What are certified deposits?
In Canada, certified deposits are a type of deposit product offered by financial institutions, often similar to certificates of deposit (CDs) found in other countries. They are known as Guaranteed Investment Certificates (GICs) in Canada. Here’s a detailed overview of GICs:
When you invest in a GIC, you agree to deposit a lump sum of money for a specified period in exchange for a guaranteed return, which is typically paid as interest. GICs have a fixed term, which can range from as short as 30 days to as long as 10 years.
The term length affects the interest rate offered.Withdrawing funds before the maturity date usually incurs penalties or results in a lower interest rate. GICs offer a guaranteed interest rate that remains fixed for the duration of the term. Rates can vary based on the term length and the financial institution.
What are instant deposits? What are deposits on demand?
Instant deposits refer to a feature offered by some banks and financial institutions that allows you to deposit funds into your account and have them become available immediately or within a very short period of time. This feature can be particularly useful for managing your finances and accessing funds quickly.
Deposits on demand are usually the same as instant deposits.
Do Canadian banks offer fixed or variable deposit rates?
Canadian banks offer both fixed and variable deposit rates for savings accounts, term deposits, and other deposit products.
Fixed deposit rates refer to the interest rates that remain constant for a specified term or period. This is common with products like Term Deposits, Guaranteed Investment Certificates (GICs), and certain types of High-Interest Savings Accounts.
Variable deposit rates refer to interest rates that can fluctuate over time based on market conditions or other factors. This is common with products like High-Interest Savings Accounts and Variable Rate GICs.
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 25,000 | 3.45% | 863 |
| 25,000 | 3.55% | 888 |
| 25,000 | 3.65% | 913 |
| 60,000 | 3.95% | 2,370 |
| 60,000 | 4.04% | 2,424 |
| 60,000 | 4.15% | 2,490 |
| 140,000 | 4.45% | 6,230 |
| 140,000 | 4.55% | 6,370 |
| 140,000 | 4.65% | 6,510 |
| 340,000 | 4.95% | 16,830 |
| 340,000 | 5.05% | 17,170 |
| 340,000 | 5.15% | 17,510 |
Where can I find direct deposit forms in Canada?
In Canada, direct deposit forms are commonly used to set up automatic deposits into your bank account for things like paychecks, government benefits, and other regular payments.
What are automatic deposits?
Aautomatic deposits refer to a system where funds are deposited into your bank account automatically without requiring any manual intervention each time a payment is made. This feature simplifies the process of receiving regular payments or transfers and can include various types of deposits.
You can also see the similar FAQ at the link:
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Details of companies offering the financial services:
Bank Of Montreal
Head office’s address: 119, rue Saint-Jacques Montreal, Quebec H2Y 1L6
Contact center: 877-225-5266
Phone: 416-867-5000
Web-site: http://www.bmo.com/main/personal
Swift code: BOFMCAM2
Stock code: BMO
BSB: 001
CIBC
Head office’s address: 199 Bay St, 44th Floor Toronto
Contact center: 800-465-2422
Web-site: https://www.cibc.com/en/personal-banking.html
Swift code: CIBCCATT
Stock code: CM
BSB: 010
Canadian Western Bank
Head office’s address: 10303 Jasper Ave, Edmonton, AB T5J 3N6
Contact center: 780-423-8801
Phone: 780-423-8888
Web-site: http://www.cwbank.com/
Swift code: CWBKCA61
Stock code: CWB
BSB: 030
Envision Financial - First West CU
Head office’s address: #200 - 19933 88th Avenue Langley, BC
Contact center: 888-597-6083
Web-site: https://www.envisionfinancial.ca/Personal/
Icici Bank Canada
Head office’s address: Don Valley Business Park 150 Ferrand Drive, Suite 1200 Toronto
Phone: 888-424-2422
Web-site: http://www.icicibank.ca/
Swift code: ICICCATT
Stock code: ICBK
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002