A Guaranteed Investment Certificate (GIC) is an investment product that lets you lend money to a bank at a fixed interest rate for a predetermined period of time. In general, the longer the GIC’s term, the higher the interest rate. A GIC is considered a safe investment because your capital is guaranteed up to $100,000, just like a bank deposit. They are less flexible than a simple deposit to a savings account, as money placed in a GIC must be locked in until the investment’s maturity. If you withdraw your money before the end of the term, you can lose the interest generated on your capital. If you want to make your money grow with this type of investment, our GIC comparator is the perfect tool to help you make your choice.
A mutual fund is a collection or “pool” of stocks and bonds that are sold as a single package. In other words, if a mutual fund is a hamburger, each section of the burger would represent a different stock. Read more