Can you please suggest what bank/institution is giving best rate for 1 year GIC. ?
Also do you know if any bank allows me to open GIC in USD, if Yes how are the rates for that.
Quote:
Originally posted by kabutar12
Can you please suggest what bank/institution is giving best rate for 1 year GIC. ?
Bankrate search shows DUCA @ 2.80%
http://www.bankrate.com/can/rate/dep_ratehome.asp?web=can&prodtype=dep&state=ON&market=917,943&product=345&sort=3
Quote:Yes, most banks have USD GICs, although the rates are lower than CAD.
Also do you know if any bank allows me to open GIC in USD, if Yes how are the rates for that.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
A "T.D." - "C.T." ad in January 15th, 2009 says,
1.8% for Year 1
3.5% for Year 2
4.0% for Year 3
4.5% for Year 4
8.0% for Year 5
All of these are the interest rates, is for the TFSA Accounts.
8% in year 5 !! Watch out guys. It is time to watch out and for those who are in Huge Mortgages it will be murder. 8% WOW.
Freddie.
Quote:Don't be fooled by the tactics of the banks.
Originally posted by ftfl
8% in year 5 !! Watch out guys. It is time to watch out and for those who are in Huge Mortgages it will be murder. 8% WOW.
The rate is only 3.9%.
All they are doing is laddering it.
The similar 5-year non laddered, non cashable term deposit is for 2.2%.
Guess which one they want you to buy!
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Location: carl sagan's universe
Posted on: 30-01-09 15:05:48
Hi Kabutar12,
May I ask the reason for a 1 yr GIC?
There are high interest savings account that give better rates than the one year GIC rate offered by many companies.
Here is one from Laurentian Bank's distribution outlet
Interest rates 3.50% for A Series
RRSP Eligibility Yes
TFSA Eligibility Yes
Settlement T+1, no maturity date or lock-inperiod
Coverage CDIC eligible(4)
Account maximum $1 million(5)
Investment type and returns High interest savings account withinterest calculated daily on the closing balance and paid monthly as adistribution(6)
Hang loose
Thanks guys for your replies.
The reason for one year GC is that i want to use this money for down payment for house after 1 year. (hope housing market will start recovering after one year)
Quote:You mean crashing, right?
Originally posted by kabutar12
The reason for one year GC is that i want to use this money for down payment for house after 1 year. (hope housing market will start recovering after one year)
If you are a buyer, why would you hope that housing prices increase after a year?
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
