Tangerine Bank, a leader in Canada’s online banking sector, offers a range of Guaranteed Investment Certificates (GICs) designed for investors looking for guaranteed returns. Tangerine GICs are available for both short and long-term investments, with terms ranging from 90 days to 5 years. The rates for these GICs are competitive, making them a great option for those seeking stability in their financial portfolios.
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Tangerine GIC Types and Rates
- Short-Term GICs: For those looking for a short-term investment, Tangerine offers a 90-day GIC with rates around 3.30%, 180-day GICs at 4.40%, and 270-day GICs at 4.45%. These provide an excellent option for individuals seeking liquidity in a shorter period
- Long-Term GICs: Longer-term investments, such as the 1-year GIC, offer 4.30%, while terms between 2 and 5 years offer 3.40%-3.50%. These longer-term options are ideal for investors who can lock in their money for extended periods.
Registered and Non-Registered GICs
Tangerine GICs are available in different account types, including:
- Non-Registered GICs: These are standard GICs, where interest earned is fully taxable on your personal return. Terms range from 90 days to 5 years.
- Registered GICs: Tangerine offers GICs for Tax-Free Savings Accounts (TFSA), Registered Retirement Savings Plans (RRSP), and Registered Retirement Income Funds (RRIF). These accounts provide tax advantages, making them a popular choice for retirement planning.
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USD GICs
If you want to diversify your portfolio in U.S. dollars, Tangerine also offers USD GICs. These rates are similar to their Canadian dollar counterparts but can be a strategic option depending on currency fluctuations
Benefits of Tangerine GICs
- Guaranteed Returns: Your principal is safe, and your returns are guaranteed, making it a low-risk investment option.
- CDIC Insurance: Tangerine GICs are insured by the Canada Deposit Insurance Corporation (CDIC) up to specified limits, ensuring your investment is protected.
- No Fees: There are no management or service fees associated with Tangerine GICs, allowing you to maximize your savings.
Tangerine’s digital-first approach, combined with competitive GIC rates, makes it an attractive option for both novice and experienced investors. Whether you’re saving for retirement or looking for a safe place to park your savings, Tangerine’s GIC offerings provide flexibility and security in today’s financial market.
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