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Canada’s Best GIC Rates
GIC is a good way to spend your money because it is stable, low-risk, and guaranteed. A lot of people like to invest in GIC Investment because it has a low risk. But because interest rates are so much lower than those for other investments, the lower danger also means less growth potential.
Certain banks in Canada offer the best GIC rates. These banks include RBC ESG Market-Linked GIC, CIBC Index Growth GIC, EQ Bank, Tangerine, and many more. Some banks even let customers take out their money before it matures, but they charge fees for doing so.
Rate of A GIC in Canada
Guaranteed Investment Certificates, or GICs, are given out by banks and trust companies. GIC promises a certain rate of return for a set amount of time. It promises a certain rate of return, but it’s not as high as with stocks, mutual funds, bonds, or other investments. The rate at which the payments are paid back depends on several things.
Some of these factors are term length, rates set by the bank, and other important things. Rates for GIC can vary from bank to bank and trust company to trust company. Aside from that, they offer a lot of different term lengths, such as 1 year, 5 years, 2 years, 18 months, and more. Each of these term lengths may also have a different GIC Rate, even if they are all from the same bank or trust business.
GIC Pros and Cons
Putting money into a GIC has a lot of rewards. Some of these are –
- rate of return that is sure
- lowers the risk all around
- spreads out the portfolio
- gives a steady flow of money, even when the economy is bad
- offers different time lengths based on needs
- can be invested in for both short and long periods
- laddering for GIC
A lot of banks and other financial companies also offer different kinds of GICs, such as
- GICs with a fixed rate
- GICs for escalator
- GICs that are linked to the market
- GICs with variable rates
Investors can also get an idea of how much money they can get back from a GIC by looking at the investment amount, interest rate, and term of the GIC. There can be a big difference in how much interest customers can earn on long-term GICs when interest rates go up.
Who in Canada Has the Best GIC Rates?
Most of the time, the best way to find a GIC rate in Canada is to compare the rates and investment amounts offered by different banks and others. Also, some institutions might let you take money out before the term ends, but this isn’t always the case. So, if someone thinks they might need to take their money out before the end of their term, they should look into their withdrawal choices and any fees that come with them.
Many people think about spreading their money out and placing it in several GICs instead of putting it all in one. They can pick different terms in different GICs, which will let them get more money there at different times. This can not only raise the total amount, but it can also lower the danger.
These are some of the best GIC rates in Canada right now:
1. Home Trust Company for One Year
- 5.65% per year (annual compound rate)
- Rate (twice a year): 5.60 percent
- Rate per month: 5.55 percent
- Deposit of at least $1,000
2. Home Trust Company (3 Years)
- 5.45% per year (annual compound rate)
- Rate (1/2) yearly: 5.40 %
- Rate per month: 5.35 percent
- Deposit of at least $1,000
3. Fruit Tangerine (1 Year)
- Rate: 5.70%
4. Tangerine (1.55 years old)
- Rate: 5.75%
5. 5 Years of Tangerine
- Rate: 3.85%
6. One year with Oaken Financial
- Rate per year: 5.75 percent
- Rate (Every six months): 5.70 %
- Rate per month: 5.65%
- Deposit of at least $1,000
7. Canada’s WealthONE Bank (1 Year)
- Rate: 5.98%
- Deposit of at least $1,000
- Not usable type
8. Canada’s WealthONE Bank (3 Year)
- Rate: 5.48%
- Deposit of at least $1,000
9. EQ Bank (One Year)
- 5.65% Rate (not recorded)
10. EQ Bank (5 Years)
- Rate (2 years): 5.15 percent
11. Bank of America (1 Year)
- The rate for a long-term GIC: 5.80%
12. Bank of People (5 Years)
- Long-Term GIC Rate: 4.50%
13. Reasonable Money (1 Year)
- Type: Not yet entered
- Rate: 5.750%
14. Motive Money (3 Years)
- Type: Not yet entered
- Rate: 5.480%
15. Trust Bank (3 Years)
- Long-term GIC type
- Rate (Form): 5.36 percent
- Rate per year: 5.36 percent
- Half-yearly rate: 5.26 percent
- Rate per month: 5.16 percent
- Deposit of at least $5,000
16. Bank of Haventree (5 Years)
- Rate(s) at maturity: 5.01%
- Rate per year: 5.01%
- 2.9% per year (semi-annual rate)
- Rate per month: 4.81%
- Deposit of at least $5,000
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17. 3 Years of LBC Digital
- Type: not recorded and redeemable at any time
- Rate: 5.35%
- Deposit of at least $100
18. Five years of LBC Digital
- Rate: 5.30%
- Deposit of at least $100
19. Bank of Laurentians (3 Years)
- Rate: 5.35%
- Deposit of at least $500
20. 5-Year Loan from Laurentian Bank
- Rate: 5.30%
- Deposit of at least $500
Please keep in mind that these banks and other financial institutions may change the GIC Rate at any time. So, people who want to invest in GICs should double-check the current rates and other important details before they do so.