Best GIC Rates Canada – January 2026
Compare the highest GIC rates available from Canadian banks and credit unions.
Note: Rates change frequently. Always verify current rates with the institution before depositing.
Best 1-Year GIC Rates
| Institution |
Rate |
Min. Deposit |
CDIC Insured |
| EQ Bank |
4.75% |
$100 |
✓ |
| Oaken Financial |
4.70% |
$1,000 |
✓ |
| Peoples Trust |
4.65% |
$1,000 |
✓ |
| Tangerine |
4.50% |
$1,000 |
✓ |
| Simplii Financial |
4.40% |
$100 |
✓ |
| TD Bank |
3.85% |
$1,000 |
✓ |
| RBC |
3.80% |
$500 |
✓ |
| BMO |
3.75% |
$1,000 |
✓ |
Best 2-Year GIC Rates
| Institution |
Rate |
Min. Deposit |
CDIC Insured |
| EQ Bank |
4.50% |
$100 |
✓ |
| Oaken Financial |
4.45% |
$1,000 |
✓ |
| Peoples Trust |
4.40% |
$1,000 |
✓ |
| Tangerine |
4.25% |
$1,000 |
✓ |
| TD Bank |
3.65% |
$1,000 |
✓ |
| RBC |
3.60% |
$500 |
✓ |
Best 5-Year GIC Rates
| Institution |
Rate |
Min. Deposit |
CDIC Insured |
| EQ Bank |
4.25% |
$100 |
✓ |
| Oaken Financial |
4.20% |
$1,000 |
✓ |
| Peoples Trust |
4.15% |
$1,000 |
✓ |
| Tangerine |
4.00% |
$1,000 |
✓ |
| TD Bank |
3.45% |
$1,000 |
✓ |
| RBC |
3.40% |
$500 |
✓ |
GIC Rates: Big Banks vs Online Banks
| Term |
Big 5 Average |
Online Bank Average |
Difference |
| 1-Year |
3.80% |
4.65% |
+0.85% |
| 2-Year |
3.60% |
4.40% |
+0.80% |
| 5-Year |
3.40% |
4.15% |
+0.75% |
On a $50,000 GIC, the online bank advantage equals:
- 1-Year: $425 more interest
- 5-Year: $1,875 more interest
Types of GICs
| Type |
Features |
Best For |
| Non-redeemable |
Highest rates, locked until maturity |
Money you won’t need |
| Cashable/Redeemable |
Lower rates, withdraw anytime |
Uncertain timing |
| Market-linked |
Returns tied to stock index |
Upside potential |
| TFSA GIC |
Tax-free interest |
Long-term savings |
| RRSP GIC |
Tax-deferred interest |
Retirement savings |
GIC Laddering Strategy
Instead of locking all money in one term, spread across multiple maturity dates:
| Year |
Amount |
Rate |
Maturity |
| Year 1 |
$10,000 |
4.75% |
Jan 2027 |
| Year 2 |
$10,000 |
4.50% |
Jan 2028 |
| Year 3 |
$10,000 |
4.35% |
Jan 2029 |
| Year 4 |
$10,000 |
4.25% |
Jan 2030 |
| Year 5 |
$10,000 |
4.20% |
Jan 2031 |
Benefits:
- Access to 1/5 of your money each year
- Capture rate changes over time
- Average out interest rate risk
CDIC Coverage Limits
| Category |
Coverage |
| Deposits in one name |
$100,000 |
| Joint deposits |
$100,000 |
| RRSP deposits |
$100,000 |
| TFSA deposits |
$100,000 |
| RRIF deposits |
$100,000 |
You can have $100,000 coverage in EACH category, at EACH member institution.
How to Choose a GIC
- Compare rates — Online banks usually beat big banks
- Check CDIC membership — Ensure your deposit is insured
- Consider term — Match to when you’ll need the money
- Assess penalties — Non-redeemable GICs trap your money
- Account type — Use TFSA/RRSP when possible
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