Hey, aren’t GICs supposed to be stress-free investments? - GIC Wealth Management

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FYI/Blog Hey, aren’t GICs supposed to be stress-free investments?

Hey, aren’t GICs supposed to be stress-free investments?

These are worrying times for people who put money into savings accounts and guaranteed investment certificates sold by subsidiaries of troubled Home Capital. Clients have pulled millions of dollars out of savings accounts from Oaken Financial and Home Trust, but GIC assets remained largely untouched as of early this week.

Both savings and GIC deposits at Oaken and Home Trust are protected for up to $100,000 by the Canada Deposit Insurance Corp., a federal crown corporation. But while savings are easily transferrable to another financial institution, non-cashable GICs cannot easily be redeemed. Expect penalties and to forfeit at least some interest if you’re able to break a GIC.

To read full article click on the link below:

https://gicwealth.ca/hey-arent-gics-supposed-to-be-stress-free-investments/