High interest rates for savings, GICs and MMFs (2017)

Banking and Saving strategies, maximizing interest rates, budgeting, GICs, HISAs.
Locked
User avatar
adrian2
Veteran Contributor
Veteran Contributor
Posts: 13333
Joined: 19 Feb 2005 08:42
Location: Greater Toronto Area

Re: High interest rates for savings, GICs and MMFs (2017)

Post by adrian2 »

optionable68 wrote: 03 May 2017 20:26
ig17 wrote: 03 May 2017 15:21 I got the same offer as Adrian. 2.5%
Do "new deposits" include cash transfers from an existing TFSA ?
See the small print above:
Promotional Interest will not be paid on existing funds that were in a PC Financial Account as at April 30, 2017, and are transferred to an Eligible Account.
Imagefiniki, the Canadian financial wiki
“It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong.” [Richard P. Feynman, Nobel prize winner]
ig17
Veteran Contributor
Veteran Contributor
Posts: 3418
Joined: 21 Feb 2005 20:54

Re: High interest rates for savings, GICs and MMFs (2017)

Post by ig17 »

adrian2 wrote: 03 May 2017 20:36
optionable68 wrote: 03 May 2017 20:26
ig17 wrote: 03 May 2017 15:21 I got the same offer as Adrian. 2.5%
Do "new deposits" include cash transfers from an existing TFSA ?
See the small print above:
Promotional Interest will not be paid on existing funds that were in a PC Financial Account as at April 30, 2017, and are transferred to an Eligible Account.
Yes, I missed that part. My email includes the same condition.
User avatar
Pickles
Veteran Contributor
Veteran Contributor
Posts: 4215
Joined: 27 Sep 2006 09:44
Location: Toronto

Re: High interest rates for savings, GICs and MMFs (2017)

Post by Pickles »

I, too, got the 2.5% offer. I will take advantage of it and see if Tangerine is interested in matching or bettering the terms. If not, I'll withdraw the money I recently deposited with them.
Regards,
Pickles
ig17
Veteran Contributor
Veteran Contributor
Posts: 3418
Joined: 21 Feb 2005 20:54

Re: High interest rates for savings, GICs and MMFs (2017)

Post by ig17 »

Bank-on-the-run-special-offer, anyone?

EQ Bank raised the rate from 2.0% to 2.3%.

https://www.eqbank.ca/personal-banking/features-rates
User avatar
IdOp
Veteran Contributor
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)

Post by IdOp »

Sad to see PCF has gone down the path of targeted offers. They obviously haven't read the Tangering thread carefully enough.
User avatar
AltaRed
Veteran Contributor
Veteran Contributor
Posts: 33398
Joined: 05 Mar 2005 20:04
Location: Ogopogo Land

Re: High interest rates for savings, GICs and MMFs (2017)

Post by AltaRed »

Indeed it is sad. Think that is the trigger point for me to now close my PCF account. I only kept it for an 'across the board' promo offering.
Imagefiniki, the Canadian financial wiki The go-to place to bolster your financial freedom
User avatar
deaddog
Veteran Contributor
Veteran Contributor
Posts: 3422
Joined: 19 Jan 2008 19:59
Location: Central BC/Arizona

Re: High interest rates for savings, GICs and MMFs (2017)

Post by deaddog »

I wonder what the trigger points were?

Red had a balance of 20 bucks No offer

I had a balance of 200 Bucks 2%

Did the guys that were offered 2.5 have larger accounts

Or was it based on how much you withdrew

In my case it was 25K. Withdrawn when they reduced they promo rate in 2013
"And the days that I keep my gratitude higher than my expectations, well, I have really good days" RW Hubbard
User avatar
adrian2
Veteran Contributor
Veteran Contributor
Posts: 13333
Joined: 19 Feb 2005 08:42
Location: Greater Toronto Area

Re: High interest rates for savings, GICs and MMFs (2017)

Post by adrian2 »

deaddog wrote: 04 May 2017 13:07 Did the guys that were offered 2.5 have larger accounts
Currently at $0, larger balances in the past, now at Tangerine.
Imagefiniki, the Canadian financial wiki
“It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong.” [Richard P. Feynman, Nobel prize winner]
User avatar
AltaRed
Veteran Contributor
Veteran Contributor
Posts: 33398
Joined: 05 Mar 2005 20:04
Location: Ogopogo Land

Re: High interest rates for savings, GICs and MMFs (2017)

Post by AltaRed »

FWIW, I pulled my funds 2 days before end of the last promo (Dec 31).... almost $75k. Also have and use PC Points card. No idea how and who they are targeting or why. Hence the game is over for me.
Imagefiniki, the Canadian financial wiki The go-to place to bolster your financial freedom
User avatar
CROCKD
Veteran Contributor
Veteran Contributor
Posts: 3343
Joined: 15 Aug 2008 16:59
Location: GTA

Re: High interest rates for savings, GICs and MMFs (2017)

Post by CROCKD »

