If you follow interest rates in Canada, you’ll often hear two numbers mentioned: the Bank of Canada rate and the prime rate. They usually move together, but they’re not the same thing. And there’s another question that often causes confusion: if prime is supposedly the rate banks give their best customers, how can someone get…

If you want your savings to earn interest without worrying about the stock market, a GIC (Guaranteed Investment Certificate) is one of the simplest options available in Canada. With a GIC, you deposit money with a bank or financial institution for a set period — for example, one, two or five years. In return, the…