Hi
I am looking to invest $5K in RRSP GIC in Feb 09 (addl contribution). Can someone suggest any good product? I looked at ICICI and they seem to be giving around 3.3% for one year. My intention is to park the money for a year and wait for the markets to turn around.
Any thought would be greatly appreciated.
T
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"The grass is not, in fact, always greener on the other side of the fence. Fences have nothing to do with it. The grass is greenest where it is watered. When crossing over fences, carry water with you and tend the grass wherever you may be"
Location: carl sagan's universe
Posted on: 11-01-09 18:23:22
Quote:
Originally posted by Timon
Hi
I am looking to invest $5K in RRSP GIC in Feb 08 (addl contribution). Can someone suggest any good product? I looked at ICICI and they seem to be giving around 3.3% for one year. My intention is to park the money for a year and wait for the markets to turn around.
Any thought would be greatly appreciated.
T
Hi Timon,
R U referring to Feb 08 or 09.
Assuming you are talkin' 'bout contributin' in Feb 09, maybe u want to look at savings account also. There are some High interest savings account giving 3.5% which are withdrawable at anytime- no fixed time period of 1 yr or 6 months or 2 yrs etc.
U might also want to check out the 3.75% offered by HSBC as advertised on Canadiandesi.
When u find out the details maybe you'd like to let us know what it is all about. is it interest paid upto march 16, 2009 and then reduced or on all deposits made from now till march 16- 3.75% forever till further notice.
Scotia Bank is offering 4% on a 5 year GIC.
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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"
ICICI is giving 4.4% for 5 year GIC
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"The grass is not, in fact, always greener on the other side of the fence. Fences have nothing to do with it. The grass is greenest where it is watered. When crossing over fences, carry water with you and tend the grass wherever you may be"
Quote:
Originally posted by Timon
ICICI is giving 4.4% for 5 year GIC
Going by the bad rep that ICICI Canada has received due to its poor customer service, I am surprised that you would still consider giving your business to ICICI.
Just my opinoin
TD is offering 3.5% on redeemable GIC for 2 yr term (ofcourse if you take the money out before 2 yrs, the interest would be much lower, but there will not be any penalties) .
But alteast gives you the option to take out money at anytime without any penalities, in case required.
Then there are other long term GIC options which will give you better interest but your money would be locked for that specific period.
Hi,
Please take into account the rate of inflation, which can bring the real rate of interest significantly down or even negative.
Say for e.g. you are getting 3.5% return p.a and inflation is 5%. your real rate of interest would be negative.
