Finding the best GIC rates in Canada means the difference between earning 3.15% and 2.55% on the same deposit — for identical CDIC protection. A Guaranteed Investment Certificate (GIC) is one of the simplest and safest investments available to Canadians. You lend money to a bank or credit union for a set period — anywhere from 30 days to 5 years — and they pay you a guaranteed interest rate in return. Your principal is fully protected, and if the institution is CDIC-insured, you’re covered for up to $100,000.
The challenge is finding the best rate. GIC rates vary significantly between institutions — the gap between a big bank and an online bank can be more than half a percentage point — and rates change frequently as the Bank of Canada adjusts its overnight rate.
In this guide, we compare GIC rates from 8 Canadian institutions as of March 2026, explain exactly what to look for, and help you decide whether a GIC or a high-interest savings account is the right move for your situation.
Quick Summary: As of March 2026, the Bank of Canada’s overnight rate sits at 2.25% — largely stable since early 2026. The best 1-year non-redeemable GIC rate from a CDIC-insured institution is around 3.15%, available from both EQ Bank 💰 $20 Bonus and Tangerine. For 5-year terms, Oaken Financial leads CDIC-insured options at 3.80%. The gap between big bank GIC rates and online bank rates is roughly 0.60 percentage points — on a $50,000 GIC, that’s approximately $300 per year in additional interest.
GICs are one of the smartest safe-haven moves available to Canadian investors right now — guaranteed returns, CDIC insurance, and the chance to lock in today’s rates before the Bank of Canada cuts further. → How Tariffs Affect Your Money in Canada — Investor Guide 2026
📊 Best GIC Rates in Canada — March 2026 Comparison
The table below shows non-redeemable, non-registered GIC rates as of March 2026. Non-redeemable means your money is locked in for the full term. These consistently offer higher rates than redeemable or cashable GICs. Always verify the current rate directly with the institution before investing — GIC rates can change daily.
| Institution | 1-Year Rate | 3-Year Rate | 5-Year Rate | Min. Deposit | CDIC? |
|---|---|---|---|---|---|
| EQ Bank Top CDIC Pick
💰 $20 Bonus Division of Equitable Bank. Competitive rates + lowest minimum deposit. |
3.15% | 3.60% | 3.75% | $100 | ✅ Yes |
| Oaken Financial Best 5-Year
Rate Operated by Home Bank and Home Trust. Strongest long-term rates among CDIC options. |
3.00% | 3.60% | 3.80% | $1,000 | ✅ Yes |
| Achieva Financial 🔥 Highest Posted
Rate Digital division of Cambrian Credit Union. Highest posted rates in Canada — provincial deposit insurance only. |
3.60% | 3.70% | 3.85% | $1,000 | ⚠️ Prov. only |
| Tangerine Division of Scotiabank. No minimum deposit — start with as little as $1. |
3.15% | 3.35% | 3.50% | $0 | ✅ Yes |
| RBC Canada’s largest bank. Lower rates but wide range of GIC types available. |
~2.55% | ~2.85% | ~3.05% | $500 | ✅ Yes |
| TD Bank Special rates sometimes available. Check in-branch or online for current offers. |
~2.60% | ~2.65% | ~3.00% | $500 | ✅ Yes |
| Scotiabank Rates vary by product type; check for any promotional or bonus-rate GICs. |
~2.45% | ~3.15% | ~2.80% | $500 | ✅ Yes |
| CIBC Bonus rates available on some GIC products. Market-linked GICs also offered. |
~2.50% | ~2.45% | ~3.10% | $500 | ✅ Yes |
| * Rates are approximate as of March 2026. EQ Bank, Oaken, Tangerine, and Achieva rates verified directly from their official websites (March 25, 2026). Big bank rates sourced from NerdWallet Canada, Forbes, and institutional rate pages. Always verify current rates before investing — GIC rates can change daily. | |||||
🔒 What Is a GIC and How Does It Work?
A GIC is a deposit contract between you and a financial institution. You agree to leave your money on deposit for a fixed term — say, 1 year — and in return, the institution agrees to pay you a guaranteed interest rate. At the end of the term (called “maturity”), you get your original deposit back, plus the interest you’ve earned.
Think of it like this: you’re lending money to the bank. They pay you interest for the use of your money. Unlike a savings account, you typically can’t take your money back early (with a non-redeemable GIC). That’s the trade-off for the higher rate.
