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What is a deposit broker?

A deposit broker helps clients (both individual and corporate) select guaranteed investment products (GICs) and strive to offer the best available rates from various Canadian financial institutions (Credit Unions, Banks and Trust Companies).

GIC products include Non-Registered and Registered (RSP, RIF and TFSA) plans and are available in Short Term GICs (30-365 Days), Long Term GICs (1-5 years) and Cashable GICs with several interest payment options available.

Clients benefit from the higher rates, expertise and choice offered through the deposit brokers at no cost. Clients do not pay for the service they receive because deposit brokers are paid by the financial institutions the GICs are placed.

Financial institutions benefit for the low-cost way to distribute deposits (GICs), attain deposit targets and increase market share, low-cost because they can reduce staff and other operational costs by using a deposit broker.

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