Innovative first-in-kind product adds a new flavor to GIC investing in Canada
TORONTO, Sept. 19, 2019 /CNW/ - At a time when many Canadians may be feeling anxious about how to maximize returns on their investments, Meridian is delighted to launch its new 'Raise the Rate' GIC – the first of its kind in Canada – giving investors greater control over their financial future.
Traditionally, the interest rate associated with a GIC has been locked in for the entire duration of the investment term. Meridian's new 'Raise the Rate' GIC gives Members the ability to rate match and move to a higher interest rate during the investment term. The 'Raise the Rate' GIC is available in three and five-year terms and is available across all plan types (non-registered, RRSP, RRIFs and TFSA).
Meridian's "Raise the Rate" GICs are available at market leading rates of 2.6% for a three-year term and 2.7% for a five-year term.
"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," says Wanita Fonseka, Vice President, Retail Member Experience with Meridian Credit Union. "'Raise the Rate' breathes new life into a product that has been traditionally viewed as the plain vanilla of the investment world. 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."
Members are permitted to price match once over the life of the three-year 'Raise the Rate' GIC and twice over the life of the five-year version.
"For us, it's about putting more power in the hands of investors and empowering them to get the most out of their money," says Fonseka. "It's always prudent to have a balanced portfolio and GICs can help to maintain that balance. The 'Raise the Rate' GIC allows people to maximize their gains within a low-risk investment vehicle. It's a real win-win for Members."
Taking advantage of the 'Raise the Rate' price matching option is easy. Retail or business Members can request a rate change in a branch location, through online banking, through Meridian's mobile app and by calling our Contact Centre at 1-866-592-2226.
With more than 75 years of banking history, Meridian is Ontario's largest credit union and the third largest in Canada, helping to grow the lives of its 350,000 Members. Meridian has $21.6 billion in assets under management as of May 31, 2019 and delivers a full range of financial services online, by phone, by mobile and through a network of 91 branches across Ontario, and business banking services in 13 locations. Meridian Members also have access to THE EXCHANGE® NETWORK, with 3,700 no-fee ABMs across Canada and 500,000 ABMs in the United States. For more information, please visit: meridiancu.ca.
SOURCE Meridian Credit Union
For further information: Teresa Pagnutti, Senior Manager, Public Relations, Meridian, 416-597-4444 Ext. 2667