We track GIC rates from 15+ Canadian institutions so you don’t have to. Updated weekly with current rates from EQ Bank, Oaken Financial, Wealthsimple, and the Big Five banks.
| Institution | Term | Rate (Annual) | Type | CDIC Insured | Apply |
|---|---|---|---|---|---|
| EQ Bank TOP PICK | 1 Year | 4.00% | Non-cashable | ✓ Yes | View Rate → |
| Oaken Financial | 1 Year | 3.90% | Non-cashable | ✓ Yes (CDIC) | View Rate → |
| Wealthsimple | 1 Year | 3.85% | TFSA/RRSP eligible | ✓ Yes | View Rate → |
| EQ Bank | 3 Year | 3.75% | Non-cashable | ✓ Yes | View Rate → |
| Oaken Financial | 3 Year | 3.70% | Cashable available | ✓ Yes | View Rate → |
| Peoples Bank of Canada | 1 Year | 3.80% | Non-cashable | ✓ Yes | View Rate → |
| TD Bank | 1 Year | 3.25% | Non-cashable | ✓ Yes | View Rate → |
| RBC | 1 Year | 3.10% | Non-cashable | ✓ Yes | View Rate → |
ⓘ Rates shown are indicative and subject to change. Always verify the current rate directly with the institution before investing. Non-broker GIC rates are typically higher than branch rates.
Non-cashable GICs offer higher rates but lock your money until maturity. Cashable GICs allow early withdrawal (usually after 30-90 days) at a slightly lower rate. If you might need the funds, go cashable.
GIC interest is fully taxable in a non-registered account. Inside a TFSA, it grows tax-free. Inside an RRSP, it grows tax-deferred. Always max your registered room first before using non-registered GICs.
CDIC covers up to $100,000 per depositor per member institution, per deposit category. If you have more than $100K, spread across multiple CDIC members. Credit union deposits are covered by provincial credit union deposit insurance.
Instead of locking everything in one term, split into 1-year, 2-year, and 3-year GICs. As each matures, reinvest at whatever rate is best. This gives you liquidity and rate flexibility.
As of August 2026, EQ Bank offers one of the highest 1-year GIC rates at 4.00% annually. Oaken Financial and Peoples Bank of Canada are also competitive at 3.80-3.90%. Big Five banks (RBC, TD, BMO, Scotiabank, CIBC) typically offer 0.5-1.0% less than online-first institutions. Always compare before locking in.
Following the Bank of Canada’s rate cuts in 2024-2025, GIC rates have stabilized in the 3.5-4.2% range for 1-year terms as of mid-2026. Whether rates rise or fall depends on inflation data and the Bank of Canada’s next moves. GIC laddering (splitting across multiple terms) is the safest strategy when direction is uncertain.
Yes, if the institution is a CDIC member. The Canada Deposit Insurance Corporation covers up to $100,000 per depositor per member institution, per deposit category (non-registered, TFSA, RRSP, etc. are separate categories). Check that your institution is a CDIC member at cdic.ca before investing.
Yes — most institutions offer TFSA GICs. The interest earned inside a TFSA is completely tax-free, which significantly boosts your effective after-tax return compared to a non-registered GIC. If you have TFSA contribution room available, always prioritize putting your GIC inside the TFSA.
At maturity, your institution will typically offer to automatically renew at the current posted rate (which may be lower), or transfer to a savings account. Set a calendar reminder 30 days before maturity to shop around for better rates. Never let a GIC auto-renew without checking the current market first.
📈 Want to understand how compounding frequency affects your GIC return? Read our guide: GIC Compounding Frequency Canada 2026