If your term deposit is non-redeemable, you’ll need to wait until the maturity date to withdraw your funds. For redeemable term deposits, you can withdraw early, but there may be interest penalties, unless other conditions are specified in the T&Cs of the term deposit. Visit one of our branches or contact us to review your options.
Interest rates for term deposits are based on factors like the term length, market conditions, and the type of deposit you choose. The longer you commit to keeping your funds in the deposit, the higher usually is the potential interest rate. Check with us for the latest rates and options that fit your savings goals.
A term deposit locks in your funds for a fixed period at a guaranteed rate, while a business savings account allows flexible access to your money but with variable interest which is usually lower than a term deposit’s. Term deposits usually offer higher returns since you commit to keeping your funds untouched.
Yes, any earnings from a term deposit are considered business income and may be subject to taxation. We recommend consulting a tax professional to understand how it applies to your specific situation.
Most GICs are non-redeemable until the term ends, but some flexible options allow early access with possible penalties. Whether a GIC is cashable earlier or not and at what rate is specifically stated in the terms & conditions. It’s best to check the specific terms of your GIC to see if early withdrawals are allowed.
Interest rates for business GICs are based on market conditions and the term length you choose. Generally, longer terms offer higher rates, and rates may vary over time. Contact us to check the latest rates and find the best option for your business.
The Financial Services Regulatory Authority of Ontario (FSRA) provides deposit insurance for credit unions through the Deposit Insurance Reserve Fund (DIRF), guaranteeing up to $250,000 for non-registered accounts and unlimited coverage for registered accounts.
Yes, multiple businesses or partners can invest in a single GIC as long as the account is set up accordingly. All parties involved must meet the necessary requirements and provide the required documentation.
