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Benefits of a Raise the Rate GIC

Give yourself a raise

An innovative way to invest without locking into a set rate. If rates go up, you have the power to “rate match” and increase your return.


Build your GIC

Choose from 3- or 5-year terms. You can also hold this GIC within a non-registered plan, TFSA, RRSP, or RRIF.


Start small

You don’t need lots of money to get started. The minimum deposit is only $100.


How it works

You get a competitive rate to start with:
3-year Raise the Rate GIC: 2.60%
5-year Raise the Rate GIC: 2.70%

Plus, you can increase your rate. Let’s say you buy our 3-year Raise the Rate GIC, and then a few months later you see that interest rates for similar Meridian GICs have gone up. All you have to do is request a rate change online, in a branch, or by calling our Contact Centre.


This is a great option for you if:

  • You want to invest long-term without locking into one rate and missing out on something better if rates go up

  • You like flexibility and security - you can raise your rate when you see a better one, but when rates start going down you can keep earning the rate you've got

  • You feel confident that you won't need access to your money before the term is up

  • You have a minimum of $100 to invest



Open Raise the Rate GIC now

Current Meridian Members can open the Raise the Rate GIC via Online Banking, by visiting a local branch or calling our Contact Centre.

Open 3-year Raise the Rate GIC 


Open 5-year Raise the Rate GIC 


Rates 

Initial interest rate for 3-year term: 2.60%
Rate match against similar Meridian GICs to increase your rate once over the course of your term (See FAQ "How do I rate match my rate?")

Initial interest rate for 5-year term: 2.70%
Rate match against similar Meridian GICs to increase your rate twice over the course of your term (See FAQ "How do I rate match my rate?")
 

Minimum investment

$100 
 

Accessing your cash

  • This GIC is non-redeemable
  • Penalties apply if you access your money early

Interest

  • All rates are annual rates of interest.

  • Interest is calculated/compounded annually and paid annually and at maturity.

  • If you increase your rate, the annual interest paid will be pro-rated based on the two rates used for that year and the length of the time each rate is held. The overall yield will be a combination of the rates.

  • You earn more interest the longer you keep your money invested.

 

​Explore all rates


Frequently asked questions


  • How do I rate match my rate?

    You can match your rate against select GICs with the same term.

    For the 3-Year Raise the Rate GIC you can match against the rate for:

    • 3-Year Raise the Rate GIC

    • 3-Year Fixed-Rate GIC

    • 3-Year Escalator GIC (effective yield to maturity) for registered products only

     
    For the 5-Year Raise the Rate GIC you can match against the rate for:

    • 5-Year Raise the Rate GIC

    • 5-Year Fixed-Rate GIC

    • 5-Year Escalator GIC (effective yield to maturity) for registered products only

  • How do I raise my rate?

    You can request a rate change three different ways:

    • Visit any Meridian branch location and request a rate change

    • Call the Contact Centre and request a rate change

    • Request a rate change through Online Banking or our Mobile App