Interest rates are annualized and are subject to change without notice, and therefore the rate that you receive may be different. Interest is calculated at the applicable annual interest rate based on the principal amount and the number of days in the term of your GIC. Interest is paid on the maturity of your GIC - until then you will earn interest on accrued and unpaid interest (compound interest), which will be calculated annually. Alternatively, you can choose to be paid interest annually. If you redeem the principal amount before maturity, you will instead receive interest on the redeemed amount at the early redemption rate that we then pay on GICs of the same term - which will be at a lower rate.