Explore the specifics regarding ScotiaBank GIC Rates: Prime rate and Mortgage Rates of ScotiaBank can be found in this article. It covers comprehensive details about ScotiaBank GIC Rates and related substantial information.
Contents
- 1 ScotiaBank GIC
- 1.1 ScotiaBank GIC Rate
- 1.2 What are the GIC Rates of ScotiaBank?
- 1.3 Long-term Non-Redeemable GIC rates
- 1.4 Short-term Non-Redeemable GIC Rates
- 1.5 Personal Redeemable GIC Rates
- 1.6 Cashable GIC Rates
- 1.7 What are the Prime rate and Mortgage Rates of ScotiaBank?
- 1.8 Variable Rate Mortgages
- 1.9 Closed Term Fixed Rate Mortgages
- 1.10 Short Term Fixed Rate Mortgages
ScotiaBank GIC
Several banks in Canada provide GIC Investments, each offering varying GIC Rates. One such bank is ScotiaBank, which offers stable and guaranteed returns through its GIC Investment options.
ScotiaBank provides several types of GIC Investments, including Cashable GICs, Non-Redeemable GICs, Market Linked GICs, and Personal Redeemable GICs. These options vary in their term periods and the GIC Rates they offer.
ScotiaBank GIC Rate
| Name | ScotiaBank |
| Country | Canada |
| Personal Redeemable GICs (annual rate) | 4.50% (term period – 24 months) |
| Non-redeemable GICs (annual rate) | 5.75% (term period – 2 years) |
| Non-redeemable GICs (annual rate) | 5.45% (term period – 4 years) |
| Market Linked GICs (not annual) | 15% up to 55% (term period – 5 years) |
| ScotiaBank Prime Rate | 7.2% |
| Website | scotiabank.com |
What are the GIC Rates of ScotiaBank?
When selecting GICs for investment, it’s crucial for investors to choose the type that aligns with their financial situation, time horizon, goals, and other pertinent factors. Banks provide various types of GICs precisely for this reason, aiming to cater to a diverse range of customer preferences and needs.
Long-term Non-Redeemable GIC rates
When selecting GICs for investment, it’s crucial for investors to choose the type that aligns with their financial situation, time horizon, goals, and other pertinent factors. Banks provide various types of GICs precisely for this reason, aiming to cater to a diverse range of customer preferences and needs.
| Term | Preferred package customer | Ultimate Package customer | Without Preferred/Ultimate Package |
| 3 Years | 5.02% | 5.12% | 4.10% |
The GIC rates vary between the Ultimate Package, Preferred Package, and those without either package:
- Annual
- Semi-Annual
- Monthly
Short-term Non-Redeemable GIC Rates
| Term | Interest Rate (Annual) |
| 30 – 59 days | 2.15% |
| 60 – 89 days | 2.40% |
| 90 – 119 days | 2.75% |
| 120 – 149 days | 2.75% |
| 150 – 179 days | 2.75% |
| 180 – 269 days | 3.25% |
| 270 – 364 days | 3.55% |
Personal Redeemable GIC Rates
This category of GIC enables customers to earn a guaranteed rate while allowing partial or full access to their investments at a predetermined rate. Key features of this GIC include principal protection, flexibility, and guaranteed returns.
The annual rate for the Personal Redeemable GIC is 4.50% on a 24-month term.
Cashable GIC Rates
| Type | Term | Interest Rate |
| Regular Cashable | 1 Year | 2.85% |
In addition to these options, ScotiaBank also provides Guaranteed Income Optimizer, Index Powered GICs, Equity Powered GICs, and Market Linked GICs. Each of these products offers unique benefits and interest rates. For up-to-date information on ScotiaBank’s current GIC rates, investors can contact bank officials or visit the official website.
Please note that the current ScotiaBank GIC rates are effective from October 18, 2024. As we know, the rates
In addition to these options, ScotiaBank also provides Guaranteed Income Optimizer, Index Powered GICs, Equity Powered GICs, and Market Linked GICs. Each of these products offers unique benefits and interest rates. For up-to-date information on ScotiaBank’s current GIC rates, investors can contact bank officials or visit the official website.
What are the Prime rate and Mortgage Rates of ScotiaBank?
ScotiaBank offers a prime rate of 7.2%, effective from July 13 onwards. This prime rate serves as the basis for setting interest rates on different types of loans and credits offered by the bank. For additional details on ScotiaBank’s prime rate, please visit their official website.
ScotiaBank offers a prime rate of 7.2%, effective from July 13 onwards. This prime rate serves as the basis for setting interest rates on different types of loans and credits offered by the bank. For additional details on ScotiaBank’s prime rate, please visit their official website.
The mortgage rates offered by ScotiaBank are as follows:
Variable Rate Mortgages
In this type of mortgage, the interest rate adjusts periodically based on an index. Individuals choose a Variable Rate Mortgage when they anticipate future decreases in interest rates.
| Term | Type | Rate |
| 3 Year Closed Term | Scotia Ultimate Variable Rate Mortgage | 8.6% |
| Closed 5 Year Term | Scotia Flex Value Mortgage | 7.65% |
| Open 5 Year Term | Scotia Flex Value Mortgage | 10.4% |
Closed Term Fixed Rate Mortgages
This type of mortgage offers a fixed interest rate for a defined period. It is a suitable choice when current interest rates are lower.
| Term | Rate |
| 1 year | 8.04% |
| 2 years | 7.64% |
| 3 years | 7.24% |
| 4 years | 7.04% |
| 5 years | 7.04% |
| 7 years | 7.2% |
| 10 years | 7.69% |
Short Term Fixed Rate Mortgages
Short-term mortgages typically have shorter term periods but may come with slightly higher interest rates.
| Type | Term | Rate |
| Open Mortgage | 6 months | 9.75% |
| Open Mortgage | 1 year | 9.75% |
| Flexible/Closed Mortgage | 6 months | 7.95% |
Please be aware that these rates may change in the future due to various factors. Therefore, borrowers should stay informed about the latest developments in mortgage loans and their interest rates.