What are some ways to compare GIC rates?


Quick Answer

Compare rates on Guaranteed Investment Certificates, or GICs, among banks by visiting websites such as the Financial Post and CanadianBankRates.ca. These websites show interest rates over several maturity horizons and include related information such as the minimum investment amount.

Continue Reading

Full Answer

Alternatively, visit the websites for banks that offer GICs, such as RBC Royal Bank of Canada or Scotiabank. On these websites, investors may view rates for the full line of GICs that each bank offers.

GICs are Canadian investments comparable to Certificates of Deposit in the United States, explains MintLife. An investor deposits money in a bank for a fixed period, receives periodic interest payments, and is subject to a penalty for early withdrawal. The interest an investor earns on a GIC is taxable unless the GIC is held in a Tax-Free Savings Account or a Registered Retirement Savings Plan.

Learn more about Investing

Related Questions