Bank of Nova Scotia today introduced a the Market Powered GIC, which offers a guaranteed annual interest rate and the potential for an additional return based on the performance of Canadian indices in the banking and utilities sectors.

“This new investment option will help investors bridge the gap by providing both stability and the potential for higher returns in their portfolios,” said Gillian Riley, managing director, retail deposits, Scotiabank.

The guaranteed annual interest rate feature assures a return on investment, regardless of how the index performs. When markets rise, investors will be able to earn additional interest on their money, based on a pre-established participation rate.

The Market Powered GIC is available in a five-year term, for registered and non-registered plans with a minimum $1,000 investment.