MCAN Financial Corp GIC Rates Review : Up To 6.15% Interest

MCAN Financial Corp (formerly MCAN Mortgage Corp.) Is a Toronto-based financial group with $4.1 billion in assets under management as of December 2022.

Founded in 1992, MCAN Financial Corp offers some of the best GIC rates in Canada.

The following are the MCAN Financial Corp GIC rates that came into effect on November 1, 2023.

MCAN Financial Corp GIC Short-Term GIC Rates

Term $10,000 to $24,999$25,000 to $99,999$100,000+ 
30 to 59 days0.05%3.40%3.45%
60 to 89 days0.75%4.30%4.35%
90 to 119 days1.00%4.50%4.55%
120 to 179 days1.15%3.75%3.8%
180 to 269 days1.50%5.00%5.05%
270 to 364 days1.55%5.25%5.30%

MCAN Financial Corp GIC Long-Term GIC Rates 

Term $5,000 to $24,999$25,000 to $99,999$100,000+ 
1 year3.20%6.08%6.13%
1 ½ year3.20%6.08%6.13%
2 years 3.60%6.10%6.15%
2 ½ years3.60%6.10%6.15%
3 years3.15%5.81%5.86%
3 ½ years3.15%5.81%5.86%
4 years3.15%5.75%5.80%
4 ½ years3.15%5.75%5.80%
5 years3.15%5.79%5.84%

Note: 

  • The above MCAN Financial Corp GIC rates are applicable on registered and non-registered accounts
  • The minimum balance for short-term GIC is $10,000 and the minimum for long-term GIC is $5,000
  • Deposits at MCAN Financial Corp are covered by the CDIC up to $100,000 per insured category 

Pros and Cons of MCAN Financial Corp GICs

Pros

  • Competitive rates: With up to 6.15% rate, MCAN Financia Corpl offers some of the highest GIC Rates in Canada.
  • Flexible terms: They have up to 15 different GIC terms, with 6 short terms and 9 long terms. 

Cons

  • High minimum balance: You need a minimum of $10,000 to invest in their short-term GIC and $5,000 to invest in their long-term GIC. This is way higher than the minimum balance of most banks which ranges between $500 to $1000.
  • Limited accessibility. You have to contact their customer support by phone or email to apply for the GIC. You can’t do so directly on their website or visit a branch.

Read also: MCAN Financial Mortgage Rates Review

Verdict

You should weigh the pros and cons of MCAN Financial GICs properly before signing up. 

Compare the rates with those of other financial institutions such as Motive Financial, EQ Bank, Achieva Financial and Oaken Financial.

Let me know your thoughts in the comments.

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