Types of Bonds
There are three types of savings bonds offered by the province. The variable-rate bond is a three-year bond that has its interest rate reset every six months (prior to 2009) or every year (since 2009). The step-up bond is a five-year bond that has an interest rate that increases every year until maturity. Finally, there are three different terms of fixed-rate bond, a 3-year, 7-year, and 10-year, each with interest rates that are unchanging throughout their term. While the fixed-rate bond can only be redeemed at maturity, step-up bonds can be redeemed semiannually on June 21 or December 21 (and 14 days thereafter), and variable rate bonds purchased 2009 and later can only be redeemed June 21 annually and 14 days thereafter.
Read more about this topic: Ontario Savings Bonds
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