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Best GIC Rates in Canada 2019

Rates updated: July 21, 2019 12:19 AM

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 or a TFSA GIC, we have all the best Canadian GIC rates on our site. See the top three GIC rates in Canada right now in our featured GIC Rates Table below.

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Best GIC Providers in Canada 2019

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.

Best Provincially Insured GICs

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Best CDIC Insured GICs

Ontario GIC Rates (CDIC & Provincially Insured)

Rate	Term	Type	Provider
2.60%	1-Year	Non-registered	Oaken Financial	Get this rate
2.55%	1-Year	Non-registered	EQ Bank	Get this rate
2.55%	1-Year	Non-registered	Implicity Financial	Get this rate
2.55%	1-Year	Non-registered	MAXA Financial	Get this rate
2.45%	1-Year	Non-registered	Steinbach Credit Union	Get this rate
2.34%	1-Year	Non-registered	Motive Financial	Get this rate
2.15%	1-Year	Non-registered	Innovation Credit Union	Get this rate
2.15%	1-Year	Non-registered	Tangerine	Get this rate
2.05%	1-Year	Non-registered	Alterna Bank	Get this rate
1.90%	1-Year	Non-registered	Manulife Bank	Get this rate
1.45%	1-Year	Non-registered	TD Bank	Get this rate
1.45%	1-Year	Non-registered	RBC Royal Bank	Get this rate
1.45%	1-Year	Non-registered	HSBC	Get this rate
1.45%	1-Year	Non-registered	Bank of Montreal	Get this rate
1.45%	1-Year	Non-registered	CIBC	Get this rate
1.40%	1-Year	Non-registered	Innovation Credit Union	Get this rate
1.40%	1-Year	Non-registered	National Bank	Get this rate
1.40%	1-Year	Non-registered	Desjardins	Get this rate
1.20%	1-Year	Non-registered	Scotiabank	Get this rate
0.50%	1-Year	Non-registered	CIBC	Get this rate
0.50%	1-Year	Non-registered	Desjardins	Get this rate

Canadian GIC Rates by Provider

EQ Bank GIC Rates

EQ Bank GIC rates are among the best GICs offered in Canada. The Toronto-based independent bank currently begin at 2.75%. 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. These competitive GIC rates are available to all Canadians, excluding citizens living in Quebec.

Oaken Financial GIC Rates

Oaken Financial GIC rates are CDIC-insured and are offered a competitive rate of 2.65% 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 $1000 is required. Oaken Financial is a credit union eligible to all Canadian citizens.

Alterna Bank GIC Rates

Alterna Bank GIC rates begin with one-year terms at 2.35% and extend up to 5-year terms at 2.50%. Alterna Bank pays interest on investment annually. Alterna is open to all Canadian citizens.

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 regostered and non-registered accounts. Motusbank GIC rates start at 2.05% for a 30-day GIC (available in RRSP, TFSA, and non-registered), as well as 2.70% on a 1-year non-registered and 2.80% on regostered GICs, going all the way to 3.15% for a 5-year non-registred GIC, and 3.25% for a 5-year RRSP and TFSA 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 2.00% for a 1-year GIC to 2.60% 5-year GIC rates. Meridian Credit Union is an Ontario CU and is insured by the Deposit Insurance Corporation of Ontario (DICO).

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 2.25% 1-year non-registred GIC, and go up to 2.45% for a 5-year term.

Scotiabank GIC Rates

Scotiabank offers GIC rates that range between 1.20% for a 1-year non-registered and up to 1.60% for a 5-year GIC, RRSP/RRIF eligible and available to all Canadians. Scotiabank also currently has a promotional GIC rate of 2.20% (rate effective May 28, 2019), as well as market linked, and cashable GIC types.

Manulife Bank GIC Rates

Manulife Bank of Canada GIC rates range from one to five-year terms, starting at 2.10% and rising as high as 2.56%. As one of Canada’s leading independent banks, Manulife Bank of Canada is available to all Canadian citizens.

TD GIC Rates

TD Bank GIC rates offer terms ranging from as little as 30 days to as long as 5 years. Rates on these time frames range from 0.30% to 2.20%, depending on the agreed term of the GIC. Purchasing GICs with TD requires a minimum investment of $1000. Interest on GICs purchased with TD is paid annually. As one of Canada’s major banks, TD Bank is available to all Canadian residents.

RBC GIC Rates

As one of Canada’s largest banks. RBC GIC Rates offers a GIC return-rate ranging from 0.20% to 2.20%, with terms from 30-days to five 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.

HSBC GIC Rates

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. HSBC GIC rates offer 1.65% for a 1-year GIC and go to as high as 2.00% for a 5-year GIC. If you choose to inevest with HSBC, your investment is CDIC insured.

BMO GIC Rates

Bank of Montreal GIC rates are offered at 1.45% for 1-year GIC terms. Rates go up to 2.20% for 5-year GIC terms. 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 2.20%.Since BMO is one of Canada’s major banks, it is available to all Canadians, coast to coast.

CIBC GIC Rates

GIC rates offered by CIBC are available through redeemable and non-redeemable GICs. Rates on CIBC GICs start at 0.50% on redeemable GICs and 1.65% on non-redeemable GICs. Investments made with CIBC are insured by the CDIC.

National Bank GIC Rates

National Bank GIC rates come from Canada’s sixth largest bank and the leading bank in Quebec. Interest rates on non-registered GICs start at 1.40%. Rates for 5-year non-registered GICs go to 2.00%. Investments made with National Bank are CDIC insured.

Motive Financial GIC Rates

Motive Financial GIC rates start at 2.50% 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 $1000. Motive Financial investments are insured by the CDIC.

Parama Credit Union GIC Rates

Parama Credit Union GIC rates are some of the higher ones, starting at 2.85% for a one-year term deposit. GICs with Parama are non-redeemable, with interest is paid annually, and are insured by the province. Purchasing GICs with Parama requires a minimum deposit of $1000. 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 2.65%. Omnia Direct customers can invest their GICs with the credit union between one to three 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 2.60% on deposits. Investments with Implicity financial are provincially insured. Opening an account requires a minimum investment of $1000. 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 between those years range from 2.50% to 3.05%. Opening an account with Steinbach Credit Union requires a minimum investment of $500.

Canadian GIC Providers (view all) ▼

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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.

GIC FAQs

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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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.

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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.

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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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