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BENEFITS OF A GUARANTEED INVESTMENT CERTIFICATE

Money with Lock

Safe and Secure

Enjoy piece of mind as your money grows knowing that deposits are insured up to $250,000

Piggy Bank

Saving Strategy

Use Term Deposits to your advantage as part of a long term saving strategy for a rainy day or something fun

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Keep It Local 

Put your money to work. Deposits that are kept at Motor City help us give loans and mortgages to your neighbour

Arrow Pointing Up - High Interest

Higher Interest Rate

Better than leaving it in a saving account. Lock in your deposit and get a guaranteed higher rate of return

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Rate Specials

Turn your saving goals into reality

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What is a Guaranteed Investment Certificate (GIC)?

GICs (Guaranteed Investment Certificates) are investments which earn you a fixed rate of interest when you deposit your money for a specified period of time.

  • The interest earned on a GIC account is higher than that paid on a standard savings account and because access to the money is limited for the time frame of the term means we give you an increased rate.
  • It can be placed into an account that best suits your needs. These could be a GIC, TFSA, or RRSP.
  • GICs are a safe investment and can be appealing to conservative, low-risk investors.

It's always best to speak to your Motor City Financial Services Representative to find the best solution for your financial needs.

A GIC can be easily illustrated by the following:

Length of Term + Type of Term + Type of Account = Your GIC

Length of Term
Type of GIC
Types of Deposit Accounts

Short-Term

30 - 364 DAY OPTIONS

Short terms offer lower interest rates but can be used as a short term place to park your money and have it earn more than leaving it in a standard savings or chequing account.

Long-Term

1 - 5 YEAR OPTIONS

Longer terms offer better interest rates and can be a great way to maximize the return on your investment if you can let it mature longer. Plus, with a guaranteed rate of return, you don't have to worry about the volatility of the stock market.

Redeemable

These GICs are completely cashable, meaning that at any point during the term, you can take them out with no fees or penalties, along with whatever interest you've earned. Because of their flexibility, redeemable GICs will tend to have lower interest rates than non-redeemable ones.

Non-Redeemable

These GICs are not cashable, meaning that your deposit is locked in for a certain amount of time. Should you wish to cash in a non-redeemable GIC early, you will incur fees or penalties while losing out on the interest you would have made for the full term. Non-redeemable GICs have higher interest rates.

Index-Linked

Index-Linked GICs offer unlimited earning potential with zero risk to your principal investment. Your investment will be locked in for a pre-determined period and linked to stock market performance. Returns are calculated based on the S&P/TSX 60 Index*, which tracks sixty foremost companies in leading industries in Canada. Find out more about Index-Linked GICs below.

GIC

GICs (Guaranteed Investment Certificates) are investments which earn you a fixed rate of interest when you deposit your money for a specified period of time. Interest earned on a GIC is taxable. The principal and interest on a GICs is insured and guaranteed up to a maximum of $250,000.

Read more about GICs below

TFSA

A Tax-Free Savings Account (TFSA) is a registered savings account and the interest you earn is tax-free. A total of $6,000 can be contributed for 2020 and the current maximum cumulative amount that can be held in a TFSA account as of January 1, 2020 is $69,500. Learn more about Tax Free Savings Accounts here. The principal and interest on a TFSA is insured and guaranteed with no limit on the maximum amount.

Registered Plans

A Registered Plan is an umbrella term for several different savings plans that are registered with the Canadian government. Contributions to your Registered Plan reduce your taxable income, which allows you to pay less tax now and build a larger retirement fund for the future.

Registered Plans include Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF), Locked-In Retirement Account (LIRA), and Life Income Fund (LIF). The principal and interest on a Registered Plan is insured and guaranteed with no limit on the maximum amount.

ABOUT GICs and Index-Linked GICs

Guaranteed Investment Certificates (GIC)

Motor City offers redeemable term deposits (not locked in), which are usually short term deposits and also non-redeemable term deposits (locked in), which are usually longer term deposits.

Features:

  • Low minimum deposit: $500
  • No commissions, management or administration fees
  • Short-Term and Long-Term options
  • The principal and interest on your non-registered GICs is insured and guaranteed up to a maximum of $250,000*

*FSRA insures deposits up to $250,000. They calculate your insured savings by combining the amounts in: Savings and chequing accounts; and GICs; Money orders, certified cheques and drafts issued by Ontario credit unions (that are payable to you and not yet cashed)

Index-Linked GICs

If you are thinking of getting back into the investment market, but want the security of a term deposit with stock market gains, an Index-Linked GIC is an excellent investment option. Returns are calculated based on the S&P/TSX 60 Index^, which tracks sixty foremost companies in leading industries in Canada.

Features:

  • Low minimum deposit: $500
  • No commissions, management or administration fees
  • Choice of 3 or 5 year terms
  • RRSP/TFSA Eligible
  • Deposits are 100% protected by the Financial Regulatory Authority of Ontario (FSRA)
  • Not redeemable prior to maturity

Track Index-Linked:
5 Year or 3 Year

^Standard & Poor's® and "S&P®" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Central1 Credit Union and sublicensed by the Credit Union. "TSX" is a trademark of the Toronto Stock Exchange and has been licensed for use by Central1 Credit Union and sublicensed by the Credit Union. The Product is not sponsored, endorsed, sold or promoted by Standard & Poor's or the Toronto Stock Exchange and neither party makes any representation regarding the advisability of investing in these deposits.

Our Rates

Special Non-Redeemable
Regular Non-Redeemable
Redeemable
Registered Plans
USD

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About the Financial Services Regulatory Authority of Ontario

The Financial Services Regulatory Authority of Ontario (FSRA) regulates the Credit Union sector in Ontario and provides deposit insurance, prudential oversight and more to protect Ontarians.

By banking at Motor City, your unregistered deposits are insured up to $250,000* and unlimited on registered deposits.

*FSRA insures deposits up to $250,000. They calculate your insured savings by combining the amounts in: Savings and chequing accounts; and GICs; Money orders, certified cheques and drafts issued by Ontario credit unions (that are payable to you and not yet cashed)

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