Karen Morgenweg asks a #trulylocaladvice via Facebook: Why would I want to have a Canada Savings Bond or GIC? Canada Savings Bonds (CSBs) have been a good savings vehicle for many years. When it comes to rate of return Guaranteed Investment Certificates (GICs) tend to be more favorable than CSBs. A CSB and a GIC share a lot of the same characteristics. They both offer you security and peace of mind knowing that your principal investment is safe and fully guaranteed. They both can offer you flexibility. With a GIC you can select from a wide range of terms allowing you to access your money when you need it. CSB’s can only be purchased during certain times of the year, while GIC’s can be purchased at any time. CSB’s purchased through a payroll plan are redeemable at any time, and there is no restriction as to the amount being deposited to that CSB with each pay. Most GIC’s are non-redeemable, however, PenFinancial does offer a redeemable option on our 1 year GIC. Canada Premium Bonds can be purchased for as little as $100.00. (Certified Bond Purchasers and registered Plan Holders have some restrictions as to the amount of interest paid, although they too are redeemable) Both CSB’s and GIC offer low minimums for investing. GIC minimum investment of $1,000.00 is required for all members except for our Sprowt Members where, the minimum investment amount is only $250.00. Adam Rempel, Financial Services Specialist, Bunting Road https://penfinancial/SharedContent/documents/1bioadamrempel.pdf Karin Morrison, Financial Services Specialist, Heritage https://penfinancial/SharedContent/documents/1biokarinmorrison.pdf
Posted on: Fri, 14 Nov 2014 19:59:10 +0000
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