What’s a GIC (Investing)
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Short for Guaranteed Investment Certificate, it’s a form of investment with a definite, known time period. It’s a simple, reliable investment with somewhat reasonable interest rates. Low-ish effort, decent reward, and guaranteed not to lose money on the investment.
The catch? You can’t usually pull out early from the set investment period, or if you do there might be some kind of penalty. If you sign away your money for 2 years, it’s effectively gone until the time is up. At the end you get your money back plus the interest you were promised, but if you don’t have disposable income then this might not be a good idea.
so a gic is like giving your money a nap but it still earns interest while snoozing. you get it back later with extra cash. pretty chill, right?
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