Hey there,

With inflation rates soaring over 8% in June, Canadians face unprecedented financial challenges.

Record price increases have been set across the board.  Here are some figures of price increases from June 2021 to June 2022 (YoY):

Energy Cost: + 38.8%Gasoline: +54.6%Food: +8.8%Shelter: +7.1%

To cool off the economic sting, the Bank of Canada recently turned heads by raising its overnight rate by an entire point for the first time in 24 years.

This could have negative effects on the stock market as a whole. If you’re not sure how interest rates affect investments, you can learn here.

The good news is that the rise in interest rates creates a bit of a silver-lining opportunity.

GIC’s (guaranteed investment certificates) are one of the most secure investments you can buy. Over the last decade, GIC rates have stayed between 1-2% but are trending in the right direction.

Canada’s first digital bank, EQ Bank, currently offers a one-year, 4.35% GIC rate.

If you are looking for a place to park your money or trying to relieve some economic pressure, GIC’s are a great way to put your money to work without the risk, and they’re finally at rates that make it worth it to consider.

Sign up here for an EQ Bank savings account, and you’ll be able to invest in their GIC opportunities.

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SPECIAL OFFERS

1.80% Interest Rate at Neo Money (Savings Account)

Regards,
Christopher Liew, CFA
Creator of Wealth Awesome
Website: Wealthawesome.com

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