Yes, it does seem to resemble a cashable GIC except that if I understand the terms correctly one may remove a portion of the funds and only lose the bonus interest on the funds removed, the untouched balance should still qualify.2of3aintbad wrote: ↑16 Jul 2017 14:38 Appears to me that you will get the 2.15% only if you keep your transferred deposit untouched for 4+ months. It is more like a cashable GIC than an savings account.
High interest rates for savings, GICs and MMFs (2017)
-
- Contributor
- Posts: 468
- Joined: 22 Jan 2007 13:38
Re: High interest rates for savings, GICs and MMFs (2017)
-
- Contributor
- Posts: 72
- Joined: 04 Jan 2016 10:55
Re: High interest rates for savings, GICs and MMFs (2017)
Maybe, but that's not how I interpret the terms and conditions. Since there are other options that pay monthly, I'll use those.rhenderson wrote: ↑16 Jul 2017 16:05Yes, it does seem to resemble a cashable GIC except that if I understand the terms correctly one may remove a portion of the funds and only lose the bonus interest on the funds removed, the untouched balance should still qualify.2of3aintbad wrote: ↑16 Jul 2017 14:38 Appears to me that you will get the 2.15% only if you keep your transferred deposit untouched for 4+ months. It is more like a cashable GIC than an savings account.
-
- Contributor
- Posts: 242
- Joined: 05 May 2014 20:59
Re: High interest rates for savings, GICs and MMFs (2017)
Why not use E,Q. Bank @ 2.3% monthly. We have transferred there and no hassle, easy transfers, no need to shop around and funds are always available..
Re: High interest rates for savings, GICs and MMFs (2017)
Ditto for TDB8150.rhenderson wrote: ↑15 Jul 2017 07:21 I just noticed that RBF2010 is now paying 0.85%, an increase of 0.10
https://www.tdassetmanagement.com/solut ... eId=130268
- SoninlawofGus
- Veteran Contributor
- Posts: 1284
- Joined: 21 Aug 2007 12:10
- Location: Ottawa
Re: High interest rates for savings, GICs and MMFs (2017)
It's odd that the five-year GIC rate at Peoples Trust has gotten rather poor -- 2.25% is less than I can get through TDDI, something I can't recall seeing previously. The short GIC rates are still relatively good, but the longer rates are disappointing.
Re: High interest rates for savings, GICs and MMFs (2017)
It is a sign certain institutions are not needing the deposits. Could part of it be less demand for mortgages in the Greater Vancouver area? Resale volume has even decreased in the Central Okanaagan. BC is a major part of PT's playground.
finiki, the Canadian financial wiki The go-to place to bolster your financial freedom
Re: High interest rates for savings, GICs and MMFs (2017)
As part of our commitment to making customers the first to know about our rate changes, please note that effective Thursday, August 3, 2017, we'll be decreasing our interest rates for the following terms:
1 Year GIC - 2.50% (currently 2.75%)
18 Month GIC - 2.60% (currently 2.85%)
2 Year GIC - 2.70% (currently 2.95%)
3 Year GIC - 2.80% (currently 3.05%)
4 Year GIC - 2.90% (currently 3.15%)
5 Year GIC - 3.00% (currently 3.25%)
All other Oaken rates will remain unchanged.
1 Year GIC - 2.50% (currently 2.75%)
18 Month GIC - 2.60% (currently 2.85%)
2 Year GIC - 2.70% (currently 2.95%)
3 Year GIC - 2.80% (currently 3.05%)
4 Year GIC - 2.90% (currently 3.15%)
5 Year GIC - 3.00% (currently 3.25%)
All other Oaken rates will remain unchanged.
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
Re: High interest rates for savings, GICs and MMFs (2017)
You'd think the recent BoC rate raise would have kept these rates where they were, at least. But I'm no expert.
Maybe they would have dropped them even lower without the BoC raise?
Maybe they would have dropped them even lower without the BoC raise?
