Best Short-Term GIC Rates in Canada for April 2025
Short-term guaranteed investment certificates, or short-term GICs, provide a secure way to grow your money, usually in less than a year. You generally earn a fixed rate of return on your deposit, which is returned at the end of your chosen term.
Below, you’ll find the best rates currently available in Canada for short-term, non-redeemable and fixed-rate GICs.
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.
Current highest short-term GIC rates
The best short-term GIC rates overall as of Apr. 30, 2025.
30-day GIC: 2.25% (BMO, RBC, Scotiabank and TD Bank)
60-day GIC: 2.71% (Bridgewater Bank)
90-day GIC: 3.00% (Tangerine)
120-day GIC: 3.75% (Saven Financial)
180-day GIC: 3.25% (Tangerine)
270-day GIC: 3.35% (Tangerine)
ALSO CONSIDER: The best 1-5 year GIC rates
The best short-term GIC rates 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 top short-term GIC rates
Financial institutions do not present term lengths the same way, and some banks prefer to use days instead of months to indicate the length of the GIC’s term.
Before buying a GIC, confirm the term deposit’s actual date range so you can accurately calculate the return you can expect to earn on your investment.
Best 30-day and 60-day GIC rates
Top rates currently available for GICs with terms from 30 days (1 month) and 60 days (2 months). The estimated return is based on a $10,000 deposit.
Financial Institution | 1 mo. | est. return | 2 mos. | est. return |
|---|---|---|---|---|
ATB Financial (Alberta only) | 2.00% | $16.44 | 2.00% | $32.88 |
2.25% | $18.49 | 2.25% | $36.99 | |
Bridgewater Bank | Not offered | N/A | 2.71% | $44.55 |
Coast Capital Savings | 2.20% | $18.08 | 2.20% | $36.16 |
Home Trust | 1.00% | $8.22 | 1.00% | $16.44 |
Kindred Credit Union (Ontario only) | 2.00% | $16.44 | 2.10% | $34.52 |
Manulife Bank | 1.80% | $14.79 | 1.85% | $30.41 |
Meridian Credit Union | 1.75% | $14.38 | 1.90% | $31.23 |
Oaken Financial | 1.00% | $8.22 | 1.00% | $16.44 |
Peoples Bank of Canada | 1.85% | $15.21 | 1.90% | $31.23 |
2.25% | $18.49 | 2.45% | $40.27 | |
2.25% | $18.49 | 2.35% | $38.63 | |
2.25% | $18.49 | 2.50% | $41.10 |
Best 90-day and 120-day GIC rates
Top rates currently available for GICs with terms from 90 days (3 months) and 120 days (4 months). The estimated return is based on a $10,000 deposit.
Financial Institution | 3 mos. | est. return | 4 mos. | est. return |
|---|---|---|---|---|
ATB Financial (Alberta only) | 2.25% | $55.48 | 2.25% | $73.97 |
2.25% | $55.48 | 2.25% | $73.97 | |
Bridgewater Bank | 2.57% | $63.37 | 2.62% | $86.14 |
Coast Capital Savings | 2.50% | $61.64 | 2.50% | $82.19 |
DUCA Earn More Savings Account (Ontario only) | 3.40% | $83.84 | Not offered | N/A |
2.75% | $67.81 | Not offered | N/A | |
Home Trust | 1.00% | $24.66 | 1.00% | $32.88 |
Kindred Credit Union (Ontario only) | 2.30% | $56.71 | Not offered | N/A |
Laurentian Bank of Canada | 2.75% | $67.81 | Not offered | N/A |
Manulife Bank | 2.55% | $62.88 | Not offered | N/A |
Meridian Credit Union | 2.15% | $53.01 | Not offered | N/A |
Oaken Financial | 1.00% | $24.66 | 1.00% | $32.88 |
Peoples Bank of Canada | 2.75% | $67.81 | 2.70% | $88.77 |
2.50% | $61.64 | Not offered | N/A | |
Saven Financial | Not offered | N/A | 3.75% | $123.29 |
2.35% | $57.95 | 2.40% | $78.90 | |
3.00% | $73.97 | Not offered | N/A | |
2.25% | $55.48 | 2.25% | $73.97 |
Best 180-day and 270-day GIC rates
Top rates currently available for GICs with terms from 180 days (6 months) and 270 days (9 months). The estimated return is based on a $10,000 deposit.
Financial Institution | 6 mos. | est. return | 9 mos. | est. return |
|---|---|---|---|---|
ATB Financial (Alberta only) | 2.50% | $123.29 | 2.50% | $184.93 |
2.50% | $123.29 | 2.50% | $184.93 | |
Bridgewater Bank | 2.85% | $140.55 | 3.01% | $222.66 |
Canadian Imperial Bank of Commerce (CIBC) Bonus Rate GIC | 2.60% | $128.22 | 2.75% | $203.42 |
Coast Capital Savings | 2.80% | $138.08 | 2.80% | $207.12 |
DUCA Earn More Savings Account (Ontario only) | 3.00% | $147.95 | Not offered | N/A |
3.00% | $147.95 | 3.05% | $225.62 | |
Home Trust | 2.25% | $110.96 | 2.70% | $199.73 |
Island Savings (British Columbia only) | 2.64% | $130.19 | 2.64% | $195.29 |
Kindred Credit Union (Ontario only) | 3.05% | $150.41 | 3.10% | $229.32 |
Laurentian Bank of Canada | 2.80% | $135.62 | 2.90% | $207.12 |
Manulife Bank | 2.55% | $125.75 | 2.60% | $192.33 |
Meridian Credit Union | 2.25% | $110.96 | 2.25% | $166.44 |
1.50% | $73.97 | 1.85% | $136.85 | |
Oaken Financial | 2.25% | $110.96 | 2.70% | $199.73 |
Peoples Bank of Canada | 3.05% | $150.41 | 3.10% | $229.32 |
2.50% | $123.29 | 2.50% | $184.93 | |
Saven Financial | 3.00% | $147.95 | Not offered | N/A |
2.50% | $123.29 | 2.50% | $184.93 | |
3.25% | $160.27 | 3.35% | $247.81 | |
2.15% | $106.03 | 2.10% | $155.34 | |
Valley First (British Columbia only) | 2.64% | $129.47 | 2.64% | $194.56 |
Benefits to look for in a short-term GIC
NerdWallet evaluates and selects short-term GICs based on their overall value. We prefer GICs with:
Higher interest rates. Look for a competitive GIC rate, often shown as an annual percentage yield (APY).
