6% 1yr fixed GIC at TD

[nserchoftruth]

What’s everyone doing with their GICs? I locked in at RBC for 1 yr fixed at 5.3% last month, which I kind of regret now. I just got approved yesterday for 6% 1yr fixed at TD. Should I put in the rest of what I have left in my investments budget at TD? Or just put in half for now and wait and see what happens after the BoC raises rates again in the fall?

Edit1: Also, if anyone is interested, RBC is giving 6.2% on 1yr USD term deposits.

Edit2: And apparently HSBC is now giving 5.9% GIC.

Edit3: My husband went to RBC today (2023-07-25) and got 6.000% on a 1 yr (interest payment at maturity) non redeemable GIC.

 

[jjp297]

@nserchoftruth We dont' know the purpose of the money or timeline.

 

[spantax]

@jjp297 In that case, spend it all on drugs.

 

[reborn8265]

@nserchoftruth How are you getting 6% interest. Their rates on TD website shows a maximum of 4.65%.

 

[davetownsend]

@reborn8265 GIC rates are negotiable at the big banks, especially if you have a lot of money.

With that being said, 6% does seem quite high.

 

[sirius_]

@davetownsend EQ online bank is offering a 5.5% GIC with no BS. I went to have look at the TD one (have had an account there for years, but starting to see they are a shit hole) and you have to jump though SO many hoops just to see the final % they offer.

EQ bank just shows you this is what you get and this is how much you will get in interest when it matures.

TD bank makes the info hard to find and hard to use. I went through 5-6 pages and then they wanted me to "APPLY" for the GIC without any actual interest rates or financial info to base a decision on. Absolute shit show.

EQ bank shows you all you need to know . Simple, effective and all you need to see on one page. I just put $2,000 into a 1 year 5.5% GIC there.

 

[theinvisibleman]

@sirius_ Yea the big banks are ridiculous. They get away with it because too many people are complacent and just accept it for how it is. This will change in time (I hope), but they will continue to do it while they still get the numbers they need.

 

[jadair80]

@theinvisibleman So true. The only benefit is their turnaround for seriously complicated matters is faster.

If you don't plan on getting frauded, or launching 50 claims per month, or running a small business, it's really almost always better to go with credit union.

 

[bren_dm]

@sirius_ Canadian Banks are utter garbage with antiquated tech such that charging money from withdrawing money from another Banks ATMs, no SMS on purchase and transactions. 15 years ago in India I would get instant messages on any transactions, and no charges on withdrawing money from any ATM.

 

[sirius_]

@bren_dm EQ bank does all that. 100% fee free online bank only.

 

[bren_dm]

@sirius_ Yes, I saw that today, but it was not a thing in past AFAIK. Do you get instant SMS on any purchases?

 

[sirius_]

@bren_dm Yes if I set it up to do that.

 

[waterfall123]

@sirius_ PSA will give you 5.31% with no need to lock in.

 

[sirius_]

@waterfall123 Public Service Announcement bank? Never heard of it. Even google is having a hard time knowing what PSA is..unless you are in Germany..but your flair says ont so..

 

[waterfall123]

@sirius_ Google PSA ETF. Another option is CASH.TO.

 

[brothermichael]

@sirius_ EQ doesn’t have TFSA though

 

[sirius_]

@brothermichael Yes they do. Look again.

 

[jcbii]

@davetownsend Then he has a lot of money, which means he should be able to answer this.

 

[resjudicata]

@jcbii Money =\= financial literacy

 

[jcbii]

@resjudicata I got one and not the other unfortunately.