Best GIC in Canada

Best Gic Rates

Guaranteed Investment Certificate or GIC is a type of Canadian investment offering guaranteed return rate for a fixed period. This type of investment is common among banks or trust companies. Due to its low-risk profile, the GIC’s guaranteed return is lesser than other investments like mutual funds, stocks and bonds.

EQ Bank High Interest 1 Year GIC
0

Specification: EQ Bank High Interest 1 Year GIC

GIC Term

1-Year

Insurance

CDIC Insured

Minimum Investment

$100

Interest Paid

Annually

Tangerine 5 Year GIC
0

Specification: Tangerine 5 Year GIC

GIC Term

5-Years

Insurance

CDIC Insured

Minimum Investment

No Minimum

Interest Paid

Annually

Scotiabank 30 Day GIC
0

Specification: Scotiabank 30 Day GIC

GIC Term

30-Days

Insurance

CDIC Insured

Minimum Investment

$5, 000

GIC Type

Non-Registered

Interest Paid

Montly

0.20%

Best GIC Rates in Canada

The best GIC rates in Canada can be found from credit unions than on the large 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.

Best Redeemable Gic’s in Canada

Redeemable GICs are the most convenient forms of GIC which give the flexibility in your hands. If you want to invest your money in a safe instrument but also want the flexibility of withdrawal anytime you want to, Redeemable GICs is the best choice for you. Redeemable GICs like all other forms of GICs provide you with a fixed term of investment and a guaranteed return. However, the advantage of redeemable GICs is if you need the fund sooner, you can choose to withdraw the fund at an earlier time on specified early redemption dates.
Tangerine 3 Year GIC
0

Specification: Tangerine 3 Year GIC

GIC Term

3-Years

Insurance

CDIC Insured

Minimum Investment

No Minimum

Interest Paid

Annually

CIBC Redeemable 5 Year GIC
0

Specification: CIBC Redeemable 5 Year GIC

GIC Term

5-Years

Insurance

CDIC Insured

Minimum Investment

$1, 000

GIC Type

Registered

Interest Paid

Annually

1.00%
RBC Royal Bank Redeemable 5 Year GIC
0

Specification: RBC Royal Bank Redeemable 5 Year GIC

GIC Term

5-Years

Insurance

CDIC Insured

Minimum Investment

$1, 000

GIC Type

Non-Registered

Interest Paid

Annually

1.95%
TD Bank 5 Year GIC
0

Specification: TD Bank 5 Year GIC

GIC Term

5-Years

Insurance

CDIC Insured

Minimum Investment

$2, 000

Interest Paid

Annually

2.20%

Compare Redeemable GIC rates in Canada

Offerhub.ca lists a wide variety of Redeemable GICs to give you the flexibility to choose from. CompareMyRates knows that you want to see all the options before you invest your hard-earned money. Hence, the list below provides you with a range of Redeemable GICs currently available in the market with a range of maturity dates, rates and issuer companies.


Best USD GIC Rates

In Canada, some financial institutions offer the ability to invest in the currency of U.S that is the dollar. It is important to find out and compare the different rates offered by banks for the best choice.

Tangerine USD 4 Year GIC
0

Specification: Tangerine USD 4 Year GIC

GIC Term

4-Years

Insurance

CDIC Insured

Minimum Investment

No Minimum

Interest Paid

Annually

BMO Bank of Montreal USD Term Deposit 5 Year GIC
0

Specification: BMO Bank of Montreal USD Term Deposit 5 Year GIC

GIC Term

5-Years

Insurance

CDIC Insured

Minimum Investment

$1, 000

Interest Paid

Semi-Annually

1.10%
Alterna Bank USD 5 Year GIC
0

Specification: Alterna Bank USD 5 Year GIC

GIC Term

5-Years

Insurance

CDIC Insured

Minimum Investment

$500

Interest Paid

Annually

1.10%

What are foreign currency GICs?

A foreign currency GIC allows you to access currency of the country in question with still bearing an interest. In Canada, one can invest in the Yen of Japan, the pound of Britain, Euro and the dollar of the U.S. However, the latter dominates the GICs.

Why invest in foreign currency GICs?

A GIC of an external currency allows you to access the currency of the country that it is associated with, if in future its need arises, and an interest is earned when it is invested. However, foreign currencies GICs are nowhere found in the travellers’ list. Both U.S. and Canadian dollars are followed by the majority of investors and should you suspect a significant decline in the Canadian Dollar in the future, as a result of the decline, you would get a profit if you would invest in U.S. dollar GIC. Therefore, diversification of your cash and preservation your power to purchase would be possible via the addition of an external currency GIC to your investment selection.

Are there any drawbacks to investing in foreign currency GICs?

Here are some of the things you should22 consider when choosing to invest in foreign currencies;

  1. CDIC insurance does not cover the external currency GICs hence, no guarantee of getting the money back.
  2. The rates on currency GICs of foreign nature can be minimal, in comparison to GICs from Canada.
  3. The banks sell the investments and a high rate and buy at a low rate hence diminishing your returns
  4. For the U.S. GICs and term deposits are not offered within registered accounts.

 

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