December 20, 2016
From Meridian email received today with additional info from Meridian website
One year cashable GIC earns UP TO 2.5%
(If cashed out between 0-91 days: 0.00%)
If cashed out between 91-180 days: 1.40%
If cashed out between 181-364 days: 2.00%
At maturity (1 year): 2.50%
Accessing your cash
You can access your cash anytime, with no penalty
Interest is paid at maturity, or when the GIC is cashed out.
You earn more interest the longer you keep your money invested – up to 2.50%.
If you withdraw funds within the first 90 days, no interest is paid.
October 21, 2013
I think this should best be regarded as a straight one year GIC at 2.5%.
You can do better at Oaken for cashable unless your CDIC coverage is maxed already:
One year, cashable after 30 days is currently 2.3%;
one year cashable after 90 days is 2.35%;
180+ days term, 2.45%;
250+ days, 2.5%.
It's a bit disingenuous of Meridian to say there is "no penalty' for cashing early. Of course, there is a penalty, quite a significant one!