Town of Grimsby Finance Committee Agenda March 2025
Grimsby locks $2.5M in 5% National Bank FLEX GIC
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Description
The Town invested $2.5 million in a National Bank linear accrual FLEX GIC at 5.00% maturing August 16, 2032, locking in long-term guaranteed returns.
Contract Details
Contract Amount
$2,500,000
Vendor
NATIONAL BANK OF CANADA
Agency
Town of Grimsby, Canada
Contract Type
FINANCIAL_SERVICES
Document Date
March 27, 2025
Contract Term
2024-08-16 to 2032-08-16
Renewal Date
2032-08-16
Renewal Info
Principal and accrued interest payable at maturity in 2032; successor investment to be evaluated then.
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