GUARANTEED INVESTMENT CERTIFICATES (GICs)
Did you know you can purchase GICs from Jefferson|Steele Wealth Management?
After our piece on Guaranteed Investment Certificates (GICs) in our September Newsletter, we have had many good discussions with clients who had not realized we could buy GICs on their behalf. We thought it would be timely to remind clients of a couple reasons to talk to us about GIC investing:
- We are able to access from twenty different Canadian banks and Credit Unions.
- GICs purchased via Jefferson|Steele Wealth Management are covered by Canada Deposit Insurance Corporation (CDIC), up to $100,000 per account.
- In the case of GICs issued by BC Credit Unions for BC residents, the Government of BC makes this guarantee unlimited.
- We offer terms up to 5 years.
- Rates vary dramatically between offering institutions from day to day.
- Comparing the 5 year GIC rates offered by the Big 6 banks, they range from 1.10% per year on the low end to 2.16% on the high end.*
- A comparison of several bank’s websites will often show we are able to access better rates than posted on the website. As an example, one bank’s current 5 year posted rate on their website is 1.70% while they are offering a rate of 2.15% to our clients.*
- We are able to comparison shop to find you the best rate.
So if you have GICs coming due and would like to talk with us about next steps, just give us a call and we are happy to provide further details.
*as of Thursday, February 11, 2016
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