GICs may pay interest monthly, semi-annually, annually, at maturity or on a predetermined date. In addition to the payout schedule, you’ll want to understand how interest is compounded for the GIC you’re considering.  Remember that you are agreeing to the terms (the principal and how interest will be paid) when you sign the GIC contract. Once that’s done, you cannot change the terms and conditions. The payout terms will affect the amount of interest you will ultimately earn, so it’s important that you review them carefully.