*1 year 3.04% APR
2 year 2.99% APR
3 year 2.98% APR
4 year 2.97% APR
5 year 2.96% APR (conventional and high ratio)
1Interest is calculated on the closing daily balance and is paid monthly. Rates are provided for information purposes only and are subject to change at any time.
2Interest is calculated and accrued daily. To calculate the daily interest, we divide the annual interest by 365. We multiply that figure by the GIC book value to determine how much interest to accrue. Interest is paid on maturity for GICs that do not pay interest during their term.
The Annual Percentage Rate (APR) is based on a $300,000 mortgage, 25 year amortization, for the applicable term and the fee to obtain a property appraisal of $325 (fees vary from $0 to $455). If there are no fees, the APR and interest rate will be the same. APR is rounded to two decimal places.
A High Ratio mortgage applies when you have a down payment of less than 20% to put toward the purchase of a home. Refinances, renewals and amortization periods of greater than 25 years are ineligible.