GIC rates peaked in 2023–2024 and are gradually declining as the Bank of Canada cuts rates. Here's where to find the best guaranteed returns right now.
No fee everyday banking
Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.
| Institution | 1-Year Rate | 2-Year Rate | 5-Year Rate | CDIC Insured | Min Deposit |
|---|---|---|---|---|---|
| Oaken Financial | ~4.60% | ~4.40% | ~3.90% | ✅ | $1,000 |
| EQ Bank | ~4.50% | ~4.30% | ~3.85% | ✅ | $100 |
| Outlook Financial | ~4.45% | ~4.25% | ~3.80% | ✅ | $1,000 |
| Achieva Financial | ~4.40% | ~4.20% | ~3.75% | ✅ (DGCM) | $1,000 |
| Peoples Bank of Canada | ~4.35% | ~4.15% | ~3.70% | ✅ | $1,000 |
| Scotiabank | ~3.90% | ~3.70% | ~3.40% | ✅ | $500 |
| RBC Royal Bank | ~3.80% | ~3.60% | ~3.30% | ✅ | $500 |
| TD Bank | ~3.75% | ~3.55% | ~3.25% | ✅ | $500 |
| BMO | ~3.70% | ~3.50% | ~3.20% | ✅ | $500 |
Rates approximate as of March 2026. Verify at each institution. Credit union rates (Achieva, Outlook) may have provincial deposit insurance instead of CDIC.
| GIC | HISA (EQ Bank/Neo) | |
|---|---|---|
| Rate | 4.5–5% (1yr non-redeemable) | 3.75–4% (everyday) |
| Flexibility | ❌ Locked in for term | ✅ Withdraw anytime |
| CDIC Insured | ✅ Yes | ✅ Yes |
| Best for | Money you won't need for 1+ year | Emergency fund, short-term savings |
| Minimum | Usually $500–$1,000 | $0 |
Use GICs for money you won't need for 12+ months. Use a HISA for emergency funds and money you might need to access.
KOHO code BREMO2026 · $20 bonus · Use for daily spending while your GIC earns
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