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How often do GICs pay interest—how do I choose which one to buy?



Our response:

We can’t provide advice but try to provide general information to help you take the next step. Depending on the term of the GIC, interest on a GIC can be paid monthly, semi-annually, annually, at maturity or on a locked-in anniversary date. Not all GIC’s offer a variety of interest payment options. Before choosing a GIC, compare terms, such as if the GIC is redeemable or non- redeemable. Pay careful attention to the way interest is calculated. For example, one GIC might compound interest monthly or even daily and pay it out quarterly while another might compound interest annually and pay it out at maturity. Ensure that you thoroughly understand how interest is compounded, how it is paid and how the particular investment fits into your overall financial plan before you buy.

Visit to learn more about GICs and other financial topics. Speak to a registered financial representative for advice to fit your personal situation.

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