We know – you’re already enjoying great interest rates on savings inside your EQ Bank Savings Plus Account. But would it hurt to earn more?
If you have some money you don’t need to touch for a while, our non-redeemable GICs are simple, guaranteed investments that can give your savings an extra push. You pick the term. We pay you interest. And all the while, your deposits remain eligible for Canada Deposit Insurance Corporation (CDIC) protection.
Registered money? That works too!
With TFSA GICs and RSP GICs, you get to keep more of the interest you earn. GICs held outside registered plans pay taxable interest. That means the government takes its cut at tax time. GICs held inside registered plans pay interest that isn’t taxed as long as it stays inside your Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP).
What happens when your GIC matures and you withdraw your money? With a TFSA, you still get to keep every penny because withdrawals are tax-free. With an RRSP, you pay tax on withdrawals – so don’t withdraw until you retire. That’s kind of the whole point of RRSPs anyway. Until then, you can keep your money growing tax-deferred inside your plan. The easiest way to do this is simply to reinvest in a new GIC.
Won’t it be a hassle?
No, of course not! Like everything else at EQ Bank, our GICs are easy to buy. There’s no paperwork. You can invest as little as $100. And, just like that, you can start earning some of the highest guaranteed rates in the industry. Learn more here.
Also, because we offer “set it and forget it” rates that last for the entire term of your GIC, you know exactly how much you’ll have at maturity. In fact, you can calculate it right now.
