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Published July 10, 2024
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Best RBC GIC Rates

RBC’s non-redeemable GICs offer high interest rates, a wide range of terms, RRSP and TFSA eligibility, and can be opened with as little as $500.

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

The Royal Bank of Canada, or RBC, offers a wide variety of guaranteed investment certificates, including non-redeemable, cashable and market-linked GICs with terms ranging from 30 days to 10 years. The minimum deposit for an RBC GIC starts at $500.

RBC’s current GIC rates

Below are interest rates for some of RBC’s most popular GICs, as of July 10, 2024.

The RBC GIC rates shown for non-redeemable GICs are based on annually compounded interest, and the market-linked GIC rates include the minimum guaranteed return and the maximum full-term return.

TermInterest RateGIC Type
30 – 59 days2.80%RBC Non-Redeemable GIC
60 – 89 days3.05%RBC Non-Redeemable GIC
90 – 179 days3.30%RBC Non-Redeemable GIC
180 – 269 days3.55%RBC Non-Redeemable GIC
270 – 364 days3.70%RBC Non-Redeemable GIC
1 year4.50%RBC Non-Redeemable GIC – Special Offer
1 year4.00%RBC Non-Redeemable GIC
1 year3.00%RBC Cashable GIC – Special Offer
1 year2.25%RBC One-Year Cashable GIC
1.5 years4.00%RBC Non-Redeemable GIC
2 years5.00%, up to 15.00%RBC Canadian Banking MarketSmart GIC
2 years5.00%, up to 15.00%RBC North American MarketSmart GIC
2 years4.50%, up to 17.50%RBC Canadian Utilities MarketSmart GIC
2 Years4.70%RBC RateAdvantage GIC (non-redeemable)
2 years4.20%RBC Non-Redeemable GIC – Special Offer
2 years4.00%RBC Non-Redeemable GIC
2 years2.80%, up to 12.00%RBC U.S. MarketSmart GIC
3 years7.50%, up to 23.00%RBC North American MarketSmart GIC
3 years7.00%, up to 30.00%RBC Canadian Utilities MarketSmart GIC
3 years9.00%, up to 22.00%RBC Canadian Banking MarketSmart GIC
3 years5.00%, up to 20.00%RBC U.S. MarketSmart GIC
3 Years4.30%RBC RateAdvantage GIC (non-redeemable)
3 years4.00%RBC Non-Redeemable GIC
4 years4.00%RBC Non-Redeemable GIC
5 years17.00%, up to 32.00%RBC Canadian Banking MarketSmart GIC
5 years15.00%, up to 32.00%RBC North American MarketSmart GIC
5 years15.00%, up to 50.00%RBC Canadian Utilities MarketSmart GIC
5 years11.00%, up to 30.00%RBC U.S. MarketSmart GIC
5 Years4.01%RBC RateAdvantage GIC (non-redeemable)
5 years4.10%RBC Non-Redeemable GIC – Special Offer
5 years3.95%RBC Non-Redeemable GIC
7 years3.95%RBC Non-Redeemable GIC
10 years3.95%RBC Non-Redeemable GIC

RBC Non-Redeemable 5 Year GIC

RBC Non-Redeemable 5 Year GIC
  • Term Length
    5 Years
  • Interest Rate
    4.10%
    Promotional rate
  • Minimum Deposit
    $500
  • Bonus Offer
    N/A
Our Take
  • Royal Bank of Canada, or RBC GICs offer a variety of terms and convenience of choice — cashable, non-redeemable, market-linked, US Dollar, redeemable and registered investments to fit the investor’s financial plans.
  • Royal Bank of Canada, founded in 1864, is one of the global Canadian Big Six banks that offers numerous banking, lending and investment products to match individual or business needs. Read our RBC bank review for more information.
Product Details
  • The minimum deposit for a non-registered plan is $1000 and registered plan is $500.
  • Eligible for non-Registered, RRSP, TFSA, RESP, RRIF, LIF and RDSP plans. Some conditions apply.
  • The principal and interest rate for this guaranteed-return GIC is guaranteed when held to maturity.
  • Interest rate calculated on a per annum basis.
  • For terms greater than or equal to one year, the available interest payment frequencies include: Monthly, semi-annually, annually or at maturity (interest compounded annually). Conditions apply.
  • Eligible for CDIC deposit insurance.

RBC RateAdvantage 3 Year GIC (Non-Redeemable)

RBC RateAdvantage 3 Year GIC (Non-Redeemable)
  • Term Length
    3 Years
  • Interest Rate
    4.30%
    As of July 3, 2024
  • Minimum Deposit
    $1,000
  • Bonus Offer
    N/A
Our Take
  • Royal Bank of Canada, or RBC GICs offer a variety of terms and convenience of choice — cashable, non-redeemable, market-linked, US Dollar, redeemable and registered investments to fit the investor’s financial plans.
  • Royal Bank of Canada, founded in 1864, is one of the global Canadian Big Six banks that offers numerous banking, lending and investment products to match individual or business needs. Read our RBC bank review for more information.
Product Details
  • RBC’s escalator or step-rate GIC offers competitive rates that are guaranteed to increase each year.
  • RBC RateAdvantage GICs are only available in non-registered plans.
  • Minimum deposit required is $1,000.
  • No early access to funds.
  • Interest compounded annually and paid annually or at maturity.
  • Principal and interest payments are guaranteed.
  • Get personalized advice with MyAdvisor, a digital service that lets you see the potential of your investments, including your GICs, and can connect you with an RBC advisor to help build your financial future.
  • Eligible for CDIC deposit insurance.

