Tangerine Bank, a leader in Canada’s online banking sector, offers a range of Guaranteed Investment Certificates (GICs) designed for investors looking for guaranteed returns. Tangerine GICs are available for both short and long-term investments, with terms ranging from 90 days to 5 years. The rates for these GICs are competitive, making them a great option for those seeking stability in their financial portfolios.
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Tangerine GIC Types and Rates
- Short-Term GICs: For those looking for a short-term investment, Tangerine offers a 90-day GIC with rates around 3.30%, 180-day GICs at 4.40%, and 270-day GICs at 4.45%. These provide an excellent option for individuals seeking liquidity in a shorter period
- Long-Term GICs: Longer-term investments, such as the 1-year GIC, offer 4.30%, while terms between 2 and 5 years offer 3.40%-3.50%. These longer-term options are ideal for investors who can lock in their money for extended periods.
Registered and Non-Registered GICs
Tangerine GICs are available in different account types, including:
- Non-Registered GICs: These are standard GICs, where interest earned is fully taxable on your personal return. Terms range from 90 days to 5 years.
- Registered GICs: Tangerine offers GICs for Tax-Free Savings Accounts (TFSA), Registered Retirement Savings Plans (RRSP), and Registered Retirement Income Funds (RRIF). These accounts provide tax advantages, making them a popular choice for retirement planning.
USD GICs
If you want to diversify your portfolio in U.S. dollars, Tangerine also offers USD GICs. These rates are similar to their Canadian dollar counterparts but can be a strategic option depending on currency fluctuations
Benefits of Tangerine GICs
- Guaranteed Returns: Your principal is safe, and your returns are guaranteed, making it a low-risk investment option.
- CDIC Insurance: Tangerine GICs are insured by the Canada Deposit Insurance Corporation (CDIC) up to specified limits, ensuring your investment is protected.
- No Fees: There are no management or service fees associated with Tangerine GICs, allowing you to maximize your savings.
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Tangerine’s digital-first approach, combined with competitive GIC rates, makes it an attractive option for both novice and experienced investors. Whether you’re saving for retirement or looking for a safe place to park your savings, Tangerine’s GIC offerings provide flexibility and security in today’s financial market.