Compare GIC Rates in Canada for 2025: Best 1- to 5-Year GICs
Guaranteed investment certificates (GICs) that offer the best rates can help you grow your savings in a secure, low-risk way, over a set period. At the end of the term, you’ll get your initial deposit (principal) back, plus the interest earned.
Our top picks for fixed-rate, non-registered and non-redeemable GICs feature attractive interest rates for terms between 1 to 5 years.
Current highest GIC rates in Canada
Our picks for the highest fixed-rate, non-redeemable GIC interest rates as of Apr. 30, 2025, are:
1-year GIC rate: 3.70% (WealthONE Bank of Canada)
2-year GIC rate: 3.70% (WealthONE Bank of Canada)
3-year GIC rate: 3.75% (WealthONE Bank of Canada)
4-year GIC rate: 3.70% (WealthONE Bank of Canada)
5-year GIC rate: 4.00% (WealthONE Bank of Canada)
Why trust NerdWallet
NerdWallet follows strict editorial guidelines to remain objective in our evaluations and ensure accuracy for our readers. Evaluations are based on a proprietary formula that factors in the overall value and benefits of each GIC.
More than 40 financial institutions, including traditional banks, credit unions and online banks are evaluated by our banking specialists.
Over 280 currently available fixed-rate, non-registered and non-redeemable GICs are examined to determine their eligibility for our roundup.
The best GICs in Canada
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BACK TO TOPNerdWallet Canada selects the best guaranteed investment certificates based on several criteria. Factors in our evaluation methodology include annual percentage yields, minimum deposit, redeemability, account type and more. Only fixed-rate, non-registered and non-redeemable guaranteed investment certificates that are available in more than one province are considered for this list.
Compare Canadian GIC rates
Highest GIC rates currently available as of Apr. 30, 2025.
Financial Institution | 1-year Term | 2-year Term | 3-year Term | 4-year Term | 5-year Term | Minimum Deposit |
|---|---|---|---|---|---|---|
Achieva Financial | 3.50% | 3.50% | 3.35% | 3.35% | 3.50% | $1,000 |
Alterna Bank | 2.90% | 3.05% | 2.95% | 2.95% | 3.10% | $500 |
BMO Bank of Montreal | 2.75% | 2.75% | 2.80% | 2.80% | 3.00% | $1,000-$5,000 |
Bridgewater Bank | 3.43% | 3.47% | 3.44% | 3.20% | 3.43% | $5,000 |
2.50% | 2.50% | 2.50% | 2.50% | 3.61% | $1,000 | |
CIBC Bonus Rate GIC | 3.00% | 2.75% | 2.75% | 2.75% | 2.90% | $1,000 |
Coast Capital Savings | 3.00% | 3.10% | 3.15% | 3.20% | 3.40% | $500 |
3.55% | 3.55% | 3.60% | 3.55% | 3.65% | $100 | |
Home Trust | 3.50% | 3.60% | 3.60% | 3.60% | 3.65% | $1,000-$5,000 |
Hubert’s Happy Savings | 3.45% | 3.45% | 3.45% | 3.45% | 3.45% | $1,000 |
ICICI Bank | 1.75% | 2.00% | 2.25% | 2.50% | 2.75% | $1,000 |
3.05% | 3.30% | 3.30% | 3.40% | 3.40% | $500 | |
LBCDigital.ca | 3.30% | 3.30% | 3.40% | 3.40% | 3.40% | $100 |
Manulife Bank | 2.90% | 3.00% | 3.05% | 3.00% | 3.30% | $2,500-$25,000 |
MAXA Financial | 3.50% | 3.45% | 3.35% | 3.45% | 3.50% | $500 |
MCAN Wealth | 3.60% | 3.65% | 3.65% | 3.65% | 3.70% | $100 |
Meridian Credit Union | 3.25% | 3.45% | 3.35% | 3.55% | 3.60% | $100 |
Motive Financial | 3.05% | 3.25% | 3.40% | 3.55% | 3.55% | $1,000 |
National Bank of Canada | 2.80% | 2.85% | 2.80% | 2.80% | 3.30% | $500 |
Oaken Financial | 3.50% | 3.60% | 3.60% | 3.60% | 3.65% | $1,000 |
Outlook Financial | 3.50% | 3.45% | 3.35% | 3.45% | 3.50% | $1,000 |
Peoples Bank of Canada | 3.45% | 3.55% | 3.55% | 3.55% | 3.60% | $1,000 |
up to 2.80%** | up to 2.85%** | 2.65% | 2.70% | up to 3.00%** | $1,000-$5,000 | |
