Scotiabank GICs can get you a guaranteed return on your investments, with the trustworthiness of a big bank to back up your money. Since Guaranteed Investment Certificates make a good low-risk investment, they’re a popular way to spice up your investment portfolio. But with relatively low return across the board, it’s hard to say it’s a valuable investment.
That said, GICs are a good alternative to a high interest savings account – as long as you don’t mind sacrificing some liquidity of your funds. And the Scotiabank GICs offer variety, with both short and long term options, market linked versions, and more. Plus, they top it all off with a relatively low minimum investment of $500.
Scotiabank GICs features
Let’s take a look at what Scotiabank GICs can bring to your investments.
Why You Want It
Get flexible terms and interest rates + 100% guaranteed return.
Special Features
- Special rates available with Preferred Package and Ultimate Package customers
Provinces
ALL
GIC
Cashable
1 Year
2%
Non-Cashable
1 Year
2.5%
18 Months
2.55%
2 Years
2.75%
3 Years
2.6%
4 Years
2.7%
5 Years
2.8%
Features
Minimum Investment
$500
Available As FHSA
Minimum Cashable GIC Term (Days)
365
Available As RRSP
Maximum Cashable GIC Term (Days)
365
Available As TFSA
Minimum Non-Cashable GIC Term (Days)
30
Available As RRIF
Maximum Non-Cashable GIC Term (Days)
1,825
Minimum Market Linked GIC Term (Days)
730
Maximum Market Linked GIC Term (Days)
1,825
Minimum U.S. Dollar GIC Term (Days)
N/A
Maximum U.S. Dollar GIC Term (Days)
N/A
Please note that GIC rates change often – the numbers you see here are for illustrative purposes only. Please visit the bank’s website for the most up-to-date information.
Scotiabank GICs product rating: 4.4 stars
Scotiabank offers each of the 4 main types of GICs we look for (as you can see in the table above).
The returns they give you are middling at best, but it may be worth it thanks to the trust that comes from a big bank like Scotiabank.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Scotiabank GICs
Here’s what Scotiabank GICs have going for them.
Pros
Cashable GICs means your money is more liquid
Scotiabank offers cashable GICs, which means you can take out the money at any time during your term (after the first 30 days) without penalty. These types of GICs are nice, because most other GICs lock your money in for a certain period of time, sometimes going as long as 5 years. Though it’s important to note that cashable GICs usually have lower returns than non-redeemable.
Market linked GICs have the potential of higher return
If you’re looking for a bit more out of your GICs, Scotiabank offers market linked GICs, which are linked to the performance of the underlying index. This means you have the potential to earn more than most other GICs. As a bonus, Scotiabank also guarantees your principal.
Relatively low minimum investment
Most Scotiabank GICs have relatively low minimum investments of $500, though a handful of them go up to $1,000. An investment of $500 is achievable for many Canadians, so it’s helpful for people who are just starting out.
Bonus rates for Ultimate and Preferred Package customers
If you have either the Ultimate Package or Preferred Package chequing accounts, you’ll get bonus rates on select long term non-redeemable GICs. At the time of writing, you’ll get up to 5.1% return on a 3 year GIC.
The cons of Scotiabank GICs
Here’s what you should know about Scotiabank GICs.
Cons
Returns across the board are relatively low
As an investor, you’re likely hoping for returns quite a bit higher than 1% on your investments – which is not always something GICs can feasibly do. The trade off is you do get quite a bit more stability in GICs than your standard stock investment, as an example.
Most GICs are non-redeemable
Though there are cashable GICs (which are available at Scotiabank), the majority of GICs are non-redeemable – which means you have to wait out the full term before you can take the money out. If you don’t, you’ll likely face penalties. This makes a GIC extremely inflexible.
Your savings calculator
Want to know how much your investment would be worth at the end of a GIC term?
Play around with our instant savings calculator right below. Just be sure to set your monthly or bi-weekly contributions to $0, since you can’t contribute to a GIC once it’s been bought.
Savings Info
Scotiabank GICs alternatives
So how does Scotiabank stack up to other Canadian alternatives?
 |  |  |  | |
|---|---|---|---|---|
| Account | Scotiabank GICs | Tangerine GICs | TD GICs | RBC GICs |
| Genius Rating | ||||
| Why You Want It | Get flexible terms and interest rates + 100% guaranteed return. | Ultra competitive rates + No minimum investment to get started. | Competitive rates with an impressive selection + Low minimum investment. | Plenty of cashable options + Get personalized advice with MyAdvisor. |
| GIC | Cashable
Non-Cashable
| Non-Cashable
| Cashable
Non-Cashable
| Cashable
Non-Cashable
|
| Minimum Investment | $500 | $1 | $500 | $1,000 |
| Available As FHSA | | | | |
| Minimum Cashable GIC Term (Days) | 365 | N/A | 1 | 30 |
| Available As RRSP | | | | |
| Maximum Cashable GIC Term (Days) | 365 | N/A | 1,825 | 3,650 |
Show More | ||||
| Open an account See more Scotiabank products Compare | Open an account See more Tangerine products Compare | Learn More See more TD products Compare | Learn More See more RBC products Compare |
Please note that GIC rates change often – the numbers you see here are for illustrative purposes only. Please visit the bank’s website for the most up-to-date information.
FAQ
What’s a Scotiabank GIC?
A Guaranteed Investment Certificate (or GIC for short) is an investment product that you buy for a certain amount of time. Once this term is over, you’ll get a certain amount of interest returned with your money, at a predetermined rate that’s locked in at the beginning of the term. Click here to see what types of Scotiabank GICs there are available.
What are Scotiabank GIC rates?
Scotiabank GIC rates change often, so your best bet is to visit the Scotiabank site directly for the most up to date information. Lately, their rates have been hovering around the 1% mark, which isn’t great. Click here to see what types of GICs are available at Scotiabank.
What are the best GIC rates at Scotiabank?
In order to get the best rates from Scotiabank GICs, it could be worth going with a market linked GIC. But if you don’t think you can stomach the constant change of the market, usually long-term non-redeemable GICs are your best bet at higher rates of return.
What’s a Scotiabank market linked GIC?
A market linked GIC is linked to the stock market, meaning it has greater potential at a higher return. That said, it also has a lot more risk involved, and only a small amount of return is guaranteed by Scotiabank. Click here to learn more.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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