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Term Deposits

Term Deposit Investments

Term deposits are sometimes referred to as Guaranteed Investment Certificates (GIC) but are essentially the same product. Term deposits are low risk investments guaranteed to return your initial investment plus interest earned. There is no minimum or maximum age restriction to invest in a non-registered term deposit; however, there are specific age restrictions associated with some registered accounts.  (e.g.  TFSA minimum age 18, RRSP maximum age 71, etc.) 

 

Opening a Term Deposit

  • Term deposits can be invested for as little as 30 days or as long as 5 years.
  • The minimum amount that can be invested in a term deposit is $500. 
  • A term certificate will be issued for all non-registered term deposits purchased.
  • A contract will be provided for all Index linked term deposits purchased.
  • Non-registered term deposits can be invested and held by an individual, joint owners, “In Trust For”, business, association, organization, etc.
  • Registered term deposits can be held in your Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF), Tax-Free Savings Account (TFSA), First Home Savings Account (FHSA), Registered Disability Savings Plan (RDSP), or Registered Education Savings Plan (RESP). 
  • Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA).
  • Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA).
  • Term deposits of less than 1 year are only available as a non-registered, TFSA investment or FHSA investment.
  • There are three types of term deposits available:             
    • non-redeemable
      - You agree to invest a certain amount of money for a specific length of time for the benefit of earning a fixed rate of interest.
    • cashable
      - Provides you the flexibility to withdraw funds as needed while earning interest for the length of time funds remained invested.
    • Index Linked
      - Allows you to invest in the stock market without risking the amount of your initial investment, and without the fees associated with mutual funds. 
 

Term Deposit Products

  • fixed rate of interest paid for a specified term length
  • term deposits can be invested for 30 days up to 5 years
  • guaranteed return of the initial amount invested
  • initial amount invested can be withdrawn at maturity only
  • interest earned can be paid into the term deposit (compounding) or it can be transferred to your chequing or savings account
  • interest earned is paid annually but semi-annual or monthly interest payment options are available for term deposits of 1 year or greater (interest rates are adjusted accordingly when semi-annual or monthly interest payment option is selected)
  • at maturity, you can automatically renew your term deposit for any length of time you choose, or you can have the funds transferred to your chequing or savings account for non-registered term deposits, or to your registered savings account for term deposits held in your RRSP, RRIF, TFSA, etc.
  • available as a 1 year term deposit only
  • guaranteed return of the initial amount invested
  • initial amount invested can be withdrawn at any time after the initial 90 days
  • fixed rate of interest paid for specific length of time term deposit is held
  • interest earned can be paid back into the term deposit or can be transferred to your chequing or savings account
  • at maturity, you can automatically renew your term deposit for any length of time you choose, or you can have the funds transferred to your chequing or savings account for non-registered term deposits, or to your registered savings account for term deposits held in your RRSP, RRIF, TFSA, etc.
  • available as either a 3 year or 5 year term deposit only
  • guaranteed return of the initial amount invested
  • investment return on the deposit is based on the participation rate multiplied by the average return of the S&P/TSX 60 Index over the term of the deposit
  • at maturity, your non-registered index linked term deposit will transfer to your chequing or savings account
  • at maturity, your registered index linked term deposit will transfer to your registered savings account (RRSP, RRIF, TFSA)

Check out our rates!

We offer a number of options for your investments. 

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