Unpredictable stock markets and record-high inflation rates lead many Canadians toward low-risk investments. As the Bank of Canada aggressively hikes interest rates, GICs have emerged as a trendy safe haven. These investments reach 6% in some cases, hovering near 10-year highs.
However, sourcing rates can take hours. How do you know where to find Canada’s best GIC rates? Don’t worry, because we’ve done it for you. This article analyzes the highest GIC rates currently advertised by leading banks and credit unions. We’ve compared the best rates across various term lengths.
Key Points
1. The Bank of Canada has held its policy rate at 2.25% through six straight decisions, so GIC rates have flattened after easing from their 2023 highs.
2. The highest widely available rate right now is 4.30% on a 5-year term at WealthONE, with Oaken Financial close behind at 4.25%.
3. Smaller online banks and credit unions consistently pay more than the big five banks. The best 5-year rate here pays about 155 basis points more than the weakest big-bank 5-year.
4. Every institution on this page is protected by CDIC or a provincial deposit insurer, so the main risk is locking your money in, not losing it.
5. All rates were verified against each institution’s posted rates on August 27, 2026, and can change without notice.
Best GIC Rates In Canada For Registered Accounts: Short-Term
Short-term GICs are generally less than 12 to 15 months. They’re commonly used by investors looking to park cash for a short duration to avoid the effects of inflation. While you’ll get your money back faster, the interest rates are generally lower than their long-term counterparts.
Here are the best short-term GIC rates for registered accounts such as RSSP, RSP, TFSA and FHSAs:
| Bank / Financial Institution | Rate | Term | Minimum Deposit | Account Types |
|---|---|---|---|---|
| Tangerine | 2.50% to 3.30% | 90 days to 1 year | $10 | RIF, RSP, TFSA |
| EQ Bank | 2.40% to 3.10% | 3 to 9 months | $100 | TFSA, RSP, FHSA |
| TD | 1.80% to 2.05% | 90 to 270 days | $500 | RSP, RIF, RESP, TFSA, FHSA |
Tangerine GIC Rates
Tangerine’s short-term GICs shine with their low minimum deposit. The online-only bank offers a variety of registered GICs including RSPs, RIFs and TFSAs. Moreover, Tangerine cuts fees as an online bank, resulting in no account fees or service charges.
Here are the rates you’ll find for Guaranteed Investment (GIC) at Tangerine:
| Term | GIC Interest Rate |
|---|---|
| 3 months | 2.50% |
| 6 months | 2.75% |
| 9 months | 3.10% |
| 1 year | 3.30% |
Source: Tangerine. Rates are subject to change without notice.
EQ Bank GIC Rates
EQ Bank is famous for offering low-fee products with lucrative interest rates. While their short-term GICs remain competitive, their sweet spot falls around one year.
EQ Bank offers a broad selection of registered GICs. You can hold their GICs in an RSP Savings Account, FSHA, or TFSA.
| Term | GIC Interest Rate |
|---|---|
| 3 Month | 2.40% |
| 6 Month | 2.75% |
| 9 Month | 3.10% |
Source: EQ Bank. Rates are subject to change without notice.
TD Bank GIC Rates
TD’s has both cashable and non-cashable short-term GICs. Cashable GICs mean you can withdraw funds early without penalty. Here, we’ll be looking at non-cashable GIC rates for registered accounts including TFSAs, FHSAs, RSP, RIF and RESP.
| Term | GIC Interest Rate |
|---|---|
| 90 days | 1.80% |
| 120 days | 2.05% |
| 180 days | 2.05% |
| 270 days | 2.05% |
Source: TD Bank. Rates are subject to change without notice.
Best GIC Rates In Canada Long-Term
Long-term GICs generally range between one and five years. They commonly have one-year increments, such as one-year, two-year, and so forth. While typically offering a higher interest rate, your money is locked up longer. Since early withdrawals can result in penalties, some investors opt for a cashable long-term GIC. Another approach is a GIC laddering strategy for blending flexibility with higher interest rates.
