Not sure how to make a savings plan? Read on…
When you’re living paycheque to paycheque and every dollar counts, it’s hard to imagine how to save any significant amount of money. The good news is, you can build up an emergency fund even while living paycheque to paycheque. The best news of all is once you’ve built up some sa.... More »
How do you find the best Guaranteed Investment Certificate rates? What even is a GIC anyway? Maybe a financial planner or someone at your bank told you to take a look at GICs as a way to save more money. But not everyone knows what a GIC is, how it accrues interest or how to shop for the best GIC interest rates. After sorting that out, you can look at the different types of GICs that are available for short-term and long-term investing. That way you can make a sound investment and have more confidence when you set up your new GIC account.
What is a GIC?
A guaranteed investment certificate (GIC) is a safe way for Canadians to invest money. While stock market investments have their fair share of risks, GIC’s don’t. They promise a return on your investment based on the interest rate you lock-in.
A GIC is similar to a savings account. You save a specific amount of money over a set term with an interest rate that’s locked in for that particular term. When the term ends, you will get all your original money back plus the interest that is accrued…