Equitable bank introduces GICs in U.S. dollars

By Staff | December 7, 2020 | Last updated on December 7, 2020
1 min read
American dollars
© Piotr Pawinski / 123RF Stock Photo

Toronto-based Equitable Bank is now offering guaranteed investment certificates (GICs) in U.S. dollars.

The interest rates on the products range from 0.20% for a 30-day cashable option to 1.30% for the 10-year term, and the GICs are sold exclusively through investment advisors.

“The appetite for change and growth in the foreign investment market is stronger than ever and we seized the opportunity to really challenge the status quo,” said Mahima Poddar, senior vice-president of personal banking at Equitable Bank, in a release.

In April, Equitable Bank started offering a high-interest savings account in U.S. dollars.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.