| Bank / Financial Institution | Rate | Term | Minimum Deposit |
|---|---|---|---|
| WealthONE | 3.70% to 4.30% | 1 to 5 years | $1,000 |
| Oaken Financial | 3.55% to 4.25% | 1 to 5 years | $1,000 |
| Tangerine | 3.30% to 4.00% | 1 to 5 years | $10 |
| Outlook Financial | 3.65% to 3.95% | 1 to 5 years | $1,000 |
Oaken Financial GIC Rates
Oaken Financial is a trademark of Home Bank, a subsidiary of Home Trust Company. Oaken’s long-term rates run from one to five years and reach 4.25%. One useful quirk: Oaken deposits are CDIC-eligible through two separate member institutions, Home Bank and Home Trust Company, so a saver with more than $100,000 can split a deposit between them and double their coverage.
| Term | GIC Interest Rate |
|---|---|
| 1 Year | 3.55% |
| 18 Month | 3.65% |
| 2 Year | 3.90% |
| 3 Year | 4.00% |
| 4 Year | 4.05% |
| 5 Year | 4.25% |
Source: Oaken Financial. Rates are subject to change without notice.
WealthONE GIC Rates
WealthONE offers the strongest long-term GIC rates on this page, peaking at 4.30% on a five-year term. The rates below apply equally to registered GICs held in TFSAs and RRSPs and to non-registered GICs. The downside is service fees for e-transfers, account closure, and certain withdrawals. WealthONE is a CDIC member.
The interest rates below apply to their registered GICs held in TFSAs and RRSPs.
| Term | GIC Interest Rate |
|---|---|
| 1 Year | 3.70% |
| 18 Month | 3.90% |
| 2 Year | 3.95% |
| 3 Year | 4.05% |
| 4 Year | 4.10% |
| 5 Year | 4.30% |
Source: WealthONE. Rates are subject to change without notice.
Tangerine GIC Rates
Tangerine offers long-term GICs from one to five years, reaching 4.00% on a five-year term. The $10 minimum deposit makes incremental investing easy, and there are no extra fees.
| Term | GIC Interest Rate |
|---|---|
| 1 Year | 3.30% |
| 1.5 Year | 3.50% |
| 2 Year | 3.65% |
| 3 Year | 3.75% |
| 4 Year | 3.85% |
| 5 Year | 4.00% |
Source: Tangerine. Rates are subject to change without notice.
Best Big Bank GICs
The following rates are for non-cashable registered GICs such as a TFSA, RRSP, FHSA, and RIF.
| Financial Institution | 6 Month | 1 Year | 2 Year | 5 Year |
|---|---|---|---|---|
| National Bank of Canada | 1.50% | 2.85% | 3.25% | 3.35% |
| RBC | – | 2.70% | 2.80% | 3.10% |
| BMO Bank of Montreal | – | 2.70% | 2.75% | 3.10% |
| CIBC | – | 2.70% | 2.75% | 2.90% |
| TD Bank | 2.05% | 2.70% | 2.80% | 3.10% |
| Scotiabank | 2.30% | 2.45% | 2.50% | 2.75% |
All options listed above are CDIC Insured up to a $100,000 coverage limit per deposit.
Do note that not all rates posted apply to all registered accounts.
Best GICs Offered By Credit Unions And Other Financial Institutions
| Financial Institution | 6 Month | 1 Year | 2 Year | 5 Year |
|---|---|---|---|---|
| Meridian Credit Union | 2.35% | 3.10% | 3.45% | 3.85% |
| Canadian Tire Bank | – | 2.35% | 2.40% | 4.15% |
| Manulife Bank | – | 3.00% | 3.15% | 3.65% |
| Alterna Bank | – | 2.65% | 2.85% | 3.30% |
All options listed above are CDIC Insured up to a $100,000 coverage limit per deposit.
Best Online-Only Bank GICs
| Financial Institution | 6 Month | 1 Year | 2 Year | 5 Year |
|---|---|---|---|---|
| WealthONE | – | 3.70% | 3.95% | 4.30% |
| Oaken Financial | – | 3.55% | 3.90% | 4.25% |
| EQ Bank | 2.75% | 3.40% | 3.65% | 4.00% |
| Tangerine Bank | 2.75% | 3.30% | 3.65% | 4.00% |
| Outlook Financial | – | 3.65% | 3.70% | 3.95% |
| Coast Capital Savings | 2.25% | 2.90% | 3.50% | 3.80% |
| Simplii Financial | – | 2.90% | 3.00% | 3.65% |
All options listed above are CDIC Insured up to a $100,000 coverage limit per deposit.
