GIC Promo Jan 18 to Mar 15, 2021 | Wealth One Bank of Canada | Discussion forum

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GIC Promo Jan 18 to Mar 15, 2021
February 8, 2021
12:57 pm
Nehpets
Ontario
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from email received today:

Chinese New Year Special Offer: 1.68% for 18-month term GIC

In celebration of The Year of Ox, Wealth One Bank of Canada offers this limited-time GIC with a special promotional rate of 1.68% on an 18-month term.
Use promo code GIC18M to purchase any time from January 18 to March 15, 2021.

Stephen

February 8, 2021
2:12 pm
Alexandra
British Columbia
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I see I got their offer in my e-mail box today. Probably will take advantage of it if Tangerine doesn't offer something better at beginning of March when their promo is up for me.

February 8, 2021
9:20 pm
Loonie
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Thanks for posting, Stephen.
Does anyone know if this is an annual rate with includes annual compounding? I can't find any 18 month GICs on their website with which to compare.

February 9, 2021
5:51 am
canadian.100
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Loonie said
Thanks for posting, Stephen.
Does anyone know if this is an annual rate with includes annual compounding? I can't find any 18 month GICs on their website with which to compare.  

You might want to phone Wealth One to find out - however, it would be very strange if the 1.68% were not an annual compounded rate. A simple (i.e. not annual compounded) rate of 1.68% for the entire 18 months would not be much of a promo.

February 9, 2021
7:06 am
canadian.100
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I decided to phone Wealth One. They said it is annual compounded - you have the choice to get the interest after the first 12 months portion or you can compound it (add that interest on to the principal for the remaining 6 months.)

February 9, 2021
6:41 pm
Loonie
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Thanks for getting the clarification, canadian 100.

I agree it would be strange if it were otherwise, but not unheard-of. One can never be too careful with promo innovations!sf-surprised

I am reminded of the index-linked "GICs", the kind that advertise that you can get a maximum of 10% return (or whatever figure). In the fine print, it tells you this is not per annum but per term. A lot of people misinterpret these by making the wrong assumptions. And they too are called "GICs".

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