Term Deposits and Guaranteed Investment Certificates (GICs)

Equitable Bank offers a wide variety of investment terms to suit your needs.

Short Term Deposits (STD)

Are available from 30 days to 364 days with the interest paid at the contracted rate at maturity.

Guaranteed Investment Certificates (GIC)

Are available from one to five years with a variety of interest payable options.

Cashable Guaranteed Investment Certificates (CGIC)

Available for a one year term with interest paid annually, with an option to redeem after 30 days with interest paid at the contract ratefor the number of days invested.

For a GIC application, click here.

For more information on CDIC, please click here.

Equitable guarantees payment of the principal amount plus interest to the GIC holder according to the terms of the GIC.

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Interest Payments

Equitable offers a wide choice as to when you can receive the interest earned on your investment. Annual interest is calculated by multiplying the principal amount of your investment by the contracted interest rate. ($10,000 * 2.00% = $200.00)

You can choose from:

  • Monthly interest - you will receive annual interest at the contracted rate divided equally into 12 payments - available only when interest is credited directly into your bank account.
  • Annual Interest paid once per year on the anniversary or maturity date.
  • Annually Compounded interest where the annual interest is calculated and re-invested into the principle amount of your investment and paid to you at maturity.

For terms of less than 1 year, interest is calculated on a per diem (daily) basis and paid to you on the maturity date. For a $10,000.00 investment earning 2.00% per annum for a 60 day term, the interest amount is calculated by dividing the annual interest earned by 365 days and multiplying by the number of days in the investment term. ($10,000.00 *2.00% /365 * 60 =$32.88)

To make sure that you receive your interest in a timely manner, interest payments are generally prepared and mailed approximately two weeks in advance of the maturity date. Where interest is being credited directly into your bank account, payment will be received on the maturity date.

Issue Dates

All investments are issued as of the date funds are received at Equitable Bank.

Maturity Dates

Equitable Bank always makes sure that your investments mature on a business day. A five year GIC maintains its eligibility for CDIC coverage even though the maturity may be extended to the next business day if the actual 5 year period falls on a weekend or other non-business day.

Assignability, Negotiability and Transferability

Equitable Bank GICs are not assignable, negotiable or transferable except upon the death of the registered owner. In the event of the death of a registered owner, the investment may be redeemed or transferred only after Equitable Bank has received all necessary documents. Please refer to our Estate Guideline brochure.

Redeemability

Unless otherwise indicated, GICs are not redeemable prior to maturity except in the case of the death of a registered owner or the life tenant of a trust, if admitted. Please refer to our Estate Guideline brochure.

Registration

The registered owner may be an individual person, two or more individuals as "Joint Tenants with Right of Survivorship" (JTWRS), Trustees, Trusts, Estates and Executors of Estates with or without life tenants admitted. We accept "and/or" as well as "and" in joint registrations, but you should be aware that a registration with "and/ or" means that either party can give a receipt for the funds without the consent of the other party.

Terms and Conditions

The specific terms of each GIC are printed on the front of the confirmation, and the back contains the general terms and conditions.

Canadian residents only.

Equitable Bank is a member of CDIC.