We all have different investing goals and different time frames to achieve them. You could be saving for a short-term goal like a vacation, a wedding or a vehicle, or a long-term objective like an education for your child or retirement. Whatever the goal, you’ll want a plan that will help your money grow and the right balance of diverse investment types.

Term deposits (also known as guaranteed investment certificates or GICs) are low risk investments that are well suited for short-term saving goals and can also complement your long-term investment plans. Your returns are guaranteed and your savings are more easily accessible. If you’re saving money for an emergency fund or a down payment in the next five years, a term deposit is a really great option.