Best Short Term GIC Rates in Canada
Guaranteed Investment Certificates (GICs) are investments which not only guarantee your initial investment but also provide a fixed rate of return over a specified period. Short-term GICs are usually for less than a year. The short-term maturity date helps you plan your expenses efficiently while earning interest on funds that you don’t need immediately.
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Specification: EQ Bank – 2-Year / Non-registered GIC
| GIC Term | 2-Years |
|---|---|
| Insurance | CDIC Insured |
| Minimum Investment | $100 |
| GIC Redebable | No |
| GIC Type | Non-Registered |
| Interest Calculated | Weekly |
| Interest Paid | Annually |
Specification: BMO Bank of Montreal Cashable 90 Day GIC
| GIC Term | 90-Days |
|---|---|
| Insurance | CDIC Insured |
| Minimum Investment | $5, 000 |
| GIC Type | Non-Registered |
| Interest Paid | Montly |
Specification: BMO Bank of Montreal USD Term Deposit 90 Day GIC
| GIC Term | 90-Days |
|---|---|
| Insurance | CDIC Insured |
| Minimum Investment | $1, 000 |
| Interest Paid | Daily |
Specification: BMO Bank of Montreal 90 Day GIC
| GIC Term | 90-Days |
|---|---|
| Insurance | CDIC Insured |
| Minimum Investment | $5, 000 |
| GIC Type | Non-Registered |
| Interest Paid | Montly |
Specification: EQ Bank High Interest 90 Day GIC
| GIC Term | 90-Days |
|---|---|
| Insurance | CDIC Insured |
| Minimum Investment | $100 |
| Interest Paid | Daily |
Specification: HSBC 90 Day GIC
| GIC Term | 90-Days |
|---|---|
| Insurance | CDIC Insured |
| Minimum Investment | $5, 000 |
| Interest Paid | Montly |
Specification: RBC Royal Bank 90 Day GIC
| GIC Term | 90-Days |
|---|---|
| Insurance | CDIC Insured |
| Minimum Investment | $5, 000 |
| GIC Type | Non-Registered |
| Interest Paid | Annually |
Specification: RBC Royal Bank USD 90 Day Term Deposit
| GIC Term | 90-Days |
|---|---|
| Insurance | CDIC Insured |
| Minimum Investment | $5, 000 |
| GIC Type | Non-Registered |
| Interest Paid | Montly |
Specification: TD Bank 90 Day GIC
| GIC Term | 90-Days |
|---|---|
| Insurance | CDIC Insured |
| Minimum Investment | $2, 000 |
| Interest Paid | Montly |
Specification: Scotiabank 90 Day GIC
| GIC Term | 90-Days |
|---|---|
| Insurance | CDIC Insured |
| Minimum Investment | $500 |
| GIC Type | Non-Registered |
| Interest Paid | Montly |
Specification: Tangerine 90 Day GIC
| GIC Term | 90-Days |
|---|---|
| Insurance | CDIC Insured |
| Minimum Investment | No Minimum |
| Interest Paid | Annually |
Specification: Tangerine USD 90 Day GIC
| GIC Term | 90-Days |
|---|---|
| Insurance | CDIC Insured |
| Minimum Investment | No Minimum |
| Interest Paid | Annually |
Should you invest in Short-term GICs?
If you’re looking for a way to invest your money towards a short-term goal, short-term GICs could be an excellent option. Short-term GICs are a great option if you want to accumulate funds fast for a big-ticket purchase like a home, new car, or a down payment on a mortgage.
GICs are appropriate for anyone who wants to guarantee their principal amount since they provide a guaranteed payout just as the name suggests. You have probably never understood why many investors choose to have short-term GICs in their portfolio. When you invest in a short-term GIC, you would be aware of the amount you’re going to receive as soon as the term is over. You won’t be worried about market price fluctuations because the invested amount remains safe and sound. You won’t have to worry about losing your principal.
Benefits of Short-term GICs
If you want to have an investment that offers a liquid, yet the stable rate of return, a short-term GIC would be the right choice. Remember your money won’t be locked for an extended period of time as it happens with long-term GICs.
Short-term GICs gives you the flexibility you need in the current interest rate environment. Despite the fact that they offer lower interest rates, Short-term GICs remains a good option for anyone who wants to park a portion of their money. They provide a safe way of investing funds while saving for large purchases and future investments.