Toronto-based Meridian Credit Union has announced the launch of its new “Raise the Rate” GIC, which allows investors to move into a higher interest rate during a GIC’s investment term.
The GICs are available in a three-year term at 2.6% and a five-year term at 2.7%. Investors are permitted to price-match once over the life of the three-year product and twice over the life of the five-year version.
“We created the ‘Raise the Rate’ for investors who may be hesitant to lock into a longer-term investment vehicle, particularly in an uncertain interest rate environment,” Wanita Fonseka, Meridian’s vice-president, retail member experience, said in a statement.
“It gives investors choice, flexibility and peace of mind knowing they’re obtaining a great rate for their GIC now, with the ability to potentially increase that rate over its life term,” she added.