5-year Raise the Rate GIC

A minimum investment of $100 is required for both the 3-year and 5-year Raise the Rate GICs.

Both the 3-year Raise the Rate GIC and the 5-year Raise the Rate GIC are non-redeemable over the life of the product.

The initial investment is made at the prevailing rate for the Raise the Rate GIC. Members are eligible to increase the rate once over the life of the 3-year Raise the Rate GIC and twice over the life of the 5-year Raise the Rate GIC.

Rate matching is only available against the comparable GICs offered by Meridian. In order to implement a rate increase, the Member must initiate the request. The rate increase will not be automatically implemented.

After a rate increase has been exercised, the term and maturity date of the GIC remain the same. The effective date of the rate change will be the date on which the Member requested the change. The exception to this is if a Member requests a rate change on December 30 or December 31, the effective date of the rate change will be no later than January 2 of the following year.

Interest is calculated/compounded annually and will be paid annually and at maturity. During the course of the term, if a Member has elected to increase their rate, the annual amount of interest paid for that year will be pro-rated based on the two rates used for that year and the length of the time each rate held. The actual overall yield for the full term of the deposit will be based on a blend of the original contract rate and any elected increases to the rate. 

Interest rates shown are subject to change without notice.