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  • Jan 10th, 2006 4:10 pm
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[OP]
Jr. Member
Nov 17, 2003
138 posts

GICs

I am currently saving for a period in ~2.5 years where I will be off 4 months without pay.

I'm kindof conservative with my savings so I don't want to get into something as volatile as mutual funds. So I think I am going to go with a GIC from ING. Is this a wise choice?

Can I choose the term of a GIC to be from say April 2006 to August 2008? Or does can you only choose yearly increments (ie April 2006 to April 2008).

Also, is it like a savings account in the sense that I can keep adding to it monthly (but obviously can't take out of it until the term is up without penalty)?
6 replies
Deal Fanatic
User avatar
Nov 13, 2005
5770 posts
191 upvotes
GTA
Try TDCanada Trust. They have the term that your looking for in the GIC with comparable rates PLUS they have a savings account whereby they allow you up to 3 withdrawals per month b4 the fees kick in.

sk :)
[OP]
Jr. Member
Nov 17, 2003
138 posts
Yeah but they have a minimum balance plus I'm sure fees somewhere else. I already have a savings account with TD anyway.
[OP]
Jr. Member
Nov 17, 2003
138 posts
I just looked and TD's GIC rates are only 2.45%! That's less than an ING savings account. The ING GIC was 3.75% with no minimum balance.
Deal Addict
Nov 18, 2004
2690 posts
5 upvotes
Toronto
basic wrote:Also, is it like a savings account in the sense that I can keep adding to it monthly (but obviously can't take out of it until the term is up without penalty)?
no, a GIC is not like a savings acccount and you will not be able to keep adding to it monthly unless you open a new GIC.
Banned
User avatar
Dec 24, 2004
10708 posts
151 upvotes
TD has a stock indexed GIC with a really high return but if the stock market tanks then you get 0, but at least your principal is protected.
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[OP]
Jr. Member
Nov 17, 2003
138 posts
Agent_J wrote:no, a GIC is not like a savings acccount and you will not be able to keep adding to it monthly unless you open a new GIC.
Dammit! I thought that I could. Oh well!

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