Term Deposits & Guaranteed Investment Certificates
Term Deposits & Guaranteed Investment Certificates are stable, worry-free investment options that are a great addition to your savings and investment plan, by offering a higher rate of interest than a savings account.
What are Term Deposits?
Term Deposits are special accounts for a set amount of money (the "deposit") over a set amount of time (the “term"). A term length can be as short as 30 days and up to a maximum term of 1 year. A Term Deposit is redeemable (cashable) before the end of the term at a reduced rate of interest. If the investment becomes an estate account, the term deposit is redeemable with no reduction in interest.
Terms deposits are suitable for someone who wants to take advantage of higher interest rates and to have the added benefit of cashing in the term deposit prior to maturity
What are Guaranteed Investment Certificates?
Guaranteed Investment Certificates have a term ranging from 1 year to 5 years in length. They are usually non-redeemable (not cashable) before maturity and may offer a higher rate of interest when compared to a Term Deposit. If the investment becomes an estate account, the GIC is redeemable with no reduction in interest.
GIC’s are suitable for someone who is willing to commit their investment for a longer term for a higher rate of return.
Deposit Insurance
Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA
Eligible deposits in all registered accounts with Ontario Credit Unions have unlimited deposit insurance coverage through the Financial Services Regulatory Authority (FSRA)
For more information please visit: Deposit Insurance Reserve Fund (DIRF) (fsrao.ca)
Enjoy the peace of mind offered by a UCU Term Deposit or GIC.
Unsure if a Term Deposit is Right for You? Talk to a Financial Expert today.
Working with a credit union is different. Our financial experts will answer any of your term deposit questions.
Get started today!To speak with a UCU Advisor, call 1-800-461-0777, email greatrates@ukrainiancu.com or complete the form below.
All interest rates are expressed as annual rates applicable to each deposit term. All rates are promotional, available for a limited time, and subject to availability at the time of deposit. Rates applicable to “new money” deposits are limited to money deposited by the member from another financial institution to make a qualifying deposit. Unless otherwise specified on the Certificate of Deposit issued at the time the deposit is made, term deposit and GIC products are not redeemable before maturity. All GICs and term deposits are subject to membership conditions and the terms of the Certificate of Deposit, including, the method of interest calculation, interest payment, and if applicable, the ability to redeem before maturity and the applicable interest payable as of the date of redemption or maturity.
