MoneyMagpie

Aug 01

Find the best GIC rates for your investment

Reading Time: 3 mins

Choosing the right investment brings in a lot of emotions. It is something that requires your full attention as you do not want to make the mistake of selecting an investment that, instead of bringing you returns; it instead leads you to bankruptcy. You need to take your time and select the investment that meets your needs and Guaranteed Investment Certificate, abbreviated as GIC has proven to be one of the most reliable of investing and getting your returns for those looking for medium and short term saving goals. However, to improve your investment and earn higher, you need to look for the best GIC rates, but how do you do that? Here are a few considerations to put in mind and help you make the most out of your investment.

 

Do not rush into locking the money

One of the rules to keep in mind is that you should never lock your money for investment if you are not sure about the decision. You cannot gamble with your fund, and the worst mistake you can make is to lock your money into a long-term contract without the certainty of their financial fluidity in the future. Things get worse when you embark on the investment only to realize that you want to retrieve the money before the agreed time expires or elapses. Such mistakes will only lead you to penalties, thus reducing your GIC rates. It is, therefore, crucial to take your time and decide if you wish to lock your money in a particular period based on future situations.

 

Do a comprehensive research

Do not make the mistake of investing in the first GIC that comes your way. The only way to land reasonable GIC rates is if you take your time, research and compare the different available rates before settling on the best. Carry out in-depth study to understand what you will get from the investment. Make sure that you have ideas in mind and you know the kind of rates that you are looking for, and this will make your search easier. Check the rates offered by the top providers and see if they are better than those provided by the small providers. The key is to take time into search for the most attractive rates as this will significantly impact your returns.

 

What is your goal?

As much as you want to get the highest rates, you need to consider your goals and focus on them. Choosing the right investment horizons can significantly help in improving your GIC rates depending on what you are looking to achieve in the end. Every investor has a goal in mind, and that is the reason for your investment. Do you want to buy a house, buy a car or maybe pay school fees? Such are the kind of goals that will be driving you to invest, and you will be able to choose GIC rates that are aligned to match your specific goals.

 

Consider the potential returns

GIC rates will have varying returns based on the provider. It will also depend on the chosen product, and you should, therefore, be careful when deciding on which product you select for your investment. Do not be too excited about the rate for you to forget about the overall income to expect from the venture. You may decide to choose one package or work with different products that will mature at different times at different interest rates. The right one, in this case, will again depend on your goals.

 

Go for online providers

Luckily with the technological advancements, you can easily access these services online where you will find a range of providers. This makes things easier since you can understand the credibility of a particular provider based on the reviews you find on the sites. Even better; you can check for the best GIC rates by checking comparisons from different sites that will give you information on GIC. You will get comparisons of GIC rates based on the banks, trading unions, and trust companies, and this will make your search and decision-making process simpler for you.

Deciding on whether to buy GIC depends on your financial goal but choosing the best rates for your investment requires you to put in the effort and patiently take your time to get the best. With the mentioned tips, you will be in a better position to do so.

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