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GUARANTEEDINVESTMENT CERTIFICATES (GICs)
Earn a Higher Return on Your Savings
A Guaranteed Investment Certificate (GIC) or term deposit, is an investment that offers a guaranteed rate of return over a fixed period.
HMECU is pleased to offer members a wide range of market-competitive fixed rate GICs with terms from 30 days to 5 years. At HMECU, all fixed rate GICs are principal, and interest guaranteed, and your GIC qualifies for deposit insurance protection.
Some fixed rate GICs are eligible to be held in registered plans, depending on the term selected. For registered deposits, the funds at maturity are automatically reinvested into the same term with the current posted interest rate.
Rate Riser GICs
Overview
The Rate Riser GIC is a 5-year guaranteed investment with interest rates that increase each year. The investment is redeemable in full or as a partial withdrawal once each year on the investment anniversary date, during a 7-day redemption window. Outside of this window, the GIC is not redeemable until the next anniversary date. A minimum principal balance of $1,000 must be maintained following any partial withdrawal; otherwise, the entire balance of the Rate Riser GIC will be redeemed.
Key Features
- 5-year term.
- Redeemable in full or as a partial withdrawal once each year on the investment anniversary date, during a 7-day redemption window.
- Interest rates increase yearly.
- Minimum investment $1,000.
- Available for Registered and Non-Registered deposits.
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Flex n Grow Savings GIC
Overview
Flex n Grow is a short-term, redeemable GIC. It gives you the flexibility to access your funds when you need them, while still earning higher interest the longer you save. Whether you're planning for something big or just want a smarter way to grow your money, Flex n Grow Savings GIC helps you stay in control without locking you in.
KEY FEATURES
- 1-year redeemable GIC with tiered interest rates
- $500 minimum deposit
- Earn more interest the longer your funds stay invested
- Access your money anytime
- Interest paid at maturity
- Unwithdrawn funds automatically roll over into the next tier
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Short-Term GICs
Overview
Short-term GICs are GICs with terms of less than one year. Financial institutions will guarantee the principal plus an advertised rate of interest. The shorter the term, the lower the interest rate.
Key Features
- 30 to 364 day terms
- $2,500 minimum balance
- Not redeemable prior to maturity
- Interest paid into GIC at maturity
- At maturity, you can choose to reinvest the principal and interest or reinvest the principal and pay the interest into your savings account
eGICs
Overview
eGICs are a selfserve GIC product which offers a competitive rate, and are only offered to members using internet banking. Members can open an eGIC once they have signed into internet banking by navigating to Open A New Account.
KEY FEATURES
- Self Serve GIC. Members open the GIC via internet banking
- 1 to 5 year terms
- $1,000.00 minimum balance
- Not redeemable prior to maturity
- Interest is paid into GIC annually (compound) on the anniversary date
- Matures into same term
Long-Term GICs
Overview
Long term GICs are simply GICs with terms of one year or longer. The longer the term, the higher the interest rate.
Key Features
- 1 to 5 year terms
- Not redeemable prior to maturity
- Interest is paid into GIC annually on the anniversary date
- Optionally, you may have the interest pay into your savings account annually on the anniversary date
- At maturity, you can choose to reinvest the principal and pay the interest into your savings account
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