{"id":7537,"date":"2024-05-25T13:07:13","date_gmt":"2024-05-25T13:07:13","guid":{"rendered":"https:\/\/staging.rdba.ca\/?p=7537"},"modified":"2024-05-25T13:07:13","modified_gmt":"2024-05-25T13:07:13","slug":"might-we-see-gic-rates-hit-6-per-cent-this-summer","status":"publish","type":"post","link":"https:\/\/www.rdba.ca\/fr\/might-we-see-gic-rates-hit-6-per-cent-this-summer\/","title":{"rendered":"Might we see GIC rates hit 6 per cent this summer?"},"content":{"rendered":"

Read the article re-posted below as it appeared in the Globe & Mail.<\/p>\n

Published July 7, 2023 Updated July 9, 2023<\/p>\n

Rob Carrick<\/a> Personal Finance Columnist
\nPosted with permission from The Globe and Mail<\/p>\n

It was just about a year ago that the interest rate on guaranteed investment certificates hit the 5-per-cent mark. This summer, we could see 6 per cent.<\/p>\n

Rates on GICs were as high as 5.65 per cent at deposit brokers late this week and 5.6 per cent at alternative banks operating online. An increase to 6 per cent is possible, but by no means assured. Here\u2019s how it could happen.<\/p>\n

First, we need rates in the bond market to hold at current levels or increase. We\u2019re looking good here because bond yields did rise this week, adding to gains in June. Bond yields have a big influence on GIC rates, but there are other considerations as well.<\/p>\n

One is what the Bank of Canada says and does on July 12, which is the next opportunity for the overnight rate to be adjusted. The overnight rate is both a benchmark for many borrowing costs and an indicator of the latest thinking about inflation. If the overnight rate goes up and the bank expresses continuing concern about inflation, then GIC issuers may feel there\u2019s justification to bump up GIC rates from current levels.<\/p>\n

Another factor in GIC rates is the state of the housing market. Money raised through the sale of GICs is commonly used to fund mortgages. If demand for mortgages is strong, then GIC issuers might feel motivated to increase rates to attract money they can lend out.<\/p>\n

Housing had a strong spring, with both sales and prices on the rise. But June sales in Toronto showed a loss of momentum that has been tied to concern about higher borrowing costs. On the other hand, high levels of immigration provide support to the housing market.<\/p>\n

Deposit brokers are your best bet for capturing top GIC rates. On the Canadian High Interest Savings Bank Accounts website at highinterestsavings.ca\/gic-rates<\/a>, a trio of deposit brokers are routinely shown with better rates than individual alternative banks. To find a broker near you, use the search engine offered by the Registered Deposit Brokers Association<\/a> at rdba.ca\/find-a-broker<\/a>.<\/p>\n

Next, try alternative banks like Motive Financial and EQ Bank, which have been rate leaders in recent weeks. Online brokers sell third-party GICs to clients, but the rates are often less than you can get by dealing directly with an online bank.<\/p>\n

The least productive way to get the best GIC rates is through the big banks. Bank of Nova Scotia had a featured rate of 5 per cent on a two-year GIC at mid-week, but the others have so far shown iron discipline in staying below 5 per cent. The best rates late this week, Scotiabank aside, was 4.75 per cent for a one-year term at Canadian Imperial Bank of Commerce and Royal Bank of Canada, and for 18 months at Bank of Montreal.<\/p>\n

https:\/\/www.theglobeandmail.com\/investing\/personal-finance\/carrick-on-money\/article-might-we-see-gic-rates-hit-6-per-cent-this-summer\/<\/a><\/p>\n

\u00a9 Copyright 2023 The Globe and Mail Inc. All Rights Reserved.globeandmail.com and The Globe and Mail are divisions of The Globe and Mail Inc., The Globe and Mail Centre 351 King Street East, Suite 1600 Toronto, ON M5A 0N19 Phillip Crawley, Publisher<\/p>\n","protected":false},"excerpt":{"rendered":"

Read the article re-posted below as it appeared in the Globe & Mail. Published July 7, 2023 Updated July 9, 2023 Rob Carrick Personal Finance Columnist Posted with permission from The Globe and Mail It was just about a year ago that the interest rate on guaranteed investment certificates hit the 5-per-cent mark. This summer, … <\/p>\n

