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Best GIC Rates in Canada 2019

Rates subject to change, updated: April 24, 2019 12:23 PM

Featured Canadian GIC Rates

Below are some of the best GIC rates in Canada. If you wish to shop GIC rates available for your province, you can filter our GIC rate comparison tool to select the best GIC rates in Ontario, or any other province in Canada.

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We shop all the top banks and lenders, to bring you the best guaranteed investment certificate (GIC) rates in Canada. Whether you’re looking for a short-term cashable GIC, or want a longer-term investment like an RRSP GIC, we have all the best Canadian GIC rates on our site. Use our GIC rate comparison tables below, broken down by provincially insured GICs (usually from a Credit Union) and CDIC insured GICs, input your desired investment amount, select the GIC type and GIC term and the table will output GIC rates that fit your criteria. You can also filter the table by province to diplay only the best GIC rates in Ontario, for example.

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Best Provincially Insured GICs

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Best CDIC Insured GICs

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What is a GIC?

A guaranteed investment certificate (GIC) is a financial tool that lets Canadians invest their money and earn some guaranteed interest in the process. With a GIC, you invest your money at a bank or other financial institution for a specific period of time (the “term”, 30 days to 10 years), and they will guarantee you a return of the principal (the initial amount you invested) plus pay you interest based on the length of time you contracted your money to them for. Typically, the longer you’re willing to invest your money for, the higher the interest rate you’ll receive.

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What types of GICs exist?

One of the surprising things about GICs is that you can invest in almost anything. If your goal is to save for the short-term and just beat your bank’s savings account interest rate, you can get a basic cashable GIC. If you want to save in a registered savings account, you can also look at RESP GICs, RRSP GICs and TFSA GICs. If you travel to the U.S. often, it may make sense for you to invest in a U.S. currency GIC (or other foreign currency GIC). Finally, if you’re comfortable taking on a bit more risk, you could also look at market-linked GICs.

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Why invest in a GIC?

As the name indicates, what people love about GICs is that the principal is guaranteed to be returned to you, which means you’ll never lose your initial investment. Unlike more volatile investments, such as stocks, GIC investors are not exposed to the possibility of a loss due to market fluctuations. GICs do not generally hold the promise of very high returns, however, but are considered safe, conservative investments.

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What is CDIC Insurance?

The Canadian Deposit Insurance Corporation (CDIC) is a federal Crown Corporation that insures eligible deposits made with its member institutions; it is fully backed by the Government of Canada. Insurance offered by CDIC is automatically in place for eligible deposits at CDIC member firms at no additional charge to consumers. (You don’t need to purchase insurance – it’s your bank’s insurance policy.)

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CDIC vs. Provincial Insurance

Provincial Insurance is quite similar to the CDIC. The differences between the two are quite small, ranging only on their policies and figures of insurance rates. Each province also offers different policies from the next one. Provincially-insured GICs are insured by provincial deposit insurance plans.

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How to Buy GICs

You can purchase GICs by using the GIC rate table listed above. By navigating the GIC comparison chart, you’ll be able to input information and get a better idea of what rates are available to you. Once you’ve found the best GIC rate, you can open an account by clicking the Get this Rate button. Most major banks are accessible to all Canadians. Only certain credit unions are available to all Canadians. A good portion of credit unions remain only accessible to certain Canadian citizens. Opening GICs can be done in-person at a bank or credit union branch, over the phone, or online. You can also purchase GICs through GIC Brokers.

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Best GIC Rates by Provider

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Best GIC Rates by Term

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GIC Alternatives

GICs are a great savings vehicle if you are looking to invest your money at no risk. However, depending on your risk profile and whether you would be needing the funds you want to deposit sooner than anticipated, there may be other investment products better suited for you.

• High-interest Savings Accounts (HISA). High-interest savings accounts or HISAs are exactly what the name suggests, a bank account that pays you interest on keeping your cash in it. Unlike GICs, high interest savings accounts let you access your money at any point which make them great for an emergncy fund savings vehicle. You can compare some of Canada's best high-interest savings accounts using our comparison tool.
• Robo-advisors. For investors who are comfortable with taking some financial risk but are not savvy enough to confidently pick stocks, a robo-advisor could be a good option to experiement with. A robo-advisor builds a portfolio based upon your risk tolerance (usually Low risk, medium and growth), financial goals and personal situation. You can browse our list of the best robo-advisors in Canada to find the right option for your financial needs.

Did you know that rates differ significantly between financial institutions, and within the various channels / methods where you purchase? Browse our Education Centre to learn about the GICs that best suit your saving needs. Or compare the best Canadian GIC rates.