Invest in our community with a Magellan GIC

Help build the GTA's first long-term care home with affordable housing residences for Portuguese-speaking seniors. 

A great rate for you. Dignified care for our seniors.

Taking care of our elders is one of the cornerstones of our culture. We do it out of love and respect for them, and in gratitude for all they’ve done for us. Now IC Savings has a safe, secure GIC that lets you give back to them and the community while earning up to 2.00% – guaranteed.

When you invest in our special rate Magellan GIC, we’ll make a donation in your honour to the Magellan Centre – Ontario’s first and only long-term care home devoted to Portuguese-speaking seniors. Our parents and grandparents will be able to enjoy peace of mind in a familiar, caring atmosphere that feels like home.

Earn up to 2.00% with a Magellan GIC*

For every dollar you invest, we will donate an additional amount to the Magellan Centre in your name. Choose a longer term to maximize your return and our donation. 1

TermRate (p.a.) 2Donation Rate 3

Donation amount
on sample $50,000 

1 Year1.40%0.20%$100
2 Year1.60%0.40%$200
3 Year1.65%0.60%$300
4 Year1.70%0.80%$400
5 Year2.00%1.00%$500




 * Non-redeemable. Includes non-registered & registered (RRIF, RRSP, TFSA) products 4

For example,

invest $50,000

in a 5 year term at

2.00% p.a.,

and we will donate

$500

in your name

Don't miss out! Use promo code MAGELLAN to get started.

When you open your first account with IC Savings, you automatically become a member of our credit union – at no cost to you.

To open a membership, call us or:
1. Click Join Now below     2. Select 'Guaranteed Investment Certificateunder Getting Started    3. Enter the referral/promo code MAGELLAN 

​​​​IC Savings has proudly committed $250,000 to the Magellan Centre - and counting.

Conveniently located in the heart of Toronto, the state-of-the-art Magellan Centre will provide Portuguese-speaking seniors with the highest-quality care in a culturally-sensitive atmosphere that feels like home. 

That’s why we are proud to have committed $250,000 to this essential community project. Together, we can do even more. 

Learn more at magellancommunitycharities.ca


IC Savings: Cooperative banking at work!

At IC Savings, you get more than just a great rate. For more than 20 years, we have put our financial resources to work where it matters most – adding economic, social, and cultural value to the communities where we live and work. Doing good is a cornerstone of our credit union, and the Magellan Centre is the latest example of how, together, we help make a difference every day. That's cooperative banking at work. Learn more here.

Guaranteed Investment Certificates

Safe and secure, a GIC guarantees the rate of return for the chosen term as well as your original investment (the principal). 

  • Interest is calculated and paid annually.
  • GICs can be held by in registered investments such as RRSPs, RRIFs and TFSAs.
  • Your registered deposits (RRSPs, RRIFs, TFSAs) have unlimited coverage. Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). 
  • Eligible deposits (not in registered accounts) are insured up to $250,000 through FSRA
  • Available in Canadian dollars only. Minimum deposit is only $500.

Earn a great rate. Do something wonderful for our community.    Use promo code MAGELLAN to get started. 

Terms & Conditions

1 Eligible deposits must be new money deposited at IC Savings from an existing or new member. Money already on deposit is not eligible for this promotion.  
2 Rate is per annum and subject to change or withdrawal without notice. 
3 The donation by IC Savings will be paid to Magellan Community Foundation at the time of the GIC purchase. 

4 Deposit insurance protection: Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA).  Eligible deposits (not in registered accounts) are insured up to $250,000 through FSRA