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How GIC interest rates work
– moneysense.ca
GICs are particularly safe because they give you a guaranteed return, unlike other investments that have variable returns, such as stocks and bonds. And when you invest in GICs at a financial institution that is a member of the Canada Deposit Insurance Corporation (CDIC), your deposits are eligible to be protected by government-backed insurance up to $100,000 per eligible account.
The low-risk nature of GICs makes them ideal when saving for a big goal with a deadline, like a down payment on a home or a big vacation, as well as when you want to protect your capital—for example, if you’re approaching retirement or already retired.
Recently, GIC rates have risen significantly. Let’s take a look at how GIC interest rates are determined…
The Best Bank for Small Business in Canada for 2023
– canadianfinanceblog.com
To help you find the right account for your business, I’ve compiled a list of 18 of the best business bank accounts in Canada. I’ve included the big five banks and several online banks and divided the accounts into the following categories:
Best Basic Business Accounts: Best for small and new businesses
Best Unlimited Business Accounts: Best for companies with large transaction volumes
Best US Dollar Business Bank Accounts: Best for US dollar transactions
Best Online Bank Business Accounts: Best for earning interest on business savings
You’ll notice that the big banks offer the widest range of features and service plans, but the online banks are great as complementary accounts where you can earn interest on your excess savings…
6 times when a GIC is a smart investment choice
– moneysense.ca
Issued by banks and trust companies, GICs work much like a savings account with interest rates that are slightly higher. The main difference is you promise to leave the funds alone for a set amount of time—usually ranging from one to five years. Your principal is protected by the Canada Deposit Insurance Corporation (CDIC) (or provincial deposit insurance, for GICs with credit unions or trust companies), up to $100,000 per product, in most cases. You can have multiple insured GICs up to $100,000 in each of your RRSP, TFSA, non-registered accounts and joint spousal non-registered accounts at one financial institution, and do the same at another institution as needed to ensure your money is fully protected…