How Deposit Insurance Actually Works
CDIC insures eligible deposits up to $100,000 per depositor, per insured category, per member institution. That is not the same as $100,000 per deposit, and the distinction matters: each category gets its own separate $100,000 of coverage. The categories include deposits held in one name, joint deposits, deposits held in trust, RRSPs, RRIFs, TFSAs, FHSAs, RESPs, and RDSPs. One person can therefore hold well over $100,000 in insured deposits at a single bank by spreading them across categories.
CDIC covers banks and federally chartered credit unions only. Provincially regulated credit unions are covered by their own provincial insurers, which are often more generous. The Deposit Guarantee Corporation of Manitoba guarantees Manitoba credit union deposits without limit, and Ontario’s FSRA covers non-registered deposits up to $250,000 and registered accounts without limit.
How Much Will You Earn If You Invest In A 1-Year GIC
Suppose you invest $10,000 in a one-year non-redeemable GIC at 3.40%, EQ Bank’s current one-year rate. A standard one-year GIC pays simple interest at maturity, so:
Interest earned = Initial investment x Interest rate = $10,000 x 0.034 = $340
Amount received at maturity = $10,340
After a year, you receive your initial $10,000 back plus $340 in interest. Regardless of what markets do in the meantime, that return is guaranteed. If your GIC compounds rather than paying at maturity, the figure is slightly higher, which is why it is worth checking whether a quoted rate is a simple annual rate or an annual percentage yield. If your GIC is non-redeemable, your funds are locked in for the full term, and withdrawing early can forfeit your interest and trigger penalties.
Types Of Accounts You Can Hold A GIC
You can use two categories of accounts to invest in GICs. The primary difference is your taxation structure. Registered GICs offer tax benefits but have more restrictions. In contrast, non-registered GICs maximize flexibility, but you’ll have to pay annual taxes on interest.
1. Registered
Registered GICs are held in a tax-sheltered account. Primarily, you can hold a GIC in an RRSP or TFSA. However, some institutions are beginning to offer FHSA GICs.
It’s critical to understand that each type of registered account has withdrawal and contribution limits. You’ll need to research if the specific account aligns with your investment objectives.
2. Non-Registered
Conversely, non-registered GICs have fewer restrictions. The caveat is that any interest earned will be taxed annually at your marginal tax rate. This can significantly reduce your rate of return. As such, investors commonly use non-registered GICs after maximizing registered account contributions.
Types Of GICs
1. Cashable GICs
Cashable GICs, also known as redeemable GICs, offer more flexibility. Investors can withdraw funds without penalties after an initial lockup window. While redemptions aren’t penalized, you won’t earn any remaining interest owed. Cashable GICs also tend to have lower interest rates to compensate for the flexibility.
2. Non-Cashable GICs
Non-cashable GICs are the standard option. You’ll receive a higher interest rate but have less withdrawal flexibility. This is because investors are penalized for early withdrawals. In most cases, you’ll lose any interest earned for withdrawing before maturity.
3. Market-Linked GICs
Market-linked GICs align their interest rates to stock market benchmarks like the TSX or S&P 500. They’re commonly offered by the big five banks and offer a minimum and maximum return range. Your GIC rate increases and decreases with the benchmark, unlike a fixed-rate GIC. You can’t lose money with a market-linked GIC as you’re guaranteed a certain range.
4. USD GICs
USD GICs are denominated in US dollars. This means your GIC investment is held in USD and changes with the exchange rate. They are best for investors who believe USD will appreciate or see it as a safer currency than CAD. USD GICs come in various types and term lengths. For example, they can be cashable, non-cashable, or market-linked. They are simply GICs that are held in US dollars.
5. Variable GICS
Variable rate GICs have fluctuating interest rates linked to the financial institution’s prime rate. While similar to a market-linked GIC, variable GICs are benchmarked to a prime rate, rather than a market index. When interest rates increase, a variable rate GIC can outperform a market-linked GIC if the stock market drops. While riskier than fixed-rate GICs, they offer flexibility to benefit from prime rate hikes.
Bottom Line
With GIC rates at elevated levels not seen in years now is a strategic time to leverage these low-risk investments to build a diversified fixed-income portfolio. These investments offer a predictable return, and top options can reach 5%. As market volatility continues, many investors flock to GICs as a safe haven.
