GIC or Savings Account?

GIC or Savings Account?I recently had two reasons to look up the going rates on GICs and savings accounts. I thought I’d share what I found with you today and raise the question: Is it worth it to put cash into a 5-year GIC when some savings accounts are paying almost as much while offering the same safety and more liquidity? Why GICs or Savings Accounts? I mentioned two reasons I was interested…

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Why banks aren’t paying higher interest rates

Why banks aren't paying higher interest ratesSo far in 2010, Canadians have opened 20 per cent more chequing and savings accounts than last year at this time. That amounts to about $100 billion in new deposits and Canada’s major banks have been fighting for a share of it with incentives, including cash rewards for customers opening new accounts. While consumers can get cash and travel points to open a new account, there is one conspicuous weapon…

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Chuck it All and Buy GICs?

Chuck it All and Buy GICs?It’s possible to make a reasonable argument that the average investor would be better off investing in GICs than stocks and bonds. Unfortunately, David Trahair fails to make this argument well in his book Enough Bull: How to Retire Well Without the Stock Market, Mutual Funds, or Even an Investment Advisor. So, I’ll try to make it for him. The main argument in favour of investing in stocks is their…

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