Interest rate hikes in the last 18 months have increased GIC ( guaranteed income certificates ) rates to more than 5.5% in 2023. For example, EQ Bank ( TSX:EQB ) offers a 1-year GIC rate of 5.6% to investors, while Laurentian Bank of Canada has a 2-year GIC rate of 5.65%.
As inflation in Canada has cooled off in recent months to less than 3%, GIC investments allow you to grow your wealth over time. What are GICs or guaranteed income certificates?
A GIC is an investment that works as a savings account where you can earn interest on […]
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