Best GIC Rates in Canada 2026

Best 1-Year GIC Rates in Canada (March 2026)

Institution	1-Year Rate	Minimum	CDIC Insured
Oaken Financial	4.60%	$1,000	Yes (Home Bank)
EQ Bank	4.50%	$100	Yes (Equitable Bank)
Peoples Bank	4.45%	$1,000	Yes
WealthOne Bank	4.40%	$1,000	Yes
ICICI Bank Canada	4.35%	$1,000	Yes
Tangerine	3.80%	$100	Yes (Scotiabank)
TD (regular)	3.25%	$500	Yes
RBC (regular)	3.10%	$500	Yes

Rates as of March 2026 and subject to change. Always verify directly with the institution before purchasing. GIC rates fluctuate with the Bank of Canada policy rate.

Best GIC Rates — All Terms (March 2026)

Term	Best Rate	Institution	Big Bank Rate
30 days	3.40%	EQ Bank	1.25% (TD)
90 days	4.00%	Oaken Financial	2.00% (RBC)
6 months	4.25%	EQ Bank	2.50% (Scotiabank)
1 year	4.60%	Oaken Financial	3.25% (TD)
2 years	4.35%	EQ Bank	3.00% (BMO)
3 years	4.25%	Peoples Bank	2.90% (CIBC)
5 years	4.10%	Oaken Financial	2.80% (RBC)

GIC Interest Calculator

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GIC vs. HISA — Which Is Better?

	GIC (1 year, 4.50%)	HISA (KOHO, 5%)
Rate	4.50% (locked)	Up to 5% (variable)
Flexibility	No (locked for term)	Full access anytime
Guaranteed rate	Yes (fixed for term)	No (rate can change)
Early withdrawal	Penalty or not allowed	Anytime, no penalty
Best for	Money you won't need for 1+ year	Emergency fund, short-term savings
CDIC insured	Yes	Yes (Peoples Bank)

Strategy: Keep your emergency fund in KOHO (up to 5%, fully liquid). Lock money you won't need for 1+ year in a GIC at EQ Bank or Oaken (4.50–4.60%) for higher guaranteed returns.

GIC Laddering Strategy

GIC laddering reduces reinvestment risk while maintaining steady access to funds. Instead of putting all your money in one 5-year GIC, you split it across multiple terms:

Year	Amount	Term	Matures
2026	$100	1 year	2027
2026	$100	2 years	2028
2026	$100	3 years	2029
2026	$100	4 years	2030
2026	$100	5 years	2031

Starting in 2027, one GIC matures every year. You can either spend it or reinvest at the new prevailing rate. This ensures you're never fully locked in for more than 12 months at a time.

Frequently Asked Questions

Are GICs safe in Canada?

Yes. GICs at CDIC member institutions are insured up to $100,000 per depositor per category. CDIC has separate categories for non-registered, TFSA, and RRSP deposits — so you can protect up to $300,000+ across categories at a single institution.

Can I hold a GIC in my TFSA?

Yes. Holding a GIC inside your TFSA means all interest earned is completely tax-free. EQ Bank, Oaken Financial, and most financial institutions offer TFSA GICs. This is the optimal structure for most GIC investors.

What happens to a GIC if the bank fails?

If a CDIC member bank fails, your GIC is covered up to $100,000 per depositor per category. CDIC has never failed to reimburse a depositor since it was established in 1967. Stick to CDIC members or provincial credit union deposit programs for safety.

Can I break a GIC early?

Most GICs are "non-redeemable," meaning you cannot break them before maturity without significant penalty (or at all). Some institutions offer "cashable" or "redeemable" GICs that allow early access, usually at a lower rate. Always check the terms before committing.

Not Ready to Lock In? Earn 5% with KOHO (No Lock-In)