GIC / Investments

[laksman91]

I was wondering at this point in time, what are good options for a Guaranteed Investment. Not like stocks where I'd could be losing it. I got a heap of cash from OSAP and I want to put it somewhere secure or else I'm going to go on a modding spree! Lol

[Slipstream]

dont think you could do that with osap bud, because if you had money to invest you wouldnt be on osap and they'll question that, unless your talking about grant money? in that case i dont really know, i know my friend uses his parents account to invest the money but try not to use your own because i dont really know the consequences. If someone knows the answers id like to know also lol

P.S It would actually probably be better to just have the money in a savings account because I know you get alot for first year university but OSAP may not give you enough to cover tuition the second year, alot of my friends only got 3/4 of their tuition in loans their using their grant money to cover the rest so you may not want to lock up those funds for 3 years

[aris]

The interest rate is so low right now..the bank wanted me to invest in a 3 year GIC...That is locked for the 3 years which mean if i needed i can't touch it..i laughed when they told me 2.9%

Not even worth it for such a low interest rate