20 Best GIC Rates in Canada
Compare guaranteed investment certificate rates from major banks and credit unions. Updated regularly to help you find the best rates.
Want to earn a high-interest rate without any risk? Guaranteed investment certificates (GICs) could be a good option for you as one of the most secure ways to earn interest income.
We have done the hard work and gone through each of these providers to give you the 20 best GIC rates in Canada, helping you find the best GIC rates available.
📅 GIC Data updated January 7, 2026
Canadian GIC Rates
| Provider | 1 Year | 2 Year | 3 Year | 4 Year | 5 Year | Minimum |
|---|---|---|---|---|---|---|
| Saven Financial GICs | 3.65% | 3.65% | 3.70% | 3.70% | 3.80% | $1,000 |
| Hubert Financial GICs | 3.55% | 3.60% | 3.65% | 3.70% | 3.75% | $1,000 |
| Oaken Financial GICs | 3.40% | 3.50% | 3.60% | 3.60% | 3.80% | $1,000 |
| MCAN Wealth GICs | 3.40% | 3.50% | 3.60% | 3.60% | 3.80% | $100 |
| Achieva Financial GICs | 3.40% | 3.55% | 3.80% | 3.70% | 3.80% | $1,000 |
| Tangerine GICs | 3.00% | 3.10% | 3.25% | 3.35% | 3.50% | $500 |
| EQ Bank GICs | 3.00% | 3.25% | 3.60% | 3.65% | 3.85% | $100 |
| Peoples Trust GICs | 3.00% | 3.05% | 3.25% | 3.25% | 3.45% | $1,000 |
| ICICI Bank Canada GICs | 2.85% | 3.05% | 3.05% | 3.15% | 3.25% | $1,000 |
| LBC Digital GICs | 2.85% | 3.05% | 3.25% | 3.35% | 3.50% | $1,000 |
| Simplii Financial GICs | 2.81% | 2.86% | 2.96% | 3.15% | 3.25% | $100 |
| Meridian Credit Union GICs | 2.75% | 2.90% | 3.00% | 3.15% | 3.25% | $1,000 |
| Alterna Bank GICs | 2.75% | 2.90% | 3.15% | 3.30% | 3.40% | $500 |
| TD Bank GICs | 2.60% | 2.65% | 2.60% | 2.70% | 3.00% | $1,000 |
| National Bank GICs | 2.50% | 2.90% | 3.00% | 3.20% | 3.30% | $500 |
| RBC GICs | 2.45% | 2.55% | 2.55% | 2.70% | 2.75% | $1,000 |
| CIBC GICs | 2.45% | 2.55% | 2.60% | 2.70% | 2.75% | $1,000 |
| Scotiabank GICs | 2.45% | 2.50% | 2.60% | 2.70% | 2.75% | $1,000 |
| BMO GICs | 2.25% | 2.40% | 2.55% | 2.70% | 3.00% | $1,000 |
Showing 19 of 19 providers
Who has the best/highest 1 Year GIC in Canada?
As you can see from the chart, Saven Financial GICs (3.65%) has the highest one year GIC rates at the moment in Canada.
Who has the best/highest 5 Year GIC in Canada?
As you can see from the chart, EQ Bank GICs (3.85%) has the highest 5 year GIC rates at the moment in Canada.
💰 What Is a GIC?
GIC stands for Guaranteed Investment Certificate and it is a safe and secure investment that involves basically no risk. GICs generally offer better interest rates than savings accounts; however, with a tradeoff – you usually have to lock in your money for a specified period.
During this maturity period, you can't cash in your deposits as you can with a savings account. However, banks and credit unions have introduced some flexibility for investors by branching out GICs into several types.
Types of GICs in Canada
Traditional GIC
A fixed-rate non-redeemable investment. You get a fixed interest rate on your investment that is locked in for a specified period.
Redeemable (Cashable) GIC
Works similarly to a savings account. You can withdraw your savings before maturity. Interest rates are lower than non-redeemable ones.
Variable-Rate GIC
The interest rate changes as overall borrowing rates go up or down. Great during rising interest rate environments.
