GIC Rates Big Jump Up To The Top | Tangerine Bank | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
GIC Rates Big Jump Up To The Top
March 27, 2020
6:59 am
GR
Member
Members
Forum Posts: 656
Member Since:
September 15, 2017
sp_UserOfflineSmall Offline

180 Day Guaranteed Investment 2.80%
270 Day Guaranteed Investment 2.60%
1 Year Guaranteed Investment 2.80%
1½ Year Guaranteed Investment 2.85%
2 Year Guaranteed Investment 2.90%
3 Year Guaranteed Investment 3.00%
4 Year Guaranteed Investment 3.10%
5 Year Guaranteed Investment 3.20%

March 27, 2020
7:11 am
JenE
Member
Members
Forum Posts: 417
Member Since:
May 24, 2016
sp_UserOfflineSmall Offline

Wow! Thanks for posting.

March 27, 2020
7:32 am
Peter
Admin
Forum Posts: 1436
Member Since:
May 15, 2007
sp_UserOfflineSmall Offline

Here's the rate history for an idea of just how drastic the jump is: https://www.highinterestsavings.ca/profile/tangerine-bank/gic-rate-history/

March 27, 2020
7:34 am
dommm
Member
Members
Forum Posts: 179
Member Since:
November 15, 2018
sp_UserOfflineSmall Offline

Just on my account & can't figure out how to get this 5yr GIC at 3.2%. Anyone else having this problem?

March 27, 2020
7:52 am
fabafter50
Member
Members
Forum Posts: 189
Member Since:
October 22, 2015
sp_UserOfflineSmall Offline

dommm said
Just on my account & can't figure out how to get this 5yr GIC at 3.2%. Anyone else having this problem?  

Okay I just found it. You have to click on the gic open an account. Even though it says 2.85%, when you click on it, it shows these rates.

March 27, 2020
7:52 am
Alexandre
Member
Members
Forum Posts: 1228
Member Since:
November 8, 2018
sp_UserOnlineSmall Online

Thanks for posting. I suspect that would not last long, considering BoC announcement. Moved my money into Tang GICs with new rates right away.

March 27, 2020
7:54 am
toto
Member
Members
Forum Posts: 308
Member Since:
August 17, 2010
sp_UserOfflineSmall Offline

Wow. All over this today. Especially after seeing BOC lower.

March 27, 2020
7:55 am
Bud
Member
Banned
Forum Posts: 1375
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline

Alex might be right cause bond yields cooperating with BoC for now

March 27, 2020
7:57 am
Alexandre
Member
Members
Forum Posts: 1228
Member Since:
November 8, 2018
sp_UserOnlineSmall Online

dommm said
Just on my account & can't figure out how to get this 5yr GIC at 3.2%. Anyone else having this problem?  

Steps:

1. In an Overview, scroll down to "Add Account" and click on it.

2. In "Add Account" list of accounts click "Add" in front of "Guaranteed Investment GIC" and it says there "up to 3.2%"

3. At the very bottom of the screen it should say "1 Account(s) added" with "Next" button right from it. Click on "Next" button.

4. In the following page it'll ask duration (term) of GIC, when you choose one you want, corresponding rate will appear.

From there, continue the process till completion.

March 27, 2020
8:04 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 4269
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

GR said
180 Day Guaranteed Investment 2.80%
270 Day Guaranteed Investment 2.60%
1 Year Guaranteed Investment 2.80%
1½ Year Guaranteed Investment 2.85%
2 Year Guaranteed Investment 2.90%
3 Year Guaranteed Investment 3.00%
4 Year Guaranteed Investment 3.10%
5 Year Guaranteed Investment 3.20%  

Yes, this is almost entirely related to the tight corporate credit markets. With the BoC's 0.50% rate drop today and, more specifically, to the likely forthcoming purchases of corporate bonds (including corporate bond ETFs and mutual funds) at its April 15th regular meeting following its announced daily purchase of $5 billion in government securities (including residential mortgages securitized through Canada Mortgage Bond from CMHC), I suspect you will see the GIC rates normalize and you will see sudden, corresponding moves downward. Take advantage of these rates while you can, if you prefer GICs, and I'm now shifting my recommendation from 1-3 year GIC maturities to fully 5 year maturities because I see 0-0.25% BoC rates for at least the next 2, possibly 3, years. In short, sub-1.00% BoC rate for the next 5-10 years as this economy is going to need all the stimulus it can get.

