GIC (Guaranteed Investment Certificate) and Guaranteed Term Deposits – Ottawa, Ontario
GICS and Guaranteed Term Deposits provide a safe way to save money because your initial investment is protected and interest is guaranteed. While GICs and Guaranteed Term Deposits usually provide a lower rate of return than many other investments, they are often bought for retirement plans due to their low-risk guaranteed returns.
GICS are locked in for a period of one to five years. Guaranteed Term Deposits have shorter terms, allowing the investor quicker access to their investments. Interest earned in a GIC is usually greater than that of a Guaranteed Term Deposit because the GIC is invested for a longer period of time.