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.

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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.

Peace of Mind: Up to 100% Deposit Insurance*

Deposits are insured for up to $250,000 per Member through the Financial Services Regulatory Authority of Ontario (FSRAO). (www.fsrao.ca*).

Registered deposits (RRSPs, RRIFS, TFSA’s, RESP’s) are insurable up to 100% *.

Enjoy the peace of mind offered by a UCU Term Deposit or GIC.