Making money off of your cash is one of the smartest things you can do. In fact, you may be surprised to learn just how much you can earn by having a guaranteed investment certificate (GIC) in place. Of course, the higher interest you can make the better and this will allow you to have more cash in your account. The main thing you’ll want to do is know how to secure the highest and best GIC rates possible.
1. Learn the going rates
Doing your research is the key to helping you obtain the best rate. You can visit a variety of websites and find out what the current interest rates may be.
It’s ideal to do the appropriate amount of research before making a final decision. The last thing you should do is make a long-term commitment and only ending up securing the lowest rate.
2. Get insurance for your investment
Did you know that it’s doable to get insurance on your GIC? While this may not be possible with every financial institution, it is with some.
Ensuring you have the right amount of coverage on your investment may help you feel more at peace about it. Be sure to ask about this before deciding where to place your money if this option is available.
3. Look for a broker
One of the top ways to help you choose the right GIC and make the most money is by having a broker. This individual is well trained to look after your best interests and could be the key to making the wisest investment.
Be sure to take a close look at the credentials of this individual before deciding. Some things you may want to consider do include the education of this person and the amount of experience the professional has.
Other ways to help you make the right choice is by doing a significant amount of research. Take time to look at reviews and testimonials that may be in place on various websites. Of course, you’ll only want to stick to a broker that has the best ratings to ensure you have an excellent experience.
4. Rely on a trusted e-bank
Investing the right amount of time to find an e-bank that delivers is essential. The good news is there are many you can choose from, but you’ll want to know some details on any of these.
Did you know that some of the larger ones even have tools that can instantly allow you to compare rates from the comfort of your home? There’s not much of a more natural way for you to find the highest yielding GIC other than this.
One thing you’ll want to do is ensure any e-bank that you’re considering has a good reputation. This may be more possible to do by doing the proper amount of research.
There’s no doubt that your money is hard to make. The good news is you’ll be able to put it to work for you by choosing the right investment rather than the wrong ones. Don’t delay in investing your money in the ideal places. It’s critical to get started doing this today to help you enjoy the labour of your efforts tomorrow. One thing is for certain and that’s you’ll never likely to regret making money!