Compounding is "the greatest mathematical discovery of all time." - Einstein
Re: High interest rates for savings, GICs and MMFs (2017)
They drop them when they don't need to attract that volume of inflows. IOW, it has everything to do with competitive rates, but little (or nothing) to do with BoC rates. They will optimize how much they have to pay against the volume of inflows they need. I am hoping they won't drop even further before I can renew a GIC in my RRSP circa Sept 1.
finiki, the Canadian financial wiki The go-to place to bolster your financial freedom
Re: High interest rates for savings, GICs and MMFs (2017)
The drop has nothing to do with the BoC rate. Home Capital repaid their obscenely expensive line of credit. The run on the bank has been stopped and reversed. I expect they will continue to bring their rates in line with the rest of the industry.
Home Capital Fully Repays $2 Billion Berkshire Hathaway Backed Credit Facility
As of July 25, 2017, the Company's aggregate available liquidity and credit capacity stood at approximately $3.59 billion including an undrawn amount of $2 billion under the Company's credit facility agreement with Berkshire.
Re: High interest rates for savings, GICs and MMFs (2017)
Probate/CDIC/GIC's
I/we have a fair amount of Gic's how do I keep them under CDIC limits and avoid probate? The ones which are joint pass directly to the wife what about the ones in her name and the ones in my name?
I/we have a fair amount of Gic's how do I keep them under CDIC limits and avoid probate? The ones which are joint pass directly to the wife what about the ones in her name and the ones in my name?
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
Re: High interest rates for savings, GICs and MMFs (2017)
I assume you mean joint ones pass to the survivor, whichever one of you survives. The rest go to the estate and thus through probate. Don't sweat the probate issue when the alternatives could be worse, e.g. being over CDIC limits. Probate is not a dirty word.
finiki, the Canadian financial wiki The go-to place to bolster your financial freedom
Re: High interest rates for savings, GICs and MMFs (2017)
Yeah I hear you but it's $7000 on 1/2 mil in BC if either one of us dies that's a few cases of beer for my wake if it's me.
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
Re: High interest rates for savings, GICs and MMFs (2017)
I'll suggest $7k is a non-issue on $500k. Heirs/beneficiaries won't even blink. They'll likely spend a good part of it on vacations and boats and cars and such....after hopefully paying off their mortgages first. We cannot steer from the grave. On the glass half full side, just think what your 'donation' will mean to the taxpayers of this province. We will be forever grateful.
We can always vote with our feet and move to AB or any one of another 4-5 provinces with very low fees. Course it will cost tens of thousands to re-locate too.
Added: I recognize I will likely make a sizeable donation of my own some day... probably in the 5 figure range. i wonder if I could get my name on a bench outside the BC Legislature?
We can always vote with our feet and move to AB or any one of another 4-5 provinces with very low fees. Course it will cost tens of thousands to re-locate too.
Added: I recognize I will likely make a sizeable donation of my own some day... probably in the 5 figure range. i wonder if I could get my name on a bench outside the BC Legislature?
finiki, the Canadian financial wiki The go-to place to bolster your financial freedom
Re: High interest rates for savings, GICs and MMFs (2017)
We have some name openings for you. They stick a rock in front of a tree and add a brass plaque. It is not deductible and only good for 10 years! Should I reserve one for you?
For the fun of it...Keith
Re: High interest rates for savings, GICs and MMFs (2017)
I have lots of ideas and once in a while I actually have a good one not sure if this counts or not.
I was thinking today a couple, for CDIC purposes, with current rates at Oaken could have $600,000 deposited and get 2.93% average yield on a 5 year monthly payout roller $1465 month all CDIC, 3.03% compounded ( interest on the compounder not CDIC protected) that's about $1500 a month, huh.
I was thinking today a couple, for CDIC purposes, with current rates at Oaken could have $600,000 deposited and get 2.93% average yield on a 5 year monthly payout roller $1465 month all CDIC, 3.03% compounded ( interest on the compounder not CDIC protected) that's about $1500 a month, huh.