Key terms to know
| Term | What It Means |
|---|---|
| Principal | The original amount you invest. This is always returned to you at maturity. |
| Interest rate | The annual percentage you earn on your principal. A 3.15% GIC on $10,000 earns $315 over one year. |
| Term | How long your money is locked in — from 30 days to 5 years (or more with some institutions). |
| Maturity date | The date your term ends and your principal + interest is returned. |
| Non-redeemable | Your money is locked in for the full term. Higher rate, no early access. |
| Redeemable / Cashable | You can withdraw early (after a waiting period), but at a lower rate. |
| Compound vs simple interest | Compound interest reinvests your earnings so you earn interest on your interest. Most multi-year GICs compound annually. |
🏆 Our Top CDIC-Insured GIC Picks for 2026
EQ Bank offers one of the most flexible GIC lineups among Canadian online banks. Terms range from 3 months to 10 years, and the $100 minimum deposit is the lowest among our top picks. You can hold GICs in non-registered accounts, TFSAs, RRSPs, and FHSAs — all CDIC-insured via Equitable Bank, a federally regulated Schedule I chartered bank.
EQ Bank is particularly worth considering because it also offers a competitive Personal Account for everyday savings, letting you manage both accessible savings and locked-in GIC returns in one place.
Key Features
- Current 1-Year Rate: 3.15% · 5-Year Rate: 3.75%
- Terms available: 3 months to 10 years
- Minimum deposit: $100 (lowest among our top picks)
- Account types: Non-registered, TFSA, RRSP, FHSA
- CDIC insurance: Yes — via Equitable Bank
- Fees: None
Oaken Financial has a well-earned reputation for offering consistently high GIC rates — especially for longer terms. Their 5-year rate of 3.80% is the highest CDIC-insured 5-year GIC currently available. It’s run by Home Bank and Home Trust Company, both of which are federally regulated CDIC members. Terms range from 30 days to 5 years, and you can hold GICs in non-registered accounts, TFSAs, and RRSPs.
Oaken is also worth considering if you want to pair a GIC with an everyday savings account — they offer a competitive HISA that we covered in our best savings accounts guide.
Key Features
- Current 1-Year Rate: 3.00% · 5-Year Rate: 3.80% (highest CDIC-insured)
- Terms available: 30 days to 5 years
- Minimum deposit: $1,000
- Account types: Non-registered, TFSA, RRSP
- CDIC insurance: Yes — via Home Bank and Home Trust
- Fees: None
Tangerine is the best option for Canadians just starting out with GICs. There’s no minimum deposit — you can open a GIC with as little as $1. Their 1-year rate of 3.15% matches EQ Bank, and they offer terms from 90 days to 5 years. As a division of Scotiabank, deposits are fully CDIC-insured.
Key Features
- Current 1-Year Rate: 3.15% · 5-Year Rate: 3.50%
- Terms available: 90 days to 5 years
- Minimum deposit: $0 (no minimum!)
- Account types: Non-registered, TFSA, RRSP, RIF
- CDIC insurance: Yes — via Tangerine Bank (division of Scotiabank)
- Fees: None
📋 Types of GICs — Which One Should You Choose?
| GIC Type | Can You Withdraw Early? | Typical Rate vs Non-Redeemable | Best For |
|---|---|---|---|
| Non-redeemable (fixed rate) | No — locked in for full term | Highest available | Money you’re certain you won’t need |
| Redeemable / Cashable | Yes — usually after 30–90 days | Typically 0.5–1.0% lower | Moderate security with some flexibility |
| Market-linked GIC | Usually no | Variable — linked to a stock index | Investors comfortable with variable (but protected) returns |
| TFSA GIC | Depends on type (fixed/redeemable) | Same rate as non-registered | Anyone with available TFSA room — interest is tax-free |
| RRSP GIC | Depends on type | Same rate as non-registered | Pre-retirement savings — interest grows tax-deferred |
| FHSA GIC | Depends on type | Same rate as non-registered | First-time home buyers — tax-deductible contributions, tax-free growth |
The bottom line on GIC types: For pure return maximisation, a non-redeemable fixed-rate GIC inside a TFSA is usually the best combination. You get the highest rate and pay zero tax on the interest.
🧾 Should You Put Your GIC Inside a TFSA?
Almost always: yes. Here’s why.
Interest earned on a GIC held in a non-registered account is taxable income. If you earn $315 in interest on a $10,000 GIC at 3.15% and you’re in the 30% tax bracket, you keep only $220.50 after tax. Your effective rate drops from 3.15% to 2.21%.
