February 18, 2016
Top It Up said
Not really "cashable" then IF you're not getting interest outside the quarterly redemption periods . hard to see what all the hoopla is about Hubert, if you're having to leave money on the table.
Cashable means you can get your money at any time even it is GIC. Find me any other GIC where you can 'break contract' and pull money in case of emergency.
Some will provide 'early redemption' option and give you 0.5%. Thank you, but no thanks.
If you are Bank, would you make a contract with client giving him high interest on 'assumption' (s)he will LEAVE money with you for certain period while client can take it out at any time???? I would NOT. Because I would count on that money to do my business. In this case GIC will be no different than plain saving account... Thus Hubert's policy is way more than fair.