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.

JUMP AHEAD to compare the current highest rates available on short-term GICs

Guaranteed investment certificates, or GICs, come in many varieties. One popular type is the short-term GIC.

Choosing which short-term GIC to put your money into often depends on how much interest you can earn. Below, you’ll find the best rates currently available in Canada for short-term, non-redeemable and fixed-rate GICs.

1-month and
2-month GIC rates

3-month and
4-month GIC rates

6-month and
9-month GIC rates

ALSO CONSIDER: The best 1-5 year GIC rates

Current highest short-term GIC rates

The best short-term GIC rates overall as of April 24, 2024.

30-day GIC: 4.30% (VersaBank)
60-day GIC: 4.30% (VersaBank)
90-day GIC: 4.50% (VersaBank)
120-day GIC: 4.50% (VersaBank)
180-day GIC: 5.00% (Peoples Bank of Canada)
270-day GIC: 5.20% (Peoples Bank of Canada)

Best short-term GIC rates in Canada

The best GICs for

1-month GICs

VersaBank Short Term 30 Day GIC

Term Length

30 days
Interest Rate

4.30%

As of April 4, 2024
Minimum Deposit

$1,000

Minimum deposit on monthly certificates is $5,000.00.
Bonus Offer

N/A

Founded in the 1990s, VersaBank is a branchless bank providing innovative banking alternatives for their clients. The bank extends a variety of savings and investment products through their Canadian network of deposit brokers and financial advisors.
VersaBank GICs consistently offer attractive regular interest rates on non-registered and TFSA options.

Minimum deposit required is $1,000.00. For monthly certificates is $5,000.00.
Fixed-rate, non-redeemable GICs available monthly, semi-annually and annual interest payments.
Term options range from short-term (30-59 days to 270-364 days) and long-term, 1 to 5 years.
TFSA GICs are also available.
Assignable, transferable and available in terms from thirty days to five years. A nominal fee may apply.
Certificates are non-redeemable before maturity.
Eligible for CDIC insurance.

Peoples Bank Short Term 30 Day GIC

Term Length

30 Days
Interest Rate

3.40%

As of April 4, 2024
Minimum Deposit

$1,000
Bonus Offer

N/A

The Peoples Bank GICs are transferable and assignable with no transfer, setup or service fees, making them a nice choice for those who prefer to manage their investments without worrying about additional fees.
Peoples Trust and Peoples Bank of Canada are subsidiaries of the Peoples Group. Peoples Trust offers savings accounts, registered and non-registered GICs, and mortgage and lending services.

Non-registered and non-redeemable.
When the term ends, and if your instructions for the maturing GIC are not received by the bank, the principal and interest will automatically renew for the same term at the posted rate in effect on the maturity date. After the renewal, you will have 10 business days to either cancel the transaction or change the term of your account.
Terms range from short-term investments of 30 to 270 days or long-term investments of 1-5 years.
Competitive rates are guaranteed for the full term.
Short-term investments with interest paid at maturity.
Long-term investments with your choice of annual or compounding interest.
Transferable and assignable.
Electronic monthly statements.
Minimum deposit of $1,000.
No transfer, setup or service fees.
Eligible for deposit insurance from the Canada Deposit Insurance Corporation (CDIC).

Canadian Western Bank Short Term 30 Day GIC

Term Length

30 Days
Interest Rate

3.00%

As of April 4, 2024
Minimum Deposit

$5,000
Bonus Offer

N/A

Canadian Western Bank offers fixed long-term GICs in one to ten year terms, fixed short-term GICs and floating rate redeemable GICs, as well as rate specials, US dollar deposits, and TFSA, RRSP, RRIF and RESP GICs.
Canadian Western Bank offers business banking, investing products, registered plans, and personal banking, including loans, mortgages, credit cards, and chequing and savings accounts.

Available with annual interest, a monthly payment option with annual interest, a monthly payment option with Gold Leaf PLUS Annual interest (package available to clients 57 and over), and with US Dollar deposits.
Minimum $1,000 CAD deposit.
Available to Personal & Business clients in CAD funds only.
All rates are calculated on a per annum basis, applicable for deposits up to $5,000,000 CAD subject to change without notice, and interest is paid out at maturity. For deposits greater than $5,000,000, please contact your local banking centre.
Canadian Western Bank is a member of CDIC.

