Guaranteed Investment Certificates (GICs) 101 with Mahima Poddar from EQ Bank Artwork

beyond MD with Dr. Yatin Chadha

beyond MD bridges the gap between medical training and financial literacy.

Led by mid-career Canadian radiologist, Yatin Chadha, beyond MD empowers practicing physicians, medical trainees, and other professionals to build confidence and clarity around money.

Episodes feature interviews with subject experts to help listeners gain knowledge around topics like professional corporations, investing, insurance, pensions, real estate, trusts, and estate planning.

Yatin also frequently interviews his own colleagues to shed light on valuable life and money lessons learned over time.

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beyond MD with Dr. Yatin Chadha

Guaranteed Investment Certificates (GICs) 101 with Mahima Poddar from EQ Bank

April 20, 2023 • Season 1 • Episode 45

Next to our volatile markets, guaranteed income certificates (GICs) have been one of the most discussed topics over the last year.

In this episode I sit down with Mahima Poddar of EQ Bank to dissect these in a bit more detail.

Mahima Poddar is the Senior Vice-President & Group Head of Personal Banking at Equitable Bank (EQ), which has now grown to $8 Billion in deposits and over 300K customers.

Discussion Points:
- what is a GIC? (6:15)
- payment frequency (6:36)
- reinvesting interest (7:11)
- what influences GIC rates? (7:45)
- registered vs non-registered rates (10:03)
- GIC rates at big banks vs EQ & other smaller banks (10:30)
- redeemable/cashable GICs: how much of your cash can you remove? (11:40)
- what if you need to pull out $$ from a non-redeemable GIC? (12:20)
- GIC protection through CDIC (13:06)
- understanding a laddered GIC approach (14:33)
- market-linked GICs (16:31)
- the pain points EQ bank is trying to solve & plans for business banking (19:30)

Reach out anytime: beyondmdpodcast@gmail.com.

Mahima's LinkedIn:
https://www.linkedin.com/in/mahima-poddar-73b1b430/

Yatin's Resources:
https://www.youtube.com/watch?v=LhaXNoURidA
https://www.youtube.com/watch?v=gno63208wsY&t=8s
https://www.youtube.com/watch?v=CwviUABYzXM
beyondmdpodcast.com
https://www.linkedin.com/in/yatin-chadha-29074b109/
https://www.instagram.com/beyond.md/