This is largely dependent on your overall investment goals.
GIC's provide protection of the invested capital and a guaranteed return at the end of the term. However, in real terms, 1.4% over 18 months results in a loss of capital in real terms. This is because inflation in Canada is just about at or higher than 1.4% per year.
In other words, at best, you are equalling inflation and gaining nothing in those 18 months.
If their typical rate is 1.2% over 12 months, you are only gaining an additional 0.2% for the additional 6 months. You know as well as I do, 0.2% for 6 months is abysmal.
If you have no use for the money in the medium to long term, you should look in to an index fund that is balanced, and diversified and more likely to get you a higher real return over the time period of a few years. Look in to:
- e-Series mutual funds through TD Canada Trust (if you are okay with managing your own portfolio online)
- Tangerine's mutual funds (if you want to pay a little more to have it managed for you)
If you want to preserve the capital over the short term because you might need it after the 18 months period, the GIC is the safer and recommended option.