Benefits of a Raise the Rate GIC
Grow your money, plus get peace of mind - your initial investment and returns are guaranteed.
No locked-in rates
Invest long-term without locking into a rate! Start with a competitive rate, and if our rates go up, you can “rate match” and increase your return.
Learn more about how a GIC like Raise the Rate can help navigate uncertain markets, like the ones caused by COVID-19.
Not sure you really understand how GICs work? Check out this great guide.
3-year Raise the Rate GIC: 1.30%
5-year Raise the Rate GIC: 1.45%
Accessing your cash
This GIC is non-redeemable
How interest works
All rates are annual rates of interest.
Interest is calculated/compounded annually and paid annually and at maturity.
If you increase your rate, the annual interest paid will be pro-rated based on the two rates used for that year and the length of the time each rate is held. The overall yield will be a combination of the rates.
You earn more interest the longer you keep your money invested.
Want to better understand interest rates? Check out:
Looking for a short-term investment?
1-Year Cashable GIC
Get fast, flexible savings at a competitive rate!
Available for non-registered and TFSA plans
You can rate match and raise your rate once over the term of the 3-year Raise the Rate GIC and twice over the term of the 5-year Raise the Rate GIC.
You can match your rate against select GICs with the same term.
For the 3-Year Raise the Rate GIC you can match against the rate for:
3-Year Raise the Rate GIC
3-Year Fixed-Rate GIC
3-Year Escalator GIC (effective yield to maturity) for registered products only
For the 5-Year Raise the Rate GIC you can match against the rate for:
5-Year Raise the Rate GIC
5-Year Fixed-Rate GIC
5-Year Escalator GIC (effective yield to maturity) for registered products only
No. Your term remains the same.
You can take control of your rate by monitoring rate changes and requesting an increase when you see a better rate for Meridian GICs - it doesn’t happen automatically. If you’re registered for Online Banking you will get a notification to let you know when you’re eligible for an increase.
You can request a rate change three different ways:
Visit any Meridian branch location and request a rate change
Call the Contact Centre and request a rate change
Request a rate change through Online Banking or our Mobile App
It takes two to three business days for the rate to become active. The effective date of the change will be the date you requested it.
Visit a branch to open a Raise the Rate GIC as part of an RRIF plan.