The banks up here are pretty rigid on this kind of stuff. Not sure which one of the banks you dealt with, but I know the one I deal with has about 4 or 5 options when it comes to interest-bearing GIC's. I usually go with the option of a 3-year term but carries some flexible redemption options, i.e. for the first year you can cash it in each month on the date of deposit. After the first year you can only cash it in on the annual anniversary date. They have others that are locked in for the full term that pay slightly higher interest (not that it makes a difference at current rates), but I prefer to have a little flexibility. But yes, the way you were treated sounds like normal bank policy (in Canada).
At one time the banks were into Term Deposits which could be cashed early at a reduced interest rate but you don't hear much about them anymore. They would be assignable as security on a loan like a GIC is but the rates are pathetic.
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Today's Featured Article - Show Coverage: Journey to Ankeny - by Cindy Ladage. We left Illinois on the first day of July and headed north and west for Ankeny, Iowa. Minus two kids, we traveled light with only the youngest in tow. As long as a pool was at the end of our destination she was easy to please unlike the other two who have a multitude of requirements to travel with mom and dad. Amana Colonies served as a respite where we ate a family style lunch that sustained us with more food than could reasonably fit into our ample physiques. The show at Ankeny
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