Term deposits/GIC’s are an excellent product to add to your investment mix. At Mainstreet we offer term deposits which allow you to set money aside in savings for as little as 1 year to as long as 5 years - or somewhere in between- depending on your savings goals.
Your deposit is guaranteed up to $250,000 for non-registered term deposit products, with unlimited insurance on our registered products.
GIC Features:
- A rate of interest guaranteed for the investment period you have chosen.
- Term Deposit rates of return are usually higher than a standard savings account.
- A choice between cashable (open) or non-cashable (locked-in) term products.
- Interest is calculated on the closing daily balance and may be paid monthly, quarterly, annually, or at maturity depending on the product chosen.
Deposit Insurance Corporation of Ontario (DICO)
DICO's role is to protect depositors of Ontario credit unions. All insurable non-registered deposits are covered up to $250,000. Insurable deposits in registered accounts have unlimited deposit coverage. This is free automatic coverage for you our members!
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