What are term deposits and GICs?
Guaranteed Investment Certificates pay a fixed rate of interest for a specified term between one and five years. Term Deposits pay fixed interest for a specified term between 30 and 365 days. There are no withdrawal privileges unless otherwise stated. The principal is guaranteed in both cases.
Who should buy them?
- Investors with a very low tolerance for risk
- Those seeking income in retirement
- People who want to put their savings out of reach for a specific period of time
Most investment portfolios will have a foundation of fixed-term products. How much of a foundation depends on you and your specific circumstances.
Already bank at Libro?
You can purchase and renew GICs with funds in an existing Libro account, in Online Banking!
- The online purchase process takes less than five minutes
- Begin by logging in, tap the ‘plus sign’ or ‘open account’ button on the accounts dashboard and selecting ‘Investments’.
- You can purchase non-registered or registered GICs online, provided you already have the according registered account.
- If you’d like to open a new registered account for a GIC contact a Libro Coach at 1-800-361-8222, or book a meeting.
- By choosing to purchase online, you’ll receive a bonus rate!
*Not applicable on special offer rates
- You can choose between short- or long-term investment timeframes and easily compare rates
Not yet banking at Libro?
Speak with a Libro Coach today to learn more about investing at Libro and how to get started.
If you have GICs in your RRSP portfolio, ask a Libro Coach about five-year ladders to minimize your interest rate risk over time.