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.
Tax Deadline: April 30, 2026
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| 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.
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