How to go about securing the best rate and plan for your credit card in Canada.
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Is now the time for retirees to sell stocks and buy GICs?
– moneysense.ca
My husband is retired and concerned that his money that is invested in his RRSP and TFSA is fluctuating too much. He is retired and is wondering if his funds should be in a GIC account as it’s paying 4% and not losing principal. He’s concerned in this volatile market.—Rodeen
Are GICs a good idea for retirement?
As you noted, Rodeen, guaranteed investment certificate (GIC) rates have risen to levels we have not seen in over 15 years. There are one- to five-year rates that are between 4% and 5%, and even slightly over 5% if you shop around. You may not get these rates at major banks, where rates may be 1% to 2% lower than that, but credit unions, trust companies and online banks generally offer a healthy premium.
Are GIC rates going up in Canada?
A year ago, GIC rates were just starting to rise but were still less than 3%. The reason they are so much higher now is worth considering. The January 2023 year-over-year inflation rate fell to 5.9%, after rising at a 6.3% rate for 2022…
