MoneyMint · Banking · GICs
GIC Rates in Canada Today
MoneyMint editorial team · Rates checked 19 October 2026 against each institution’s own rate page · 11 banks and credit unions
Short answer: The highest posted non-redeemable GIC rates we found are 3.75% for one year (Oaken Financial) and 4.50% for five years (Oaken Financial). Online banks lead: the Big Five banks’ posted rates run 2.45% to 3.00% for one year and 2.75% to 3.55% for five, so at five years the gap to the top rate is about 1.75 percentage points. Before you buy, check whether the rate is locked in, what the minimum is, and whether your deposit is covered by CDIC or a provincial insurer.
Compare GIC Rates by Term
Non-redeemable GICs, non-registered, posted rates as published on each institution’s own site on 19 October 2026. Pick a term to sort by it. A star marks the highest rate for that term.
| Institution | 1 yr | 2 yr | 3 yr | 4 yr | 5 yr | Minimum | Deposit protection | Source |
|---|---|---|---|---|---|---|---|---|
|
Oaken FinancialHome Bank / Home Trust
|
3.75% | 4.20% | 4.30% | 4.35% | 4.50% | $1,000 | CDIC | Rate page ↗ |
|
EQ BankEquitable Bank
|
3.70% | 4.00% | 4.15% | 4.20% | 4.30% | $100 | CDIC | Rate page ↗ |
|
TangerineScotiabank subsidiary
|
3.60% | 3.85% | 4.10% | 4.15% | 4.25% | Not stated | CDIC | Rate page ↗ |
|
MeridianCredit union, Ontario
|
3.30% | 3.70% | 4.00% | 4.00% | 4.10% | $100 | FSRA (Ont.) | Rate page ↗ |
|
Simplii Financial*CIBC division
|
2.90% | 3.00% | 3.20% | 3.55% | 3.65% | $100 | CDIC | Rate page ↗ |
|
ATB FinancialAlberta
|
3.20% | 3.40% | 3.40% | 3.50% | 3.60% | Not stated | Alberta guarantee | Rate page ↗ |
|
TDPosted rates
|
3.00% | 3.20% | 3.30% | 3.35% | 3.55% | Not stated | CDIC | Rate page ↗ |
|
BMOPosted rates
|
3.00% | 3.20% | 3.30% | 3.35% | 3.55% | Rates shown for $1,000+ | CDIC | Rate page ↗ |
|
ScotiabankPosted rates
|
2.45% | 2.50% | 2.60% | 2.70% | 2.75% | $500 | CDIC | Rate page ↗ |
|
RBC Royal BankPosted rates
|
2.45% | 2.55% | 2.55% | 2.70% | 2.75% | Not stated | CDIC | Rate page ↗ |
|
CIBCBonus Rate GIC
|
2.45% | 2.55% | 2.60% | 2.70% | 2.75% | $1,000 | CDIC | Rate page ↗ |
Rates are annual, for new non-registered deposits, with interest paid or compounded annually where the institution offers a choice. Monthly or semi-annual payment usually pays slightly less. * Simplii quotes a simple annual rate paid monthly plus an annual percentage yield; we show the yield so it compares fairly with rates paid once a year. “Not stated” means the institution’s rate page does not give a minimum. Rates change without notice and can differ by amount, province or promotion: always confirm on the institution’s site before you buy. National Bank and other credit unions will be added once we can read their published rates reliably.
Limited-Time and Special Rates
Several banks advertise special rates above their posted rates, often on odd terms such as 18 months. We keep them out of the main table because they can end without notice, but they are worth knowing about.
| Institution | Offer as published |
|---|---|
| Scotiabank | Special non-redeemable 2-year rate of 3.50% shown on the same page |
| ATB Financial | Grow Alberta 18-month GIC 3.70% (limited time) |
| TD | TD Special Offer 18-month non-cashable GIC 3.25%; 14-month 3.05% |
| RBC Royal Bank | Special non-redeemable rates: 3.00% (1 yr), 3.20% (2 yr), 3.55% (5 yr) |
| BMO | 18-month term 3.20% |
| CIBC | Promotional Bonus Rate GIC: 3.00% (1 yr) and 3.20% (2 yr), non-redeemable, minimum $1,000 |
Cashable GICs
A cashable GIC lets you take your money out before the term ends, in exchange for a lower rate. Terms differ a lot, so read the early-withdrawal rules before comparing the headline rate.
