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Best GIC Rates in Canada

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

Featured 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.

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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Provincially Insured GICs

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CDIC Insured GICs

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What is a guaranteed investment certificate (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 guaranteed investment certificates 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 guaranteed investment certificate (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?

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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Best GIC Rates by Provider

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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.