Best Guaranteed Investment Certificate (GIC) Rates in Canada

Best Guaranteed Investment Certificate (GIC) Rates in Canada

By |2018-10-29T18:54:36+00:00October 29th, 2018|Categories: GIC|Tags: , , |

Are thinking about purchasing a Guaranteed Investment Certificate (GIC)? Canada has an impressive range of options when it comes to investments, with many financial institutions offering high-interest GIC rates.

Across the country, you’ll find a variety of products that provide short or long-term gains for Canadian citizens.

Here, we’ll take a look at these service providers and help you to quickly discover the best GIC rates…

Below are the latest GIC rate offerings – you can choose a term that best suits your needs:

TermRateStart Investing
3 Month2.35%
Get Rate
6 Month2.40%
Get Rate
9 Month2.45%
Get Rate
1 Year2.91%
Get Rate
2 Year3.05%
Get Rate
3 Year3.25%
Get Rate
4 Year3.30%
Get Rate
1 Year3.50%
Get Rate
5 Year2.35%
Get Rate

What is a Guaranteed Investment Certificate?

Guaranteed Investment Certificate is a fixed income investment typically issued at Canadian banks and trust companies. The GIC provides one of the safest ways for Canadians to invest their money, as it guarantees the protection of the principal or original investment, as well as the rate of return or interest rate.

Banks usually require a minimum deposit of $500. Investors who apply for GICs agree to lend the bank the money for a fixed period of time, which can range from 30 days to 10 years. The interest you’ll receive at maturity will be based on that agreed term – so, the longer the term, the higher the rate of return. Therefore, your investments can potentially double when you secure the best GIC rates.

Types of Guaranteed Investment Certificates

There are different types of GICs that cater to the specific needs of investors. Whether you intend to save for the short-term, or you want to invest for your family’s long-term future, there’s a GIC tailored to your needs. Here are three Registered GICs you should take a look at:

  • Registered Retirement Education Plans GICs are government-approved savings accounts for Canadians’ future retirement. Investors can make payments into these accounts until they are 71 years old.
  • Registered Education Savings Plan GICs are government-approved savings accounts that parents can purchase for their children’s education, particularly post-secondary education.
  • Tax-Free Savings Account GICs are designed to help Canadians who want to increase and withdraw their investments tax-free.

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