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A few minutes of your time invested in finding GIC rates Ontario on CompareMyRates.ca is the key to ensuring that you get the maximum possible returns from it. Searching for the highest GIC rates Ontario has to offer has never been easier.
GICs work in a very interesting manner. At the end of the term the investor is guaranteed to get their money back. GICs have been identified as the safest modes of investment.
With GICs it is very important to know the current interest rate in the market. Knowing what is the interest rate helps one to determine their return on investment once the maturity date reaches. There are some GICs that offer fixed rates while others offer variable interest rates. You can pick one that you find best suits you.
When considering GICs there are a number of options that should be considered. Two of the most important things to know are: the interest rates and the time period/term. You need to know how long you need to invest before you start shopping around. You also need to compare the different rates on offer before buying a GIC. These are the four tips needed when choosing a GIC:
How can you be confident that you are making the right investment, or that you are getting the best GIC rates Ontario has to offer? The answer to this is CompareMyRates.ca. CompareMyRates.ca makes it possible for you to know about all the GIC High Interest Rates Ontario has. Knowing about all your options is the first rule of making the smart investment- and with CompareMyRates.ca, you will be able to get the one that offers you the best returns. Thus, a single tool will help you to make the most out of your investment- that too without any extra efforts.
Before you make a decision, it is important to compare GIC rates Ontario, and that is what CompareMyRates.ca will help you do. It ensures that you are with the best GIC Providers Ontario has, who are giving you the best possible returns. The smart investor is sure that he or she is getting a deal that is the best in the market- for he uses CompareMyRates.ca to get it. Just enter your initial investment along with the term to check out all the available options, and what each of those has in store for you.
Are you looking for a low-risk investment in Ontario? Guaranteed Investment Certificate or GIC is just one Canadian investment offering with guaranteed return rate for a predetermined period. This is a common investment scheme offered by banks or trust companies. But what’s different about GIC is its low-risk profile but with a guaranteed return that is lesser compared to other investment schemes like stocks, bonds, and mutual funds.
If you’re searching for the best GIC rates in Ontario, check out credit unions rather than large banks. Even if you have been doing transactions with a lender for a considerable period of time, you should try to shop around especially when there are low-interest rates. Take note that interest rates offered by banks may lag behind credit union banks and online banks.
Although you may be loyal to your lender, it does not mean your lender offers the best GIC rates. It would be wise to shop around especially when the interest rates are low. Those interest rates provided by the banks may stagnate behind online banks and credit union banks.
Consider for example Oaken Financial’s 1.80 percent interest rate and compare that with Equitable Bank’s 1.10 percent over a 3-month period. For more information, log in to www.CompareMyRates.ca.
The interest of GIC rates varies according to the amount of money you invest and the term. The amount may start as low as $100 to as high as $50,000.00.
When a GIC is ‘registered’, it simply means that the lender and your investment is registered with the government for purposes of taxation. There are three types of registered GICs:
Although the non-registered GICs are still taxable, only the capital gains earned within the account usually at 50 percent of your highest marginal tax rate. Non-registered GICs are two types:
A non-redeemable GIC refers to an investment within a fixed period. This means that you won’t be able to withdraw the funds you have deposited or invested until the term has matured. The opposite is true with a redeemable GIC.
Ultimately, your choice will depend on your preference and the benefits that you can avail of. Redeemable GICs offer the following:
Although the return rate for non-redeemable GICs is higher, you must remember that you don’t have access to your investment before it matures. So make sure you have extra funds for future use.
Regardless of whether you invest in redeemable or non-redeemable investment plans, registered or non-registered, the returns for GICs are guaranteed. You also have the guarantee that the principal will be returned to you. The terms for both types of GICs are varied and renewable, but non-redeemable GIC offers higher returns. But if you choose to redeem a redeemable GIC before the date of maturity, the interest rate would be much lower than what has been offered originally.