**This is a sponsored post written by me on behalf of EQ Bank. However, as always, all opinions are my own. Guaranteed Investment Certificates (GICs) are an awesome way to save for a financial goal with a specific timeline. These are super-safe cash investments that offer better returns than savings accounts. What are GICs? GIC stands for Guaranteed Investment Certificate and is a type of investment that has both a fixed term and a fixed return. For example, you might buy a 5-year GIC that pays 3.50% interest. This means in order to get the 3.50% interest on the cash you invest, you cannot touch your principal for the 5-year term. GIC terms can range anywhere from 30 days to 5 years. Typically, longer terms offer higher interest rates as an incentive to keep your money invested longer. When a GIC term is completed, it is said the GIC has “matured”. […]
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