Guaranteed Interest Certificates
Provide More Options for Your Accountholders
Experience reveals that many accountholders become interested in maintaining their CAA* balances. Now there's another option for customers interested in watching their savings grow—Guaranteed Interest Certificates (GICs). Your accountholders maximize their savings and earn a competitive rate of return, while your organization retains balances for longer periods.
By offering GICs, you extend the ongoing relationship between your organization and your accountholders. Accountholders appreciate the many benefits of GICs, which function like bank certificates of deposit. GICs allow your accountholders to invest in long-term instruments to offset the interest rate volatility of transaction accounts. Rates are locked in for the term of the certificate, and provide regular interest income. Accountholders have the peace of mind of knowing exactly what their earnings will be, no matter what happens to interest rates. They earn a competitive rate of return from a company they trust and with which they are already doing business. And you offer them another way to build savings—something many people are eager to do.
Design a Program That Fits Your Company
The Open Solutions GIC program is extremely flexible, allowing you to design a program that fits your specific needs. Certificate timeframes include six-month, one-year, two-year, and three-year terms, but can also be set to fit the individual requirements of your company. Monthly interest can be credited on the anniversary date of the account opening or according to the standard interest payment schedule. You have the option of maintaining your existing branch structure for reporting purposes, or taking advantage of a unique reporting structure designed specifically for this program. Open Solutions will provide support in developing your new account materials and will work with your marketing representatives to design a system-generated new account confirmation letter.
Additional program features include:
- Customized maturity notices
- Customized renewal confirmation notices
- Automatic or customized penalty calculation
- Consolidated statements
- Automatic renewal and grace period options
- Monthly interest payment options
Increase Your Retention Rates
When you offer GICs to accountholders, you add to the success of your existing asset retention program. GICs improve your asset retention, since funds are untouched for extended periods of time. Take advantage of the infrastructure already in place to grow your business and enhance your accountholder relationships.
*Customer Access Account (CAA) was previously named Retained Asset Account (RAA)
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