I got the 2.5% offer. Seems just as random as Tangerine's promotions. I have had a zero balance in my Interest Plus account for over 20 months.
" A verbal contract isn't worth the paper it is written on " Samuel Goldwyn
"The light at the end of the tunnel may be a freight train coming your way" Metallica - No Leaf Clover
User avatar
optionable68
Veteran Contributor
Veteran Contributor
Posts: 1919
Joined: 19 Feb 2005 18:47
Location: GTA

Re: High interest rates for savings, GICs and MMFs (2017)

Post by optionable68 »

ig17 wrote: 03 May 2017 20:39
adrian2 wrote: 03 May 2017 20:36
optionable68 wrote: 03 May 2017 20:26

Do "new deposits" include cash transfers from an existing TFSA ?
See the small print above:
Promotional Interest will not be paid on existing funds that were in a PC Financial Account as at April 30, 2017, and are transferred to an Eligible Account.
Yes, I missed that part. My email includes the same condition.
Not sure I worded my question correctly. I have an open PCF account which held my TFSA a long time ago. Two years ago, I withdrew all my TFSA cash from PCF but left the account open with a 0.01 balance. If I transferred my current TFSA (with Tangerine) back to PCF, would that qualify as a "new deposit" ?
3-time winner of FWF Annual Stock Market Predictions contest
ig17
Veteran Contributor
Veteran Contributor
Posts: 3418
Joined: 21 Feb 2005 20:54

Re: High interest rates for savings, GICs and MMFs (2017)

Post by ig17 »

optionable68 wrote: 04 May 2017 19:56 Not sure I worded my question correctly. I have an open PCF account which held my TFSA a long time ago. Two years ago, I withdrew all my TFSA cash from PCF but left the account open with a 0.01 balance. If I transferred my current TFSA (with Tangerine) back to PCF, would that qualify as a "new deposit" ?
TFSA to TFSA transfer wouldn't qualify. The offer targets non-reg account.
2of3aintbad
Contributor
Contributor
Posts: 72
Joined: 04 Jan 2016 10:55

Re: High interest rates for savings, GICs and MMFs (2017)

Post by 2of3aintbad »

ig17 wrote: 04 May 2017 20:00
optionable68 wrote: 04 May 2017 19:56 Not sure I worded my question correctly. I have an open PCF account which held my TFSA a long time ago. Two years ago, I withdrew all my TFSA cash from PCF but left the account open with a 0.01 balance. If I transferred my current TFSA (with Tangerine) back to PCF, would that qualify as a "new deposit" ?
TFSA to TFSA transfer wouldn't qualify. The offer targets non-reg account.
I see no such restriction. Transferring from PCF Savings to PCF TFSA does not quality.
ig17
Veteran Contributor
Veteran Contributor
Posts: 3418
Joined: 21 Feb 2005 20:54

Re: High interest rates for savings, GICs and MMFs (2017)

Post by ig17 »

2of3aintbad wrote: 04 May 2017 20:09 I see no such restriction. Transferring from PCF Savings to PCF TFSA does not quality.
My email says:

"Now is a great time to have a President’s Choice Financial® Interest Plus Savings Account (IPSA). Enrol to take advantage of 2.5%* interest on all new deposits until August 31, 2017."

InterestPlus is a non-reg account.

The restriction is also right there in the title of terms and conditions:

2.5% Non-Registered Rate Offer Terms and Conditions
Okanagan
Contributor
Contributor
Posts: 179
Joined: 22 Oct 2008 17:35
Location: BC - Okanagan Valley

Re: High interest rates for savings, GICs and MMFs (2017)

Post by Okanagan »

ig17 wrote: 04 May 2017 20:24
2of3aintbad wrote: 04 May 2017 20:09 I see no such restriction. Transferring from PCF Savings to PCF TFSA does not quality.
My email says:

"Now is a great time to have a President’s Choice Financial® Interest Plus Savings Account (IPSA). Enrol to take advantage of 2.5%* interest on all new deposits until August 31, 2017."

InterestPlus is a non-reg account.

The restriction is also right there in the title of terms and conditions:

2.5% Non-Registered Rate Offer Terms and Conditions
There is also another offer out there....it shows up when you log into your account that is 2.5% for new deposits for TFSA's until aug. 31
User avatar
optionable68
Veteran Contributor
Veteran Contributor
Posts: 1919
Joined: 19 Feb 2005 18:47
Location: GTA

Re: High interest rates for savings, GICs and MMFs (2017)

Post by optionable68 »

My offer:

"Earn 2.5%* interest tax-free on new TFSA deposits until August 31, 2017."
3-time winner of FWF Annual Stock Market Predictions contest
ig17
Veteran Contributor
Veteran Contributor
Posts: 3418
Joined: 21 Feb 2005 20:54

Re: High interest rates for savings, GICs and MMFs (2017)

Post by ig17 »

Ah, that makes sense. They are two different offers.
Spudd
Veteran Contributor
Veteran Contributor
Posts: 1518
Joined: 22 Sep 2013 14:52

Re: High interest rates for savings, GICs and MMFs (2017)