Market-Linked GIC
Interest rate changes with the underlying stock or equity. Ideal when the market is bullish but not great during a recession.
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GIC Rate Calculator
Calculate the amount you can earn in interest from a GIC over a set amount of time.
Initial Investment
$5,000
Interest Earned
+$981.59
Value at Term End
$5,981.59
🇨🇦 GIC Rates by Province
GIC Rates in Ontario
Most financial institutions operate across Canada, however 2 in particular operate only in Ontario – Saven Financial and Meridian Credit Union.
At the moment, Saven Financial GICs (3.65%) is offering the best GIC rates in Ontario and in Canada.
GIC Rates in BC
The best GIC rates in BC (including Vancouver) are largely the same as the rest of Canada as many of the providers operate across the country.
The best 1 year GIC rates in BC and Vancouver are Saven Financial GICs (3.65%).
🏖️ GICs and Retirement
When it comes to retirement planning, GICs can be a useful tool to help grow your savings in a low-risk investment.
📈 GICs in RRSPs
GICs can be held in a Registered Retirement Savings Plan (RRSP) as part of a diversified investment portfolio. They offer a fixed rate of return over a set period of time. Keep in mind that GICs in an RRSP are subject to the same contribution limits and withdrawal rules.
💵 GICs in TFSAs
GICs can be held in a Tax-Free Savings Account (TFSA), which allows your savings to grow tax-free. This can be a great option for those who have already maxed out their RRSP contributions or want to minimize tax liability.
🧓 GICs in RRIFs
If you're over the age of 71, you're required to convert your RRSP into a Registered Retirement Income Fund (RRIF). GICs can be held in a RRIF as a low-risk investment option that provides a guaranteed rate of return.
🤔 Do You Even Need a GIC?
Anytime you tie your money up for a certain amount of time, your financial freedom is restricted. A good alternative to a GIC is to use a high-interest savings account (HISA).
Most banks have HISA rates, and you get much more freedom with your money, so it might not be worth it to get a locked-in GIC if you need the flexibility.
However, if you don't need the flexibility, then a GIC is an excellent option. For example, the 1-year GIC rate for Saven Financial GICs is 3.65%.
🏛️ Big Banks and GICs
If you prefer to stick with a big bank, there are still some options for GICs, but the rates will usually be much lower. The Big Five banks (TD, RBC, BMO, CIBC, Scotiabank) typically offer lower rates than online banks and credit unions.
This is because online banks can offer higher GIC rates since they save a lot in overhead expenses by not maintaining physical branches.
📈 Factors Influencing GIC Rates
Bank of Canada Rate
When the Bank of Canada raises its interest rate, GIC rates also increase. Conversely, when rates are lowered, GIC rates decrease.
Inflation
When inflation is high, GIC rates may be higher to compensate for the loss of purchasing power of your money.
Term Length
Generally, longer-term GICs offer higher rates of return than shorter-term GICs, though they come with higher interest rate risk.
🏦 Overview of GIC Providers in Canada
Saven Financial GICs GIC Rates
1-Year: 3.65% • 5-Year: 3.80%
Hubert Financial GICs GIC Rates
1-Year: 3.55% • 5-Year: 3.75%
Oaken Financial GICs GIC Rates
1-Year: 3.40% • 5-Year: 3.80%
MCAN Wealth GICs GIC Rates
1-Year: 3.40% • 5-Year: 3.80%
Achieva Financial GICs GIC Rates
1-Year: 3.40% • 5-Year: 3.80%
Tangerine GICs GIC Rates
1-Year: 3.00% • 5-Year: 3.50%
EQ Bank GICs GIC Rates
1-Year: 3.00% • 5-Year: 3.85%
Peoples Trust GICs GIC Rates
1-Year: 3.00% • 5-Year: 3.45%
ICICI Bank Canada GICs GIC Rates
1-Year: 2.85% • 5-Year: 3.25%
LBC Digital GICs GIC Rates
1-Year: 2.85% • 5-Year: 3.50%
Simplii Financial GICs GIC Rates
1-Year: 2.81% • 5-Year: 3.25%
Meridian Credit Union GICs GIC Rates
1-Year: 2.75% • 5-Year: 3.25%
Alterna Bank GICs GIC Rates
1-Year: 2.75% • 5-Year: 3.40%
TD Bank GICs GIC Rates
1-Year: 2.60% • 5-Year: 3.00%
National Bank GICs GIC Rates
1-Year: 2.50% • 5-Year: 3.30%
RBC GICs GIC Rates
1-Year: 2.45% • 5-Year: 2.75%
CIBC GICs GIC Rates
1-Year: 2.45% • 5-Year: 2.75%
Scotiabank GICs GIC Rates
1-Year: 2.45% • 5-Year: 2.75%
BMO GICs GIC Rates
1-Year: 2.25% • 5-Year: 3.00%
🛡️ GICs and Insurance
It's important to understand the insurance coverage that protects your investment. In Canada, there are two types of insurance that can cover your GICs:
CDIC Insurance
The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that provides insurance coverage for eligible deposits.
