Compare the best Tangerine GICs

The best overall GICs in Canada

Tangerine GIC Rates

Tangerine Bank offers a variety of GIC options with competitive rates. Currently, their best rates are for their registered 1-year GICs. This is a great option for those looking for a long-term investment with a guaranteed return. For those looking for a shorter term, Tangerine also offers 90-day GICs, 180-day GICs and 270-day GICs. This is still a competitive rate compared to other banks and can be a good option for those who want to invest for a shorter period of time.

All of Tangerine’s GICs are non-redeemable, so if you are looking for cashable GICs, it may be best to look elsewhere. (Jump to Tangerine GIC Alternatives.)

Types of Tangerine Bank GIC Rates

In addition to the standard GIC options, Tangerine Bank offers specialized GIC rates for specific investment needs:

• Tangerine unregistered GICs
• Tangerine RSP GICs
• Tangerine TFSA GICs
• Tangerine RIF GICs
• Tangerine USD GICs
• Tangerine non-registered GICs

Tangerine’s non-registered GICs are available for 90 day to 5 year periods. They must be held in unregistered accounts, which means interest earned is fully taxable on your personal tax return. The rates offered are slightly lower than their registered GIC options below.

Tangerine RSP GICs

Tangerine provides Registered Retirement Savings Plan (RRSP) GICs, which offer tax advantages for retirement savings. These GICs come with competitive rates and are a great option for long-term retirement planning.

Tangerine TFSA GICs

Tangerine also offers Tax-Free Savings Account (TFSA) GICs, which allow you to earn interest on your savings tax-free, and once your GIC reaches maturity your money can be withdrawn without losing contribution room or getting a tax penalty. These GICs provide a flexible and tax-efficient way to grow your money.

Tangerine RIF GICs

Tangerine's Registered Retirement Income Fund (RIF) GICs are designed for those who have reached retirement age and are looking to convert their retirement savings into regular income. These GICs offer stable returns and can help you manage your retirement finances effectively.

Tangerine USD GICs

Tangerine’s USD GICs allow you to diversify your portfolio and potentially benefit from the difference in the Canadian dollar and the stronger US dollar. They are available for 90 day to 5 year periods.

How to Open a Tangerine GIC

Opening a Tangerine GIC is a simple and straightforward process. You can open an account online or through their mobile app, and you can choose from a variety of GIC terms and rates. You can also choose to have your interest paid out monthly, annually, or at maturity. You’ll have to also decide whether you want a short term GIC or a long-term GIC, and whether you want to use it for general savings, or hold it within a registered account for retirement savings or investments.

About Tangerine

As a digital bank, Tangerine has become a leader within Canada’s online banking industry. Instead of operating traditional brick-and-mortar branches, it has a few Tangerine Cafés and pop-up locations across the country. Tangerine offers premium guaranteed investment certificate (GIC) rates and no-fee accounts. Its customers can access their accounts through the Tangerine website, mobile apps, and ATMs from its parent company, Scotiabank. Tangerine and Scotiabank operate independently of each other.

Tangerine GICs offer competitive rates and flexible terms, making them a great choice for those looking to grow their savings. In this article, we'll explore the best Tangerine GIC rates and how you can take advantage of them. (If you’re wondering how GICs work, read our guide: “What is a GIC?”)

Compare other Tangerine products

In addition to purchasing GICs, you can save, spend, invest, and borrow when banking with Tangerine. Some other products you may be interested in learning about include Tangerine's savings account, chequing account, and its two no-annual-fee credit cards: the Tangerine Money-Back Mastercard and Tangerine World Mastercard.

Alternatives to Tangerine Bank GICs

While Tangerine Bank offers competitive GIC rates, there are other financial institutions that provide similar investment options, and may have more non-registered and cashable GIC options available.

• TD GICs: TD GICs offer competitive interest rates, and most of their GICs are available for registered accounts. They have several cashable GIC options, unlike Tangerine.
• Scotiabank GICs: Scotiabank is another major Canadian bank that offers GICs with attractive interest rates, and both cashable and non-redeemable options.
• CIBC GICs: CIBC Bonus Rate GICs pay competitive rates for cashable and non-redeemable GICs, while their regular interest rates offered can be much lower compared to other banks.
• BMO GICs: BMO offers a variety of GICs across cashable, non-redeemable, US GICs and market linked GICs, although they have relatively few cashable options.
• RBC GICs: Royal Bank of Canada (RBC) offers a wide range of GIC options with competitive interest rates.
• Credit union GICs: Credit unions are member-owned financial institutions that often offer GICs with competitive rates. They are provincially-insured.
• Online banks: Online banks such as EQ Bank and Oaken Financial offer GICs with competitive rates and convenient online account management. EQ Bank’s GIC rates are currently some of the highest in Canada.
• Government bonds: Government bonds, such as Canada Savings Bonds and Provincial Savings Bonds, are considered low-risk investments. They offer fixed interest rates and are backed by the government. Read more about GIC alternatives.

If you're looking for a low-risk investment option with competitive rates for shorter terms between 1 and 5 years, Tangerine GICs are a great choice. As always, compare all GIC rates before signing on the dotted line to make sure you get the best deal.