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Non Redeemable GIC's withdrawal interest penalty
July 17, 2022
6:30 pm
remacrae
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Are banks or Credit Unions still offering long term non-redeemable GIC's with an interest penalty for early withdrawals?

July 17, 2022
7:04 pm
Norman1
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Is that a joke?

Non-redeemable GIC's don't allow withdrawals before maturity.

July 17, 2022
7:09 pm
MattS
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remacrae said
Are banks or Credit Unions still offering long term non-redeemable GIC's with an interest penalty for early withdrawals?  

It’s on an institution by int. Basis. You would need to call and ask or go in. Even if they didn’t if you were to demonstrate some financial difficulties they may allow you to break term with penalty. I have read instances on this forum where institutions have made some accommodations

July 18, 2022
1:23 am
cgouimet
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remacrae said
Are banks or Credit Unions still offering long term non-redeemable GIC's with an interest penalty for early withdrawals?  

You might need to prove your life will be redeemed if your GIC isn't ... 🙂

CGO
July 18, 2022
6:41 am
Norman1
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In such cases, I think the bank would offer a loan using the non-redeemable GIC as collateral. The bank would buy the GIC back only if the cost of the paperwork for the loan greatly exceeds the loan interest.

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