GIC (Guaranteed Investment Certificate)
Vermilion Credit Union wants to see your business grow! A GIC may be a great option for saving for your business, especially if you have plans for the future. This can be a great way to start saving and earning interest. Find out more below!
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.
||Non-redeemable prior to maturity
||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|