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Scotiabank is offering a new one-year Guaranteed Investment Certificate (GIC). It has a special rate of 1.6%.

The GIC is available from now until the end of January.

“GICs offer Canadians a safe way to keep their money working,” says Mike Henry, senior vice president and head of retail deposits and lending. “GICs can be used for short-, mid-, and long-term savings, and are ideal for TFSAs, RRSPs, and non-registered plans.”

According to a past Scotiabank poll, 38% of Canadian investors hold GICs.  Of this segment, the majority says competitive interest rates (68%) and low-risk profiles (62%) are the most important features when buying a GIC.

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Originally published on Advisor.ca