GICs · rates checked
Best GIC Rates
GIC rates for 1 to 5 years side by side, with what your deposit grows to by the end of the term.
Rates checked on the banks' own websites on October 27, 2026. Rates change often: confirm on the bank's site before you open an account.
Most you'd earn
$0
| Account | Rate | You'd earn | Conditions | |
|---|---|---|---|---|
| Oaken Financial GIC CDIC | 3.75% | — | Non-redeemable, interest paid annually, $1,000 minimum | Visit |
| EQ Bank GIC CDIC | 3.70% | — | Non-registered; same rates in a TFSA, RRSP or FHSA | Visit |
| Oaken Financial GIC CDIC | 4.20% | — | Non-redeemable, interest paid annually, $1,000 minimum | Visit |
| EQ Bank GIC CDIC | 4.00% | — | Non-registered; same rates in a TFSA, RRSP or FHSA | Visit |
| Oaken Financial GIC CDIC | 4.30% | — | Non-redeemable, interest paid annually, $1,000 minimum | Visit |
| EQ Bank GIC CDIC | 4.15% | — | Non-registered; same rates in a TFSA, RRSP or FHSA | Visit |
| Oaken Financial GIC CDIC | 4.35% | — | Non-redeemable, interest paid annually, $1,000 minimum | Visit |
| Oaken Financial GIC CDIC | 4.50% | — | Non-redeemable, interest paid annually, $1,000 minimum | Visit |
| EQ Bank GIC CDIC | 4.30% | — | Non-registered; same rates in a TFSA, RRSP or FHSA | Visit |
Interest is taxable outside a TFSA, RRSP or FHSA. "More than a typical big bank" compares with 0.5% for savings and 2.5% for GICs. We aren't paid by any bank listed. Not financial advice.
How to pick a GIC
A GIC locks your money in for the term at a guaranteed rate. Longer terms usually pay more, but you can't get the money back early on a non-redeemable GIC.
A GIC ladder splits your money across 1- to 5-year terms so part of it comes free every year. Inside a TFSA, RRSP or FHSA the interest isn't taxed; outside, it's taxed every year even if paid at maturity.
For money you may need any day, a high-interest savings account is better. Buying a home? See today's mortgage rates.
Sources: EQ Bank · Oaken Financial
Frequently asked questions
What is the best GIC rate in Canada right now?
Of the banks we checked, Oaken Financial pays 4.50% for 5 years and Oaken Financial 3.75% for 1 year.
Are GICs safe?
GICs at CDIC members are insured up to $100,000 per insured category per bank, including GICs of five years or less.
Can I hold a GIC in a TFSA?
Yes. Most banks offer the same GICs in a TFSA, RRSP or FHSA, and the interest is then tax-free or tax-deferred.
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