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A GIC is a Guaranteed Investment Certificate. GICs are considered no-risk investments because they guarantee that you will receive your original investment in its entirety. The form of investment guarantees an investor a certain rate of return over a given time period. It is normally issued by banks or trust companies. GICs come with a low-risk profile, meaning at the time you pull your investment or it is returned to you, you are guaranteed to have at least the amount of money that you started with, if not more than that.
If you are wondering about the rate of return on GICs, this piece will elaborate it on your behalf. In most cases, the GIC rates tend to vary depending on a number of factors. These factors may include:
By knowing what is the rate of interest will go along way in helping you determine your returns. The rate of return is often higher at the time of purchase than the interest on a saving account. Whenever the saving interest rates are higher than the GIC rate of return, ROI will be low.
Traditionally, GICs have been known to pay higher interest when compared to an ordinary savings account. The only catch is that an individual may not be able to withdraw their money for a specific time period which is good to some people. GICs provide for a term that generally ranges from 30 days five years. They normally demand a minimum investment of $500 or $1,000.
This type of investment normally works for special kinds of deposits. By agreeing to buy a GIC, you consent to lend the bank your money for a stated period of time or term. The list below contains some of the facts you need to know about GICs.
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