Categories
Personal Finance

Scotiabank GIC Rates as of February 2024

In the realm of financial stability, Scotiabank stands tall as one of Canada’s leading financial institutions, providing a diverse range of banking products, including savings accounts, chequing accounts, credit cards, and the focal point of our exploration—Guaranteed Investment Certificates (GICs).

Scotiabank GIC Rates as of Today

Let’s delve into the heart of Scotiabank’s GIC offerings, examining the current GIC rates as of 2024.

Scotiabank GIC Rates Personal Redeemable 2-Year (Special Offer)

Term LengthInterest RateMin. Deposit
2 Years4.00%$500
  • A personal Redeemable GIC offers a low-risk investment featuring a guaranteed principal and an assured rate of return.
  • You have the option to access your investment partially or fully at a pre-determined rate to meet your financial needs.
  • The flexibility extends to investing in either a registered or non-registered plan, depending on your financial requirements.
  • Interest accrues from day one of holding the deposit with the bank, and it is paid annually or at maturity.
  • This investment option is available in Canadian currency only and is eligible for CDIC Insurance.

Scotiabank GIC Rates Long-Term Non-Redeemable 3-Year

Term LengthInterest RateMin. DepositBonus Offer
3 YearsUp to 4.47%$500N/A

Scotiabank GIC Rates Cashable 1 Year

Term LengthInterest RateMin. DepositBonus Offer
1 Year2.85%$500N/A
  • Cashable GIC Rates offer a guaranteed rate and the flexibility to cash out without penalty after 30 days.
  • You can invest with a minimum of $500 or $5,000 for monthly interest payments. There is an option to automatically renew the 1-year GIC upon maturity.
  • These GICs are available as part of RRSP, TFSA, RESP, RDSP, or Non-Registered plans. Interest can be paid either monthly or at maturity, and the investment is eligible for CDIC Insurance.

Scotiabank GIC Rates Market Linked 5-Year Canadian Top 60

Term LengthInterest RateMin. Deposit
5 Years15.00% to 50.00%$500
  • Market Linked GICs are well-suited for investors seeking an investment that guarantees both the principal and a minimum return while offering the potential for additional earnings.
  • The returns are tied to the performance of an underlying index, and the investment incurs no fees.
  • These GICs are available in 2, 3, and 5-year terms and can be utilized within non-registered, RESP, RRSP, RRIF, RDSP, and TFSA plans.
  • Additionally, they are eligible for CDIC Insurance.

Scotiabank GIC Rates for Long-Term Non-Redeemable 2-Year

Term LengthInterest RateMin. Deposit
2 Years4.10%$500
  • Short-term GICs (30-364 days) and long-term GICs (1-10 years) are both available. For long-term GICs, the investment payment frequency can be monthly (with a $5,000 minimum investment) or compounded annually or semi-annually.
  • If annual or semi-annual compounding is chosen, interest is paid at maturity, with a $500 minimum investment.
  • All non-redeemable GICs are accessible as part of a registered or non-registered investment portfolio and have the option of automatic renewal upon maturity. Withdrawals are not permitted during the GIC term.
  • Upon the term’s conclusion, you have the option to either cash in your GIC, receive your initial investment along with accrued interest, or renew your term to continue growing your investment.
  • To purchase your GIC, you’ll need a Registered Plan or a Non-Registered Investment Plan. Additionally, these GICs are eligible for CDIC Insurance.

