Guaranteed Investment Certificates (GICs)

If you want to invest in a GIC for a longer period, you can choose a new term when your current deposit matures. You may also have the option to renew automatically, depending on the type of deposit. Reach out to us to explore the best options for your savings goals.

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

We don’t have any minimum amount requirements for term deposits.

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.

A Guaranteed Investment Certificate (GIC) and a term deposit are very similar, as both offer a secure way to grow your savings over a fixed period. The main difference is that a GIC may offer more flexible options, such as market-linked returns or cashable features, while a term deposit usually has a fixed interest rate and term. Both are low-risk investments that help you earn interest while keeping your funds safe.

If you don’t renew your GIC after it matures, the funds, including the interest earned, will typically be deposited into your account. You can then choose to reinvest, withdraw, or transfer the money based on your financial needs. It’s always a good idea to check your options before maturity to make the most of your investment.

Interest rates for 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 financial goals.