Guaranteed Investment Certificate

by astanhaus

image

Usually, I’m weary of guarantees. But, the CDIC is behind Guaranteed Investment Certificates (GICs), so I’m feeling good about my principal.

(click on the bold-faced vocab word:))

GICs are the Canadian equivalent of the U.S.’s Certificates of Deposit.

I invest a certain sum of money and can’t access it till it matures. I’m rewarded for my good non-withdrawing behavior with higher than usual interest payments.

There are a considerable amount of combos with my ability to choose time frame till maturity and interest payment frequency.

Ask your bank about the endless possibilities of GICs!

image

(Originally published on Amanda Stanhaus’s financial literacy blog: XO, Bettie.)

Advertisements