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Bank of Nova Scotia
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Globe says CIBC Simplii, Tangerine offer best GIC rates

2018-11-28 09:00 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce

The Globe and Mail reports in its Wednesday edition that one of the best deals in GICs today comes from Bank of Nova Scotia's Tangerine and CIBC's Simplii Financial. The Globe's Rob Carrick writes that on savings accounts, both Tangerine and Simplii offer a weak rate of 1.25 per cent as of Nov. 26, but on GICs, they are competing like tigers. The rate card on Cannex.com shows both offering a 3.1-per-cent rate on one-year guaranteed investment certificates, which narrowly beats the 3-per-cent rate available from a few alternative players. Most other players in the GIC market are lower -- Bank of Nova Scotia's website shows a one-year GIC rate of 1.2 per cent, while CIBC had a limited-time offer of 2.5 per cent for one year. The cost of living rose 2.4 per cent at the most recent tally, so a 3.1-per-cent GIC is an inflation-beater. A 1.25-per-cent government of Canada bond maturing Feb. 1, 2020, yielded 1.9 per cent recently, as did a 4.15-per-cent Province of Nova Scotia bond maturing Nov. 25, 2019. A Canadian Natural Resources 2.6-per-cent bond maturing Dec. 3, 2019, offered 2.5 per cent. If you go out 18 months to June 1, 2020, you can get a Canadian Natural Resources bond yielding 2.8 per cent.

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