*Depending on the series, the dividend floor rate ranges from 4.00% to 6.50%. Dividends are not guaranteed.
Non-Redeemable GIC:
GIC interest rates expressed are annual interest rates and current as of today’s date. Rates are subject to change without notice. Interest is calculated and accrued daily. Interest is paid at maturity unless otherwise specified. The minimum required investment is $100. Applicable to Retail and Business Banking Members.
(1) Escalator GIC:
Rates subject to change without notice. Available for Registered Plans (TFSA, RRSP and RRIF) only. Not available to Business Banking Members.
3 Year Escalator: Cashable in whole or in part on its anniversary date and 30 days thereafter. At all other times this product is non-redeemable.
5 Year Escalator: Transferrable to a non-redeemable term that is at least one year in length on its anniversary date, or 30 days thereafter. At all other times this product is non-redeemable.
(2) Raise the Rate GIC:
A minimum investment of $100 is required for both the 3-year and 5-year Raise the Rate GICs.
Both the 3-year Raise the Rate GIC and the 5-year Raise the Rate GIC are non-redeemable over the life of the product.
The initial investment is made at the prevailing rate for the Raise the Rate GIC. Members are eligible to increase the rate once over the life of the 3-year Raise the Rate GIC and twice over the life of the 5-year Raise the Rate GIC.
Rate matching is only available against the comparable GICs offered by Meridian. In order to implement a rate increase, the Member must initiate the request. The rate increase will not be automatically implemented.
After a rate increase has been exercised, the term and maturity date of the GIC remain the same. The effective date of the rate change will be the date on which the Member requested the change. The exception to this is if a Member requests a rate change on December 30 or December 31, the effective date of the rate change will be no later than January 2 of the following year.
Interest is calculated/compounded annually and will be paid annually and at maturity. During the course of the term, if a Member has elected to increase their rate, the annual amount of interest paid for that year will be pro-rated based on the two rates used for that year and the length of the time each rate held. The actual overall yield will be an amount produced by a rate of interest between the two rates.
Interest rates shown are subject to change without notice.
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 the Financial Services Regulatory Authority (FSRA). For more information, visit the FSRA website.
