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Best GIC Rates in Canada 2021

Rates updated:

We shop all the top banks and lenders, to bring you the best guaranteed investment certificate (GIC) rates and terms in Canada from short-term GICs, to RRSP and TFSA.

In this article you will find +

Best CDIC Insured GICs

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Term   Provider Min. investment  
1-Yr 1.40% View details motusbank $100 Get this rate
2-Yr 1.50% View details Oaken Financial $1,000 Get this rate
3-Yr 1.60% View details Oaken Financial $1,000 Get this rate
4-Yr 1.70% View details Oaken Financial $1,000 Get this rate
5-Yr 1.80% View details Oaken Financial $1,000 Get this rate
6-Yr 1.85% View details EQ Bank $100 Get this rate
7-Yr 1.95% View details EQ Bank $100 Get this rate
90-Day 1.30% View details Oaken Financial $1,000 Get this rate
180-Day 1.30% View details Oaken Financial $1,000 Get this rate
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Compare the best rates Minimize Table Maximize Table
Compare the best rates Minimize Table Maximize Table
Compare the best rates Minimize Table Maximize Table
Term   Provider Min. investment  
1-Yr 0.35% View details Bank of Montreal $100,000 Get this rate
2-Yr 0.50% View details Bank of Montreal $100,000 Get this rate
3-Yr 0.55% View details Bank of Montreal $100,000 Get this rate
4-Yr 0.80% View details Bank of Montreal $100,000 Get this rate
5-Yr 1.50% View details Bank of Montreal $1,000 Get this rate
90-Day 0.65% View details CIBC $5,000 Get this rate
180-Day 0.35% View details Bank of Montreal $1,000 Get this rate
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Best GIC Providers in Canada 2021

Our GIC rate comparison tables below separate provincially insured GICs (usually from a Credit Union) and CDIC insured GICs for easier navigation, but you can also input your desired investment amount, GIC type and term to find the best GIC rate for you. You can also filter the table by province to diplay only the best GIC rates in Ontario, for example. If you wish to compare all Canadian GIC rates in one table, you could use our use our GIC rate comparison tool and its filters to find the right GIC for you. The comparison tool lets you customize the rates displayed by prodvince in the drop down menu to see only GIC rates in Ontario for example, or any other province in Canada.

Ontario 1-Year GIC Rates (CDIC & Provincially Insured)

Rate Provider
1.40% motusbank Get this rate
1.40% MAXA Financial Get this rate
1.40% Oaken Financial Get this rate
1.30% EQ Bank Get this rate
0.85% Meridian Credit Union Get this rate

Rates updated:

Canadian GIC Rates by Provider

In-text rates accurate as of December 9, 2020

EQ Bank GIC Rates

EQ Bank GIC rates are among the best GICs offered in Canada. Interest earned on GIC investments is paid annually and insured by the CDIC. A minimum investment of $100 is required to open an account with EQ Bank. The Toronto-based independent bank offers competitive GIC rates to all Canadians, excluding residents living in Quebec.

Oaken Financial GIC Rates

Oaken Financial GIC rates are CDIC-insured and offer a competitive rate of 1.40% for a one-year term. Interest on GICs is paid annually and not compounded. Since Oaken Financial offers one of the best GIC rates in Canada, a minimum investment of $1,000 is required. Oaken Financial is an independant bank eligible to all Canadian citizens.

Alterna Bank GIC Rates

Alterna Bank GIC rates begin with one-year terms at 1.15% and extend up to 5-year terms at 1.45%. Alterna Bank pays interest on investment annually. Alterna is open to all Canadian residents.


CIBC currently offers a non-registered GIC with an interest rate of 0.60%. The CDIC-insured financial institution is among Canada’s largest banks, and offers a variety of GIC and other investing products.

Motusbank GIC Rates

Motusbank, is the new digital bank on the block, a federally chartered Canadian bank owned and operated by Meridian Credit Union. Motusbank GIC rates start from short to long term GICs available both in registered and non-registered accounts. Motusbank GIC rates start at 1.40% for a 1-year non-registered (available as an RRSP or TFSA) as well as 1.40% for a 1-year non-registered GICs. Motusbank GICs are CDIC insured.

Meridian Credit Union GIC Rates

Meridian Credit Union, unlike Motusbank, has a number of branches available to its customers. Meridian Credit Union is an Ontario Credit Union and offers competitive Ontario GIC rates starting at 0.65% for a 1-year GIC to 1.45% 5-year GIC rates. Meridian Credit Union is an Ontario CU and is insured by the Financial Services Regulatory Authority (FSRA).

Tangerine GIC Rates

Tangerine Bank is a Canadian online bank and a subcidiary of Scotiabank is known for their no-fee chequing account. Aside from their chequing and savings products, Tangerine also offers some competitive GICs. Tangerine GIC rates start at 0.20% for a 90-day GIC, and go up to 1.20% for a 5-year term.

