GIC comparison tool
Find the best and most current GIC rates available in Canada. Below you’ll see top rates from a range of banks, credit unions and online institutions. Use the filters to estimate your potential returns based on your balance and term.
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Highest GIC rates in Canada
Banks, credit unions, trust companies and online lenders all offer GICs. Below are competitive rates for non-redeemable GICs held in non-registered accounts — the most common GIC type. These rates are updated and checked frequently so you can compare options across institutions and terms.
| GIC provider | 1-year | 2-year | 3-year | 4-year | 5-year |
|---|---|---|---|---|---|
| Achieva Financial | 3.60% | 3.65% | 3.70% | 3.75% | 4.05% |
| Alterna Bank | 2.65% | 2.85% | 3.10% | 3.25% | 3.30% |
| EQ Bank | 3.30% | 3.55% | 3.65% | 3.75% | 4.00% |
| Hubert Financial | 3.55% | 3.65% | 3.70% | 3.75% | 3.85% |
| ICICI Bank Canada | 2.90% | 3.40% | 3.50% | 3.60% | 3.70% |
| Lighthouse Credit Union | 3.50% | 3.55% | 3.90% | 3.94% | 4.00% |
| MCAN Wealth | 3.65% | 3.90% | 3.90% | 3.95% | 4.05% |
| Meridian Credit Union | 3.00% | 3.25% | 3.40% | 3.55% | 3.70% |
| Oaken Financial | 3.50% | 3.85% | 3.85% | 3.90% | 4.05% |
| People’s Trust | 3.25% | 3.00% | 3.25% | 3.25% | 3.45% |
| Saven Financial | 3.60% | 3.85% | 3.85% | 3.90% | 4.05% |
| Simplii Financial | 2.86% | 2.96% | 3.15% | 3.49% | 3.59% |
| Tangerine | 3.15% | 3.35% | 3.45% | 3.55% | 3.65% |
GIC rates from Canada’s Big Six banks
The table below shows typical non-redeemable GIC rates at Canada’s largest banks for non-registered accounts. Rates are monitored and updated on a regular basis.
| GIC provider | 1-year | 2-year | 3-year | 4-year | 5-year |
|---|---|---|---|---|---|
| BMO | 2.45% | 2.75% | 2.85% | 3.00% | 3.10% |
| CIBC | 2.70% | 2.75% | 2.85% | 3.00% | 3.10% |
| National Bank | 2.75% | 3.00% | 3.15% | 3.30% | 3.35% |
| RBC | 2.45% | 2.55% | 2.55% | 2.70% | 2.75% |
| Scotiabank | 2.45% | 2.50% | 2.60% | 2.70% | 2.75% |
| TD | 2.70% | 2.80% | 2.85% | 2.90% | 3.10% |
What is a GIC?
Guaranteed Investment Certificates (GICs) are fixed-term deposits you make with a bank or other financial institution. When you buy a GIC you agree to leave your money with the issuer for a set term in exchange for a guaranteed interest rate. Minimum deposits vary by institution, with some offering GICs for as little as $100 and others requiring higher amounts. Some GICs allow early withdrawals, while others are non-redeemable and pay higher rates in return for locking in your funds.
GICs are held inside accounts — either non-registered accounts (such as cash or margin accounts) or registered plans like RRSPs, TFSAs, FHSAs, RESPs or RRIFs. Each account type has different tax implications, so if you’re uncertain which account is best for your goals, consider discussing options with a financial advisor or the institution where you plan to invest.
Types of GICs available in Canada
GICs come in several forms; the most common are:
Short-term GICs mature in less than a year. They guarantee your principal and pay a stated interest rate. They can offer slightly higher returns than regular savings accounts while maintaining good liquidity.
Long-term GICs have terms of one year or more and generally offer higher interest rates. Many investors use them with a laddering strategy to generate steady income and reduce rate risk.
Cashable GICs allow early withdrawal after a short waiting period, often 30–90 days. Redeemable GICs may permit earlier access but can apply an early-redemption penalty that reduces interest earned. These options trade higher flexibility for typically lower rates.
Non-redeemable GICs cannot be cashed before maturity without a penalty. In return, they often pay higher interest and suit investors comfortable locking funds for the full term.
