Rate Hiker GIC

• 3, 4 or 5 year non-redeemable term
• Depositor has an option to increase the interest rate for the remainder of the original term. This can be exercised twice at any time during the term.
• Min. deposit $1,000
• Interest rate ¼ % less than the 3, 4 and 5 year rates
• Payable to Plan 24 or Regular savings on maturity

• RSP
• LIRA
• RIF
• LIF
• TFSA

Example: On a 5 year rate hiker purchased Feb 1, 2013, member started with a rate of 2.75% which is a quarter percent lower than regular 5 year rate.
* Member has two chances to hike the rate

• Feb 1, 2013 – Member can use 1st hike to match the regular 5 year rate of 3% (1/4 % hike)
• Feb 2, 2013 – Feb 1, 2014: refer to the 4 year rate
• Feb 2, 2014 – Feb 1, 2015: refer to the 3 year rate
• Feb 2, 2015 – Feb 1, 2016: refer to the 2 year rate
• Feb 2, 2016 – Feb 1, 2017: refer to the 1 year rate
• Feb 2, 2017 to Feb 1, 2018 – term will stay at rate until term completed