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Redeemable Escalarater GIC

Competitive interest rates that go up each year

 

At a glance

What is the Redeemable Escalarater GIC?

With the Redeemable Escalarater GIC, your principal is invested for a term of three to five years. Enjoy a great average rate over your full term as your annual rate increases each year. You can cash out your investment in full before maturity.

Perfect if you're looking to:

  • Benefit from a competitive interest rate
  • Withdraw funds occasionally

Rate: Fixed

Minimum investment: $500

Access to funds: Yes

Investment horizon: 5 years

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GIC options

Decide whether you want a registered or non-registered GIC, then select a term and interest type.

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Term (in months)
Interest type
Term Plan Minimum investment Rate Interest type Get this GIC
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Tip

Looking to cash in a portion of your investment each year and take advantage of higher interest rates? Learn about the GIC laddering strategy.

Little details that matter

Non-registered plan

Interest payments

Compounded annually on the investment date at the average rate and payable at maturity.

Access to funds

Redeemable in full on the anniversary date of purchase, i.e., once a year:

  • 3-year GICs are redeemable on or after the first anniversary date
  • 5-year GICs are redeemable on or after the second anniversary date

Upon redemption, interest is calculated based on the average rate for the years elapsed and is payable on the redemption date.

Posted rates are for interest payable at maturity (compounded annually).

RRSP

Interest payments

Compounded annually on the investment date at the average rate and payable at maturity.

Transferability

Cannot be transferred to an RRIF.

Access to funds

Redeemable in full on the anniversary date of purchase, i.e., once a year:

  • 3-year GICs are redeemable on or after the first anniversary date
  • 5-year GICs are redeemable on or after the second anniversary date

Upon redemption, interest is calculated based on the average rate for the years elapsed and is payable on the redemption date.

Posted rates are for interest payable at maturity (compounded annually).

Additional information

Stable and predictable income. Interest is calculated annually.

Automatic renewal: Unless otherwise instructed, we will automatically reinvest your funds at maturity in a GIC with a term of one year, at the prevailing rate. The new GIC cannot be cashed in before the new maturity date. You will have 10 business days after the new GIC is issued to cancel the renewal.

For information on fees related to RRSPs, refer to our Fee Guide.

National Bank is a member of the Canada Deposit Insurance Corporation (CDIC).

For information on our rate increase or new fee notification procedure, refer to our Fee Guide.

For information on the procedure for submitting claims regarding product fees, click here.

To invest online, you need to have a bank account with National Bank. Don't have an account? Contact a National Bank branch.

Legal Disclaimers

1. The Diversified GIC – Stability, Series 64, Investors Category ("Diversified GIC – Stability"), the Diversified GIC – Balanced, Series 64, Investors Category ("Diversified GIC – Balanced") and the Diversified GIC – Performance, Series 64, Investors Category ("Diversified GIC – Performance") (or the "Diversified GICs") are not conventional fixed-income instruments, are not suitable for all investor types and carry some risk. Potential investors should consult the relevant fact sheet before investing. The Bank has issued previous series which may have different terms and conditions. Please refer to the rates bulletin for previous series. Terms and expressions not defined have the meaning given in the relevant fact sheet, available on the Diversified GICs page.

2. The variable interest for Diversified GICs is based on the return of the three reference assets comprising the Reference Portfolio, namely, the fixed-rate GIC, the Canadian Precision 10 GIC and the Global Precision 10 GIC, which are weighted differently for each Diversified GIC. The reference portfolio return is equal to the weighted average return of the reference assets calculated as the sum of the weighted return of each of the reference assets. The variable interest will be a percentage of the principal invested on the issue date ("guaranteed interest") and will be limited to a maximum ("maximum interest"), depending on the Diversified GIC selected and specified in the relevant fact sheet.

The reference asset return of the fixed-rate GIC is a percentage specified in the fact sheet.

For the Canadian Precision 10 GIC and the Global Precision 10 GIC, the reference asset return is the arithmetic average of the return on 10 reference stocks having the sixth to fifteenth highest return of the 20 reference stocks in the basket during the period from the issue date to the valuation date, subject to a maximum and minimum as specified in the relevant fact sheet.

If the return on the reference portfolio is not greater than the guaranteed interest at maturity, only the amount of the guaranteed interest and the principal invested on the issue date is payable.

Another great option

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Balanced

Pair the security of a GIC with the growth potential of the stock markets

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Minimum investment

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