When you think about saving for a goal what do you think about? Opening a savings account? Putting money into your retirement fund?

You may overlook Guaranteed Investment Certificates (GICs) as a savings tool even though they have a lot to offer.

An illustration about benefits of saving with a GIC. From left to right: a piggy bank with a shield, a checklist, 3 stacks of coins, a wrench or spanner, an indoor plant with the word "GIC" on the pot and an umbrella on the top.

Low risk

Term deposits and GICs are generally considered safe investments because the principal amount is always safe (if you invest $500, you will get your $500 back). If you put your money into a Servus GIC, your deposits are 100% guaranteed by the Credit Union Deposit Guarantee Corporation. This means both the money you put in and the interest earned is safe and secure—up to any dollar amount.

Guaranteed growth

No matter what is happening in the markets, your GIC investment will earn interest. The amount depends on the terms of the GIC product you choose.


There are many term and interest rate options to choose from. You can lock your money in to earn a higher interest rate or choose a cashable GIC that lets you access your money before the term ends.

Low maintenance

GICs are easy to understand and manage because they are predictable and require very little monitoring.

Savings protection

Saving money isn’t always easy. There are always unexpected needs (and sometimes wants) that tempt you to dip into your savings "just this once." If you have a goal you're saving for and you don't want to access your savings "on a whim," a GIC may be a better option than a savings account.

Wide eligibility

Want to add a bit of predictable growth to your RRSP, TFSA or RESP? You can buy a GIC for a wide range of investment products. This introduces all the GIC benefits into your other savings.

GICs can play a role in your savings strategy. While there are many benefits, you should consider them in the context of your overall investment and tax management strategy.

Learn more about Servus GIC offers today. And if you know where you want to start, don't forget that members can open GICs in online banking.

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The information contained in this article is provided as a general source of information and should not be considered personal tax advice or investment advice.