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Term Deposit FAQs

What is a term deposit?

A term deposit is simply an investment that is deposited for a fixed period of time.

What are some of the things I should consider when choosing a term deposit?

There are a number of options available in term deposits: the length of the deposit term which can range from days to years, whether your money can be withdrawn or "redeemed" before the maturity date (with or without penalty), whether the term deposit is available as a tax-saving registered product, the minimum amount you need to invest, and the interest rate. In general, the greater your commitment in terms of how much you invest and how long you're willing to leave your money untouched, the greater the return.

Are term deposits flexible?

Maturity dates on term deposits vary depending on the nature of the term deposit. You choose the term for general short-and long-term deposits; other types of term deposits have defined durations. Depending on the term deposit, you may also be able to choose whether the interest is compounding (reinvested in your term deposit), deposited into your chequing or savings account periodically or upon maturity, or rolled into a new or renewed term deposit.

How safe are term deposits?

All BlueShore Financial term deposits are eligible for unlimited deposit insurance protection*.

Is a term deposit better than a savings account?

Yes, if you do not need to use these funds for a period of time. The interest rate of term deposits is higher than the interest paid on a savings account. Interest rates are market driven and are typically guaranteed for a specific period of time, thereby maximizing your interest earnings.

What's the difference between a term deposit and a GIC?

Term deposits and GICs (Guaranteed Investment Certificates) are exactly the same; they're just different names for the same kind of investment.

What's the difference between a redeemable and non-redeemable term deposit?

Redeemable term deposits give you full access to your money at any time. They guarantee a level of interest for the length of the term slightly lower than the non-redeemable rate. In exchange, you are able to cash in the term before maturity at a discounted rate.

Non-redeemable term deposits are locked for the duration of the term, but offer a higher rate of return. Non-redeemable term deposits provide the highest level of interest among BlueShore Financial's term options. Interest can be paid annually, semi-annually, or monthly with rates adjusted accordingly.

How can I set up a term deposit?

If you're a BlueShore Financial member, you can open a term deposit online, by visiting any one of our branches, or by phoning our Solution Centre at 604.982.8000 or toll-free 1.888.713.6728.

* Deposits are 100% guaranteed. Protection provided by the Credit Union Deposit Insurance Corporation of British Columbia.

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