Guaranteed Investment Certificate

Definition

  • An investment in which you deposit money, over a fixed period of time, and are paid a set rate of interest.

Synonyms
guaranteed interest

Acronyms
GIC

Related Terms and Acronyms

  • Bond Definition,
    • A certificate of debt issued by a government or corporation guaranteeing payment of the original investment plus interest by a specified future date.
  • Fixed-Return Investments Definition,
    • Investments that provide a stable return.
  • Interest (int, IN) Acronym & Abbreviation,
    • Money paid for the use of borrowed funds, usually expressed as an annual percentage.
    Bank account transaction code.
  • Investment Definition,
    • Something you put your money into in order to make money.
  • Money Market Account (MMA) Acronym,
    • A bank account that restricts the type and number of withdrawals. The account also earns interest similar to money market funds.
  • Return Definition,
    • Any increase in value or in income you earn on purchase or investment.
  • Term Definition,
    • The length of time you commit to repay a lender or bank at an agreed upon interest rate and payment schedule. The interest rate usually remains constant during this term unless the commitment states otherwise. For example, a five year fixed rate mortgage has a term of five years.
  • Term Deposit (TD) Acronym,
    • An investment product in which you deposit a fixed sum of money for a set period of time and are paid interest.
  • Variable Interest Mortgage Definition, Important,
    • A loan where the interest rate may vary during the term of the mortgage. The variance is usually tied to some specific factor such as prime bank rate or the guaranteed investment certificate rate for a designated lender.
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