CDIC insurance covers GICs issued by CDIC member institutions, up to a maximum of $100,000 per depositor, per insured category.
Provincial Deposit Insurance
Deposit insurance for credit unions is provided by provincial or territorial governments and covers deposits at credit unions.
Coverage varies by province — some provinces cover GICs up to a certain amount, while others may cover all deposits.
💰 GICs and Loans
If you're planning on taking out a loan for a big purchase like a home or a car, consider how your GICs may affect your loan options:
- •Collateral: Many lenders will allow you to use your GICs as collateral for a loan, which can help you get a lower interest rate.
- •Down Payment: You can use your GICs to help fund a down payment on a home, helping you qualify for a larger loan.
- •Trade-off: Using GICs as collateral means you won't have access to that money until the loan is paid off or the GICs mature.
🎯 How to Get the Best GIC Rates?
GICs offer better interest rates than savings accounts. However, you can also pick the best among the best by choosing GICs issued by an online bank or a credit union.
Online banks can offer higher GIC rates because they are saving a lot in overhead expenses. Always keep an eye on the best GIC rates and be proactive in switching your investments to ensure optimal returns.
💡 GIC Investment Tips
- ✓Ladder your GICs: Invest in multiple GICs with different maturity dates for flexibility
- ✓Shop around: Rates can vary significantly between institutions
- ✓Consider TFSA/RRSP GICs: Earn interest tax-free or tax-deferred
- ✓Watch CDIC limits: Only $100,000 is insured per institution
- ✓Compare to HISAs: High-interest savings accounts offer flexibility with competitive rates
❓ Common Questions Canadians Ask About GICs
Does WealthSimple offer GICs?
No, WealthSimple does not have GICs. They offer High Interest Savings Accounts but not GICs.
Which Canadian bank has the highest GIC rate?
The current institution with the highest GIC rate for 1 year is Saven Financial GICs. Check the table above for all rates.
Is 5% good for a GIC?
5% is currently a good rate. Whether a GIC rate is good or not depends on current interest rates and investment conditions.
What is the downside of a GIC?
GIC returns are typically fixed, so they do not benefit from increases in markets like the stock market. Your money is also locked in for the term.
Can you negotiate GIC rates?
No. GIC rates are fixed and not negotiable.
What is better than a GIC?
One potential alternative to a GIC is a market-linked GIC which offers you some degree of market return with a safety element of a GIC.
Which bank is best for a GIC account in Canada?
Each bank has different pros and cons. Sometimes it may be more convenient to do all your banking in one place, even if the rate is slightly lower.
What is the 1 year GIC rate at RBC?
The one year GIC rate at RBC is 2.45%
Conclusion
As you can see, online banks offer a much better interest rate than most of the big traditional banks. Be careful with GICs, as you are locking in your money for the length of the term.
If you need the flexibility of being able to withdraw your money at any time, a high-interest savings account might be better for you.
Many investors prefer GICs due to their stability and the best GIC rates available in the current market, making them an ideal choice for risk-averse individuals.
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