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The Bank of Montreal, also known as BMO, is one of Canada’s Big Six banks, with a large selection of financial products, including credit cards, bank accounts and investment services.

It also has a wide variety of guaranteed investment certificates (GICs), including cashable, non-cashable, market-linked and U.S. dollar GICs. The bank even offers an Air Miles GIC that lets holders earn Air Miles. BMO GICs feature interest rates in line with many of Canada’s other big banks, though they come in an impressively large selection of term lengths, from as little as a few months up to a decade.

BMO’s current GIC rates

Here are the BMO GIC rates for some of BMO’s most popular GICs, as of April 24, 2024.

Some BMO GICs offer several interest payment options, and your GIC interest rate may depend on the term and payment option you choose.

Term	Interest Rate	GIC Type
30-59 days	2.80%	BMO US Dollar Term Deposit Receipt — Cashable
30-59 days	2.25%	BMO Short Term Investment Certificate — Non-Cashable
60-89 days	2.85%	BMO US Dollar Term Deposit Receipt — Cashable
60-89 days	2.50%	BMO Short Term Investment Certificate — Non-Cashable
90-119 days	2.90%	BMO US Dollar Term Deposit Receipt — Cashable
90-119 days	2.75%	BMO Short Term Investment Certificate — Non-Cashable
120-179 days	2.95%	BMO US Dollar Term Deposit Receipt — Cashable
120-149 days	3.00%	BMO Short Term Investment Certificate — Non-Cashable
150-179 days	3.00%	BMO Short Term Investment Certificate — Non-Cashable
180-269 days	3.10%	BMO US Dollar Term Deposit Receipt — Cashable
180-269 days	3.25%	BMO Short Term Investment Certificate — Non-Cashable
270-359 days	3.50%	BMO Short Term Investment Certificate — Non-Cashable
270 days - under 1 year	3.15%	BMO US Dollar Term Deposit Receipt — Cashable
364 days	3.00%	BMO US Dollar Redeemable Short-Term Investment
364 days	Up to 3.00%	BMO Redeemable Short Term Investment Certificate
364 days	Up to 4.25%	BMO Variable Rate GIC
1 year - under 18 months	4.50%	BMO Non-Cashable GIC
1 year - under 2 years	4.75%	BMO US Dollar Term Deposit Receipt — Cashable
18 months - under 19 months	4.00%	BMO Non-Cashable GIC
19 months - under 2 years	4.00%	BMO Non-Cashable GIC
2 years	4.00%, up to 5.00%	BMO RateRiser Plus GIC
2 years - under 3 years	4.50%	BMO Non-Cashable GIC
2 years - under 3 years	4.55%	BMO US Dollar Term Deposit Receipt — Cashable
3 years	4.25%, up to 4.35%	BMO RateRiser Max GIC
3 years	3.00%, up to 27.0%	BMO Select GIC — Market-linked
3 years	4.00%, up to 4.30%	BMO RateRiser Plus GIC
3 years	4.50%, up to 21.0%	BMO Return Enhancing GIC — Market-linked
3 years - under 4 years	4.55%	BMO US Dollar Term Deposit Receipt — Cashable
3 years - under 4 years	4.25%	BMO Non-Cashable GIC
4 years	8.00%, up to 32.0%	BMO Smart Return GIC — Market-linked
4 years	6.00%, up to 40.0%	BMO Growth GIC — Market-linked
4 years - under 5 years	4.25%	BMO Non-Cashable GIC
4 years - under 5 years	4.45%	BMO US Dollar Term Deposit Receipt — Cashable
5 years	4.00%, up to 4.35%	BMO RateRiser Plus GIC
5 years	4.45%	BMO US Dollar Term Deposit Receipt — Cashable
5 years	4.10%, up to 4.50%	BMO RateRiser Max GIC
5 years	4.05%	BMO RateOptimizer Max GIC
5 years	3.00%, up to 4.50%	BMO Cashable RateRiser GIC
5 years	Up to 4.00%	BMO RateOptimizer Plus GIC
5 years	10.0%, up to 45.0%	BMO Fund Linked GIC — Market-linked
5 years	7.50%, up to 50.0%	BMO Blue Chip GIC — Market-linked
5 years - under 6 years	4.25%	BMO Non-Cashable GIC
6 years	15.0%, up to 54.0%	BMO Canadian Market GIC
6 years - under 7 years	4.25%	BMO Non-Cashable GIC
7 years	4.30%	BMO Non-Cashable GIC
10 years	4.35%	BMO Non-Cashable GIC

BMO Non-Cashable 1 Year GIC

Term Length

1 Year
Interest Rate

4.75%

As of April 4, 2024
Minimum Deposit

$1,000

$5,000 for a monthly interest payment option.
Bonus Offer

N/A

BMO GICs usually offer attractive interest rates as well as versatility through the range of terms and investment options.
The Bank of Montreal (BMO) is one of Canada’s Big Six banks offering personal and business accounts, lending products and investment services. Read our review of BMO for more information.

