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What is a cashable GIC?
– moneysense.ca
Canadian investors have been struggling with high inflation for a couple of years now. In an attempt to cool inflation down, the Bank of Canada (BoC) continues to keep interest rates high. As a result, the interest rates available for guaranteed investment certificates (GICs) look to be pretty attractive—above 5% for certain types of GICs. While people often think of GICs as “locking in” your money, there are several types of GICs suitable for different types of investors, including cashable/redeemable ones. Simply put, a cashable GIC is a flexible GIC—one that you can sell and convert to cash even before it matures.
How cashable GICs work
Traditionally, GICs offer Canadian investors three core benefits:
Principal protection to ensure your money remains safely investedA guaranteed interest rate to ensure you get a fixed return on your investmentCanada Deposit Insurance Corporation (CDIC) coverage of up to $100,000 per depositor (in the event of bank insolvency), subject to CDIC rules and regulations
In addition to these three core benefits, a cashable GIC offers investors the option of getting their money back even before the term of the GIC has ended, if they so choose…
