EQ Bank GIC Rates: What Are GIC Rates at EQ Bank and What are the trends for Future?

In this article, you’ll learn about EQ Bank’s GIC rates: what they offer and what trends might be coming. EQ Bank offers various financial services, including retirement accounts and fixed deposits. They also provide GIC rates to their customers. For more important details on EQ Bank’s GIC rates and future trends, keep reading this article.

EQ Bank GIC Rates

EQ Bank is a financial company that offers banking services to its customers. Known for competitive rates, EQ Bank’s GIC rates are among the best in Canada, currently offering up to 5.75% interest on fixed deposits. These rates vary based on factors like the type of account, investment plan, and whether it’s registered or non-registered.

EQ Bank also provides Guaranteed Investment Certificates (GICs) that offer attractive rates and a variety of financial options to their customers. Throughout 2024, EQ Bank has consistently offered some of the highest interest rates in Canada, making them a top choice for savers looking to maximize their returns.

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What are EQ GIC Rates?

A GIC is a financial product offered by banks that gives you a set interest rate for a certain period. It’s a safe way to invest your money for the long term, earning more than regular savings accounts. When the term ends, you get back your initial deposit plus the interest you’ve earned.

The interest rates depend on how long you invest and how much you put in. Banks or credit unions offer higher rates for longer-term deposits. If you’re looking for a short-term option, you can start with a smaller amount.

What Are GIC Rates at EQ Bank?

EQ Bank offers a variety of Guaranteed Investment Certificates (GICs). You can choose to receive interest payments either when your GIC matures or every year.

On the basics of Maturity

Three Months4 per cent
Six Months5 Per cent
Nine Months4.80 per cent
Fifteen Months5.65 per cent
Twenty-Seven Months5.60 per cent

These rates depend on how long you invest your money for. You just need to decide how many months you want to invest.

On the basics of Annually

One  Year5.75 per cent
Two year5.70 per cent
Three year5.45 per cent
Four year5.20 per cent
Five year5.20 per cent
Six year4.50 per cent
Six year4.50 per cent
Seven years4.50 per cent
Ten year4.50 per cent

These interest rates are calculated annually. That means you need to deposit the amount each year during that period.

You can buy up to twenty GICs with as little as 100 CAD each, up to a maximum of 100,000 CAD per GIC. This means you can hold up to 500,000 CAD in GICs altogether, not including the interest you earn.

What are the trends for the Future?

Investors are increasingly interested in GICs because they offer high interest rates that stay fixed. A guaranteed investment certificate is becoming a popular choice due to its reliability. It seems likely that GICs will remain a top pick for investors.

Inflation and rising prices can affect these interest rates. With borrowing costs going up, investing in GICs is a smart move.

The future of GICs will depend on financial institutions continuing to offer competitive interest rates. Investors want to maximize returns quickly, and GICs cater to both short and long-term investment goals. This positions financial organizations well for future growth trends.

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