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GIC (Guaranteed Investment Certificate)
A GIC is a Guaranteed Investment Certificate. That means that you are guaranteed a set rate of return on the funds you invest for the period of time that you invest it for.
A GIC can be a great way to save for a specific goal and avoid the temptation to use the money in the meantime. Typically GIC's are locked in for a set period of time (term), so you "set it and forget it" until the term is up.
A Cashable GIC is a GIC that you can withdraw at any time after 30 days and still collect interest for the time you had the funds invested. This can be a great short term option.
| Terms |
Features |
| 1-4 Years |
Non-redeemable prior to maturity |
| 18 Month |
Allows for full or partial redemption on the 12 month anniversary date |
| 5 Yr 20/20 |
Allows for 20% of the original investment amount to be redeemed on the anniversary date |
Vermilion Credit Union also offers GIC's in US Dollars. That means you can earn interest on any excess US funds you have and aren't using.