Are GIC rates going up?
Yes. GIC rates went up between 6 September 2026 and 1 October 2026: 18 of the 28 issuers we track raised at least one posted rate, none cut, and the best 5-year rate rose from 4.30% to 4.50%.
| Term | September 2026 | October 2026 | Change | Leader |
|---|---|---|---|---|
| 1-year | 3.70% | 3.90% | +0.20 | MCAN Wealth |
| 2-year | 3.95% | 4.25% | +0.30 | WealthONE Bank of Canada |
| 3-year | 4.05% | 4.40% | +0.35 | WealthONE Bank of Canada |
| 4-year | 4.10% | 4.45% | +0.35 | WealthONE Bank of Canada |
| 5-year | 4.30% | 4.50% | +0.20 | WealthONE Bank of Canada |
Which GIC rates went up this month?
16 issuers changed a posted 5-year rate between 6 September 2026 and 1 October 2026, largest rise first.
Why are GIC rates rising while the Bank of Canada holds?
The Bank of Canada held its overnight rate at 2.25% on 2 September 2026, its seventh hold in a row, so the policy rate did not drive this month's increases. Fixed-term GIC pricing follows Government of Canada bond yields more closely than the overnight rate, because an issuer prices a five-year deposit against what five-year money costs it in the bond market. When those yields firm, posted GIC rates tend to follow.
The clearest sign came from the big banks. TD and BMO each lifted their posted five-year rate from 3.10% to 3.55%, and National Bank moved from 3.35% to 4.00%. RBC, Scotiabank and CIBC left theirs at 2.75%, so the gap inside the big five widened. Online banks and credit unions moved as well, and WealthONE now posts 4.50% for five years, up from 4.30%.
Are GIC rates going down?
No issuer we track cut a posted non-redeemable rate between 6 September 2026 and 1 October 2026.
Will GIC rates go up in 2026?
Whether GIC rates keep rising through the rest of 2026 depends on two things. The first is bond yields. If Government of Canada yields hold or climb, issuers have room to keep longer-term rates where they are or lift them again. If yields fall back, posted rates usually drift lower with them.
The second is the Bank of Canada. Its next rate decision is on 28 October 2026. A cut from 2.25% would most likely pull shorter-term GIC rates down first, since those track the overnight rate more closely. An eighth hold leaves that side of the market where it is and puts the weight back on bond yields. October's increases show where posted rates stand after the September hold, and either signal turning would show up in the November rates.
Is now a good time to buy a GIC?
For anyone renewing a GIC this autumn, the spread between issuers is larger than this month's change. Three of the big five banks still post 2.75% for five years, while the best posted five-year rate is 4.50%. On a large renewal that gap adds up to more than any single month's move, and the figure below puts it in dollars.
A one-year term is the other option to weigh. MCAN Wealth now posts 3.90% for one year, so a saver who expects rates to keep rising can hold a shorter term and decide again in twelve months, at the cost of a lower rate than the longest terms pay today. A five-year term fixes the rate for the full period and gives up that choice. Deposit coverage, minimum deposits and registered-plan eligibility also differ by issuer.
On $50,000 held for five years and compounding annually, 4.50% at WealthONE Bank of Canada earns $5,045 more interest than 2.75%, the lowest five-year rate a big five bank posts (RBC Royal Bank, Scotiabank and CIBC).
Is 3.5% a good GIC rate?
It depends on the term. Against every posted non-redeemable rate on 1 October 2026:
- 1-year: 3.50% is above the median of 3.18%, and 6 of the 28 issuers that post a 1-year rate pay more.
- 2-year: 3.50% is above the median of 3.48%, and 13 of the 28 issuers that post a 2-year rate pay more.
- 3-year: 3.50% is below the median of 3.63%, and 15 of the 28 issuers that post a 3-year rate pay more.
- 4-year: 3.50% is below the median of 3.65%, and 17 of the 28 issuers that post a 4-year rate pay more.
- 5-year: 3.50% is below the median of 3.80%, and 20 of the 28 issuers that post a 5-year rate pay more.
Which Canadian bank has the highest GIC rate?
WealthONE Bank of Canada posts the highest rate on 4 of the 5 terms from one to five years, as of 1 October 2026.
- 1-year: MCAN Wealth, 3.90%
- 2-year: WealthONE Bank of Canada, 4.25%
- 3-year: WealthONE Bank of Canada, 4.40%
- 4-year: WealthONE Bank of Canada, 4.45%
- 5-year: WealthONE Bank of Canada, 4.50%
How this page is updated
We read every rate by hand from each issuer's own rates page on 1 October 2026 and compare it with the rates taken on 6 September 2026. Every comparison uses posted non-redeemable rates in Canadian dollars; promotional, cashable and US-dollar rates are left out.
Current GIC rates for all 28 issuers are on the GIC rates page, with the 1-year and 5-year tables on their own pages, and every past month is on the rate history page.
Changelog
- : GIC rates went up: 18 of 28 issuers raised at least one term, none cut. Best 5-year 4.50% at WealthONE Bank of Canada.