Yes I have to agree that it will need a great recovery next 3 years to make this product viable and I don't expect that.I would never recommend an index linked GIC. The reduction in interest you earn will always be more than the prospective risk the bank faces. Ask why you want this product?
If you think stocks will rise, then open broker account and buy an ETF directly. Or use TD's e-funds if you don't have much money (essentially low-fee index mutual funds - (I don't have any direct knowledge just the posts on these boards)).
If you want protection of your principal buy the straight GIC. Learn how to calculate the interest rate of a progressive GIC here. Or split your money 50:50.
Split them 50/50 or 60/40 or whatever your risk tolerance is.Yes I have to agree that it will need a great recovery next 3 years to make this product viable and I don't expect that.
I am really stuck with my life earnings (cash) and can not find a secure way to bring me some income more than the low interest rate offered presently by bank