Saven Financial | 3.50% | 3.50% | 3.50% | 3.55% | 3.60% | $1,000 |
Scotiabank | 2.70% | up to 3.05%** | up to 3.14%** | 2.75% | up to 3.25%** | $500 |
Simplii Financial | 3.20% | 3.10% | 3.10% | 3.50% | 3.50% | $100 |
Tangerine Bank | 3.45% | 3.50% | 3.50% | 3.50% | 3.55% | N/A |
2.80% | 2.85% | 2.65% | 2.70% | 3.00% | $1,000 | |
WealthONE Bank of Canada | 3.70% | 3.70% | 3.75% | 3.70% | 4.00% | $1,000-$5,000 |
*Rates reflect the APY of non-redeemable, non-registered fixed-rate GICs that pay interest annually
**Promotional rates offered by the bank.
Benefits to look for in a GIC
NerdWallet evaluates and selects GICs based on their overall value. We prefer GICs with:
Higher interest rates. In a normal interest rate environment, you’ll typically get higher interest rates on longer-term GICs. The rate of return, or annual percentage yield (APY) may vary by term length, redeemability and interest payment options.
Lower minimum deposits. When choosing non-redeemable GICs, consider the ones with little or no minimum balance requirements for better returns. Cashable and redeemable GICs let you access your funds early, but they offer a lower interest rate.
Flexibility. Choose a financial institution that offers diverse terms, whether registered or non-registered GICs, to accommodate your future needs.
Interest payment options. A good GIC will provide multiple interest payment options, such as monthly, quarterly, semi-annually, annually, or at maturity.
Drawbacks to be aware of in a GIC
While GICs are a generally reliable way to steadily compound your investment, watch out for these potential drawbacks:
Lower interests and fewer options. GIC interest rates can vary between financial institutions. Many online banks offer higher rates but may not have a full suite of products compared to traditional banks.
High minimum balances. Some GICs require a higher minimum deposit to qualify for the best interest rates. Always review the bank terms before investing.
Limited payment options. Some GICs lock your deposit until maturity. If you need funds on a regular basis, make sure interest payment options are available.
How to choose the best type of GIC for you
To find a GIC that suits your financial timeline and goals, consider these factors:
✅ Banking preferences: Do you prefer online banking or in-branch services? Some may choose online banks over traditional full-service institutions to get better interest rates.
✅ Interest rates: Shop around, comparing interest rates based on types of investments, term lengths and interest payment frequency.
✅ Minimum deposit: Non-redeemable GICs lock your funds until the term is up. So ask yourself how much money you feel comfortable setting aside for the duration of the term.
✅ GIC strategies and options: Does the financial institution offer the right tools and plans that match your potential future needs? These may include:
- GIC Terms
Long-term GICs have terms ranging from one to 10 years. These types of GICs are typically suitable for people with long investment time frames or who are looking for stability in their portfolios.
Short-term GICs, sometimes known as term deposits, have terms of less than one year, so 30 to 364 days. These types of GICs are aimed at people who want access to their funds sooner.
- GIC Interest rates
Knowing how interest rates work can help maximize the overall performance of your GICs.
With fixed-rate GICs, you’ll know exactly how much interest you’ll earn before investing your money. However, you’ll need to confirm whether your bank will pay your interest annually, semi-annually, or monthly.
