What is a GIC?
A Guaranteed Investment Certificate (GIC) is a safe and secure investment. Unlike some investments, you don’t have to worry about losing your money because it is guaranteed.
A GIC works like a savings account, in that you deposit money into it and earn interest on that money. The difference is that you must leave your money in a GIC account for a specified period of time. If you take it out early, you may have to pay a penalty – depending on the type of GIC you own.
When you buy a GIC, you are lending your money to a financial institution for a specified number of months or for up to 5 years. The longer the term, the more interest you earn. At the end of the term, you get the entire amount that you deposited, plus interest.
Mountain Strong Financial now offers GICs in both BC and Saskatchewan.
For GICs in BC and Alberta – We are representing Monarch Wealth Deposit Group Inc.
For GICs in Saskatchewan – We are representing GICDirect Financial Services
