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Guaranteed Investment Certificate (GIC)
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 has a 1 year term but is cashable after 30 days with no loss of interest. If you cash it in prior to 30 days then no interest is paid.
| 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.