When it comes to savings accounts and registered products, you might be wondering which is the right choice for you. But why choose just one? Here’s a breakdown of how you might use High Interest Savings Accounts (HISA) and Guaranteed Investment Certificates (GICs) to achieve your saving goals.
Why open a High Interest Savings Account (HISA)?
With no minimum balance requirements, the ability to withdraw funds as needed, and typically a higher interest rate, this might be the account you’ve been looking for.
- No minimum balance: Earn competitive interest on every dollar, with no hidden minimum monthly balance requirements.
- Freedom: Your money, your terms. Enjoy the flexibility to deposit or withdraw funds whenever you need.
- 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.
Why open a Guaranteed Investment Certificate (GIC)?
A Guaranteed Investment Certificate (GIC) is a lower-risk investment that provides a guaranteed rate of return over a fixed period.
- Safe and reliable: GICs offer a low-risk option to grow your wealth over time.
- Long-term savings goals: With 1- to 5-year terms, GICs are a perfect choice to help you save for a specific goal that's a year or more away.
- Flexible options: 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), First Home Savings Account (FHSA), and Registered Disability Savings Plan (RDSP).
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 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.
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High Interest Savings
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GICs
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Access your savings when and how you need.
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With a minimum $500 deposit, earn a guaranteed rate of return.
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- Earn interest right from dollar one
- Tiered rates starting at $100K
- No minimum balance
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- Generally higher rates than a variable account
- Convenient 1- to 5-year terms
- Tiered rates starting at $100K
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Ideal for:
- A rainy day fund
- Everyday savings
- Saving for a large purchase
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Ideal for:
- Long-term investments
- Creating a diverse portfolio
- Saving for a large purchase
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| * 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)
Ready to discuss your financial future? Book an appointment with an SCU specialist.
