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For many years I used a broker to purchase GICs at higher rates than offered by the big banks. A few times the banking institutions who held my GICs went under and I received my interest plus principle back from CDIC.

Now thanks to the internet I'm able to find rates myself and then buy directly from the institution. In January 2008when the banks were offering about 3.5% for a 5 year GIC, I was able to get 5.35% for a 7 year GIC from a credit union. The funds are guaranteed with no limit by the Credit Union Deposit Guarantee Corporation of Manitoba.

I hope this helps.
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