The Bank of Canada’s interest rate finessing is working out quite well for GIC investors and people with money parked in savings.
Returns from GICs are dependent on what’s happening in the bond market, where investors consider the thinking of central banks among other factors. Rates in the bond market right now reflect perhaps a higher level of concern about inflation than the Bank of Canada, which means current GIC returns seem stable in the near term at least.
Top-of-the-market GIC rates have been stable in recent weeks, although there has been a fair bit of competition at the big banks throughabove 5 per cent for shorter terms. GIC returns around 6 per cent were available late this week from GIC brokers like GIC Wealth Management and Monarch Wealth Corp. With a minimum $25,000, a rate of 6.08 per cent was available for a one-year term at GIC Wealth Management, and 6.1 per cent for two years.
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