Term Deposits

Term Deposit Investments

Term deposits are sometimes referred to as Guaranteed Investment Certificates (GIC) but are essentially the same product. Term deposits are low risk investments guaranteed to return your initial investment plus interest earned. There is no minimum or maximum age restriction to invest in a non-registered term deposit; however, there are specific age restrictions associated with some registered accounts.  (e.g.  TFSA minimum age 18, RRSP maximum age 71, etc.) 

Opening a Term Deposit

  • Term deposits can be invested for as little as 30 days or as long as 5 years.
  • The minimum amount that can be invested in a term deposit is $500. 
  • A term certificate will be issued for all non-registered term deposits purchased.
  • A contract will be provided for all Index linked term deposits purchased.
  • Non-registered term deposits can be invested and held by an individual, joint owners, “In Trust For”, business, association, organization, etc.
  • Registered term deposits can be held in your Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF), Tax-Free Savings Account (TFSA), Registered Disability Savings Plan (RDSP), or Registered Education Savings Plan (RESP). 
  • All insurable deposits in a non-registered account may be insured up to a maximum of $250,000 with coverage provided by Financial Services Regulatory Authority of Ontario.
  • Insurable deposits held in joint accounts, trust accounts and registered accounts are insured separately from insurable deposits of an individual depositor. All insurable deposits in a registered account have unlimited deposit insurance coverage provided by Financial Services Regulatory Authority of Ontario.
  • Term deposits of less than 1 year are only available as a non-registered or a TFSA investment.
  • There are three types of term deposits available:             
    • non-redeemable
      - You agree to invest a certain amount of money for a specific length of time for the benefit of earning a fixed rate of interest.
    • cashable
      - Provides you the flexibility to withdraw funds as needed while earning interest for the length of time funds remained invested.
    • Index Linked
      - Allows you to invest in the stock market without risking the amount of your initial investment, and without the fees associated with mutual funds. 

Term Deposit Products

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We offer a number of options for your investments.