Daily Interest Fund | Guaranteed Interest Fund | Step-up Interest Fund | Non-redeemable Guaranteed Interest Fund |
Your capital is always available (it can be used as an emergency fund) | You can choose a term that's between 3 months and 20 years | Your interest rate goes up each year until the end of the term | You generally get a higher interest rate than you would on a redeemable term investment Available in Quebec only |
| -- | Term between 3 months and 20 years | Term of 5 or 10 years | Term of 3 years or more |
Can be withdrawn at any time | Can be redeemed at any time | Can be redeemed once a year only within the 30 days prior to the anniversary date | Cannot be redeemed |
Potentially higher interest rate than on a chequing account | Interest rate varies depending on the amount invested | Compound interest rate | Higher interest rate than on a redeemable term investment |
Interest rate can vary from day to day depending on the markets | Guaranteed return at maturity | Guaranteed return at maturity | Guaranteed return at maturity |
Eligible for registered (RRSP, TFSA, etc.) and non-registered plans | Eligible for registered (RRSP, TFSA, etc.) and non-registered plans | Eligible for registered (RRSP, TFSA, etc.) and non-registered plans | Eligible for RRSP and non-registered plans |
Minimum investment: $500 | Minimum investment: $500 | Minimum investment: $500 | Minimum investment: $10,000 |