Current Scotiabank GIC Rates

image 7
GIC TypeTermInterest Rates
Non-redeemable GIC30-59 days2.15%
Non-redeemable GIC60-89 days2.40%
Non-redeemable GIC90-119 days2.75%
Non-redeemable GIC120-149 days2.75%
Non-redeemable GIC150-179 days2.75%
Non-redeemable GIC180-269 days3.25%
Non-redeemable GIC270-364 days3.55%
Guaranteed Income Optimizer GIC1 year4.75%
Cashable GIC1 year2.85%
Non-redeemable GIC1 year4.75%
Non-redeemable GIC18 months4.75%
Redeemable GIC (Special Offer)24 months4.00%
Non Redeemable GIC (Special Offer)18 months5.00%
Market Linked GICs – Scotiabank Canadian Low Volatility Index2 years4.00%, up to 14.00%
Guaranteed Income Optimizer GIC2 years4.10%
Market Linked GICs – Scotiabank U.S. Top 5002 years2.50%, up to 13.00%
Non-redeemable GIC2 years4.10%
Market Linked GICs – Scotiabank Canadian Utilities2 years4.00%, up to 16.00%
Market Linked GICs – Scotiabank U.S. Top 5003 years6.00%, up to 18.00%
Market Linked GICs – Scotiabank Canadian Low Volatility Index3 years7.50%, up to 18.00%
Market Linked GICs – Scotiabank Canadian Top 603 years5.00%, up to 35.00%
Non-redeemable GIC (Ultimate Package Customer)3 years4.48%
Non-redeemable GIC (Preferred Package Customer)3 years4.38%
Market Linked GICs – Scotiabank Canadian Utilities3 years7.00%, up to 24.00%
Guaranteed Income Optimizer GIC3 years4.00%
Non-redeemable GIC3 years4.00%
Market Linked GIC – Scotiabank Canadian Top 605 years10.00%, up to 50.00%
Guaranteed Income Optimizer GIC4 years4.00%
Non-redeemable GIC4 years4.00%
Market Linked GICs – Scotiabank Canadian Low Volatility Index5 years12.50%, up to 30.00%
Market Linked GICs – Scotiabank Canadian Top 605 years10.00%, up to 50.00%
Market Linked GICs – Scotiabank Canadian Utilities5 years12.50%, up to 50.00%
Market Linked GICs – Scotiabank U.S. Top 5005 years10.00%, up to 25.00%
Non-redeemable GIC5 years3.95%
Guaranteed Income Optimizer GIC5 years3.95%
Guaranteed Income Optimizer GIC6 years3.95%
Guaranteed Income Optimizer GIC7 years3.95%
Guaranteed Income Optimizer GIC8 years3.95%
Guaranteed Income Optimizer GIC9 years3.95%
Guaranteed Income Optimizer GIC10 years3.95%

Evaluating Scotiabank GICs Against Alternatives

While Scotiabank’s GIC rates are competitive, it’s prudent to explore alternatives. Digital financial institutions like EQ Bank or offerings from other major banks like RBC, BMO, TD, and CIBC present additional choices.

Insight into GIC Types

Understanding the GIC landscape is crucial. Scotiabank provides cashable, non-redeemable, market-linked, and redeemable GICs.

Moreover, it caters to various term lengths, offering flexibility to investors.

Navigating GIC Investments

Investment payment frequencies for long-term GICs allow monthly contributions, ensuring accessibility.

All non-redeemable GICs can be part of a registered or non-registered investment portfolio, fostering seamless integration into diverse financial strategies.

Scotiabank Advantages

Exclusive Offers for Package Customers

Preferred Package and Ultimate Package customers are entitled to special, higher interest rates, enhancing the allure of Scotiabank’s GIC offerings.

CDIC Insurance for Security

Scotiabank’s GICs offer peace of mind, being eligible for CDIC insurance. This protection covers deposits up to $100,000, ensuring a secure investment environment.

Initiating and Concluding Your Scotiabank GIC Journey

Opening a Scotiabank GIC

Initiating your GIC journey requires a few essential steps:

  1. Prerequisites:
    • Social Insurance Number
    • Canadian residency
    • Age of majority in your province
    • Scotiabank chequing or savings account
    • Registration for online banking
  2. Minimum Investment:
    • They are ranging from $500 to $100,000, depending on the GIC type.

Closing the GIC Chapter

Closing a GIC is straightforward. If set to not renew automatically, upon maturity, your principal and interest are deposited into your account.

For redeemable or cashable GICs, contact Scotiabank directly for fund access.

Scotiabank’s Other Accounts Offerings

Beyond GICs, Scotiabank provides alternatives like high-interest savings accounts, such as the MomentumPLUS Savings Account, offering a compelling interest rate of up to 5.60%.

Scotiabank’s GICs present many opportunities, marrying stability with potential returns. Whether short-term or long-term, cashable or market-linked, the diversity of options caters to varying risk appetites.

By understanding the intricacies and advantages of Scotiabank’s GIC offerings, investors can navigate the financial landscape with confidence, unlocking the door to a secure and prosperous future.