What are the differences between types of GICs?

The different types of GICs and their features are:

  • 6 months - Annual interest rate, redeemable after 180 days
  • Cashable - Redeemable prior to maturity, interest paid annually
  • Annual - Annual interest rate, annual pay-out, non-redeemable before maturity
  • Annual Compound - Annual interest rate, interest compounded annually and paid at maturity, non-redeemable before maturity
  • Semi-Annual - Annual interest rate, semi-annual pay-out, non-redeemable before maturity
  • Monthly - Annual interest rate, monthly pay-out, non-redeemable before maturity
  • US$ Pay - Annual interest rate, US currency purchase and pay-out, non-redeemable before maturity
Last updated July 2, 2020