Compare non-redeemable GIC rates from top Canadian banks and credit unions. Rates verified monthly. Click any column header to sort.
| Institution | 1-Year | 2-Year | 3-Year | 4-Year | 5-Year |
|---|---|---|---|---|---|
| WealthONE Bank | 3.65% | 3.75% | 3.70% | 3.75% | 3.80% |
| Achieva Financial | 3.60% | 3.80% | 3.70% | 3.75% | 3.85% |
| Tangerine | 3.25% | 3.50% | 3.65% | 3.75% | 3.80% |
| EQ Bank | 3.20% | 3.50% | 3.65% | 3.75% | 3.85% |
| Oaken Financial | 3.20% | 3.40% | 3.60% | 3.65% | 3.80% |
| Meridian Credit Union | 3.00% | 3.45% | 3.60% | 3.65% | 3.80% |
| TD Bank | 2.80% | 2.95% | 3.05% | 3.10% | 3.15% |
| RBC Royal Bank | 2.75% | 2.90% | 3.00% | 3.05% | 3.10% |
| BMO | 2.75% | 2.90% | 3.00% | 3.05% | 3.10% |
| CIBC | 2.75% | 2.90% | 3.00% | 3.05% | 3.10% |
| Scotiabank | 2.70% | 2.85% | 2.95% | 3.00% | 3.05% |
Rates are for non-redeemable, annually compounding GICs as of April 2026. For informational purposes only. Verify all rates directly with the financial institution before investing. Minimum deposits and conditions apply.
Finding the best rate is only the first step. Learn how to structure your GICs to maximize compound interest and maintain liquidity without sacrificing yield.
Build a 5-year ladder to capture higher rates while keeping cash accessible every year.
Understand the difference between registered (TFSA/RRSP) and non-registered GIC taxation.
Discover why annual compounding vs. monthly payout drastically changes your final return.
Settling for the first rate your primary bank offers is one of the most expensive mistakes Canadian investors make. While the big five banks provide convenience, they rarely offer the most competitive Guaranteed Investment Certificate (GIC) rates.
The cost of convenience. A difference of just 1.5% on a $50,000 investment over a 5-year term translates to thousands of dollars in lost interest. By comparing rates across online banks, credit unions, and traditional institutions, you ensure your money works as hard as possible without taking on additional market risk.
Security remains identical. Whether you choose a major national bank or a smaller provincial credit union, your principal is protected. Eligible deposits are insured up to $100,000 by the Canada Deposit Insurance Corporation (CDIC) or provincial equivalents, making rate comparison a risk-free way to boost your returns.
Not all GICs are structured the same way. When comparing rates, it is vital to understand the restrictions and benefits associated with different GIC products to match your liquidity needs.
Non-Redeemable GICs. These typically offer the highest interest rates available in the Canadian market. The trade-off is strict liquidity; your funds are locked in for the duration of the term, and you cannot access the principal without severe penalties or demonstrating extreme financial hardship.
Cashable and Redeemable GICs. If you anticipate needing access to your funds before maturity, cashable GICs provide flexibility. You can withdraw your money after a short waiting period (often 30 to 90 days) without penalty. However, this flexibility comes at a cost, as these products consistently offer significantly lower interest rates than their non-redeemable counterparts.
GIC rates do not exist in a vacuum; they are heavily influenced by macroeconomic policy, specifically the Bank of Canada's overnight rate. Understanding this relationship helps you time your investments effectively.
The ripple effect of policy changes. When the Bank of Canada raises its target interest rate to combat inflation, retail banks typically increase their GIC rates to attract deposits. Conversely, in a declining rate environment, GIC yields will compress. This is why locking in a long-term GIC during a peak rate cycle is a highly effective wealth preservation strategy.
Yield curve inversion. Normally, 5-year GICs offer higher rates than 1-year GICs to compensate for locking your money away longer. However, during periods of economic uncertainty, the yield curve can invert, meaning short-term rates may actually pay more than long-term rates. Always check the full term spectrum before committing your funds.
