How Do You Get Good GIC Rates?


Quick Answer

To get good guaranteed investment certificate (GIC) rates, shop online to compare rates among lending institutions and hire help from an investment broker, who can locate competitive rates for consumers. Traditionally, mainstream institutions offered GIC rates with high returns, but financial experts now recommend avoiding risk-free returns as they may have only nominal returns, as noted by authors at CBC News. Instead, consumers can find attractive GIC offers from large banks and even secure decent returns, although at a lesser value, from cashable GICs.

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Full Answer

Banks often advertise GICs at a certain price, but consumers have several options for finding cheaper options, notes CBC News. First, they can compare GIC rates online, which provides access to pricing from smaller, local institutions and large banks. Consumers can also evaluate GIC quotes from other lending sources, including credit unions, trust companies and insurance companies, which sell GICs as GIAs, which are guaranteed interest annuities. Some financial news sources post listings of GIC rates, as does Cannex Financial Exchanges.

For further assistance, consumers can solicit help from a deposit broker. These individuals help customers find guaranteed GICs with high rates. It does not cost consumers money to hire these agents for assistance. Brokers work throughout Canada, and are accessible through the Registered Deposit Brokers Association, which connects customers with agents. These brokers can access information from many lenders, and can often negotiate good rates for customers.

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