a 6-month, 18-month or some other term skips much of that taxable stretch.
And many people have a lot of terms started in the spring, during RRSP/TFSA season. Using odd terms to move some later in the year helps with ladder scheduling.
RetirEdNOTE: Don't leave TFSA/RRSP transfers to late in December. They sometimes take their sweet time.
TFSA ending very late in Dec is a good thing. It doesn't have to be transferred. Just cash it out & purchase a new one 1st thing in the new year.
8:55 am
September 24, 2019
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I see CWB/CWT have
19mo @ 4.15%
23mo @ 4.33%
27mo @ 4.38%
kind of unusual terms but may be handy to marry up with another maturing
GIC at a later date.
9:30 am
January 12, 2019
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Jon said
I believe 18 month GIC is a fairly standard thing these day. Therefore, I suggest including it on the GIC comparison page.
They ⬆ may be coming more common these days, but they're still 'A Looong Way' from being Standard.
Of the seven FIs I deal with that are mentioned on this site, only One of them offers an 18 month GIC (and I use it) ... but I'm quite happy to monitor that one on my own.
No offence to Jon, but I'm guessing this site's Admin (Peter) has bigger fish to fry. So I'll pass on supporting this suggestion.
Others may differ ... and they're welcome to it.
- Dean
" Live Long, Healthy ... And Prosper! "
6:59 pm
November 18, 2017
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semi-retired: That's correct. I added that last line to remind readers that TRANSFER, as opposed to withdrawal, can take its own sweet time. The rest of the post referred to withdrawals.
And I forgot to note that, as well as tax status, leaving cash in savings accounts also (usually) means lower interest during that period.
RetidRd
RetirEd
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