The same GIC held inside a TFSA earns $315 in completely tax-free interest. That’s a difference of $94.50 per year on a $10,000 GIC — just from choosing the right account type.
⚖️ GIC vs HISA — Which Is Right for You?
This is one of the most common questions we get. The honest answer: it depends on when you need the money.
| Factor | GIC (Non-Redeemable) | HISA |
|---|---|---|
| Typical rate in 2026 | 3.00–3.85% (1–5 year) | 2.75–3.50% |
| Can you access your money? | No — locked until maturity | Yes — anytime |
| Is the rate guaranteed? | Yes — rate is locked in | No — rate can change anytime |
| Best for | Money you won’t need for 1–5 years | Emergency fund, short-term goals |
| CDIC coverage? | Yes (at CDIC-member institutions) | Yes (at CDIC-member institutions) |
When to choose a GIC
Choose a GIC when you know you won’t need the money for a set period. Common scenarios include saving for a house down payment you plan to buy in 2 years, parking your emergency fund after building it up, or investing a bonus or lump sum you don’t plan to touch. The higher rate and certainty of return are worth giving up liquidity.
When to stick with a HISA
Keep money in a high-interest savings account when you might need it on short notice — your emergency fund for immediate expenses, money you’re saving for a goal with an uncertain timeline, or any funds you’d need within the next 3 months. The rate is slightly lower but the flexibility is worth it.
The smart combination
Most Canadians benefit from using both. Keep 3–6 months of expenses in a HISA for true emergencies (we recommend EQ Bank or Neo Financial for this). Then put any additional savings you won’t need for at least a year into GICs — ideally inside a TFSA — for the guaranteed higher return.
📈 GIC Rate Outlook for Canada in 2026
The Bank of Canada’s overnight rate has been at 2.25% since January 2026, following a series of cuts through 2024 and 2025. GIC rates are closely tied to this rate and to bond market yields.
The current consensus among Canadian economists — including forecasts from RBC Economics, TD Economics, and National Bank — is that rates will remain roughly stable through 2026, barring a significant shift in inflation or economic conditions. The next Bank of Canada rate announcement is April 29, 2026. Here’s what this means for GIC investors:
- The eye-catching 5% GICs of 2023 are gone and unlikely to return in the near term.
- Rates are unlikely to rise significantly from current levels, which reduces the argument for waiting to lock in.
- Rates could drift slightly lower if the Bank of Canada cuts its rate further — which some economists expect if economic growth softens.
The practical takeaway: if you have money you’re comfortable locking away, there is no strong reason to wait for higher GIC rates in 2026. Today’s rates of 3.00–3.85% are reasonable, and locking in now provides certainty. If you’re genuinely uncertain about the timing, a 1-year GIC gives you a competitive rate while limiting your exposure to just one year.
❓ Frequently Asked Questions About GICs in Canada
🏁 Our Verdict: The Best GIC Strategy for Canadians in 2026
GICs remain one of the best risk-free ways to grow your savings in Canada in 2026 — especially with rates significantly higher than the near-zero levels of the 2010s.
Here is our recommended approach based on your situation:
- For most Canadians with available TFSA room: Open a TFSA GIC at EQ Bank (3.15% for 1-year) or Oaken Financial (3.80% for 5-year). You’ll earn a competitive rate with zero tax on the interest. Use our EQ Bank referral link — you both get $20 when you deposit $100.
- If you already have your TFSA maxed out: A non-registered GIC at EQ Bank or Oaken Financial is still significantly better than a big bank GIC. The rate difference compounds over time.
- If you’re not sure you can lock up the money: Start with a high-interest savings account at EQ Bank until you’re certain. Then move to a GIC once you’re comfortable with the timeline.
- If you’re just starting out: Tangerine lets you open a GIC with $0 minimum deposit — the easiest way to get started.
- For longer-term planning: Consider the GIC ladder strategy — split your investment across 1, 2, and 3-year terms so one matures every year, giving you access to funds and the opportunity to reinvest at current rates.
The key rule: always verify the current rate directly with the institution before you invest. GIC rates change frequently, and the best pick today may shift by next month.
🚀 Compare Current GIC Rates from Our Top Picks
Verify today’s rates directly with each institution before investing.
EQ Bank link above is a referral link — you both get $20 when you deposit $100. No extra cost to you. Learn about our editorial standards →