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 - A Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
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