Best GIC rates in Canada

EQ Bank offers some of the highest GIC rates of any financial institution, particularly for those who are willing to wait a while until they access their funds: Their interest rates typically climb higher for longer term lengths, and EQ Bank is one of the few institutions in Canada that offers GIC terms up to 10 years, starting at 3.75% for a 3-Month GIC (non-registered). That said, if you’re looking for a TFSA or RSP GIC, you’ll have to open an RSP Savings Account or TFSA Savings Account first. Registered GICs rates currently range from 4.00% up to 5.50%.

Those interested in opening a GIC with EQ Bank must first open a Savings Plus Account, from which the money for the GIC will be transferred and to which it will be returned upon maturity. Equitable Bank, EQ Bank’s parent company, is a CDIC member, and GICs with EQ Bank are eligible for CDIC protection up to $100,000‡‡.

EQ Bank GICs: Rates are calculated on a per annum basis and are subject to change at any time.

^‡‡Equitable Bank is a member of CDIC, which means your deposits with Equitable Bank and EQ Bank are eligible for deposit insurance from the CDIC.

Oaken Financial has consistently offered some of the very highest GIC rates in Canada. They provide both short and long-term GICs, commercial GICs, non-registered GICs, and registered GICs in the form of TFSAs, RSPs and RIFs.

Long-term non-registered GICs range up to 5.15% currently, while registered plans (RSP, TFSA, RIF) range from 4.35% to 5.15% on terms up to 5 years. Oaken Financial GICs are issued by either Home Bank or Home Trust, both of which are separate members of CDIC.

Rates on TD’s ‘regular’ GICs are usually nothing to write home about. But TD does offer an appealing selection of Market Growth GICs, which can be held in both registered and non-registered accounts. These GICs guarantee both principal investment and a decent interest rate, and boast very high potential (though not guaranteed) returns, depending on the performance of the underlying assets they’re tied to.

Scotiabank offers relatively high GIC interest rates for a Big 5 bank, and it offers its highest rates to those that bundle their GIC with some of their best chequing accounts. GICs offered include both cashable and non-redeemable, and terms range from 30 days to 10 years. Minimum investments range from $500 to $5,000 depending on the GIC in question.

BMO generally has lowish rates compared to some other Big 5 offerings, but it does have unusual GIC types, like the AIR MILES GIC, which earns 1 AIR MILE per month for every $1K invested in the GIC; or a GIC with a 20-year term length, which may be a good option if you’re looking for ultra-long-term savings for retirement. All BMO GICs are insured by the CDIC.

Meridian tends to offer slightly lower GIC interest rates than some of its competing Canadian credit unions. But one of the distinguishing aspects of Meridian’s GIC suite is that they offer such a wide variety of GICs to choose from, including cashable GICs, fixed-rate GICs, principal-guaranteed index-linked GICs, and a particularly unusual ‘Raise the Rate’ GIC, in which the accountholder has the option to increase their GIC rate if Meridian’s rates go up.

Both registered and non-registered Meridian GICs are insured up to $250,000 through the Financial Services Regulatory Authority of Ontario. Meridian Credit Union is based in St. Catharines, Ontario, but its GICs are available to all Canadians, aside from Quebecers.

Parama offers cashable and non-cashable GICs with terms of 1 to 5 years and a minimum investment of $1,000. Interest is paid annually and deposited into a Parama chequing or savings account (depending on the type of GIC you select), which makes this a great option for savers who want to leave their principal investment alone and enjoy the income it produces.

The Parama U.S. Dollar GIC typically has lower interest rates than Parama’s other CAD GICs, but it might nonetheless be a good vehicle for Canadians who frequently hop across the border, or for those looking to make a secure investment during a period where the Canadian dollar is anticipated to drop in value. Deposits are insured by Deposit Insurance Corporation of Ontario.

MAXA Financial offers GICs with consistently high interest rates, with terms from 1 to 5 years, requiring a relatively low minimum deposit of $500. All GICs are non-redeemable prior to maturity, so this is only a good choice for savings you don’t need to touch until your GIC matures. MAXA is a division of Manitoba’s Westoba Credit Union; deposits held with MAXA Financial are guaranteed by the Deposit Guarantee Corporation of Manitoba. MAXA is a digital financial institution and as such is best suited to those who are comfortable with online banking.