GIC deposit into RESP a/c

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landed2007
Member since: Aug 07

Posts: 2
Location:
Post ID: #PID

Posted on: 28-11-07 19:57:13

Hi,

Recently landed with family. In the process of opening a Self directed RESP with TD Waterhouse. While shopping for best rated GICs found that SBI Canada offers a 4.65% GIC. Question is can I open a GIC with SBI and deposit into my TD WaterHouse RESP account ?

http://www.sbicanada.com/rate-interest.asp

Thanks,

Iceberg
Member since: May 05

Posts: 919
Location: GTA and beyond
Post ID: #PID

Posted on: 28-11-07 21:06:25

No. If TD Waterhouse does not offer SBI GIC you cannot do what you say above.

The rate of 4.65% from SBI is for one year or two years GIC. TD would be offering something close to that. Maybe .25% lower.

Quote:
Originally posted by landed2007

Hi,

Recently landed with family. In the process of opening a Self directed RESP with TD Waterhouse. While shopping for best rated GICs found that SBI Canada offers a 4.65% GIC. Question is can I open a GIC with SBI and deposit into my TD WaterHouse RESP account ?

http://www.sbicanada.com/rate-interest.asp

Thanks,

investpro
Member since: Nov 06

Posts: 1628
Location: carl sagan's universe
Post ID: #PID

Posted on: 29-11-07 10:15:41

Quote:
Originally posted by landed2007

Hi,

Recently landed with family. In the process of opening a Self directed RESP with TD Waterhouse. While shopping for best rated GICs found that SBI Canada offers a 4.65% GIC. Question is can I open a GIC with SBI and deposit into my TD WaterHouse RESP account ?

http://www.sbicanada.com/rate-interest.asp

Thanks,

Just as an FYI, the best fixed term deposit rate now is ICICI's 1 year deposit at 4.85%.
Call them up and ask if it is RESP eligible.I doubt it though. I don't thiink they offer RESP.

reachash
Member since: Dec 03

Posts: 397
Location: Mississauga
Post ID: #PID

Posted on: 02-12-07 00:52:30

Quote:
Originally posted by landed2007

Hi,

Recently landed with family. In the process of opening a Self directed RESP with TD Waterhouse. While shopping for best rated GICs found that SBI Canada offers a 4.65% GIC. Question is can I open a GIC with SBI and deposit into my TD WaterHouse RESP account ?

http://www.sbicanada.com/rate-interest.asp

Thanks,

You may also want to have a look at any market linked GICs offered by either of the banks.....it could be Canadian Market Linked GIC or Global Market Linked GIC.....it's a very innovative product unlike traditional GICs.....the rate of return is based on the underlying stock market indices performance....the minimum term usually is 3 years....your principal is guaranteed....however your rate of return is unsure.....meaning you can earn as low as zero % and as good as growth in a stock market.....so in my opinion, the downside risk is only the interest that you earn of normal GIC....but if the markets performed well...you may end up earning a very good return WITHOUT RISKING YOUR PRINCIPAL.....check with your banker....who would be more than happy to explain the same to you...

All the best...

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