I will be tactically shifting my large cash position into secure equities later this year when my Coast GIC matures and next year when my Concentra GIC matures. I'll probably take my cash position down to as little as $25,000.

Cheers,
Doug

March 27, 2020
8:52 am
Bud
Member
Banned
Forum Posts: 1375
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline

Dont be so bold doug

On March 9th Doug posted on a Motive thread he purchased Imperial Oil at around $23.50 per share it's currently at 13.50. He also purchased Cnq that day at about 21.50 now selling for 13.35

https://www.highinterestsavings.ca/forum/motive-financial/motives-savvy-savings-account-dropping-march-10-to-2-20-from-2-80/

March 27, 2020
8:57 am
toto
Member
Members
Forum Posts: 308
Member Since:
August 17, 2010
sp_UserOfflineSmall Offline

I had bought a GIC from tangerine 5 days ago and they let me break it and renew at the new rates! Awesome!
The rep told me the mutual funds were getting hammered and clients wanted a safe haven so they raised rates on gics.

March 27, 2020
9:10 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 4269
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

Bud said
Dont be so bold doug

On March 9th Doug posted on a Motive thread he purchased Imperial Oil at around $23.50 per share it's currently at 13.50. He also purchased Cnq that day at about 21.50 now selling for 13.35

https://www.highinterestsavings.ca/forum/motive-financial/motives-savvy-savings-account-dropping-march-10-to-2-20-from-2-80/  

Excuse me? This is an indication of nothing.

I have not purchased Imperial Oil or Canadian Natural Resources with a one or two month time horizon. I have purchased them with a 5-10 year time horizon. Perfect market timing is extremely difficult, if not nearly impossible, to do. Fundamentally, I purchased both at below their book and intrinsic values. They are now just merely further below those levels.

Cheers,
Doug

March 27, 2020
9:32 am
toto
Member
Members
Forum Posts: 308
Member Since:
August 17, 2010
sp_UserOfflineSmall Offline

I went long with tangerine.

March 27, 2020
9:51 am
Dean
Valhalla Mountains, British Columbia
Member
Members
Forum Posts: 2105
Member Since:
January 12, 2019
sp_UserOfflineSmall Offline

GR said
180 Day Guaranteed Investment 2.80%
270 Day Guaranteed Investment 2.60%
1 Year Guaranteed Investment 2.80%
1½ Year Guaranteed Investment 2.85%
2 Year Guaranteed Investment 2.90%
3 Year Guaranteed Investment 3.00%
4 Year Guaranteed Investment 3.10%
5 Year Guaranteed Investment 3.20%  

WOW ❗❗❗

Whoda thought Tangerine (of all places) would do that ⬆ sf-surprised

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

March 27, 2020
10:09 am
andied20
Member
Members
Forum Posts: 23
Member Since:
October 10, 2016
sp_UserOfflineSmall Offline

I do like Doug's thoughts on why GIC rates are increasing, but I also wonder if the banks are concerned there may be panic withdrawals in the future and they are attempting to mitigate this issue by locking up funds for a considerable time.

March 27, 2020
10:23 am
Kidd
Member
Banned
Forum Posts: 840
Member Since:
February 27, 2018
sp_UserOfflineSmall Offline

i'm on hold right now with tangerine, i bought into this offer.

WARNING. this is SIMPLE interest, it's not COMPOUNDED and that makes one hell of a difference over the years. i hope it's just an error on their end with the calculation.

March 27, 2020
10:35 am
Kidd
Member
Banned
Forum Posts: 840
Member Since:
February 27, 2018
sp_UserOfflineSmall Offline

Annotation-2020-03-27-132939.jpg

compounded this should result, $491,727.17 NOT $490,500.00

$450,000 for 3 years at 3%

March 27, 2020
10:46 am
Kidd
Member
Banned
Forum Posts: 840
Member Since:
February 27, 2018
sp_UserOfflineSmall Offline

new-pic.jpg

after almost an hour on hold, i got through. the calculation has been adjusted to COMPOUND interest.

LOOK out for this

March 27, 2020
10:47 am
fabafter50
Member
Members
Forum Posts: 189
Member Since:
October 22, 2015
sp_UserOfflineSmall Offline

Kidd said
Annotation-2020-03-27-132939.jpg

compounded this should result, $491,727.17 NOT $490,500.00

$450,000 for 3 years at 3%  

Thank you Kidd for letting us know!

No permission to create posts

Please write your comments in the forum.