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The Best GIC Rates in Canada 2019

Compare today's best GICs - Guaranteed Investment Certificates.

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We’ve got the best GIC rates from the top financial institutions in Canada, including:

CIBC
President's Choice Financial
RBC Royal Bank
Scotiabank
Tangerine
TD Canada Trust
BMO Bank of Montreal
Canadian Tire

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What is a GIC?

GIC stands for Guaranteed Investment Certificate. A Guaranteed Investment Certificate is a type of Canadian investment typically issued by banks or trust companies. These types of investments require you to invest your money for a certain amount of time in order to receive a guaranteed rate of return.

How do GICs work?

In most cases, GICs require you to invest at least $500 and agree to leave your money in the account for a certain amount of time. This can be anywhere from 30 days to 10 years. Most GICs pay interest – and sometimes at higher rates than traditional savings accounts. GICs are considered a safe investment because your principal (the amount you deposited) is secure. This means you are guaranteed to get back the amount you’ve deposited once your term is done.

The Best GIC Rates in Canada by Provider

TD Canada Trust

TD offers a large selection of GIC terms and account types.

TD’s Market Growth GICs capitalize on the growth potential of global stock markets. Like traditional GICs, your principal deposit and minimum rate of interest are protected, but you enjoy a potentially higher return based on the stock market.

TD Special Offer GICs boast higher interest rates than traditional GICs, but are only available for a limited time.

A Cashable GIC from TD has a guaranteed rate of interest for the duration of your term, but you can access your cash before the term reaches maturity.

Non-Cashable GICs from TD are available in terms ranging from 30 days to five years. They yield a higher return than their cashable counterparts, but cannot be cashed in until the term reaches full maturity.

TD U.S. Dollar & Foreign Currency Term Deposits allow you to earn interest on U.S. Dollar or other foreign currency funds at a guaranteed rate.

Tangerine

Tangerine offers several types of guaranteed investment.

Tangerine’s GIC has no fees or service charges. Just choose from one of the set terms and begin earning interest.

Tangerines’ RSP Guaranteed Investment allows you to save for retirement without fees or service charges, and with a guaranteed high interest rate.

Tangerine’s Tax-Free Guaranteed Investment Certificate enables you to enjoy one of the best available interest rates, and you don’t pay any tax on your earnings.

Tangerine’s RIF Guaranteed Investment offers all of the guaranteed benefits of a GIC, with the additional features of a Retirement Income Fund.

If you want to invest in US dollars, you can open a US$ GIC with Tangerine, again with no fees or service charges.

CIBC

CIBC offers many GIC options. CIBC Cashable GICs include:

  • CIBC Flexible GIC® - fixed interest rate, access your money any time
  • CIBC Cashable Escalating Rate GIC® - interest rates increase as the term progresses and you can access your money on each anniversary date
  • CIBC Variable Rate GIC - features an interest rate linked to the CIBC Prime Rate, and you can withdraw funds – with interest – any time after 30 days
  • CIBC Redeemable GIC - guaranteed fixed rate and you can withdraw money at any time with early redemption rates

Their Non-redeemable GIC options include:

  • CIBC Bonus Rate GIC® - only available periodically – allows you to earn an interest at a higher rate then normal on select terms
  • CIBC Escalating Rate GIC® - offers premium returns over a three or five year term, with increasing annual interest rates
  • CIBC Long-Term GIC - fixed rate from one to seven years
  • CIBC Short-Term GIC - fixed rate from 30 to 364 days
  • CIBC Save-Up GIC (you specify the goal you are saving for
  • CIBC EasyBuilder GIC - reduces exposure to volatility of interest rates and you can access funds annually
  • CIBC T-Bill Rate GIC - offers higher interest rates for higher balances from 90 to 100 days

CIBC also has special offer and market linked GICs.

Scotiabank

Scotiabank GICs allow you to choose the term length you want, with a fixed or variable interest rate.

Available types include:

  • Cashable GICs - you can cash out at any time
  • Non-redeemable GICs - your money is locked in for a pre-determined length of time
  • Market Linked GICs - guaranteed minimum return, with the potential to earn more based on stock market performance

You can reduce taxes by opting to hold your GIC within a Registered Plan (like an RRSP or TFSA).

Oaken Financial

Oaken Financial’s GICs have terms ranging from 30 days to five years, and you can decide how often you wish to receive interest payments. You can also choose from cashable and non-cashable GICs, depending on how much access you will need to your funds.

Oaken Financial offers some of the highest GIC rates available, and their range of GIC options are available in both Registered (TFSA, RSP, RIF) or Non-registered plans (Personal and Commercial).

Motive Financial

Motive Financial GICs are available in one to five year terms. The minimum investment amount is $500 (non-redeemable, registered), or $1,000 (non-redeemable, non-registered) and the interest rate is guaranteed for the length of your term.

Depending on the type of GIC you opt for, you can choose whether to receive your interest annually, or have it compounded and paid at maturity.

When your GIC term ends, you can cash out, have it automatically renewed, or transfer it to a Motive Financial Savings Account.

Great-West-Life

The guaranteed investments offered by Great-West Life are called Guaranteed Interest Options (or GIOs). As with traditional GICs, your principal investment and rate of return is guaranteed, helping provide you with a clearer picture of your financial future.

Great-West Life’s GIOs feature a wide variety of interest options and term lengths. They can be cashed out at any time, giving you quick and easy access to funds whenever you need them.

National Bank

National Bank GICs are available in the following formats:

  • Fixed-rate - fixed interest rate for specific term length
  • Market-linked - interest rate is tied to the performance of the stock market
  • Non-redeemable - your investment is locked in until the maturity date
  • Redeemable - cash in your investment at any time
  • Compound interest - interest is earned on your initial investment as well as on the interest your initial investment has generated
  • Simple Interest - interest is only earned on your initial investment, but you receive interest payments throughout the term of your GIC
  • Registered plan - your GIC can be held in an RRSP or TFSA to grow your investment tax-free
  • Unregistered account – save without having to worry about contribution limits, withholding taxes or withdrawal fees

State Bank of India

SBI Canada Bank offers both redeemable and non-redeemable GICs at competitive rates.

Their non-redeemable GICs are available for terms ranging from six months to five years and cannot be cashed in until the term length is up. Their redeemable GICs are available for terms ranging from one year to five years.

State Bank of India’s GICs are available in both Canadian and US dollars.

Interest is compounded annually and paid out once the term reaches maturity. If the GIC term is less than one year, the rate of interest is calculated on the entire term length.

Alterna Bank

With Alterna Bank's competitive GIC rates, you can choose from a short (one year), medium (three year) or long (five year) financial term.

Their Investment Specialists will help create a savings plan that's perfect for you. They'll show you a variety of investment options and explain how each of them works in plain language, no jargon or fancy terms.

At Alterna Bank, the minimum GIC investment amount is $500 and maximum investment amount is $500,000.

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