Minimal requirements. Some GICs require a minimum deposit. Check your bank terms carefully or speak to customer support before investing.
Flexible options. Choose a financial institution that offers various GIC terms, features and interest rates to fit your future needs.
Ease of banking. In-person banking services are convenient. However, some may choose online banks over traditional full-service institutions to get better GIC interest rates.
Drawbacks to be aware of in a short-term GIC
Although GICs are generally reliable investment solutions, watch out for these potential drawbacks:
Lower interest rates. Interest rates vary by bank. Always compare your bank’s GIC rates with others before investing.
High minimum deposits. Avoid GICs that require large minimum deposits.
Limited features. Look for a provider with diverse investment options, especially if your investment needs are likely to change soon.
How to choose the right short-term GIC for you
Consider this checklist to find the short-term GIC that suits your financial goals:
✅ Banking preferences: Would you prefer a GIC from your current bank or explore options at other financial institutions? Online banks typically offer better rates but may lack services you get with traditional banks.
✅ GIC features: Which bank or credit union offers the best short-term GIC rate for the term of choice? Check if the minimum balance requirements and interest payment terms favourable your financial situation.
- Extra features to support your investment strategies
Range of GIC terms to suit various goals and timelines, such as the long-term GICs.
Flexible GIC interest rates through variable-rate and market-linked GICs to match your risk-tolarance.
Redeemability options through redeemable or cashable GICs if you need early access to your funds.
GIC account types to include non-registered and registered GICs, such as RRSP GICs and TFSA GICs to match your tax and investment strategies.
GIC laddering to divide your initial investment across multiple terms, maturities and interest rates.
✅ Deposit insurance: Are your deposits protected? If your provider is a Canadian Deposit Insurance Corporation (CDIC) member, it may cover up to $100,000 per eligible account. Credit union members get up to $250,000 of deposit coverage through the province or territory’s regulatory authority.
- How to calculate GIC return
While long-term GICs earn compounding interest — interest on your principal investment plus any interest you’ve already earned — short-term GICs do not. Instead, you’ll only earn interest on your principal investment, so you’ll need to use simple interest to calculate the rate of return.
To determine how much interest you’ll earn on your principal, follow this formula:
Simple interest earned = Principal investment x Interest rate x Time (in years).
This is quite easy with a one-year GIC.
For example, let’s say you put $1,000 into a one-year GIC paying 5% interest.
Simple interest earned = $1,000 principal investment x 5% interest x 1-year term
Simple interest earned = $1000 x .05 X 1
Simple interest earned = $50
In this scenario, your GIC would earn $50 in interest at maturity.
However, this calculation gets more complicated for GICs held for less than a year. To calculate the rate of return here, you’ll need to convert the number of days in your term to a number measured in years before using the same simple interest formula.
For example, let’s say you put $1,000 into a 182-day GIC paying 5% interest.
Simple interest earned = $1,000 principal investment x 5% interest x (182 days in the term / 365 days in a year).
Simple interest earned = $1,000 x 0.05 x 0.499.
Simple interest earned = $24.95.
In this scenario, your short-term GIC would earn you $24.95 in interest at maturity.
How to buy a GIC
Purchasing a GIC from your current bank or a new financial institution, such as a trust company, broker or online discount brokerage usually involves:
Reviewing the GIC terms and conditions.
Setting up a registered or non-registered account online, over the phone, or in-branch.
Confirming the term length, redeemability and interest payment options.
Depositing funds into your GIC.
If you’re new to the process and need assistance, a bank advisor can help you set up your account and purchase GICs.
Documents required to open a GIC account
Anyone who meets the legal age in the province or territory of residence and has funds ready to deposit can start investing in a GIC. 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).
Alternatives to fixed-rate GICs
If you’re looking for more flexibility or potentially higher returns, consider these alternatives:
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
Here are other types of fixed-income products and equities to consider:
Frequently asked questions
What is the highest paying short-term GIC rate in Canada?
What is the highest paying short-term GIC rate in Canada?
The best short-term GIC rates overall as of Apr. 30, 2025.
120-day GIC: 3.75% (Saven Financial)
180-day GIC: 3.25% (Tangerine)
270-day GIC: 3.35% (Tangerine)
Are short-term GICs worth it?
Are short-term GICs worth it?
Short-term GICs may be worth investing in if:
You’re risk-averse or new to investing and want to secure your principal while earning guaranteed returns.
You can’t find time to manage your investment based on market changes.
You have money that you don’t plan on using for several months.
Other factors that make short-term GIC a smart choice include the interest rate, interest payment option, and the type of GIC you choose.
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