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Gic monthly interest calculator
GIC Calculator
Highest1-YearGIC Rates
This Page's Content Was Last Updated: February 6, 2024
WOWA Simply Know Your Options
Results
| Beginning of Year | Balance | Initial Investment | Interest Earned |
|---|---|---|---|
| 0 | $100,000 | $100,000 | $0 |
| 1 | $103,000 | $100,000 | $3,000 |
| 2 | $106,090 | $100,000 | $6,090 |
| 3 | $109,273 | $100,000 | $9,273 |
| 4 | $112,551 | $100,000 | $12,551 |
| 5 | $115,927 | $100,000 | $15,927 |
Historical GIC Interest Rates
By Term Length, Non-Redeemable GICs
Types of GICs
While you can think of GICs as low-risk assets, they offer a broad category of selections.
There are several types of GICs available in Canada. We'll go over the most common ones here.
Cashable vs Non-Redeemable
A cashable GIC allows the holder to redeem the principal (the initial investment) and interest earned on the GIC before the maturity date.
This type of GIC is ideal for investors who may need access to their funds before maturity. However, in exchange for the flexibility, you will receive a lower interest rate than a non-redeemable GIC.
A non-redee
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