I’m not sure whether this question has ever been asked here.
How can I enter, and keep track of GIC’s in KMM?
For those who doesn’t know what a GIC is (outside of Canada),
it is an fixed amount investment for a predefined time (up to the maturity) with a fix percentage of interests earned at a variable point in time (daily, monthly, annually or maturity).
How can I keep track of these investments, as an individual savings account or as an investment with automatic calculation of interests?
Your version is from May 3, and although it has commits after the formal release of 5.1.3, it is no longer supported. That version suggests you are using an Appimage/snap/flatpak, so upgrading to 5.2.x (either Stable from the 5.2 branch or Developer from master branch) should be easy.
My first thought was that you should be able to use a loan. You loan the principle amount to the bank, and set the total duration of the loan and frequency of interest payments. However, there seems to be no way to avoid compound interest, which would not give you the right interest payments. KMM does not allow 0% interest loans, so you can’t use that to handle the principle payback at maturity. Another possibility is to set up a plain asset or savings account. Transfer the principle from your checking account when you buy the GIC, then create a schedule for the regular interest payments - possibly as a deposit from the bank and a transfer to your checking account.
This seems similar to what we call a CD (Certificate of Deposit) in the US, so you might also search for past discussions of that.
Thanks for your response.
It appears to me there is no direct solution for this kind of investment.
I guess to set up a savings account is the simplest way to address this problem.
I could keep the savings account open until maturity, add the interest at the maturity date (in most cases) to the principal and either transfer it to the cash investment account or create a new savings account upon renewal.
Would be nice to have a feature for this in the future
