Investing is easier than ever. There are many options available to new investors, but deciding which route will help you meet your financial goals can be overwhelming.
Don’t stress! We’ve broken down three common types of investments to help you understand their unique features and benefits.
Term Deposits, also known as GICs, are a secure, flexible and profitable way to invest over a fixed term.
· Investments earn fixed interest during the duration of the term
· Interest is paid annually
· Typical terms are 1-5 years
· Minimum balance required to invest
· Can be held in RRSPs, RRIFs, TFSA, or non-registered savings
· Once the term has matured you can withdraw or reinvest
Mutual Funds are a portfolio of stocks, bonds or other securities that are managed by professional experts.
· Income can be earned from dividends, interest on bonds and capital gains on stocks
· Rate of return and principal are not guaranteed
· Can be made up of a variety of investments with over 9500 available in Canada
· Low, medium and high risk funds available
· Socially responsible Mutual Funds available
High Interest Savings Account (HISA)
High Interest Savings Accounts offer higher interest rates than Daily Savings Accounts.
· Funds are available and can be withdrawn at anytime
· Contributing is quick and easy
· No minimum balance required
· Interest compounded monthly
Curious which one would help you reach your financial goals? Contact one of our Member Advisors to start your investment journey today