Big 6 banks - add to GIC table | Site suggestions | Discussion forum

Dean said
.
I'm guessing Peter (Admin.) will wait to see if this is a new Long-Term Trend,
or just a Temporary Hiccup.

As we all know ... when it comes to GIC rates, the Big 6 have a fairly dismal record, compared to ➡ https://www.highinterestsavings.ca/gic-rates/

Dean

  

agreed. They dont deserve free advertising with their poor track record of offering at least half decent rate.

Cannex has a role to play but is frequently not up to date with one or more of its listed issuers.
Right now, for instance, they aren't aware of WealthOne's current rates which began 20 days ago. Correct rates are currently available on this forum.
As I understand it, Cannex is dependent on what info issuers send them - and when.

Norman1 said
There is also the question of what rates the GIC issuers upload to CANNEX.

RBC Royal Bank, for example, seems to upload only their "posted" rate of 4.25% for two-year non-redeemable GIC's. However, they are publicly offering a special 5.20% rate for the two-year non-redeemable GIC's to personal banking clients. Privately, via their RBC online banking, they are offering 5.75% for the two-year non-redeemable GIC's!  

Similar situation with Scotia, they have been advertising 5.75% for 2 years and 5.45% for 4 years for most of September. Not on CANNEX.
https://www.scotiabank.com/ca/en/personal/rates-prices/gic-rates.html
In agreement with the philosophy for the table on this site, there has to be a long term availability of higher rates, not flash sales.

althisa said

And anyone can lookup any FI GIC rate here:

https://www.cannex.com/public/term02e.html

. . .  

But like some others here, I can confirm that a good number of those rates CANNEX has posted on that ⬆ chart are quite out-of-date.

Their chart is very extensive ... but it can't be taken as Gospel.

Dean

Loonie said

Bottom line is that there is no one source that is going to capture everything that is relevant. Charts are only a starting point.

Especially when some issuers, like Royal Bank, offer different rates through different channels:

Peter said
Are there any specific big banks we should look at for the GIC chart, based on consistent (and current) competitiveness this year?  

I'd love if any of the big banks were going to be a permanent member of the GIC club, but I don't see it. Compared to the last 15 years or so, they are offering surprisingly good rates; especially for shorter terms. They also offer some customers a bonus from their posted retail rate (the amount of the bonus depends -- it's kind of like a more staid and buttoned-down version of the Tangerine and Simplii dance).

And even about a year ago when it seemed for a little while that hikes were at a peak (around December/Jan), the big banks were among the first to substantially drop their rates. I recall RBC dropping their 5 year from about 5% to around 3.5% in a matter of days.

As I said, I'd love to be wrong about this, because the combination of big banks and their ample CDIC coverage (for example, RBC has 4 CDIC options) with very good rates would be extremely welcome. But I don't see them doing this for much longer. My guess is once the cycle ends, everything and everyone will regress to the norm -- Oaken, Motive, PT, EQ, and maybe on occasion Tang and Simplii will lead the way, a whole mess of credit unions (e.g. Meridian), will clog the middle, and the big banks will be back in their comfortable position of completely screwing their clients on GICs.