Great rates on GICs can now be found at Oaken Financial for those interested in earning a little more with online banking. Terms range from 1 to 5 years. Minimum deposits are $1000 except for RIFs which have a $10,000 minimum. All the details from their website are provided below. These are about the best rates you can get for a 5 year term, matching Achieva Financial's 5 year rate.
Earn a $50 Bonus on New Tangerine Accounts
GUARANTEED INVESTMENT CERTIFICATES (GIC)
| Annual Compound or Annual Pay | 2.05 | 2.25 | 2.35 | 2.40 | 2.60 | 2.80 | $1,000 |
| Semi-Annual | 2.00 | 2.20 | 2.30 | 2.35 | 2.55 | 2.75 | $1,000 |
| Monthly | 1.95 | 2.15 | 2.25 | 2.30 | 2.50 | 2.70 | $1,000 |
1 YEAR CASHABLE
| After 30 Days | 1.75 | $1,000 |
| After 90 Days | 2.00 | $1,000 |
SHORT-TERM DEPOSIT(RSP from 90 days minimum $2,500)
| Paid at Maturity | 1.75 | 1.75 | 1.75 | 1.75 | 1.85 | 1.90 | $1,000 |
RETIREMENT SAVINGS PLANS (RSP)
| Annual Compound | 2.05 | 2.25 | 2.35 | 2.40 | 2.60 | 2.80 | $1,000 |
TAX FREE SAVINGS ACCOUNT (TFSA)
| Annual Compound or Annual Pay | 2.05 | 2.25 | 2.35 | 2.40 | 2.60 | 2.80 | $1,000 |
RETIREMENT INCOME FUNDS (RIF)
Income Options: Annual, Semi-Annual, Quarterly and Monthly
| Annual Compound or Annual Pay | 2.05 | 2.35 | 2.40 | 2.60 | 2.80 | $10,000 |
OAKEN SAVINGS ACCOUNT
| Oaken Savings Account | 1.75 |
Achieva Financial has a better 1, 2, and 4 year rates and a higher daily interest savings rate. These are their current rates:
Achieva Financial offers these rates on RRSP GIC, TFSA GIC and RRIF GIC products. There is a $1000 minimum purchase, even for RRIF accounts. Achieva Financial customers can earn bonuses by referring friends who open new accounts. The Customer Referral Program gives a $25 bonus to you and your friend if they open a new account an deposit $250 or more. It's like the ING Direct orange key bonus program. To redeem the Achieva bonus, customers must give a coupon to their friend, enter their name and have then send it with the deposit.
Neither Oaken Financial, Achieva Financial nor many other 'great GIC rate' institutions offer RESP accounts. If you want to earn a great GIC rate in an RESP then try one of the many institutions that sell GIC term deposits as 'bonds' at Questrade (see new post for details).
