/biz/ - Business & Finance

Okay, economic brainlet here but someone give me a QRD on GICs. On my brokerage account they have these 30 day GICs at 4.15% interest. Now to my 400IQ brain this would mean I could take most of the money to my name about 110k CAD and say put 100k into these 30 day GICs and make 4.15% interest in 30 days when it matures? Am I missing something here? I could make 4150 CAD every 30 days doing nothing? That's close to what I make per month after tax. What is the catch here? a 4% return every month seems great to me, I know that this is a non-redeemable GIC so my funds are locked but it's only for 30 days. Maybe I can only buy this GIC once or every once in awhile I don't know....