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
-
- Contributor
- Posts: 511
- Joined: 30 Aug 2005 11:26
Re: High interest rates for savings, GICs and MMFs (2017)
Tangerine base ISA rate is 0.90% as of Aug 1 2017 (first increase since August 2010)DenisD wrote: ↑17 Jul 2017 23:04Ditto for TDB8150.rhenderson wrote: ↑15 Jul 2017 07:21 I just noticed that RBF2010 is now paying 0.85%, an increase of 0.10
https://www.tdassetmanagement.com/solut ... eId=130268
“Courage is what it takes to stand up and speak. Courage is also what it takes to sit down and listen.” - Winston Churchill
- amphitryon
- Contributor
- Posts: 497
- Joined: 27 Mar 2005 21:34
- Location: Toronto
Re: High interest rates for savings, GICs and MMFs (2017)
The following fresh in from PC:
''Great news. You’re already enrolled and are currently enjoying 2%* interest on new deposits into your President’s Choice Financial® Interest PlusTM savings account until August 31, 2017. As an added benefit, you will earn 2.5%* interest on those deposits plus any new deposits from September 1 until October 31, 2017. ''
''Great news. You’re already enrolled and are currently enjoying 2%* interest on new deposits into your President’s Choice Financial® Interest PlusTM savings account until August 31, 2017. As an added benefit, you will earn 2.5%* interest on those deposits plus any new deposits from September 1 until October 31, 2017. ''
homo sum, humani nihil a me alienum puto
- IdOp
- Veteran Contributor
- Posts: 3873
- Joined: 16 Feb 2006 11:27
- Location: On the Pacific sea bed, 100 mi off the CA coast.
- Contact:
Re: High interest rates for savings, GICs and MMFs (2017)
PC Financial Interest Plus savings account rate up to 0.90 %.
(eagerly following suit with the excessive skyrocketing rates of the competition)
(eagerly following suit with the excessive skyrocketing rates of the competition)
Re: High interest rates for savings, GICs and MMFs (2017)
TORONTO — CIBC is launching a new direct banking brand that will absorb some two million customer accounts currently with Loblaw-owned President’s Choice Financial.
Toronto-based CIBC (TSX:CM) has provided the back-end banking services for PC Financial for nearly 20 years but the companies said Wednesday they are going their separate ways.
...........and shift all clients over to the Simplii brand on Nov. 1.
http://www.moneysense.ca/save/banking/c ... financial/
Toronto-based CIBC (TSX:CM) has provided the back-end banking services for PC Financial for nearly 20 years but the companies said Wednesday they are going their separate ways.
...........and shift all clients over to the Simplii brand on Nov. 1.
http://www.moneysense.ca/save/banking/c ... financial/
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
- IdOp
- Veteran Contributor
- Posts: 3873
- Joined: 16 Feb 2006 11:27
- Location: On the Pacific sea bed, 100 mi off the CA coast.
- Contact:
Re: High interest rates for savings, GICs and MMFs (2017)
Here is the GlobeInvestor article about CIBC's PCF --> Simplii move:
CIBC to cut ties with President's Choice, unveils own digital bank
I'm thinking posts on this topic should probably be split into a new thread?
ADDED: CIBC press release
CIBC to cut ties with President's Choice, unveils own digital bank
I'm thinking posts on this topic should probably be split into a new thread?
ADDED: CIBC press release
Re: High interest rates for savings, GICs and MMFs (2017)
I was surprised to find Alterna Bank offering 1.9% savings accounts and TFSA's. This would be a compelling alternative to tangerine.
https://www.alternabank.ca/
https://www.alternabank.ca/
Re: High interest rates for savings, GICs and MMFs (2017)
NIMHO, with 2 CDIC insurers* and pretty good rates Oaken with it's slightly lower rates would be my choice. Their online software is a bit clunky but others may have better luck with a browser other than Chrome.bill2009 wrote: ↑27 Aug 2017 17:23 I was surprised to find Alterna Bank offering 1.9% savings accounts and TFSA's. This would be a compelling alternative to tangerine.
https://www.alternabank.ca/
*($600,000 CDIC protected for a couple and 1.2 million for a trio)
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
Re: High interest rates for savings, GICs and MMFs (2017)
I am both an Alterna and Oaken customer. But, FWIW, I would go with EQ Bank at the moment (where I am also a customer).
2.30% HISA, great interface, speedy transfers and CDIC coverage.
2.30% HISA, great interface, speedy transfers and CDIC coverage.
Re: High interest rates for savings, GICs and MMFs (2017)
Oaken also has a good range of products - rsps,rifs,tfsas etc. I was surprised at alterna because i knew them as the cs coop and their rates were never much good.
Would anyone recommend oaken as a replacement for Tangerine? Just a place to stuff cash with individual and joint acounts?
Would anyone recommend oaken as a replacement for Tangerine? Just a place to stuff cash with individual and joint acounts?