Registered GICs are held inside tax-advantaged plans such as RRSPs, TFSAs and FHSAs. Interest grows tax-sheltered according to the rules of the specific account — for example, TFSA gains are typically tax-free.
Non-registered GICs are not held within tax-sheltered accounts. Interest earned is taxable as regular income and added to your annual taxable income.
Market-linked GICs track the performance of an equity index or other index and guarantee the principal but not the market-linked return. Foreign-currency GICs are denominated in currencies other than CAD (commonly USD) and can suit investors with currency exposure or specific needs.
GIC pros and cons
Pros
- Low risk: your principal is generally guaranteed and you receive a specified interest amount at maturity.
- Predictability: GICs offer known returns and are not directly affected by stock market volatility.
- Deposit insurance: many GICs purchased at member institutions are covered by CDIC or provincial deposit insurance up to specific limits, which protects deposits if an institution fails.
- Flexible account options: GICs can be held in registered plans (RRSP, TFSA, etc.) or non-registered accounts.
Cons
- Limited liquidity: funds are tied up for the term unless you pay penalties or choose a cashable/redeemable option, which usually offers a lower rate.
- Inflation risk: interest earned may not always keep pace with inflation, which can erode purchasing power over time.
Compare GIC providers in Canada
Different institutions offer a range of minimum deposits, account types, terms and insurance coverage. Below are brief summaries of selected providers to help you compare offerings and decide which suits your needs.
At a glance: A division of Cambrian Credit Union, Achieva Financial is an established online provider offering registered and non-registered GICs. Deposits are guaranteed by the Deposit Guarantee Corporation of Manitoba.
Minimum deposit: $1,000
Account types: Non-registered; RRSP; RRIF; TFSA
Types: Non-redeemable
Terms: 1–5 years
Interest paid: Annually
Availability: Canada-wide
At a glance: Alterna Bank, a digital subsidiary of Alterna Savings, offers eTerm GICs and partners with QTrade. It provides a straightforward online experience and CDIC coverage for eligible deposits.
Minimum deposit: $500
Account types: Non-registered; TFSA
Types: Non-redeemable
Terms: 1–5 years
Interest paid: Annually
At a glance: BMO offers a wide selection of GIC products, including market-linked options and specialty GICs that can provide rewards beyond interest. Terms and payout schedules vary.
Minimum deposit: $1,000
Account types: Non-registered; TFSA; RRSP; RRIF; RESP; RDSP
Types: Cashable, non-cashable, redeemable, market-linked, foreign currency
Terms: 30 days–10 years
At a glance: EQ Bank, the digital arm of Equitable Bank, offers low minimums and a broad range of terms. It supports registered plans including FHSA and is CDIC-insured for eligible deposits.
Minimum deposit: $100
Account types: Non-registered; TFSA; RRSP; FHSA
Types: Non-redeemable
Terms: 3 months–10 years
At a glance: Oaken Financial, the direct banking arm of Home Trust, operates mostly online and offers competitive GIC rates with CDIC insurance for eligible deposits.
Minimum deposit: $1,000
Types: Non-redeemable; cashable
Terms: 30 days–5 years
Other institutions such as CIBC, RBC, TD, Scotiabank, National Bank, Meridian and various credit unions each offer different combinations of minimum deposits, term lengths and account types. Many provide cashable, redeemable, market-linked and foreign-currency options, and deposit insurance varies depending on the issuer and province. Read each provider’s terms carefully before committing funds.
Are GICs safe?
GICs are popular because they provide guaranteed principal and a known return. If the financial institution fails, many GICs are covered by deposit insurance: the Canada Deposit Insurance Corporation (CDIC) protects eligible deposits up to $100,000, and provincial deposit insurers provide varying protection limits for credit union deposits. Coverage depends on the issuer and account type, so verify deposit insurance before you invest.
