When you think about investment and saving money for a particular goal, the most probable thing that comes to your mind is opening a savings account. You might even think of saving in a retirement funds account or buying bonds and shares. The thing is, while all these are good ideas; they are not the best when it comes to setting financial goals and hoping to achieve them within a particular medium or short term period. In such cases, think of Guaranteed Investment Certificates as the most reliable yet flexible saving tool. A lot of individuals tend to overlook the many ups that come with buying GIC.
If you are looking for a perfect way to save up some funds, maybe to buy a house, a car or pay your kids’ school fees in the near future, here are reasons why you should consider GIC.
It
entails low risk
Whether it is your first time venturing in investment or you have done this for a long time, GIC will favor you and all your needs. It can be termed as a safe investment since the principal amount is always guaranteed. This means that if you invest 100 dollars, you are assured that you will get it back regardless of what happens. It involves low risk, and it will work great even if you were doing it for trial. You will get 100% of your principal and you are assured of getting all the interest earned throughout the period.
It
is super flexible
The other thing to love about GIC is flexibility. You will have a range of term and interest rates to choose from, and this way, you can easily select the best GIC rates that meet your needs. You are not subjected to working with rates that you do not like, and if you take your time to do in-depth research, you can easily make high returns with GIC within the shortest period. Also, you have the choice of either working with a cashable GIC, where you can access your money at any time without waiting for the period to elapse or lock your money for higher interest rates but in this case, you have to wait for the agreed period to elapse before withdrawing the money. With such choices and flexibility, you will be in a better position to select the investment term that will give you the highest returns.
Your savings are protected with Guaranteed Investment Certificates
One of the significant reasons why a lot of
individuals are afraid of saving investing is the fear that their money may go
to waste, or they will not reach their goal. This is never the case with GIC.
Although saving is never easy, this one makes it more manageable for you. Most are the times when you are hit with unexpected expenses, and you end up using your savings, and before you know it, it is years down the line, and you are nowhere close to hitting your goals. If you feel that you have a hard time controlling the urge to spend your savings money, GIC is the better choice than a savings account. You are guaranteed that your savings are safe, and you will reach your goals.
Easy
to manage
GIC does not need the expertise to understand and manage. They require minimal maintenance since all you need is to find a good provider, get an account, select the terms, and start investing. GICs are super predictable and do not require specialized monitoring, and therefore, you can always have peace of mind knowing that everything is in control.
You
are assured of growth
Regardless of what is happening in the investment markets, with GIC, growth is guaranteed. You are always assured that your investment is earning interest, and the value of the amount received will depend on the products you select.
Eligibility
You will love the broad eligibility that comes with GICs. If you need a predictable growth to your RESP, RRSP or your TFSA, you can simply purchase GIC for a range of products, and you will enjoy the benefits of GIC in all of the other savings.
From these pros, it is clear that GICs are lifesavers for those looking for a flexible and achievable way to save while earning great returns. You should give it a try and enjoy these benefits and more.
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