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.
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