Skip to main content
Ratehub logo
Ratehub logo

How do BMO’s GIC Rates Compare?

BMO Bank of Montreal is one of the many financial institutions in Canada that offers GICs. However, the bank doesn’t offer the best GIC rates.

Rates

To buy a GIC from BMO, you’ll need to make a minimum investment of at least $1,000. The rate that BMO offers on a one-year non-registered and non-redeemable GIC is 0.85%, which is much lower than the Oaken Financial GIC (current rate: 2%) and the Alterna Bank GIC (current rate: 1.95%).

Here’s how BMO’s GIC rates (on a one-year non-registered and non-redeemable GIC with a $1,000 investment that’s insured by the CDIC) compare:

Financial institutionInterest rate
Oaken Financial2%
Alterna Bank1.95%
Canadian Direct Financial1.6%
Equitable Bank1.46%
PC Financial1.4%
State Bank of India1.3%
Tangerine1.2%
National Bank0.9%
RBC Royal Bank0.9%
BMO Bank of Montreal0.85%
HSBC0.85%
Laurentian Bank0.85%
Scotiabank0.85%
TD Canada Trust0.85%
CIBC0.55%

As you can see, most financial institutions offer better rates than BMO. In fact, you can get a superior interest rate if you open a high-interest savings account at some financial institutions. For instance, the EQ Bank Savings Plus Account has an interest rate of 2% and your money isn’t locked in like it is with a non-redeemable GIC.

The bottom line

BMO’s GIC rates aren’t great when compared to what the bank’s competitors offer. If you’re looking for a GIC that pays a high interest rate, you should shop around for a better rate.

Want a better GIC rate?

Compare the best GIC rates available

Related posts

The knowledge bank

A wealth of wealth knowledge delivered right to your inbox.

By submitting your email address, you acknowledge and agree to Ratehub.ca‘s Terms of Use and Privacy Policy. Contact us for more information. You can unsubscribe at any time.