Guaranteed investment contract rates

guaranteed investment contract rates

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You can enjoy the same purchaser, or investor, provides the as a kalthough guaranteed investment contracts.

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Boost Your 401(k): Take Advantage of Year-End Contribution Limits
A guaranteed investment contract (GIC) is a contract that guarantees repayment of principal and a fixed or floating interest rate for a predetermined period. Our single deposit GIC guarantees both principal and interest at a fixed rate until maturity. The contract authorizes withdrawals for employee benefit. GIC rates are determined using either simple interest, or compound interest. With simple interest, you'll only earn interest on your initial investment.
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    calendar_month 13.10.2023
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The annual interest rate that applies to a GIA is guaranteed to be at least: the interest rate representing the effective annual yield on current coupon Government of Canada bonds with the same term period and effective date as the guaranteed investment account minus the guaranteed management fee, or the guaranteed minimum interest rate for this account whichever is greater. No, there is no federal insurance for guaranteed investment contracts, unlike certificates of deposit CDs , many of which are covered by either the Federal Deposit Insurance Corp. Office of the Comptroller of the Currency.