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Is the rate given for a GIC per year, or over the entire term of the GIC?



Our response:

Generally, interest rates for GICs are quoted on an annualized basis. However, you can confirm this with the financial institution where you are purchasing the GIC, and by reading any terms associated with the GIC. Learn more about how GICs work.

Sometimes you may see rates expressed on a term basis. For example, a market-linked GIC may be advertised as having a maximum 9% return over a 3-year term – this really means an approximate maximum of only 3% per year (9%/3 years) – if the market performs well. Read and understand all of the information on this type of investment before making a decision.

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