| Province | Coverage |
|---|---|
| Alberta | Credit Union Deposit Guarantee Corporation covers 100% of all deposits and accrued interest for Alberta credit unions. |
| British Columbia | Credit Union Deposit Insurance Corporation covers 100% of deposits made with BC credit unions. |
| Manitoba | Deposit Guarantee Corporation of Manitoba covers 100% of deposits for Manitoba credit unions and caisses populaires. |
| New Brunswick | New Brunswick Credit Union Deposit Insurance Corporation covers up to $250,000 per deposit type. |
| Newfoundland and Labrador | Credit Union Deposit Guarantee Corporation covers up to $250,000 per deposit type. |
| Nova Scotia | Nova Scotia Credit Union Deposit Insurance Corporation covers up to $250,000 per account type. |
| Ontario | Deposit Insurance Corporation of Ontario covers up to $100,000 for term deposits and offers unlimited protection for certain registered plans. |
| Prince Edward Island | Credit Union Deposit Insurance Corporation covers up to $125,000 for GICs and provides unlimited protection for registered plans. |
| Quebec | L’Autorité des marchés financiers provides coverage for eligible deposits and registered plans up to specified limits. |
| Saskatchewan | Credit Union Deposit Guarantee Corporation covers 100% of deposits for Saskatchewan credit unions. |
How to buy a GIC
Decide how much you want to invest and which account type fits your goals. Minimums vary, so your available capital will narrow your options. Then compare fixed and variable rates, consider access to funds, and choose the term that suits your timeline. Finally, purchase a GIC online, by phone, in a branch or through a deposit brokerage.
- Online or by phone: Open an account with the issuer (if you don’t already have one). You’ll typically need identification and your Social Insurance Number to verify identity. Once your funding source is linked, the issuer withdraws the principal and issues the GIC.
- In person: Visit a branch with ID to open an account and buy a GIC. The process is straightforward if you already bank with the institution.
- Deposit brokerage: Deposit brokers shop the market on your behalf and can identify CDIC-eligible issuers. They coordinate investments across multiple banks; brokers are usually paid by the financial institution, and you should always pay the issuer directly.
GIC laddering
GIC laddering means buying multiple GICs with staggered maturities so you receive regular payouts and reduce interest-rate risk. For example, purchasing one-, two- and three-year GICs at the same time provides maturing funds at different intervals, allowing you to reinvest at current rates or access cash without penalties when individual GICs come due.
- Provides better access to funds at different times without breaking long-term contracts.
- Reduces the risk of locking all funds at a single interest rate.
- Can deliver a steady stream of income if structured appropriately.
GIC withdrawal penalties
Withdrawing a non-redeemable GIC before maturity usually incurs a penalty that can substantially reduce your returns. If you think you’ll need access to funds, consider cashable or redeemable GICs, understanding that their rates are typically lower in exchange for flexibility.
Registered and non-registered GICs
- Non-registered accounts: Standard savings and investment accounts where interest is taxable.
- Registered accounts: TFSAs, RRSPs, FHSAs, RESPs and RRIFs offer tax advantages that affect how GIC interest is treated. Contribution limits and rules differ by account type.
The best time to buy GICs
GICs are suitable when you’re saving for a specific goal, seeking capital preservation, or want predictable income without market volatility. Consider the GIC rate, expected inflation over the term and your liquidity needs. If the math works for your objectives, a GIC can be a simple, low-risk way to earn guaranteed returns for a defined period.
More GIC questions, answered
Both are secured investments that guarantee your principal at term. The main practical difference is term length: term deposits often have shorter terms, while GICs typically cover longer periods.
NSAs and GICs are similar in that they’re intended for savings and pay higher interest than standard accounts, but there are differences. A GIC locks your funds for a defined term; an NSA lets you withdraw with advance notice (for example, 10 or 30 days), and interest rates often vary with the notice period.
Yes. It can help to ask for a better rate, especially if you have an existing banking relationship or are investing a significant amount. If negotiation isn’t successful, shop around for better offers from other institutions.
GICs pay interest on different schedules — monthly, semi-annually, annually or at maturity. Simple interest pays only on the principal; compound interest pays on the principal plus interest earned at each compounding interval. The payout schedule and compounding affect the total interest you receive over the term.
Tax treatment depends on the account holding the GIC. Interest in registered accounts (TFSA, RRSP) grows tax-deferred or tax-free according to the account rules. Interest in non-registered accounts is taxable as regular income at your marginal rate.
Read more about GICs:
- What types of GICs are available in Canada?
- Why GICs might be a better investment than stocks and bonds
- How GIC returns are taxed in Canada
- Investing in GICs? Here’s why to buy them from an online bank
- Annuity vs. GIC: What makes sense for retiring?