Compare GIC Rates
Did you know the best GIC rates might not be found at the big banks? Use our tool to find the best GIC rates from all the providers across Canada.
Compare the Best GIC Rates in Canada for 2020
Looking for a secure investment product to park your funds?
Every month, Ratehub.ca helps millions of Canadians compare and choose the best GIC rates in Canada. Simply select your province from the drop down menu and the table will show you the best GIC rates in your province.
1-Yr Non-registered |
1-Yr Non-registered |
1-Yr Non-registered |
1-Yr Non-registered |
Don't see a GIC term you're looking for?
or check out all the GIC rates in the table below
Best 1-Year GIC Rates in Canada 2020
| Rate | Provider | |
| 1.40% | Oaken Financial | Get this rate |
| 1.25% | EQ Bank | Get this rate |
Guaranteed Investment Certificate (GIC) FAQs
What is a Guaranteed Investment Certificate (GIC)?
A Guaranteed Investment Certificate (GIC) is a guaranteed investment that includes insurance. GICs are among the safest and most secure investments available in Canada. The principal amount invested is guaranteed, as is the interest that the investment earns. And, unlike many investments, GICs come with CDIC or provincial insurance. Funds in a GIC are locked, meaning there is no access to the funds or withdrawals of the funds until the end of the term deposit. Once the GIC reaches maturity, the principal amount and the interest earned returns to the investor.Terms on investments can range from 30 days up to 10-years in length, though the most common options are usually one-year GICs and five-year GICs. GICs come in various shapes and sizes, like registered (TFSA and RRSP GICs) and non-registered GICs, market-linked GICs, and US and Foreign Currency GICs, to name a few.
How do you choose the best GIC?
Choosing a GIC that's right for you and your saving and investing goals depends on a few factors, all of which tend to be specific to the person using them. Considering that GICs are locked until the term deposit is complete, you should start by selecting a GIC term that reflects the time limit you're comfortable with being unable to access your funds. A reasonable GIC rate beats inflation each year, considering that terms are usually lengthy means that your money will need to grow at a rate that makes the investment worth the commitment.
Should you invest in GICs?
Guaranteed Investment Certificates (GICs) offer, as the name suggests, a guaranteed, low risk return on your investment. You could use GICs to save for a short terms savings goal, build a GIC laddering strategy or diversify your portfolio. One thing to keep in mind is that as a result of reduced volatility, GICs offer lower returns than riskier investments like robo-advisors and online brokerages. That said, GICs are a great option for those seeking a safe and passive route to investing.