Looking for five per cent interest rate
I would like to know where I can get a 5 per cent+ interest rate on my money. Investment in Canada only. – N.S.
Gordon’s answer: You won’t get that rate in a GIC. A late July survey published by The Globe and Mail showed that the highest five-year rate in Canada was 4.5 per cent. The average five-year rate was 3.73 per cent.
There are some mortgage-type investments that will pay a lot more than 5 per cent, but you may not want to take on the risk involved.