Available in registered and non-registered plans.
Interest is calculated daily, paid monthly, semi-annually, annually or compounded annually and paid at maturity.
Funds not cashable prior to maturity.
Option of varying terms available to meet your needs.
Flexibility to choose from a variety of interest payment options. However, monthly interest payment options are not available for registered investments.
GIC will automatically be reinvested for the same term at current interest rate applicable at time of reinvestment, unless other instructions are provided.
Eligible for CDIC deposit insurance, up to applicable limits.

BMO Non-Cashable 4 Year GIC

Term Length

4 Years
Interest Rate

4.25%

As of April 4, 2024
Minimum Deposit

$1,000

$5,000 for a monthly interest payment option.
Bonus Offer

N/A

BMO GICs usually offer attractive interest rates as well as versatility through the range of terms and investment options.
The Bank of Montreal (BMO) is one of Canada’s Big Six banks offering personal and business accounts, lending products and investment services. Read our review of BMO for more information.

Available in registered and non-registered plans.
Interest is calculated daily, paid monthly, semi-annually, annually or compounded annually and paid at maturity.
Funds not cashable prior to maturity.
Option of varying terms available to meet your needs.
Flexibility to choose from a variety of interest payment options. However, monthly interest payment options are not available for registered investments.
GIC will automatically be reinvested for the same term at current interest rate applicable at time of reinvestment, unless other instructions are provided.
Eligible for CDIC deposit insurance, up to applicable limits.

BMO Growth 4 Year GIC — Market-linked

Term Length

4 Years
Interest Rate

6.00%, up to 40.00%

As of April 4, 2024
Minimum Deposit

$1,000
Bonus Offer

N/A

BMO GICs usually offer attractive interest rates as well as versatility through the range of terms and investment options.
The Bank of Montreal (BMO) is one of Canada’s Big Six banks offering personal and business accounts, lending products and investment services. Read our review of BMO for more information. </ul

The BMO Growth GIC is a medium-term investment that helps diversify your portfolio.
The GIC offers a guaranteed return on principal with the potential to earn additional returns at the time of maturity.
Potential of a higher return based on the performance of a portfolio of Canadian stocks.
Eligible for CDIC deposit insurance, up to applicable limits.

BMO RateRiser® Plus 2 Year GIC

Term Length

2 Years
Interest Rate

Up to 5.00%

Interest rate of 4.00% for the first year. 5.00% for the second year.

As of April 4, 2024
Minimum Deposit

$1,000

$5,000 for a monthly interest payment option.
Bonus Offer

N/A

BMO GICs usually offer attractive interest rates as well as versatility through the range of terms and investment options.
The Bank of Montreal (BMO) is one of Canada’s Big Six banks offering personal and business accounts, lending products and investment services. Read our review of BMO for more information.

Option of 2, 3 and 5-year terms available.
For non-registered GICs, interest is paid annually or compounded annually and paid at maturity. For RSP and RIF GICs, interest compounded annually and paid at maturity and TFSA and RESP GICs, interest paid annually to a savings account or compounded annually and paid at maturity.
Funds cashable in full on each anniversary of the issue date. No partial redemptions permitted.
GIC will automatically be reinvested for the same term at current interest rate applicable at time of reinvestment, unless other instructions are provided.
Eligible for CDIC deposit insurance, up to applicable limits.

BMO US Dollar Term Deposit Receipt

Term Length

1 Year-under 2 Years
Interest Rate

4.75%

As of April 4, 2024
Minimum Deposit

US$1,000
Bonus Offer

N/A

BMO GICs usually offer attractive interest rates as well as versatility through the range of terms and investment options.
The Bank of Montreal (BMO) is one of Canada’s Big Six banks offering personal and business accounts, lending products and investment services. Read our review of BMO for more information.

Option of varying terms available.
For GICs with terms less than one year, interest is paid at maturity and terms equal to or greater than one year, interest is paid semi-annually on April 30 and October 31 — and at maturity.
Funds fully or partially cashable at any time at a pre-determined rate set at the time of purchase. Investments made in US$100,000 or more are not eligible for early redemption. A minimum withdrawal of $1,000 is allowed while maintaining at least the minimum investment balance.
GIC will automatically be reinvested for the same term at current interest rate applicable at time of reinvestment, unless other instructions are provided.
Eligible for CDIC deposit insurance, up to applicable limits.