Scotiabank GIC Rates

Scotiabank offers GIC rates that range between 0.6% for a 1-year non-redeemable and 0.90% for a 5-year GIC, RRSP/RRIF eligible and available to all Canadians. Scotiabank also offers market linked and cashable GIC types.


As one of Canada’s largest banks. RBC GIC Rates offers a return-rate on non-redeemable GICs ranging from 30-days to ten years. GICs purchased through Interest on RBC GICs is paid annually and is not compounded. RBC is one of Canada’s largest banks and available to all Canadians.


HBSC is one of the largest banking institutions in the world with around 7,500 offices in over 80 countries including Canada. HSBC GIC rates start with as short as 30 day term and go to 5 years and require a minimum investment of $1,000 or $5,000 depending on duration of your investment. If you choose to inevest with HSBC, your investment is CDIC insured.


Bank of Montreal GIC rates are offered at 0.45% for 1-year GIC term. A minimum deposit of $1,000 is required. BMO is currently the only major bank in Canada to offer a ten-year GIC term. The rate of BMO’s 10-year GIC term is 1.40%.Since BMO is one of Canada’s major banks, it is available to all Canadians, coast to coast.

Motive Financial GIC Rates

Motive Financial GIC rates start at 1.40% for a one-year term deposit rate. Interest is paid annually and is not compounded, nor redeemable. A minimum investment is required to open GICs with Motive Financial, starting with $1,000. Motive Financial investments are insured by the CDIC.

Parama Credit Union GIC Rates

Parama Credit Union GIC rates are some of the highest in Canada. GICs with Parama are non-redeemable - with interest paid annually - and insured by the province. Purchasing GICs with Parama requires a minimum deposit of $1,000. Parama Credit Union is exclusive to residents of Ontario.

Omnia Direct GIC Rates

Omnia Direct is a credit union based in Windsor, Ontario, that currently offers GICs at a rate of 0.85%. Omnia Direct customers can invest their GICs with the credit union between one to five years. Omnia’s GIC rate requires new customers to contribute a minimum investment of $500. Interest is paid at maturity and is not compounded. Omnia Direct is provincially insured and open exclusively to residents of Ontario.

Implicity Financial GIC Rates

Implicity Financial GIC rates begin at 1.40% on deposits. Investments with Implicity financial are provincially insured. Opening an account requires a minimum investment of $1,000. GICs with Implicity are not redeemable with interest on GICs paid annually. Implicity Financial offers GIC terms up to 5 years in length and is currently open exclusively to residents of Ontario.

Steinbach Credit Union GIC Rates

Steinbach Credit Union GIC rates is a credit union offering GICs with terms ranging between one and five years. Rates An account with Steinbach Credit Union requires a minimum investment of $500.

GICdirect GIC Rates

GICdirect specializes as a GIC brokerage by finding Canadians the best rates on GICs available. GICdirect has spent the last 20 years building a reputation with financial institutions and Canadians to ensure the best rates on GICs possible. GICdirect works like any bank or credit union, and offers GIC terms ranging from one year to five years and works with over 30 banks and credit unions to get the best interest rates in Canada.

Canadian GIC Providers (view all) ▼

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.


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.


Best GIC Rates Canada

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.

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.

Finding the Right GIC Type

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.

Picking the right GIC Term

When it comes to GIC terms, you have a few options to choose from. You can choose to invest your money in a short term GIC or a long-term GIC and there are cons and pros to both options. A short-term GICs are simply GICs that take less than a year to mature. They can range from as short as 30 days and up to 364 days. When investing in a short-term GIC, financial institutions will guarantee the principal (which is your original investment) plus an advertised rate of interest up to a $100,000 with CDIC insurance. When it comes to credit union deposit insurance, this amount may vary, depending on the institution they are insured with. GICs in general are a good option if you are not comfortable taking risks when it comes to your investments, and short-term GICs are a good option if you are looking to invest a lump sum of money for a short time as they are considered reasonably “liquid” because they mature so quickly. Visit our Education Centre if you wish to learn more about short-term GICs.

The other option is a long-term GIC which, as the name suggests, is a GIC term that is a year long and up. Your options here are GICs that will mature anywhere between 1 and five years, and sometimes seven and up to ten years. If you consider yourself a conservative investor, long-term GICs could be a part of the fixed income component of your investment portfolio. Visit our Education Centre to learn more about long-term GICs.

Long-term GIC Rates (view all) ▼

You will usually get a higher rate on long-term GICs but that also means you will have to lock your money in for a longer period of time. However, once again, GICs as the name suggests, are a very good option for anyone who is interested in a guaranteed return on their investments.

Use Our GIC Calculator

Use our GIC comparison tool to compare GICs by province, term, and investment amount to see which GIC gets your the highest return.

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.

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.)

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.

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.

Use Our GIC Calculator

Use our GIC comparison tool to compare GICs by province, term, and investment amount to see which GIC gets your the highest return.

Compare All GIC Rates in Canada

Did you know the best GIC rates might not be found at the big banks? Use our tool to find the best GIC rates from providers across Canada.