Where to get the best interest rate in Canada

In every issue of the Money Reporter we provide you with a table of various interest rates. Along with this, we often provide a description of how these rates have changed in recent times, what the forecasts for rates are, and recommendations for placing your short-term cash or money you won’t need for up to the next five years.

At times we also offer tips on how to boost your returns above the posted rates, by negotiating, or by switching to a new institution if that’s what is called for. The object is to get you the best rate possible on your cash.

But one of the most basic ways to get those best rates is to pick up the telephone or go online. Sometimes people assume they have to visit the branches of the institutions that we list in every issue. But some of these institutions don’t even have bricks-and-mortar branches, anywhere, in the traditional sense.

Then again, some do. Take Comtech Credit Union, for instance. We’ve added this full-service financial institution to our regular table because it offers 3.05 per cent on new money deposited in its five-year term GIC. (Only Oaken Financial also offers a rate that high on a five-year term GIC. Oaken offers the 3.05 per cent rate on its five-year RRSP deposits too.)

With over $200 million in assets and more than 13,000 members across Ontario, Comtech has been around for 74 years. It has two full-service branches: one in Toronto, one in Ottawa; and a restricted services branch in Mississauga for employees of Bell Canada, Bell Mobility and CGI Group.

The credit union’s deposits are protected by the Ontario government through the Deposit Insurance Corporation of Ontario, or DICO, for $100,000. The credit union’s website is comtechcu.com, where you can make applications online, or find out other contact information.

The Money Reporter said in its previous issue that Oaken Financial, a unit of Home Trust Company which is a member of CDIC, the Canada Deposit Insurance Corporation, was offering a special rate of 3.05 per cent on its five-year GIC up until November 7. Now, however, it has extended this offer until December 19. Its website is oaken.com. Oaken has four branches in Vancouver, Calgary, Toronto and Halifax.

 

Money Reporter, MPL Communications Inc.
133 Richmond St. W., Toronto, On, M5H 3M8, 1-800-804-8846

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