RBC Short Term 30 Day GIC (Non-redeemable)

Term Length

30 Days
Interest Rate

2.80%

Interest rate for a non-registered, non-redeemable 30 – 59 days GIC

As of April 4, 2024
Minimum Deposit

$5,000

$500 for RRSP, TFSA, RESP, RDSP; $1,000 RRIF, LIF, PRIF, and Non-Registered GICs of terms greater than 1 year; $5,000 (for terms between 30-364 days) or GICs with monthly interest payment option; $100,000 (for terms less than 30 days).
Bonus Offer

N/A

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.

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.

2-month GICs

VersaBank Short Term 60 Day GIC

Term Length

60 days
Interest Rate

4.30%

As of April 4, 2024
Minimum Deposit

$5,000

Minimum deposit on monthly certificates is $5,000.00.
Bonus Offer

N/A

Founded in the 1990s, VersaBank is a branchless bank providing innovative banking alternatives for their clients. The bank extends a variety of savings and investment products through their Canadian network of deposit brokers and financial advisors.
VersaBank GICs consistently offer attractive regular interest rates on non-registered and TFSA options.

Minimum deposit required is $1,000.00. For monthly certificates is $5,000.00.
Fixed-rate, non-redeemable GICs available monthly, semi-annually and annual interest payments.
Term options range from short-term (30-59 days to 270-364 days) and long-term, 1 to 5 years.
TFSA GICs are also available.
Assignable, transferable and available in terms from thirty days to five years. A nominal fee may apply.
Certificates are non-redeemable before maturity.
Eligible for CDIC insurance.

Peoples Bank Short Term 60 Day GIC

Term Length

60 Days
Interest Rate

3.40%

As of April 4, 2024
Minimum Deposit

$1,000

Minimum investment of $500 for registered accounts.
Bonus Offer

N/A

The Peoples Bank GICs are transferable and assignable with no transfer, setup or service fees, making them a nice choice for those who prefer to manage their investments without worrying about additional fees.
Peoples Trust and Peoples Bank of Canada are subsidiaries of the Peoples Group. Peoples Trust offers savings accounts, registered and non-registered GICs, and mortgage and lending services.

Non-registered and non-redeemable.
When the term ends, and if your instructions for the maturing GIC are not received by the bank, the principal and interest will automatically renew for the same term at the posted rate in effect on the maturity date. After the renewal, you will have 10 business days to either cancel the transaction or change the term of your account.
Terms range from short-term investments of 30 to 270 days or long-term investments of 1-5 years.
Competitive rates are guaranteed for the full term.
Short-term investments with interest paid at maturity.
Long-term investments with your choice of annual or compounding interest.
Transferable and assignable.
Electronic monthly statements.
Minimum deposit of $1,000.
No transfer, setup or service fees.
Eligible for deposit insurance from the Canada Deposit Insurance Corporation (CDIC).

Canadian Western Bank Short Term 60 Day GIC

Term Length

60 Days
Interest Rate

3.25%

As of April 4, 2024
Minimum Deposit

$5,000
Bonus Offer

N/A

Canadian Western Bank offers fixed long-term GICs in one to ten year terms, fixed short-term GICs and floating rate redeemable GICs, as well as rate specials, US dollar deposits, and TFSA, RRSP, RRIF and RESP GICs.
Canadian Western Bank offers business banking, investing products, registered plans, and personal banking, including loans, mortgages, credit cards, and chequing and savings accounts.

Available with annual interest, a monthly payment option with annual interest, a monthly payment option with Gold Leaf PLUS Annual interest (package available to clients 57 and over), and with US Dollar deposits.
Minimum $1,000 CAD deposit.
Available to Personal & Business clients in CAD funds only.
All rates are calculated on a per annum basis, applicable for deposits up to $5,000,000 CAD subject to change without notice, and interest is paid out at maturity. For deposits greater than $5,000,000, please contact your local banking centre.
Canadian Western Bank is a member of CDIC.

RBC Short Term 60 Day GIC (Non-redeemable)

Term Length

60 Days
Interest Rate

3.05%

As of April 4, 2024
Minimum Deposit

$5,000

$500 for RRSP, TFSA, RESP, RDSP; $1,000 RRIF, LIF, PRIF, and Non-Registered GICs of terms greater than 1 year; $5,000 (for terms between 30-364 days) or GICs with monthly interest payment option; $100,000 (for terms less than 30 days).
Bonus Offer

N/A

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.

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.

3-month GICs

VersaBank Short Term 90 Day GIC

Term Length

90 Days
Interest Rate

4.50%

As of April 4, 2024
Minimum Deposit

$5,000

Minimum deposit on monthly certificates is $5,000.00.
Bonus Offer

N/A

Founded in the 1990s, VersaBank is a branchless bank providing innovative banking alternatives for their clients. The bank extends a variety of savings and investment products through their Canadian network of deposit brokers and financial advisors.
VersaBank GICs consistently offer attractive regular interest rates on non-registered and TFSA options.

