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HISA and GIC: A great savings combo

With all the available options for savings accounts and registered products you might be wondering which is the right account for you. Individually, High Interest Savings Accounts (HISA) and Guaranteed Investment Certificates (GICs) are great options for achieving your saving goals. However, when used in combination, these products pack a real one-two punch for those who want to put aside money for every day needs and those longer-term savings and investment goals. 

Why open a High Interest Savings Account (HISA)?

With no minimum balance requirements, the ability to withdraw funds as needed, and of course, a great rate, this might be the account you’ve been looking for. 

5 reasons to open a HISA
  1. No minimum balance: Earn competitive interest on every dollar, with no hidden minimum monthly balance requirements.
  2. Freedom: Your money, your terms. Enjoy the flexibility to deposit or withdraw funds whenever you need.
  3. No rate gimmicks: We don’t offer introductory rates that expire after a few months — we offer high interest, variable rates, right from dollar one. Plus, you can maximize your savings with tiered interest rates starting with deposits of $100k.
  4. Free deposits: Add to your savings at any time without paying a fee.
  5. Savings protection: All deposits are guaranteed 100% by the Deposit Guarantee Corporation of Manitoba.*

Why open a Guaranteed Investment Certificate (GIC)? 

A Guaranteed Investment Certificate (GIC) is a low-risk investment that provides a guaranteed rate of return over a fixed period. GICs are a safe and reliable way to grow your wealth over time and are a perfect choice if you’re saving for a specific goal that’s a year or more away. 

You can choose to hold your GICs in a Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF), Tax-Free Savings Account (TFSA), Registered Education Savings Plan (RESP), and Registered Disability Savings Plan (RDSP). 

Advice from an Expert:  Maximizing your savings. 

We asked expert Lisa Armstrong, Member Financial Relationship Advisor (MFRA), for a strategy that you can use for short- and long-term savings goals. 

To help maximize your savings with a GIC, consider using a laddering strategy. A laddering strategy is used to space out the maturity dates of your GICs. You could start by dividing the total amount you have to invest into five GICs with different terms. 

For example, if you start with $10,000 to invest, you could deposit $2,000 into a 12-month, 24-month, 36-month, 48-month, and 60-month GIC. This would allow you to have $2,000 of principal deposits maturing every year for five years. 

Create more flexibility in your savings by using GICs and HISAs together.

As your GIC matures, you can either re-invest the funds into another GIC or, if you need access to your money in the short term, transfer it to a HISA. However, if you have more than 12 months before you need to access any funds, renewing into a GIC would provide you with a higher rate of return on your investment.


High Interest Savings


Access your savings when and how you need.

With a minimum $500 deposit, earn a guaranteed rate of return.

  • Earn interest right from dollar one
  • Tiered rates starting at $100K
  • Deposits guaranteed 100% by the Deposit Guarantee Corporation of Manitoba* 
  • Generally higher rates than a variable account
  • Convenient 1 to 5-year terms
  • Deposits guaranteed 100% by the Deposit Guarantee Corporation of Manitoba*

 Ideal for:

  • A rainy day fund
  • Everyday savings
  • Saving for a large purchase

 Ideal for:

  • Long-term investments
  • Creating a diverse portfolio
  • Saving for a large purchase
* At SCU, all deposits are 100% guaranteed by the Deposit Guarantee Corporation of Manitoba



Start savings for your goals today!
For more information on these great savings products, visit  SCU's High Interest Savings Account  (HISA) or Guaranteed Investment Certificates (GIC) 



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