BNS 2.5 Redeemable GIC-MINI $100,000 | Oaken Financial | Discussion forum

This is advertised as a Business GIC. I'm not sure why or what the difference is.
Watch out for the redeemable rates--which aren't bad, but you are penalized. ----------------------------------------------------------------------

Earn 2.5% when you open a new Redeemable GIC with a 15-month term.
Offer ends July 31, 2018.

2.5% Over a 15-month term
Give your business a boost. Get 2.5% on a redeemable GIC for business

When investing funds for your business, a stable return can provide peace of mind. "Our redeemable GIC lets you earn interest on surplus funds and gives you the flexibility to withdraw those funds at any time.

• Earn 2.5% on any funds you keep in the GIC for a 15-month term1

• Receive a competitive rate on amounts redeemed before the term ends1

• Invest with a minimum of $100,000 CAD

This offer ends July 31, 2018. Visit your nearest branch today and talk to a Small Business Advisor to find out more or open an account.
Term and Early Redemptions

The term of the GIC is 15 months (the “Term”). If the GIC is held until maturity full interest will be payable. The GIC can be partially or fully redeemed at any time during the Term. If you choose to redeem your GIC before the end of the term, the interest paid on the portion of the GIC that has been redeemed will be based on the following Early Redemption Schedule :

# of Days / Months Redemption Rate
0 – 6 months (0 – 180 days) 1.65 %
6 – 12 months (181 – 365 days) 2.00 %
12 – 15 months (366 – 454 days) 2.25 %
Maturity Rate (Day 455) 2.50 %

Depending on the timing of any early redemptions and any prior interest payments related to this GIC, there may be a claw back of interest from the principal to reflect the presiding rate within the Early Redemption Schedule. Claw back occurs when paid interest exceeds the interest the customer should have earned based on the early redemption rate.