Variable-rate GICs, sometimes known as prime-linked GICs, protect your principal while giving you a variable interest rate linked to the financial institution’s prime rate.
With market-linked GICs, also known as equity-linked GICs, your principal investment remains protected but the interest you’ll earn is tied to the underlying stock market index.
- GIC redeemability
Some GICs allow early access to your funds. This flexibility can help you in case of financial emergencies.
Cashable GICs are usually locked for 30-90 days before you can withdraw your funds.
Redeemable GICs allow access to your money any time after you’ve made the purchase. However, you’d likely receive a lower interest than you would at the end of the term.
Non-redeemable GICs lock your funds until the term is up. However, you’re compensated with higher interest rates than cashable and redeemable GICs.
- GIC laddering
A GIC ladder is a common GIC investment strategy in which you split your initial investment into equal pools, with each portion invested into GICs with different terms and interest rates.
✅ Deposit insurance: Does your bank or credit union protect your deposits? The Canadian Deposit Insurance Corporation (CDIC) member banks cover up to $100,000 per eligible account. Credit unions insure for up to $250,000 through the province or territory’s regulatory authority.
✅ Student GIC program: Do you qualify for the Student Direct Stream (SDS)? Some banks offer GIC programs for international students to support SDS applications.
How to buy a GIC
Buying GICs from your current financial institution is straightforward. However, you can get your GIC from a new trust company, broker or online discount brokerage offering a better rate.
You’ll need to set up a registered or non-registered account, which you can usually open online, over the phone, or at your local branch.
If you already have an RRSP, TFSA or non-registered account, you can purchase GICs at any time.
If you’re new to the process and want some assistance, a bank advisor can help you set up your account and purchase GICs. Always review the service provider’s terms and conditions before buying.
Documents required to open a GIC account
To open a GIC account, you’ll need:
Two forms of valid ID (passport, driver’s licence, birth certificate).
Proof of residential address (utility or cellphone bill).
You generally don’t need Canadian citizenship to open a GIC account, but you need to be the age of majority in the province or territory in which you reside.
Alternatives to fixed-rate GICs
If fixed-rate, non-redeemable GICs aren’t the right fit for you, there are plenty of other alternatives available. You can choose from the numerous market-linked, registered, variable-rate and US-dollar GIC options offered by traditional and online banks.
Minimum deposit | Are deposits insured? |
|---|---|
Starting at $500 | |
Starting at $500 | |
Starting at $500 | |
Starting at $1,000 | |
Starting at $500 | |
Starting at $500 | |
Starting at $100 | |
N/A | |
Starting at $100 | |
Starting at $500 |
GIC alternatives
Explore other types of fixed-income products and equities. Here’s how some of the options compare to the GICs.
Both GICs and HISAs are great tools to build savings.
Online high-interest savings accounts (HISAs), generally offer much higher rates than those offered by brick-and-mortar financial institutions.
Unlike GICs, HISAs offer attractive interest rates without needing to lock away funds for any set period. You can freely move your money without any penalties or fees.
In terms of risks and rewards, mutual funds aren’t a fair alternative to GICs.
Mutual funds are a pool of stocks, bonds or other products wrapped into a single investment product managed by a portfolio manager.
Returns on mutual funds are not guaranteed but may be potentially higher than what you’d get from a GIC.
Similar to GICs, governments, municipalities and corporations bonds usually offer a fixed level of income until maturity. Key differences include:
Bond yields can increase and decrease based on market conditions.
You can usually opt in and out of bonds without fear of paying any penalties.
Although bonds are a relatively safe investment, the issuers can have different ratings for stability. For example, government bonds are typically highly rated and secure, whereas junk or high-yield bonds can be risky since the issuer could default.
Special Offer: Earn 3.70% interest on eligible deposits for the first 7 months. Limits apply. Offer ends on June 30th, 2025. Put your savings in the fast lane with great rates and no monthly fees. Grow your savings. No matter what you’re saving for, it’s easier with Simplii™.
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Sandra MacGregor