Continue reading \u00ab\u00a0Might we see GIC rates hit 6 per cent this summer?\u00a0\u00bb<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[32],"tags":[],"class_list":["post-7537","post","type-post","status-publish","format-standard","hentry","category-news-events-fr"],"acf":[],"yoast_head":"\nMight we see GIC rates hit 6 per cent this summer? - Registered Deposit Brokers Association<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rdba.ca\/fr\/might-we-see-gic-rates-hit-6-per-cent-this-summer\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Might we see GIC rates hit 6 per cent this summer? - Registered Deposit Brokers Association\" \/>\n<meta property=\"og:description\" content=\"Read the article re-posted below as it appeared in the Globe & Mail. Published July 7, 2023 Updated July 9, 2023 Rob Carrick Personal Finance Columnist Posted with permission from The Globe and Mail It was just about a year ago that the interest rate on guaranteed investment certificates hit the 5-per-cent mark. This summer, … Continue reading "Might we see GIC rates hit 6 per cent this summer?"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rdba.ca\/fr\/might-we-see-gic-rates-hit-6-per-cent-this-summer\/\" \/>\n<meta property=\"og:site_name\" content=\"Registered Deposit Brokers Association\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-25T13:07:13+00:00\" \/>\n<meta name=\"author\" content=\"rdba_webmaster\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"rdba_webmaster\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.rdba.ca\\\/fr\\\/might-we-see-gic-rates-hit-6-per-cent-this-summer\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rdba.ca\\\/fr\\\/might-we-see-gic-rates-hit-6-per-cent-this-summer\\\/\"},\"author\":{\"name\":\"rdba_webmaster\",\"@id\":\"https:\\\/\\\/www.rdba.ca\\\/#\\\/schema\\\/person\\\/984c36a110ff4c012ddafe067ab216bf\"},\"headline\":\"Might we see GIC rates hit 6 per cent this summer?\",\"datePublished\":\"2024-05-25T13:07:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.rdba.ca\\\/fr\\\/might-we-see-gic-rates-hit-6-per-cent-this-summer\\\/\"},\"wordCount\":554,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.rdba.ca\\\/#organization\"},\"articleSection\":[\"News & Events\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.rdba.ca\\\/fr\\\/might-we-see-gic-rates-hit-6-per-cent-this-summer\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.rdba.ca\\\/fr\\\/might-we-see-gic-rates-hit-6-per-cent-this-summer\\\/\",\"url\":\"https:\\\/\\\/www.rdba.ca\\\/fr\\\/might-we-see-gic-rates-hit-6-per-cent-this-summer\\\/\",\"name\":\"Might we see GIC rates hit 6 per cent this summer? - Registered Deposit Brokers Association\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rdba.ca\\\/#website\"},\"datePublished\":\"2024-05-25T13:07:13+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.rdba.ca\\\/fr\\\/might-we-see-gic-rates-hit-6-per-cent-this-summer\\\/#breadcrumb\"},\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.rdba.ca\\\/fr\\\/might-we-see-gic-rates-hit-6-per-cent-this-summer\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.rdba.ca\\\/fr\\\/might-we-see-gic-rates-hit-6-per-cent-this-summer\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.rdba.ca\\\/fr\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Might we see GIC rates hit 6 per cent this summer?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.rdba.ca\\\/#website\",\"url\":\"https:\\\/\\\/www.rdba.ca\\\/\",\"name\":\"Registered Deposit Brokers Association\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.rdba.ca\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.rdba.ca\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-FR\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.rdba.ca\\\/#organization\",\"name\":\"Registered Deposit Brokers Association\",\"url\":\"https:\\\/\\\/www.rdba.ca\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/www.rdba.ca\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.rdba.ca\\\/wp-content\\\/uploads\\\/2017\\\/03\\\/logo.png\",\"contentUrl\":\"https:\\\/\\\/www.rdba.ca\\\/wp-content\\\/uploads\\\/2017\\\/03\\\/logo.png\",\"width\":322,\"height\":79,\"caption\":\"Registered Deposit Brokers Association\"},\"image\":{\"@id\":\"https:\\\/\\\/www.rdba.ca\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.rdba.ca\\\/#\\\/schema\\\/person\\\/984c36a110ff4c012ddafe067ab216bf\",\"name\":\"rdba_webmaster\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/fee1a36da22213e8b0f73d97122ef853d489e67126927ca6646d69eb74a24b3d?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/fee1a36da22213e8b0f73d97122ef853d489e67126927ca6646d69eb74a24b3d?