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Guaranteed Investment Certificate GIC

Guaranteed Investment Certificate GIC. A GIC is a savings certificate sold by the banks A GIC guarantees a fixed interest rate (whereas interest rates may go up or down in your savings) that is usually compounded over time. GIC’s. The Advantage

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Guaranteed Investment Certificate GIC

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  1. Guaranteed Investment CertificateGIC • A GIC is a savings certificate sold by the banks • A GIC guarantees a fixed interest rate (whereas interest rates may go up or down in your savings) that is usually compounded over time

  2. GIC’s • The Advantage • A GIC is a safe investment because your principle is insured by the bank. • The Disadvantage • There is usually a term of 3 to 5 years before maturity. You cannot take your money before this time without a penalty.

  3. GIC • Investors usually buy GIC’s when saving for a large future expenditure and they don’t need to use the money for then • i.e. buying a car, a house, paying tuition

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