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A Term Deposit or Guaranteed Investment Certificate (GIC) is a secure investment that guarantees to preserve your initial investment and earns interest at a fixed rate. The main difference between them is the length of the term. Term deposits have a term length under one year and GICs have a term length of one year or more. Based on the longer commitment, GICs generally offer a higher rate of interest than term deposits.
Security and safety – both your original investment and interest payments are guaranteed
Competitive interest rates – guaranteed for the full term of the investment
Flexible investment terms – ranging from 30 days to 5 years
Compare our rates to see which is the right investment for you.
At Kingston Community Credit Union, eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). Eligible deposits (not in registered accounts) are insured up to $250,000 through FSRA.
A third party is an individual or entity, other than the account holder or those authorized to give instructions about the account, who directs what happens with the account. For example, if an account were opened in one individual’s name for deposits that are directed by someone else, the other person or entity would be a third party.