Making Our Goals Come True With GICs

**This is a sponsored post written by me on behalf of EQ Bank. However, as always, all opinions are my own.We have a confession to make, we are the opposite of savers. I guess you can say we live by that old saying “you can’t take it with you when you go.” But, we also have many goals and dreams, so many places to travel to and things that we want to do with our kids. One thing that Rob and I really want to save for is a honeymoon, a trip for just the two of us. We have been married for 3 years this December and together for 6. Not once have we traveled alone together anywhere. I think we are due. Our trip of the lifetime is to travel to Italy, rent a little villa in a small village and live like locals for a few weeks. It is going to be expensive and we knew we needed to start saving if it was going to happen. But, how? Where do we take the money from? And how exactly do we go about it? We turned to EQ Bank, Canada’s Challenger Bank™ to help. They introduced us to their newly launched GICs, which are Guaranteed Investment Certificates. What’s great is that with as little as $100, we can watch our savings grow with guaranteed high-interest rates including 2.76% on a 1-year term and 3.50% on a 5-year term. We are choosing the 5-year term so that we can go big or go home. And the best part? We can purchase GICs right from home – no appointments necessary. So, now that we have all of that figured out, how do we determine where to take the money from to save? This will be hard, but we’re going to start small with $100.Over the next month, we are vowing to cut out buying our little treats when we are out and about. From lattes to goodies we really shouldn’t be eating anyways, we are notorious for stopping at all the coffee shops that we pass. Instead, this month, we will pack our own healthy goodies and bring our coffee. I am pretty excited now that I have written it down. So here begins our investment journey. But, before I leave you, I must ask, what would you cut out to save $100 for your GIC?      

Rates shown are in effect as at May 28, 2018 and are subject to change. For GIC terms equal to one year, simple interest is calculated on a per annum basis and paid at maturity. For GIC terms of over one year, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually). Interest is accrued for the entire GIC term.  EQ Bank GICs are non-redeemable.

For more GIC rates and information, visit eqbank.ca. EQ Bank is a trade name of Equitable Bank.