Where you hold your GIC is just as important as the rate you secure. The tax implications of your account type will drastically alter your actual take-home return.
Tax-sheltered growth. Holding a GIC within a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) protects your interest earnings from the Canada Revenue Agency. In a TFSA, your interest is entirely tax-free upon withdrawal. In an RRSP, the tax is deferred until retirement when your marginal tax rate is typically lower.
The taxation of non-registered GICs. If you purchase a GIC in a standard, non-registered cash account, the interest earned is fully taxable at your marginal rate. Unlike Canadian dividends or capital gains, interest income receives no preferential tax treatment. If you are in a high tax bracket, a 5% GIC might yield less than 3% after taxes.
If you are torn between the high rates of a 5-year term and the liquidity of a 1-year term, a GIC ladder is the optimal structural solution for your portfolio.
How to build a ladder. Instead of investing your entire principal into a single 5-year GIC, you divide the money into five equal portions. You invest those portions into 1-year, 2-year, 3-year, 4-year, and 5-year terms simultaneously.
Continuous liquidity and yield. After the first year, your 1-year GIC matures. You then reinvest that principal (plus interest) into a new 5-year GIC. You repeat this process annually. Eventually, you have a portfolio composed entirely of high-yielding 5-year GICs, but with 20% of your total investment maturing and becoming liquid every single year.
While GICs offer excellent guaranteed returns, they are not always the right tool for every financial goal. Sometimes, absolute liquidity must take precedence over yield.
Emergency funds. Your emergency fund should never be locked in a non-redeemable GIC. If your roof leaks or you face an unexpected job loss, you need immediate access to cash. A High-Interest Savings Account (HISA) is the appropriate vehicle for these funds, even if the interest rate is marginally lower.
Short-term planned expenses. If you are saving for a down payment on a house or a major purchase within the next six to twelve months, a HISA or a very short-term cashable GIC is preferable. The minor difference in interest earned over a few months is not worth the risk of having your capital locked away when you need to write a deposit cheque.
Our rate comparison table is designed to help you quickly identify the best opportunities in the Canadian market, but the highest number is not the only metric that matters.
Verify minimum deposits. Before committing to a top-tier rate, check the institution's minimum deposit requirement. While many online banks allow you to open a GIC with as little as $100, some premium rates require a minimum commitment of $5,000 or $10,000.
Check compounding frequencies. Pay close attention to how the interest is calculated. A 4.5% rate compounded annually will yield a different final amount than a 4.5% rate paid out monthly. Use our GIC Calculator to run the exact numbers based on the compounding frequency of the specific product you are considering.
The highest GIC rates in Canada are typically offered by online-only banks and credit unions rather than the 'Big Five' traditional banks. Institutions like EQ Bank, Achieva Financial, and WealthONE Bank frequently offer rates between 3.50% and 4.00% depending on the term length.
GIC rates are closely tied to the Bank of Canada's overnight rate. When the central bank cuts rates to stimulate the economy, retail banks typically lower their GIC offerings. Rates have compressed from their 2023–2024 peaks, making it strategic to lock in longer terms before further potential cuts.
The best term depends on your liquidity needs and the current yield curve. A 5-year GIC usually offers a higher rate and protects you against future rate drops. However, a 1-year GIC provides faster access to your cash. Many investors use a GIC ladder strategy to get the benefits of both.
If you hold your GIC in a non-registered account, the interest earned is fully taxable at your marginal income tax rate. To avoid this, you can purchase GICs within a Tax-Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP).
No, your principal investment in a GIC is guaranteed. Furthermore, if you purchase a GIC from a CDIC-member institution, your deposit is insured up to $100,000 against bank failure.
If you purchase a non-redeemable GIC, your money is locked in for the full term. If you need flexibility, you must purchase a cashable or redeemable GIC, which allows early withdrawal but pays a significantly lower interest rate.