In this article, you will get to know about the EQ Bank GIC Rates: What Are GIC Rates at EQ Bank and What are the Trends for Future? EQ Bank is a monetary organization that provides further types of facilities to its customers. EQ provides retirement provision accounts, Fixed deposit accounts etc. With various types of facilities and offers to its customers, it also delivers GIC rates. To get more crucial information regarding EQ Bank GIC Rates, What is it, future trends and more continue browsing this article.
EQ Bank GIC Rates
EQ is a financial corporation that provides banking facilities to its customers. EQ Bank GIC rates are one of the top interest rates in Canada. EQ provides a certain type of banking facilities with 5.75 per cent interest rates on their fixed deposits. The rates depend on certain factor, which includes the individual bank type, investment plan, registered or non-register etc.
However, EQ provides a Guaranteed Investment certificate that offers incredible rates with a wide range of financial options to their user. EQ banks offer some of the highest rates of interest in Canada. In 2024, EQ banks have been top since the start of the year with a wide range of offers and rates.
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What are EQ GIC Rates?
GIC is a financial product of the financial cooperation that provides fixed return interest for a fixed period of time. The Guaranteed Investment Certificate is a low-risk, long-term investment through which the depositor can earn more than its fixed deposits. It is a fixed period of investment, that delivers all the deposit sum with a fixed rate of interest at the term end.
The rates vary according to the term plan and investment. The Bank or other credit union pays you the higher rates of interest. But depositor needs to keep the sum for a longer period of time. As a short-term investment, it provides you with the minimum sum to invest.
What Are GIC Rates at EQ Bank?
EQ Bank provides a wide range of Guaranteed Investment certificates on the basics of Interest paid at maturity or annually.
On the basics of Maturity
| Term | Rate |
| Three Months | 4 per cent |
| Six Months | 5 Per cent |
| Nine Months | 4.80 per cent |
| Fifteen Months | 5.65 per cent |
| Twenty-Seven Months | 5.60 per cent |
These rates are provided based on the maturity period. In that individual has to invest in the basics of months.
On the basics of Annually
| Term | Rate |
| One Year | 5.75 per cent |
| Two year | 5.70 per cent |
| Three year | 5.45 per cent |
| Four year | 5.20 per cent |
| Five year | 5.20 per cent |
| Six year | 4.50 per cent |
| Six year | 4.50 per cent |
| Seven years | 4.50 per cent |
| Ten year | 4.50 per cent |
These rates of interest are delivered based on annual terms. In this term, the depositor has to deposit the sum on a yearly basis.
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An individual can purchase up to twenty GICs with a minimum investment of 100 CAD to 100,000 CAD. With this, they can hold around 500,000 CAD in GICs. This amount is other than the interest earned amount.
What are the trends for the Future?
Currently, investors are looking forward to investing in the GICs because they provide a huge amount of interest with a fixed rate of interest. A guaranteed investment certificate is one of the top investment terms, and investors are also showing their interest in this term. By this, we can assume that the GICs will be one of the top choices of investors in the future.
As rising of inflation and the prices can create a major impact on this rate. As borrowing is becoming more expensive these days, it is a great choice to invest in the GICs.
In future, it also depends on the financial cooperation whether they continue providing a good per cent interest rate to their customer or not. The investor’s first choice is to get more sum on their investment in the minimum period, and GICs provide both short-term and long-term investment. This can be a plus point for the financial organisation with continued growth in their future trends.