| Institution | 1-year cashable, as published |
|---|---|
| Oaken Financial | 1 yr cashable 2.25% |
| Scotiabank | 1 yr cashable 1.90% (after 30 days) |
| ATB Financial | 1 yr cashable 2.60% held full term (lower if redeemed early) |
| RBC Royal Bank | 1 yr cashable: special 2.15%, posted 1.95% |
How to Choose a GIC
Locked In or Cashable
Non-redeemable GICs pay more but your money is locked until the term ends. If there is any chance you will need the cash sooner, a cashable GIC or a high-interest savings account is the safer fit.
Pick the Term on Its Own Merits
Longer is not always better. At some institutions a shorter term pays as much as, or more than, a longer one. Compare each term separately, or build a GIC ladder so part of your money matures every year.
Registered or Not
Holding a GIC inside a TFSA, RRSP or FHSA shelters the interest from tax. Registered rates are often the same as non-registered, but not always, and not every institution offers every account type.
Check Who Protects the Deposit
Banks are usually CDIC members. Credit unions are protected by their province instead, with different rules, and ATB deposits are guaranteed by the Province of Alberta. See the section below before depositing a large amount.
Is My GIC Protected?
At a CDIC member, eligible GICs are covered up to $100,000 per insured category (for example, in your own name, in a TFSA, or in an RRSP), per member institution, according to the Canada Deposit Insurance Corporation. A few things about the institutions in this table:
| Tangerine | Tangerine Bank says it is a CDIC member in its own right, separate from its parent Scotiabank. |
| Simplii Financial | Simplii describes itself as a division of CIBC, a CDIC member, so Simplii and CIBC deposits are held at the same member institution. |
| Oaken Financial | Oaken says each deposit is placed with either Home Bank or Home Trust Company, which are separate CDIC members. |
| Meridian | Meridian says the Financial Services Regulatory Authority of Ontario (FSRA) covers eligible deposits in registered accounts without limit, and eligible non-registered deposits up to $250,000. |
| ATB Financial | ATB says repayment of deposits and interest is guaranteed by the Province of Alberta. |
This is a summary of what each institution and CDIC publish, not a legal opinion. If you are depositing close to or above the limits, check the details with CDIC or your provincial regulator.
Related Guides and Tools
Frequently Asked Questions
Which Institution Has the Highest GIC Rate Right Now?
On 19 October 2026, the highest posted non-redeemable rates in our table were Oaken Financial at 3.75% for one year and Oaken Financial at 4.50% for five years. Rates change often, so check the date at the top of this page.
Why Are Big-Bank GIC Rates Lower?
The Big Five banks’ posted rates are consistently below online banks and many credit unions. They often run limited-time specials instead, which are listed separately above. It is worth asking your bank whether it will match a special rate.
Can I Take My Money Out of a GIC Early?
Only if it is cashable or redeemable. A non-redeemable GIC locks your money until the term ends. Cashable GICs let you withdraw early, but pay a lower rate.
Is GIC Interest Taxable?
Yes, if the GIC is held outside a registered account: the interest is taxed as income. Inside a TFSA it is tax-free, and inside an RRSP it is tax-deferred.
Are GICs Covered by CDIC?
Eligible GICs at CDIC member institutions are covered up to $100,000 per insured category, per member. Credit union deposits are covered by provincial insurers instead, with their own limits.
How Often Is This Page Updated?
We re-check every rate in the table against each institution’s own rate page every week, and update the date at the top when we do.
How We Collect These Rates
Every rate comes from the institution’s own public rate page, linked in the table. We do not copy rates from other comparison sites.
We re-check the whole table every week and update the date at the top of the page. If we cannot confirm an institution’s rates on its own site, we remove it from the table rather than show a number we have not checked.
The main table shows posted rates for non-redeemable, non-registered GICs. Limited-time specials and cashable GICs are listed separately. We do not rank institutions on anything other than the rate for the term you choose.
This page is general information, not financial advice. For a decision that depends on your own circumstances, speak to a qualified professional.
Rates last checked 19 October 2026.