Term deposits

Grow your money guaranteed, while enjoying complete protection of your initial investment.

Competitive term deposit rates customized to you

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Why invest in a term deposit?

Complete security

Invest with peace of mind knowing you’ll enjoy guaranteed growth and 100% protection of your initial investment.

Flexible options

Customize your term deposit, with a range of terms, fixed or variable rates, and levels of access to your money.

Competitive rates

Take advantage of competitive term deposit rates guaranteed for the entire time your money is invested.

Tax savings

Save on tax by holding your term deposit in a registered plan, like a Tax Free Savings Account.

Low minimum investment

Invest a little or a lot. You don’t need a large amount of money in order to set up your term deposit.

Is a term deposit right for me?

Term deposits can be a valuable addition to your portfolio. They're particularly beneficial in certain situations:

Saving for a specific goal – if you're working towards a financial goal, like a down payment or preparing for your child's education, a term deposit can help you achieve it within a fixed timeframe.

Minimizing risk – if you have a low tolerance for risk and want to protect your savings while earning a competitive return, term deposits are an excellent choice. They provide stability and are ideal for those who prioritize capital.

Short-term savings – if you have a lump sum you don't need immediate access to, placing it in a term deposit for a shorter period can help you earn more interest than a regular savings account.

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Explore your term deposit options

Fixed-Rate Term Deposit

Lock in a competitive term deposit rate to enjoy secure, guaranteed growth of your investment.

Terms up to 5 years
Choice of cashable, redeemable & non-redeemable options
Great way to accelerate savings worry-free or protect yourself against inflation

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MarketWise Term Deposit

Earn higher potential rates tied to stock market performance, while still enjoying a guaranteed minimum return.

3 or 5-year non-redeemable terms
Minimum $1,000 deposit & no fees
Guaranteed minimum return of 1.5% for a 3-year investment & 2.5% for 5 years
Eligible for RRSPs, TFSAs, and non-registered accounts

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Ready to set up your term deposit?

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How do I ladder term deposits?

Learn about term deposit laddering, what it is, how it works and why it’s a powerful strategy to minimize risk while maximizing your investment growth.

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Your term deposit questions answered

What is a term deposit?

A term deposit is a risk-free investment that offers higher interest rates than a traditional savings account. Unlike a traditional savings account, term deposits require you to invest your money for a fixed period, or a term, that can range from 30 days to several years, depending on your preference and financial goals.

How does a term deposit work?

A term deposit is a secure, low-risk investment that 100% guarantees the money you put in (known as the principal), while earning interest over a set period of time (known as the term).

Is a term deposit the same thing as a GIC?

Yes, they’re the same solution. A GIC (or Guaranteed Investment Certificate) is simply another name used to describe a term deposit.

Are term deposits taxed?

It depends on the type of account you hold your term deposit in. If your term deposit is in a registered account, like an RRSP or TFSA, it’ll enjoy special tax benefits. If it’s in a non-registered account, the interest it earns will be taxed along with the rest of your income.

What’s the difference between a cashable, redeemable & non-redeemable term deposit?

The key difference between these types of term deposit is how much access you have to the money you put in:

Redeemable term deposits can be cashed in at any time (but it may impact the interest earned)
Cashable term deposits can be cashed in after a certain period without penalty
Non-redeemable term deposits can’t be cashed in before the end of their term length

Typically, the more locked in your money is, the more interest you’ll earn on it. The best term deposit for you will therefore depend on your financial situation and when you might need the funds.

If you want help choosing, don’t hesitate to reach out! Our advisors are just a live chat, video, or phone call away to help.

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Can I cash in a term deposit early?

It depends on the type of term deposit you choose:

Redeemable term deposits can be cashed in at any time (but it may impact the interest earned)
Cashable term deposits can be cashed in after a certain period without penalty
Non-redeemable term deposits can’t be cashed in before the end of their term length

Are term deposits covered by deposit insurance?

Yes, your Gulf & Fraser term deposit and all the interest it earns is 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC), regardless of the term length you choose.

Have more questions?

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