RBC Canadian Banking MarketSmart 5 Year GIC

RBC Canadian Banking MarketSmart 5 Year GIC
  • Term Length
    5 Years
  • Interest Rate
    17.00% to 32.00%
    As of July 3, 2024
  • Minimum Deposit
    $1,000
  • Bonus Offer
    N/A
Our Take
  • Royal Bank of Canada, or RBC GICs offer a variety of terms and convenience of choice — cashable, non-redeemable, market-linked, US Dollar, redeemable and registered investments to fit the investor’s financial plans.
  • Royal Bank of Canada, founded in 1864, is one of the global Canadian Big Six banks that offers numerous banking, lending and investment products to match individual or business needs. Read our RBC bank review for more information.
Product Details
  • Capitalize on stock market growth with 100% principal protection.
  • Minimum Investment of $1,000.
  • Eligible for non-Registered, RRSP, TFSA, RDSP, RESP and RRIF plans.
  • Variable return is linked to the performance of the S&P/TSX Banks Index.
  • Original investment and interest paid at maturity.
  • Guaranteed minimum return with the potential to receive significant additional upside to a maximum rate of return.
  • No early access to funds.
  • Get personalized advice with MyAdvisor, a digital service that lets you see the potential of your investments, including your GICs, and can connect you with an RBC advisor to help build your financial future.
  • Eligible for CDIC deposit insurance.

RBC Prime-Linked Cashable 1 Year GIC

RBC Prime-Linked Cashable 1 Year GIC
  • Term Length
    1 Year
  • Interest Rate
    Up to 4.95%
    As of July 3, 2024
  • Minimum Deposit
    $5,000
  • Bonus Offer
    N/A
Our Take
  • Royal Bank of Canada, or RBC GICs offer a variety of terms and convenience of choice — cashable, non-redeemable, market-linked, US Dollar, redeemable and registered investments to fit the investor’s financial plans.
  • Royal Bank of Canada, founded in 1864, is one of the global Canadian Big Six banks that offers numerous banking, lending and investment products to match individual or business needs. Read our RBC bank review for more information.
Product Details
  • Earn higher rate of return if Royal Bank Prime rate increases.
  • This RBC Prime-Linked Cashable 1 Year GIC is only available in non-registered plans.
  • Minimum deposit starting at $5,000.
  • Cashable GIC allows flexible access to funds at any time; cash-out or reinvest in another product if interest rates decrease. Some conditions apply.
  • Security of guaranteed principal.
  • Variable interest rate.
  • Get personalized advice with MyAdvisor, a digital service that lets you see the potential of your investments, including your GICs, and can connect you with an RBC advisor to help build your financial future.
  • Eligible for CDIC deposit insurance.

RBC 1 Year Cashable GIC

RBC 1 Year Cashable GIC
  • Term Length
    1 Year
  • Interest Rate
    2.25%
    As of July 3, 2024
  • Minimum Deposit
    $1,000
  • Bonus Offer
    N/A
Our Take
  • Royal Bank of Canada, or RBC GICs offer a variety of terms and convenience of choice — cashable, non-redeemable, market-linked, US Dollar, redeemable and registered investments to fit the investor’s financial plans.
  • Royal Bank of Canada, founded in 1864, is one of the global Canadian Big Six banks that offers numerous banking, lending and investment products to match individual or business needs. Read our RBC bank review for more information.
Product Details
  • Earn a guaranteed competitive return with maximum flexibility for your investment.
  • The RBC 1 Year Cashable GIC is only available in non-registered plans.
  • Minimum deposit required is $1,000 or $5,000 for investors who wish to receive interest monthly.
  • Cashable GIC allows flexible access to funds in full or in part after 30 days.
  • No interest paid if cashed in the first 29 days. Interest is calculated on a daily basis for early redemption, if held a minimum of 30 days.
  • The rate of return is fixed, and the principal is guaranteed.
  • Interest payment options for monthly, semi-annually, at maturity, or at the time of redemption if held 30 days or longer.
  • Get personalized advice with MyAdvisor, a digital service that lets you see the potential of your investments, including your GICs, and can connect you with an RBC advisor to help build your financial future.
  • Eligible for CDIC deposit insurance.
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What to know about RBC GICs

RBC’s popular investment products include guaranteed investment certificates, or GICs. Not only do they offer highly competitive interest rates, but they also have flexible terms. Plus, GIC deposits are insured up to $100,000 since they come with Canadian Deposit Insurance Corporation (CDIC) protection.

