GUARANTEED​INVESTMENT 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 guarenteed, 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.

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 

 

Long-Term GIC's

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 reinvest the principal and pay the interest into your savings account

Rate Riser GIC's

Overview

 A Rate Rise GIC is a great investment alternative during times of low interest rates as you are assured that each year your interest will increase.

Key Features
  • Only avaliable for a 5 year term 
  • Initial deposit will start at a base interest rate for the first year
  • Rates will grow 1/2% per year until maturity after that 

Need help deciding what GIC is best for you? Our advisors are here to help.