Minimum deposit required is $1,000.00. For monthly certificates is $5,000.00.
Fixed-rate, non-redeemable GICs available monthly, semi-annually and annual interest payments.
Term options range from short-term (30-59 days to 270-364 days) and long-term, 1 to 5 years.
TFSA GICs are also available.
Assignable, transferable and available in terms from thirty days to five years. A nominal fee may apply.
Certificates are non-redeemable before maturity.
Eligible for CDIC insurance.

Peoples Bank Short Term 90 Day GIC

Term Length

90 Days
Interest Rate

4.00%

As of April 4, 2024
Minimum Deposit

$1,000
Bonus Offer

N/A

The Peoples Bank GICs are transferable and assignable with no transfer, setup or service fees, making them a nice choice for those who prefer to manage their investments without worrying about additional fees.
Peoples Trust and Peoples Bank of Canada are subsidiaries of the Peoples Group. Peoples Trust offers savings accounts, registered and non-registered GICs, and mortgage and lending services.

Non-registered and non-redeemable.
When the term ends, and if your instructions for the maturing GIC are not received by the bank, the principal and interest will automatically renew for the same term at the posted rate in effect on the maturity date. After the renewal, you will have 10 business days to either cancel the transaction or change the term of your account.
Terms range from short-term investments of 30 to 270 days or long-term investments of 1-5 years.
Competitive rates are guaranteed for the full term.
Short-term investments with interest paid at maturity.
Long-term investments with your choice of annual or compounding interest.
Transferable and assignable.
Electronic monthly statements.
Minimum deposit of $1,000.
No transfer, setup or service fees.
Eligible for deposit insurance from the Canada Deposit Insurance Corporation (CDIC).

EQ Bank Short Term 3 Month GIC

Term Length

90 Days
Interest Rate

3.75%

As of April 23, 2024
Minimum Deposit

$100
Bonus Offer

N/A

Each EQ Bank GIC starts with a minimum deposit of $100, making it convenient for a new investor to explore these GICs at a competitive fixed rate.
EQ Bank, a trademark of Equitable Bank, is an online bank based in Toronto that offers chequing and savings accounts, GICs and registered plans. Read our review of EQ Bank for more information.

Non-registered and non-redeemable.
Must have an EQ savings account in order to get an EQ GIC.
When the term ends and your GIC reaches the maturity date, the funds will be placed in your Savings Plus Account (the one from which your initial investment was funded). You will receive an email or SMS alert notifying you of the GIC maturity.
Term options range from 3-months to 10-years. You’re the one in charge of your savings, that includes choosing whether short or long term GICs are right for you.
RSP and TFSA GICs are also available. Before you buy, you’ll need to open an RSP Savings Account or TFSA Savings Account.
GIC options let you lock in any of our amazing rates, so no matter what happens, that rate is yours.
Low minimum deposit. So you can start investing in GICs with as little as $100.
You choose how your interest is paid out, either at maturity or annually.
A GIC in seconds. As long as you have available funds in your Savings Plus Account, you can literally buy a GIC in seconds.
You can buy up to 20 GICs. Each GIC purchase must be for at least $100, and can be up to a maximum of $100,000. Customers can hold up to $500,000 in GICs, excluding interest earned.
*EQ Bank GICs are non-redeemable.
For GIC terms of less than one year, simple interest is calculated on a per diem basis and paid at maturity. For GIC terms equal to one year, simple interest is calculated on a per annum basis and paid at maturity. For GIC terms of over one year, not including 15 and 27 month terms, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually).
For GIC terms of 15 and 27 months, interest is calculated on a per annum basis, compounded annually and paid solely at maturity. In all cases, interest is accrued for the entire GIC term.
Maximum 20 GICs per customer. Per GIC investment limit of $100,000. Aggregate GIC investment limit of $500,000.
Rates are calculated on a per annum basis and are subject to change at any time.
Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank.

Tangerine 3 Month GIC

Term Length

3 Months
Interest Rate

3.50%

As of April 4, 2024
Minimum Deposit

$0
Bonus Offer

N/A

Tangerine’s non-redeemable GICs are available in short and long terms and can be included in registered plans, including TFSAs, RRSPs, and RRIFs.
Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine Bank for more information.

Offered in 1-5 year terms, as well as in 90-day, 180-day, 270-day, 1.5-year terms.
RSP, Tax-Free, US$ and RIF Guaranteed Investments are also available.
Lock in your savings for one of the set terms and start earning a great interest rate.
You’ll have 30 days from the purchase or re-investment date to cancel the new GIC.
No monthly fee.
Protected by the Canada Deposit Insurance Corporation (CDIC).

