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Category: FYI/Blog

Bank of Canada increases overnight rate target to 1 1/4 per cent

The Bank of Canada today increased its target for the overnight rate to 1 1/4 per cent. The Bank Rate is correspondingly 1 1/2 per cent and the deposit rate is 1 per cent. Recent data have been strong, inflation is close to target, and the economy is operating roughly at capacity. However, uncertainty surrounding the future of the North American Free Trade Agreement (NAFTA) is clouding the economic outlook.

To read full article please click on the link below:
http://www.bankofcanada.ca/2018/01/fad-press-release-2018-01-17/?utm_source=RDBA+Email+List+May+2017&utm_campaign=e06ead2cb2-BOC_17_01_2018&utm_medium=email&utm_term=0_2fb13e0136-e06ead2cb2-226120685

Rob Carrick article highlights benefits of working with Deposit Brokers

January 4, 2018

Rob Carrick

Posted with permission from The Globe and Mail

There is no end to the indignity of being a conservative investor these days.

To start, rates on guaranteed investment certificates are ultralow by historical standards. Adding to the pain is the fact that GIC issuers have barely responded, if at all, to the rate increases initiated by the Bank of Canada in the second half of last year. One way to fight back as an investor is to use a deposit broker.

A deposit broker is like a mortgage broker – you benefit as a client by getting access to a variety of interest rates offered by multiple firms rather than dealing with a company selling just its own products. How much of a rate advantage is there with a deposit broker? According to the new Broker Advantage Index, a deposit broker can typically get you an additional percentage point of interest or more compared to the posted rates at big banks.

To read full article please click here.

Why GIC rates may soon head lower even in the wake of the BoC rate hike

As a seller of GICs and mortgages, Brandon Brot is the first to hear about how the financial industry is reacting to the recent rise in interest rates.

Every day, he receives bulletins about changes in rates for both guaranteed investment certificates and mortgages. “We’re getting mortgage rate increase, mortgage rate increase, mortgage rate increase these days,” said Mr. Brot, a principal at GIC Wealth Management. “But we don’t see anything on the GIC side.”

To read full article please click on the link below:

http://license.icopyright.net/user/viewFreeUse.act?fuid=MjU4MzA0Nzk=

Big Six banks raise prime rates but leave savings rates where they are

Canada’s biggest banks didn’t waste any time raising their prime lending rates following the Bank of Canada’s interest rate hike announcement this week. But of course interest rates on savings accounts, bonds, and GICs didn’t budge.

To read full article please click on the link below:

http://www.lowestrates.ca/news/big-six-banks-raise-prime-rates-leave-savings-rates-where-they-are-24748

Bank of Canada raises interest rate for 1st time in 7 years to 0.75%

Bank of Canada raises interest rate for 1st time in 7 years to 0.75% – Business – CBC News

The Bank of Canada has raised its key interest rate as expected to 0.75 per cent — the central bank’s first move upward in the cost of borrowing in seven years.

The bank’s target for the overnight rate — at which major financial institutions make one-day loans to each other — moved up by one-quarter of a percentage point from 0.50 per cent.

To read full article please click on the link below:

http://www.cbc.ca/news/business/bank-canada-interest-rate-monetary-policy-1.4200814


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