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/fee1a36da22213e8b0f73d97122ef853d489e67126927ca6646d69eb74a24b3d?s=96&d=mm&r=g\",\"caption\":\"rdba_webmaster\"},\"url\":\"https:\\\/\\\/www.rdba.ca\\\/fr\\\/author\\\/rdba_webmaster\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Might we see GIC rates hit 6 per cent this summer? - Registered Deposit Brokers Association","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rdba.ca\/fr\/might-we-see-gic-rates-hit-6-per-cent-this-summer\/","og_locale":"fr_FR","og_type":"article","og_title":"Might we see GIC rates hit 6 per cent this summer? - Registered Deposit Brokers Association","og_description":"Read the article re-posted below as it appeared in the Globe & Mail. Published July 7, 2023 Updated July 9, 2023 Rob Carrick Personal Finance Columnist Posted with permission from The Globe and Mail It was just about a year ago that the interest rate on guaranteed investment certificates hit the 5-per-cent mark. This summer, … Continue reading \"Might we see GIC rates hit 6 per cent this summer?\"","og_url":"https:\/\/www.rdba.ca\/fr\/might-we-see-gic-rates-hit-6-per-cent-this-summer\/","og_site_name":"Registered Deposit Brokers Association","article_published_time":"2024-05-25T13:07:13+00:00","author":"rdba_webmaster","twitter_card":"summary_large_image","twitter_misc":{"\u00c9crit par":"rdba_webmaster"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.rdba.ca\/fr\/might-we-see-gic-rates-hit-6-per-cent-this-summer\/#article","isPartOf":{"@id":"https:\/\/www.rdba.ca\/fr\/might-we-see-gic-rates-hit-6-per-cent-this-summer\/"},"author":{"name":"rdba_webmaster","@id":"https:\/\/www.rdba.ca\/#\/schema\/person\/984c36a110ff4c012ddafe067ab216bf"},"headline":"Might we see GIC rates hit 6 per cent this summer?","datePublished":"2024-05-25T13:07:13+00:00","mainEntityOfPage":{"@id":"https:\/\/www.rdba.ca\/fr\/might-we-see-gic-rates-hit-6-per-cent-this-summer\/"},"wordCount":554,"commentCount":0,"publisher":{"@id":"https:\/\/www.rdba.ca\/#organization"},"articleSection":["News & Events"],"inLanguage":"fr-FR","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.rdba.ca\/fr\/might-we-see-gic-rates-hit-6-per-cent-this-summer\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.rdba.ca\/fr\/might-we-see-gic-rates-hit-6-per-cent-this-summer\/","url":"https:\/\/www.rdba.ca\/fr\/might-we-see-gic-rates-hit-6-per-cent-this-summer\/","name":"Might we see GIC rates hit 6 per cent this summer? - Registered Deposit Brokers Association","isPartOf":{"@id":"https:\/\/www.rdba.ca\/#website"},"datePublished":"2024-05-25T13:07:13+00:00","breadcrumb":{"@id":"https:\/\/www.rdba.ca\/fr\/might-we-see-gic-rates-hit-6-per-cent-this-summer\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.rdba.ca\/fr\/might-we-see-gic-rates-hit-6-per-cent-this-summer\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.rdba.ca\/fr\/might-we-see-gic-rates-hit-6-per-cent-this-summer\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.rdba.ca\/fr\/"},{"@type":"ListItem","position":2,"name":"Might we see GIC rates hit 6 per cent this summer?"}]},{"@type":"WebSite","@id":"https:\/\/www.rdba.ca\/#website","url":"https:\/\/www.rdba.ca\/","name":"Registered Deposit Brokers Association","description":"","publisher":{"@id":"https:\/\/www.rdba.ca\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.rdba.ca\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-FR"},{"@type":"Organization","@id":"https:\/\/www.rdba.ca\/#organization","name":"Registered Deposit Brokers Association","url":"https:\/\/www.rdba.ca\/","logo":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/www.rdba.ca\/#\/schema\/logo\/image\/","url":"https:\/\/www.rdba.ca\/wp-content\/uploads\/2017\/03\/logo.png","contentUrl":"https:\/\/www.rdba.ca\/wp-content\/uploads\/2017\/03\/logo.png","width":322,"height":79,"caption":"Registered Deposit Brokers Association"},"image":{"@id":"https:\/\/www.rdba.ca\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/www.rdba.ca\/#\/schema\/person\/984c36a110ff4c012ddafe067ab216bf","name":"rdba_webmaster","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/secure.gravatar.com\/avatar\/fee1a36da22213e8b0f73d97122ef853d489e67126927ca6646d69eb74a24b3d?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/fee1a36da22213e8b0f73d97122ef853d489e67126927ca6646d69eb74a24b3d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/fee1a36da22213e8b0f73d97122ef853d489e67126927ca6646d69eb74a24b3d?s=96&d=mm&r=g","caption":"rdba_webmaster"},"url":"https:\/\/www.rdba.ca\/fr\/author\/rdba_webmaster\/"}]}},"_links":{"self":[{"href":"https:\/\/www.rdba.ca\/fr\/wp-json\/wp\/v2\/posts\/7537","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rdba.ca\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rdba.ca\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rdba.ca\/fr\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rdba.ca\/fr\/wp-json\/wp\/v2\/comments?post=7537"}],"version-history":[{"count":1,"href":"https:\/\/www.rdba.ca\/fr\/wp-json\/wp\/v2\/posts\/7537\/revisions"}],"predecessor-version":[{"id":7538,"href":"https:\/\/www.rdba.ca\/fr\/wp-json\/wp\/v2\/posts\/7537\/revisions\/7538"}],"wp:attachment":[{"href":"https:\/\/www.rdba.ca\/fr\/wp-json\/wp\/v2\/media?parent=7537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rdba.ca\/fr\/wp-json\/wp\/v2\/categories?post=7537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rdba.ca\/fr\/wp-json\/wp\/v2\/tags?post=7537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}