How to choose an RBC GIC

Start by figuring out what your financial goals are and how RBC GIC can help you reach them.

GICs typically guarantee that you will retain your entire principal investment but may offer a lower return than other investment options, like individual stocks or index funds. Generally, GICs are a good choice for people who are saving for a short-term goal or looking to safeguard their wealth in an RBC TFSA.

Another consideration is the account in which you’ll purchase a GIC. You may prefer using a non-registered account. However, your tax-free savings account and registered retirement savings plan are both capable of holding GICs, and have tax advantages.

» MORE: Read our full review of RBC RRSP

When comparing RBC GIC options to each other — and those of other banks — consider the following:

Types of RBC GICs

RBC offers three different types of GICs. Each type offers various GICs that can be suitable for different situations. RBC’s GIC types are as follows:

Guaranteed-Return GICs: A fixed-rate GIC where your principal and earned interest is guaranteed, regardless of what happens in the markets.

  • Non-redeemable & redeemable GICs.
  • One-year cashable GIC.
  • RateAdvantage GIC.
  • U.S. Dollar term deposits.
  • Income Builder GIC.

Interest Rate-Linked GIC: Your rate of return is directly tied to any increases or decreases with the Royal Bank Prime rate.

RBC Equity-Linked GICs: May enjoy higher returns than the other GICs and you can choose between a guaranteed minimum return or unlimited upside potential (tied to an underlying index).

  • RBC North American MarketSmart GIC.
  • RBC Canadian Banking MarketSmart GIC.
  • RBC Canadian Utilities MarketSmart GIC.
  • RBC Canadian Market-Linked GIC.
  • RBC U.S. MarketSmart GIC.
  • RBC ESG Market-Linked GIC.

RBC also offers Special GIC Rates. These are special promotions on RBC GICs that have a set term. They can be both cashable and non-redeemable. 

RBC GIC terms

From 1 day to 20 years, RBC GICs offer quite a bit of term flexibility, depending on your investment goals. Generally, you should think of GIC terms in the following way:

Although RBC offers a wide variety of GIC terms, not all terms are available for all GIC products.

How to open an RBC GIC

Purchasing an RBC GIC is easy, but you must meet the following requirements:

  • Have a Social Insurance Number.
  • Live in Canada with a Canadian address.
  • Have reached the age of majority in the province or territory in which you reside.
  • Have an RBC chequing or savings account.
  • Have enough funds to meet the minimum investment requirement.
  • Register for RBC online banking.

Once your RBC account is set up and the funds available, you’re ready to purchase an RBC GIC. Buying a GIC can be accomplished online, via the RBC website. Or, if you need additional support, you can contact RBC over the phone or walk into a branch.

Nerd tip: RBC GICs have minimum investment requirements, which range from $500 to $100,000. The $100,000 minimum usually only applies to extremely short GIC terms of 30 days or less. Be sure you understand the minimum investment requirements for the GIC you want before starting the purchase process.

How to close an RBC GIC

Unless you set your RBC GIC to automatically renew, your principal investment plus any earned interest will be deposited into your applicable RBC account once it matures. You can update your maturity instructions anytime via RBC online banking or by contacting a RBC financial representative.

If you purchased a redeemable GIC, and want to access your GIC funds before the maturity date, you’ll need to contact RBC directly. 

Since GICs are a product and not an account, there’s no account to close when your GIC matures.

Alternatives to RBC GICs

Even though RBC offers various GICs with different interest rates and terms, it’s always a good idea to consider all of your options and possible solutions.

If you want a GIC from a different bank 

Before buying an RBC GIC, make sure you’re aware of what are the best GIC rates that other banks and credit unions are offering. Digital banks, for example:

  • EQ Bank often offers highly competitive GIC rates. They can provide products with high-interest rates since they have low overhead costs as an online-only bank. 
  • Simplii Financial is another option to consider if you want to invest in RRSP or non-registered GICs with an online bank.
  • Tangerine Bank has a wide selection of terms and types of GIC with comparable rates as other digital financial institutions.

Other Big Bank GICs that serve as great alternatives to RBC’s offerings, include:

Minimum depositAre deposits insured?
Best National Bank GICsStarting at $500Yes, by the Canada Deposit Insurance Corporation.
Best TD GICsStarting at $500Yes, by the Canada Deposit Insurance Corporation.
Best BMO GICsStarting at $1,000Yes, by the Canada Deposit Insurance Corporation.
Best CIBC GICsStarting at $500Yes, by the Canada Deposit Insurance Corporation.
Best Scotiabank GICsStarting at $500Yes, by the Canada Deposit Insurance Corporation.

If you want a different RBC product

As a major financial institution, RBC allows investors to purchase a variety of investment products through them, including:

The product you decide to buy should depend on your investment goals, time frame, and risk tolerance. Be sure to speak to a professional if you’re new to investing.

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