Edmonton-based Alberta Treasury Branches (a.k.a ATB Financial) is encouraging its clients to “choose Alberta” with a new guaranteed investment certificate (GIC) that’s tied directly to the province’s economic performance.
The Choose Alberta GIC offers a guaranteed return of 1.65% and a one-time bonus that is connected to the provincial unemployment rate. The bonus, which can go to a maximum of 0.75%, increases as Alberta’s unemployment rate drops. The principal amount invested in this GIC is also guaranteed.
“When the economy begins to improve and the unemployment rate begins to drop, that’s good for our customers, good for Alberta businesses and good for the province as a whole,” says Rob Bennett, executive vice president of retail financial services with ATB, in a statement. “Plus, deposits into the Choose Alberta GIC will be used to support Alberta businesses, families and communities.”
The new product’s bonus is based on the provincial unemployment rate at the time of the investment’s maturity, with the referenced unemployment rate coming from the Alberta government’s website.
Photo copyright: chelovek/123R