Benefits of Using a Deposit Broker

A deposit broker’s first and foremost role is to find you the best GIC rate in Canada. But there is so much more that we offer on top of the best GIC rates. Here is a list of other services that we offer to our customers for free:

Our Excellent Service

When you purchase a GIC with Paragon, you can be assured that we are watching your portfolio for you, so you can do what you enjoy most.  After we purchase your GIC, we double check and send the formal purchase confirmation to you, we proactively call you prior to your GIC maturing to get renewal instructions, and offer recommendations that will help you decide what may be best for your portfolio. We feel that it is not good enough to just offer the best GIC rates to our customers, but to also give you the service you expect from one of the leading deposit brokers in Canada.

Rate holds

Sometimes rates drop before we receive your cheque to purchase a GIC. To protect you against falling rates, we immediately apply for a rate hold with the institution that is offering the best rate (assuming a rate hold is available). This means that the GIC rate quoted will be available to you, even if rates fall between the time we discussed the best rates and when we receive your cheque. There is a time limit for rate holds:  for non-registered accounts it is 14-15 days (depending on the institution), and for RRSPs, RRIFs and TFSAs the rate hold limit is 60 days.

No cost GICs

Investing is becoming more and more expensive in Canada, and these costs eat into your ability to grow your portfolio. It is refreshing to know that you can still use a deposit broker to get the best rates for free. This is possible because we get a referral fee from the GIC company that is offering the best rate. The GIC company pays us, not you, meaning you invest the full amount of your deposit, allowing you to earn the maximum interest possible*.

Easy to read statements

Paragon Financial uses the most up-to-date technology to produce your statements and reports. It is important to us that you receive portfolio summaries that are easy to read and understand. Every time you purchase a new GIC or make a change to a maturing GIC, you get a new summary of your GICs with Paragon.

*Please note: Credit Unions can charge membership fees for new accounts. These fees vary between $5 and $25. When you move your business away from a credit union that charges membership fees, they return this fee to you by adding it to your final maturity cheque.