GIC | Guaranteed Investment Certificate

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Minimum $1,000 deposit.
Terms vary from 1 to 5 years.
Interest is paid annually and deposited directly into your Daily Interest Chequing account.
Certificates cannot be cashed prior to date of maturity
No Rebate GICs: Offer higher interest rates and are also available for 1 to 5 year terms but are not eligible for bonus interest under Parama's profit sharing program.
Cashable GICs: Available for a 1-year term at a slightly lower interest rate than the conventional 1 year GIC. These are cashable anytime from 60 days after the initial deposit and require a minimum deposit of $1,000.
US Dollar GICs: Available for a 1-year term with a minimum of a $1,000 deposit. Principal plus interest earned are deposited directly into your US Dollar Savings Account on the day of maturity. Not cashable prior to maturity date.
Index-Linked GICs: Available for 3 and 5 year terms. Combines participation in the potential gains in the stock market with the principal protection of a GIC.

Deposit Insurance:

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).