FAQs

What is a Deposit Broker?

A deposit broker like Paragon Financial is a professional investment company that has GIC contracts with numerous GIC companies across the country to give you some of Canada’s best GIC rates.

Is it safe to use a Deposit Broker?

Absolutely. A deposit broker like Paragon only has contracts with GIC companies that are members of CDIC, CUDIC or Assuris. These organizations help protect your money (up to certain limits) in case your GIC company goes bankrupt. On top of this, our customers are protected as cheques are made payable to the GIC company offering the best rate, and we send you formal confirmations of each purchase from the GIC company after double checking all the information is correct.

How much does it cost?

Paragon offers our great GIC rates for FREE!

Are my investments still guaranteed in case of bankruptcy?

Yes, all of the GIC companies we have contracts with are either members of CDIC (Canadian Deposit Insurance Corporation), CUDIC (Credit Union Deposit Insurance Corporation) or Assuris (deposit insurance for insurance company GICs).

Will I ever have to negotiate my GIC rate like I do at my branch?

No, at Paragon, you are always offered our best rate. There is no need to negotiate as you always get our best rate!

Is there a minimum investment to get your GIC rates?

The minimum investment for a non-registered GIC is $5,000, for RRSPs and TFSAs the minimum is $1,000, and for RRIFs the minimum is $10,000.

Other than the highest GIC rates, what else can Paragon do for me?

Paragon will give you full service when you purchase a GIC with us. This means you will get a call a few weeks before your GIC matures to discuss investment options. As a deposit broker, we are also allowed to hold a great GIC rate for you for up to 15 days for a non-registered GIC, and 60 days for an RRSP, TFSA, or RRIF, even after it drops.

Do I have to keep track of my investments, or do you do that for me?

As a full service deposit broker, we not only keep track of the GIC maturities for you, we call you a few weeks before the various maturity dates to make sure we know what to do with your GIC prior to maturity, so you do not miss any interest.

Can Paragon help me with my RRSP/TFSA/RRIF too?

Absolutely. Our GICs can be purchased in any of these registered products. The only exception is we cannot purchase GICs for RESPs (registered education savings plans) or RDSPs (registered disability savings plans).

Why should I only buy a GIC or term deposit through a deposit broker like Paragon?

A deposit broker like Paragon combines some of the highest rates in Canada with full service, for free, while offering a helpful, friendly attitude. The best of all worlds for your guaranteed investments!