Learn more about Canada’s top banks rates, rules and the latest news – read on!
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The best 5-year variable mortgage rates in Canada + MORE Sep 5th
Mortgages
The best 5-year variable mortgage rates in Canada
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The best high-interest savings accounts in Canada for 2024 + MORE Aug 6th
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The best high-interest savings accounts in Canada for 2024
Here are the accounts offering the highest interest rates and lowest fees.
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How does a reverse mortgage work in Canada? + MORE Aug 29th
More than ever, Canadians are relying on reverse mortgages—a “don’t-pay-till-you-die” option to borrow up to 55% of the appraised value of your home—and the trend is turning conventional wisdom about debt and retirement on its head. While past generations fought hard to avoid debt in their.... More »
The best high-interest savings accounts in Canada for 2024 + MORE Aug 19th
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The best high-interest savings accounts in Canada for 2024
Here are the accounts offering the highest interest rates and lowest fees.
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The best GIC rates in Canada for 2024 Aug 26th
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
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Is now the time for retirees to sell stocks and buy GICs?
– moneysense.ca
Ask MoneySense
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
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. That said, they are starting to decrease and look poised to decline further over the balance of 2024 and into 2025. 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 trust companies, credit unions and online banks generally offer a healthy premium to the big banks.
Are GIC rates going up in Canada?
At the start of 2022, GIC rates were just starting to rise but were still less than 3%…
