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Best GIC Rates in Canada 2019

Rates subject to change, updated: May 22, 2019 12:23 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.

Featured Canadian GIC Rates

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.

Best GIC Providers in Canada 2019 (View All) ▼

To shop the best GIC rates available for your province, use our GIC rate comparison tool and its filters to find the GIC rates available. You can choose your prodvince in the drop down menu to see only GIC rates in Ontario for example, or any other province in Canada.

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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 Term

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Best GIC Rates by Provider

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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.

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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.

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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.

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Manulife One Bank of Canada 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.

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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.

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Royal Bank of Canada (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.

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Bank of Montreal 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.

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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.

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Scotiabank GIC Rates

Scotiabank GIC rates offer GICs starting at 1.20% for non-registered GICs, going up as high as 1.60% for 5-year terms. Scotiabank offers TFSA GICs, non-registered GICs, and registered GICs. All types of Scotiabank GICs are insured by the CDIC and available to all Canadian citizens.

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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.

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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.

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Parama Credit Union GIC Rates

EQParama Credit Union GIC rates are high, 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.

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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.

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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.

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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.

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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.