Best GIC rates in Ontario

National issuers available in Ontario, plus the provincially regulated credit unions and the deposit guarantee that covers them.

Best 5-year rate in Ontario4.30%WealthONE Bank of CanadaCDIC to $100,000 · $1,000 min

The trade-off on $200,000

WealthONE Bank of Canada at 4.30%$46,860

Meridian Credit Union at 4.00%$43,331

What the wider guarantee costs$3,529

$200,000 is above CDIC's $100,000 limit, so at WealthONE Bank of Canada it would have to be split across 2 institutions to stay protected. At Meridian Credit Union it is covered outright, and $3,529 over 5 years is what that costs.

Ontario credit unions

Regulated in Ontario. Deposits are guaranteed by FSRA, not CDIC.

Meridian Credit UnionFSRA · $100 min4.00%

5-year posted rates · verified Sep 4, 2026

National banks and trust companies

Available in Ontario and everywhere else. CDIC-insured to $100,000.

WealthONE Bank of CanadaCDIC · $1,000 min4.30%

Oaken FinancialCDIC · $1,000 min4.25%

MCAN WealthCDIC · $100 min4.05%

EQ BankCDIC4.00%

TangerineCDIC4.00%

Simplii FinancialCDIC · $100 min3.65%

National Bank of CanadaCDIC · $500 min3.35%

TD BankCDIC3.10%

BMOCDIC · $1,000 min3.10%

RBC Royal BankCDIC2.75%

ScotiabankCDIC2.75%

CIBCCDIC · $1,000 min2.75%

5-year posted rates · verified Sep 4, 2026

How your deposit is protected in Ontario

This is what genuinely differs by province, and on a large deposit it is worth more than a few basis points. Credit unions are provincially regulated, so their guarantee is not CDIC's.

FSRA — Ontario credit unions$250,000

Non-registered deposits at an Ontario credit union are covered to $250,000 per member. Deposits in registered plans — RRSP, TFSA, RRIF — are covered in full, with no dollar limit.

CDIC — banks and trust companies$100,000

Covered to $100,000 per insured category, per member institution. Registered plans are their own categories, so an RRSP and a TFSA at the same bank each carry their own limit — but a large non-registered deposit has to be split across institutions to stay fully protected.

Coverage rules are set by each regulator and change from time to time. They are not part of our monthly rate check, so confirm the current limits with FSRA and CDIC before relying on them.

When the credit union is the better answer

Your deposit is above $100,000This is the strongest case. FSRA covers up to $250,000 at a single credit union, where the same money at a bank has to be spread across 2 institutions to stay fully protected — 2 applications, 2 maturity dates, 2 sets of paperwork.

The GIC sits in a registered accountFSRA covers registered deposits — RRSP, TFSA, RRIF — with no dollar limit at all. For a large RRSP or RRIF holding that is protection no CDIC member can match, whatever rate it posts.

And the case againstWealthONE Bank of Canada pays 4.30% against Meridian Credit Union's 4.00%. If your deposit is comfortably under $100,000, both are covered in full and the wider guarantee buys you nothing — take the higher rate.

Next step

Put 4.30% through the calculator

Pre-loaded with the best 5-year rate on this page. Change the amount to see the maturity value and what it pays after tax.

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Other provincesManitobaDGCM · no limit4.10%

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