What to know about BMO GICs

Founded in 1817, the Bank of Montreal is Canada’s oldest bank. It’s the eighth largest bank in North America, with total assets of more than $1 trillion. BMO’s GIC offerings are in line with Canada’s other Big Banks in terms of interest rates, but may not be as competitive as online-only banks like EQ Bank or Tangerine.

Most GICs at BMO appear to require a minimum deposit of $1,000. BMO GICs feature guaranteed interest rates and the flexibility to select from a range of payment options (such as yearly, monthly or semi-annual interest) and terms.

Generally, you’ll get a slightly better interest rate if you go with the yearly payment option, and you may also be required to put down a larger deposit (as much as $5,000) if you want monthly payments. BMO’s non-cashable GICs typically have slightly better interest rates than the bank’s cashable GICs. BMO GICs are eligible for coverage with the Canadian Deposit Insurance Corporation (CDIC).

How to choose a BMO GIC

Selecting a BMO GIC is a personal decision and will depend on your own unique financial goals and preferences. Your best bet is to research the features and benefits of each type of GIC to determine which option best aligns with your goals. Things to consider include:

The purpose of your investment, such as whether you’re looking for a short-term investment or long-term savings.
Whether or not you’re comfortable with locking your money in for several years, as the bank may not allow you to withdraw funds early from a non-redeemable GIC.
Your risk tolerance. While regular GICs are guaranteed, market-linked GICs involve some level of risk because they are tied to the performance of other assets.

Overall, the things you’ll want to consider when choosing a BMO GIC include the following:

Types of GICs available.
Interest rates.
Variety of terms.

Types of BMO GICs

The Bank of Montreal has a large selection of GICs, including cashable, non-cashable, RateRiser GICs (where the rate rises each year), market-linked GICs, and U.S. dollar GICs. There’s even a BMO Air Miles GIC that allows you to earn loyalty miles.

You can hold your GICs in a non-registered account, as well as in registered accounts, such as:

BMO GIC terms

The standard BMO GICs come in an impressive range of terms, from as little as a few months up to 10 years.

Some of the more specialized options have fewer terms to choose from. For example, the RateRiser Max comes in terms of two, three or five years.

How to open a BMO GIC

BMO does not state the requirements to open a GIC on its website. Generally, you can expect to need to open a BMO account before buying a GIC. To open an account with BMO, you’ll need:

Government-issued official ID with a photo.
To be the age of majority in your province or territory.
A minimum deposit of $1,000 or $5,000 depending on what type of GIC you want.

How to close a BMO GIC

A GIC doesn’t need to be closed like a bank account does. Typically, when the term of your GIC ends, you have the option of withdrawing the funds or reinvesting them into a GIC again. Be aware that the default with BMO GICs appears to be automatically reinvesting your funds in a GIC of the same term when your investment comes due, unless you provide other instructions.

Alternatives to BMO GICs

If you want a GIC from a different bank and are looking for the best GIC rates possible. There does not tend to be much variability in interest rates between the GICs offered at Canada’s Big Six banks. However, each bank periodically has its own promotions and special offers that may be of interest.

If you want a GIC from a different bank

You may want to consider GICs offered by other Big Banks, including:

	Minimum deposit	Are deposits insured?
Best RBC GICs	Starting at $500	Yes, by the Canada Deposit Insurance Corporation.
Best National Bank GICs	Starting at $500	Yes, by the Canada Deposit Insurance Corporation.
Best TD GICs	Starting at $500	Yes, by the Canada Deposit Insurance Corporation.
Best CIBC GICs	Starting at $500	Yes, by the Canada Deposit Insurance Corporation.
Best Scotiabank GICs	Starting at $500	Yes, by the Canada Deposit Insurance Corporation.

Alternatively, you could consider some of the top rated GICs from leading digital banks. Many of these online-only banks offer competitive rates, often with low minimum deposits.

If you want a different BMO product

Consider socking money away in BMO’s high-interest savings account, the Savings Builder, where you can earn up to 2.5% interest if you increase your account balance by at least $200 each month. However, you only get one free transfer out of the Savings Builder account per month and must pay a $5 fee for each withdrawal or additional transfer.

Another alternative is BMO’s Savings Amplifier account, which gives you 1.9% interest without minimum balance requirements and unlimited no-fee self-serve transfers to your other BMO accounts, such as a chequing account.