Scotiabank GIC, Prime, and Mortgage Rates Overview

Updated on June 14, 2024

Explore the specifics of ScotiaBank GIC rates, including details on the Prime rate and Mortgage Rates of ScotiaBank, within this article. It encompasses various insights into ScotiaBank GIC rates, Prime rates, Mortgage Rates, and other significant details.

ScotiaBank GIC

Numerous Canadian banks provide GIC investments, each featuring distinct GIC rates. ScotiaBank, a prominent bank in Canada, is among those offering GIC investments, ensuring stable and guaranteed returns.

ScotiaBank provides various GIC investment options, including Cashable GICs, Non-Redeemable GICs, Market Linked GICs, and Personal Redeemable GICs. Each type comes with a different term period and corresponding GIC rates.

ScotiaBank GIC Rate

NameScotiaBank
CountryCanada
Personal Redeemable GICs (annual rate)4.50% (term period – 24 months)
Non-redeemable GICs (annual rate)5.75% (term period – 2 years)
Non-redeemable GICs (annual rate)5.45% (term period – 4 years)
Market Linked GICs (not annual)15% up to 55% (term period – 5 years)
ScotiaBank Prime Rate7.2%
Websitescotiabank.com

What are the GIC Rates of ScotiaBank?

Investors should carefully select the appropriate GIC type based on their financial situation, time horizon, goals, and other pertinent factors. Banks typically provide a variety of GIC options to cater to a diverse range of customer preferences and needs. This ensures that individuals have a wide array of choices that align with their unique financial circumstances and investment objectives.

Long-term Non-Redeemable GIC rates

When individuals invest in Non-Redeemable GICs, they commit a specific amount of their funds for a set period to take advantage of a fixed interest rate. At the end of the term, they can choose to either withdraw their funds or opt for renewal to continue their growth.

TermPreferred package customer Ultimate Package customerWithout Preferred/Ultimate Package
3 Years5.02%5.12%4.10%

The GIC rates vary between the Ultimate Package, Preferred Package, and without Preferred/Ultimate Package.

  • Annual
    ScotiaBank GIC Rates 1
  • Semi-Annual
    ScotiaBank GIC Rates 2
  • Monthly
    ScotiaBank GIC Rates 3

    Short-term Non-Redeemable GIC Rates

    TermInterest Rate (Annual)
    30 – 59 days2.15%
    60 – 89 days2.40%
    90 – 119 days2.75%
    120 – 149 days2.75%
    150 – 179 days2.75%
    180 – 269 days3.25%
    270 – 364 days3.55%

    Personal Redeemable GIC Rates

This GIC type enables customers to earn at a guaranteed rate and allows partial or full access to their investments at a predetermined rate. Key features include principal protection, flexibility, and a guaranteed return.

The annual rate for a 24-month term on the Personal Redeemable GIC is 4.50%.

Cashable GIC Rates

TypeTermInterest Rate
Regular Cashable1 Year2.85%

In addition to the mentioned types, ScotiaBank provides other options like Guaranteed Income Optimizer, Index Powered GICs, Equity Powered GICs, and Market Linked GICs. Each comes with unique benefits and interest rates. Investors seeking information on the latest ScotiaBank GIC rates can reach out to bank officials or visit the official website.

It’s important to note that the current ScotiaBank GIC rates took effect from October 18, 2023. Given that rates can change over time and in different situations, investors are advised to regularly check for updated GIC rates before making decisions.

What are the Prime rate and Mortgage Rates of ScotiaBank?

Scotiabank’s prime rate is 7.2%, effective as of July 13. This rate serves as a benchmark for determining interest rates on different loans and credits offered by banks. Additional details about Scotiabank’s prime rate can be found on its official website.

It’s crucial to note that changes in the prime rate can have a ripple effect on other rates. Specifically, ScotiaBank’s prime rate has the potential to impact variable mortgage rates. Consequently, any adjustments made to the prime rate by ScotiaBank will result in corresponding changes to mortgage rates.

Variable Rate Mortgages

Individuals choose a Variable Rate Mortgage, where the interest rate is periodically adjusted based on the index, especially when they anticipate potential future decreases in rates.

TermTypeRate
3 Year Closed TermScotia Ultimate Variable Rate Mortgage8.6%
Closed 5 Year TermScotia Flex Value Mortgage7.65%
Open 5 Year TermScotia Flex Value Mortgage10.4%

Closed Term Fixed Rate Mortgages

The interest rate on this kind of mortgage is set for a predetermined amount of time. This option can be chosen if the interest rates are currently lower.

TermRate
1 year8.04%
2 years7.64%
3 years7.24%
4 years7.04%
5 years7.04%
7 years7.2%
10 years7.69%

Short Term Fixed Rate Mortgages

 

 

Short term mortgages have significantly lower term periods but might have a bit higher interest rates.

TypeTermRate
Open Mortgage6 months9.75%
Open Mortgage1 year9.75%
Flexible/Closed Mortgage6 months7.95%

It’s important to acknowledge that these rates may undergo changes in the future due to various factors. As a result, borrowers should stay informed about the latest developments in mortgage loans and associated interest rates.

 

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