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The best GIC rates in Canada

Compare GICs

Rates updated:

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  • non-registered
  • registered
  • TFSA
  • USD
GICs for a term of
  • 30 days
  • 90 days
  • 120 days
  • 6 months
  • 1 year
  • 2 years
  • 3 years
  • 4 years
  • 5 years
  • 10 years
with a balance of
  • $1,000
  • $5,000
  • $10,000
  • $50,000
  • $100,000



$173 total return based on

$5,000 investment

1 Year
Minimum investment

$168 total return based on

$5,000 investment

1 Year
Minimum investment

$163 total return based on

$5,000 investment

1 Year
Minimum investment

$158 total return based on

$5,000 investment

1 Year
Minimum investment


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Short-term vs. long-term GICs

One of the first things you should think about when shopping for a GIC (aside from the rate itself) is whether you’re interested in a short or long-term investment. The answer to this question will largely depend on your financial goals.

Short-term GICs are a great option for those who have a short-term savings goal and want to prioritize liquidity. They take less than a year to mature, and the principal is guaranteed with an advertised rate of interest. 

Long-term GICs, on the other hand, have terms of one year or longer and typically carry higher interest rates than their short-term counterparts. These are perfect for investors with long-range savings goals (such as a downpayment on a house) or a desire to use their GIC as passive monthly income.


How are GICs insured?

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

CDIC insurance will cover up to $100,000 of your deposits and protect your money in the highly unlikely scenario that the financial institution you bank with closes its doors or goes bankrupt. Since CDIC was founded in 1967, Canadians haven’t lost a single dollar in deposits. Over 80 banks in Canada have CDIC insurance including all of Canada’s big five banks as well as several online-only institutions like EQ Bank and Oaken Financial.


How are GIC rates calculated?

Interest on GICs is typically paid out either monthly, biannually, annually, at their maturity or on a predetermined date set by the provider.

There are two types of interest associated with GICs - simple interest and compound interest.

Simple interest is paid on the initial principal only. For example, if you invested $50,000 into a two-year GIC with 1.5% interest, you’d receive a return of $750 each year. Following this logic, at the end of your two-year term, you’d have made $1,500 in interest.

Alternately, compound interest is paid on the principal as well as the interest earned at every interval (essentially, “interest on top of interest”). If we were to use the same GIC in the example above, your total interest earned after two years would be $1,511.25. That’s a gain of $11.25 on top of your simple interest. And, if you decided to let your interest compound monthly instead of yearly, you’d net an even higher extra amount at $21.76.

GICs Frequent Asked Questions

What is a GIC?

What type of GICs are available?

Why invest in a GIC?

What is the difference between CDIC versus Provincial GIC insurance?

How do I buy GICs?

What are some alternative investment options to GIC?

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The best GIC providers in Canada 2021

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 independent bank eligible to all Canadian citizens.

Alterna Bank GIC Rates

Alterna Bank GIC rates begin with one-year terms at 1.00% and extend up to 5-year terms at 1.30%. 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 ranging from 0.45% for a 1-year term up to 1.00% for a 5-year term. The CDIC-insured financial institution is among Canada’s largest banks and offers a variety of GICs and other investment 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 0.70% for a 1-year cashable 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 subsidiary of Scotiabank is known for its 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 1.10% for a 5-year term.

Scotiabank GIC Rates

Scotiabank offers GIC rates that range between 0.30% for a 1-year cashable GIC and 0.50% 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 the duration of your investment. If you choose to inevest with HSBC, your investment is CDIC insured.


Bank of Montreal GIC rates are offered at 0.40% 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 2.00%. 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 1.30% 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.

Implicity Financial GIC Rates

Implicity Financial GIC rates begin at 1.15% on 1-year 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.


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