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The Best RRSP-eligible GICs in Canada

RRSP season is here and you may be considering investing in a GIC. If you want one that’s also RRSP-eligible, a number of financial institutions offer competitive interest rates.


Rates on registered GICs currently vary between 0.85% and 2.05%. If you’re looking for the best GIC rates, these are the rates on both redeemable and non-redeemable GICs (on a minimum $5,000 investment for a one-year term) as of Feb. 3:

Financial institutionInterest rate
Hubert Financial2.05%
Comtech Credit Union1.75%
Entegra Credit Union1.75%
Oaken Financial1.75%
Steinbach Credit Union1.75%
Canadian Direct Financial1.55%
Alterna Bank1.5%
FirstOntario Credit Union1.5%
ICICI Bank of Canada1.35%
PC Financial1.25%
National Bank0.9%
RBC Royal Bank0.9%
BMO Bank of Montreal0.85%
Laurentian Bank0.85%
TD Canada Trust0.85%

You’ll notice that smaller financial institutions offer significantly better rates than their larger counterparts. Also, GIC rates are often higher than high-interest savings accounts because your money is locked in for a certain period of time.

The bottom line

As RRSP season comes to a close, you’re probably looking at different investment options for your money. A GIC is considered to be a fixed-income investment and can help diversify your portfolio if you invest mainly in stocks. If you want a GIC that pays a higher rate, make sure you shop around for the best rate.

Want a better GIC rate?

Compare the best GIC rates available

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