Post by Spudd »

And yes, that should qualify.
User avatar
optionable68
Veteran Contributor
Veteran Contributor
Posts: 1919
Joined: 19 Feb 2005 18:47
Location: GTA

Re: High interest rates for savings, GICs and MMFs (2017)

Post by optionable68 »

optionable68 wrote: 04 May 2017 20:37 My offer:

"Earn 2.5%* interest tax-free on new TFSA deposits until August 31, 2017."
I`ve grown a bit weary of chasing Tangerine for short term rates. Moving my TFSA to iTrade - will buy 2 low cost ETFs and let it ride.
3-time winner of FWF Annual Stock Market Predictions contest
BRIAN5000
Veteran Contributor
Veteran Contributor
Posts: 9063
Joined: 08 Jun 2007 23:27

Re: High interest rates for savings, GICs and MMFs (2017)

Post by BRIAN5000 »

As part of our commitment to making customers the first to know about our rate changes, please note that effective Monday, May 15, 2017, we'll be increasing our interest rates for the following terms:
1 Year GIC – 2.10% (currently 2.00%)
18 Month GIC – 2.20% (currently 2.10%)
2 Year GIC – 2.30% (currently 2.20%)
3 Year GIC – 2.40% (currently 2.30%)
4 Year GIC – 2.50% (currently 2.40%)
5 Year GIC – 2.60% (currently 2.50%)
These new rates will be applied automatically for all GICs booked on May 8, 2017 or later.
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
User avatar
Pickles
Veteran Contributor
Veteran Contributor
Posts: 4215
Joined: 27 Sep 2006 09:44
Location: Toronto

Re: High interest rates for savings, GICs and MMFs (2017)

Post by Pickles »

Ya beat me to it, Brian!

What's unclear to me is if these rates also apply to RRSP certificates. Nice touch to apply the higher rate to the past weeks' renewals and new GIC purchases (in any). I'm very close to the CDIC limit in registered and unregistered GICS with Oaken and Home Trust. If there hadn't been a battle between HISA rivals, Tangerine and PC Financial, I might have squeezed out another GIC with Oaken.

However, I'm getting 2.5% at PC Financial until the end of August. There's no reason to move it to Oaken and lock in, given the uncertainty of the current situation, especially when I have a competitive rate PLUS liquidity for another 3 1/2 months.

I have not taken any $$ out of HCG institutions and don't plan to. I am sleeping well.
Regards,
Pickles
User avatar
adrian2
Veteran Contributor
Veteran Contributor
Posts: 13333
Joined: 19 Feb 2005 08:42
Location: Greater Toronto Area

Re: High interest rates for savings, GICs and MMFs (2017)

Post by adrian2 »

BRIAN5000 wrote: 12 May 2017 17:47 As part of our commitment to making customers the first to know about our rate changes, please note that effective Monday, May 15, 2017, we'll be increasing our interest rates for the following terms:
In the future, please include the name of the institution from which you're quoting rates.

In this case, Pickles has made it clear it's Oaken.
Imagefiniki, the Canadian financial wiki
“It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong.” [Richard P. Feynman, Nobel prize winner]
User avatar
Pickles
Veteran Contributor
Veteran Contributor
Posts: 4215
Joined: 27 Sep 2006 09:44
Location: Toronto

Re: High interest rates for savings, GICs and MMFs (2017)

Post by Pickles »

Thanks, Adrian. I was so close to being the first to post the new rates for Oaken, that I didn't notice Brian forgot to add the providers name to the new rates. :oops: Good for him, though, for including the current rates for comparison!
Regards,
Pickles
hamor
Veteran Contributor
Veteran Contributor
Posts: 1225
Joined: 09 Mar 2013 23:12

Re: High interest rates for savings, GICs and MMFs (2017)

Post by hamor »

which ETFs?
optionable68 wrote: 09 May 2017 22:17
optionable68 wrote: 04 May 2017 20:37 My offer:

"Earn 2.5%* interest tax-free on new TFSA deposits until August 31, 2017."
I`ve grown a bit weary of chasing Tangerine for short term rates. Moving my TFSA to iTrade - will buy 2 low cost ETFs and let it ride.
"Speculation is an effort, probably unsuccessfully, to turn a little money into a lot. Investment is an effort, which should be successful, to prevent a lot of money from becoming a little." Fred Schwed " Where are the Customers’ Yachts?"
User avatar
SoninlawofGus
Veteran Contributor
Veteran Contributor
Posts: 1284
Joined: 21 Aug 2007 12:10
Location: Ottawa

Re: High interest rates for savings, GICs and MMFs (2017)

Post by SoninlawofGus »

So, Oaken's rates are quite a bit above everyone else's now. Who's buying? For RRSPs, the main issue for me is the uncertainty of the timeframe from CDIC action to it showing up in my account. It would be nice if they could provide some kind of a reasonable time goal deadline (as they have with non-registered accounts). For all I know, it could take several months between the time a GIC is paid out until it shows up in my account.
Locked