Canadian Western Bank Short Term 90 Day GIC

Term Length

90 Days
Interest Rate

3.30%

As of April 4, 2024
Minimum Deposit

$5,000
Bonus Offer

N/A

Canadian Western Bank offers fixed long-term GICs in one to ten year terms, fixed short-term GICs and floating rate redeemable GICs, as well as rate specials, US dollar deposits, and TFSA, RRSP, RRIF and RESP GICs.
Canadian Western Bank offers business banking, investing products, registered plans, and personal banking, including loans, mortgages, credit cards, and chequing and savings accounts.

Available with annual interest, a monthly payment option with annual interest, a monthly payment option with Gold Leaf PLUS Annual interest (package available to clients 57 and over), and with US Dollar deposits.
Minimum $1,000 CAD deposit.
Available to Personal & Business clients in CAD funds only.
All rates are calculated on a per annum basis, applicable for deposits up to $5,000,000 CAD subject to change without notice, and interest is paid out at maturity. For deposits greater than $5,000,000, please contact your local banking centre.
Canadian Western Bank is a member of CDIC.

RBC Short Term 90 Day GIC (Non-redeemable)

Term Length

90 Days
Interest Rate

3.30%

Interest rate for a non-registered, non-redeemable 90 – 179 days GIC

As of April 4, 2024
Minimum Deposit

$5,000

$500 for RRSP, TFSA, RESP, RDSP; $1,000 RRIF, LIF, PRIF, and Non-Registered GICs of terms greater than 1 year; $5,000 (for terms between 30-364 days) or GICs with monthly interest payment option; $100,000 (for terms less than 30 days).
Bonus Offer

N/A

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.

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.

4-month GICs

VersaBank Short Term 120 Day GIC

Term Length

120 days
Interest Rate

4.50%

As of April 4, 2024
Minimum Deposit

$5,000

Minimum deposit on monthly certificates is $5,000.00.
Bonus Offer

N/A

Founded in the 1990s, VersaBank is a branchless bank providing innovative banking alternatives for their clients. The bank extends a variety of savings and investment products through their Canadian network of deposit brokers and financial advisors.
VersaBank GICs consistently offer attractive regular interest rates on non-registered and TFSA options.

Minimum deposit required is $1,000.00. For monthly certificates is $5,000.00.
Fixed-rate, non-redeemable GICs available monthly, semi-annually and annual interest payments.
Term options range from short-term (30-59 days to 270-364 days) and long-term, 1 to 5 years.
TFSA GICs are also available.
Assignable, transferable and available in terms from thirty days to five years. A nominal fee may apply.
Certificates are non-redeemable before maturity.
Eligible for CDIC insurance.

Peoples Bank Short Term 120 Day GIC

Term Length

120 Days
Interest Rate

4.00%

As of April 4, 2024
Minimum Deposit

$1,000

Minimum investment of $500 for registered accounts.
Bonus Offer

N/A

The Peoples Bank GICs are transferable and assignable with no transfer, setup or service fees, making them a nice choice for those who prefer to manage their investments without worrying about additional fees.
Peoples Trust and Peoples Bank of Canada are subsidiaries of the Peoples Group. Peoples Trust offers savings accounts, registered and non-registered GICs, and mortgage and lending services.

Non-registered and non-redeemable.
When the term ends, and if your instructions for the maturing GIC are not received by the bank, the principal and interest will automatically renew for the same term at the posted rate in effect on the maturity date. After the renewal, you will have 10 business days to either cancel the transaction or change the term of your account.
Terms range from short-term investments of 30 to 270 days or long-term investments of 1-5 years.
Competitive rates are guaranteed for the full term.
Short-term investments with interest paid at maturity.
Long-term investments with your choice of annual or compounding interest.
Transferable and assignable.
Electronic monthly statements.
Minimum deposit of $1,000.
No transfer, setup or service fees.
Eligible for deposit insurance from the Canada Deposit Insurance Corporation (CDIC).

Canadian Western Bank Short Term 120 Day GIC

Term Length

120 Days
Interest Rate

3.50%

As of April 4, 2024
Minimum Deposit

$5,000
Bonus Offer

N/A

Canadian Western Bank offers fixed long-term GICs in one to ten year terms, fixed short-term GICs and floating rate redeemable GICs, as well as rate specials, US dollar deposits, and TFSA, RRSP, RRIF and RESP GICs.
Canadian Western Bank offers business banking, investing products, registered plans, and personal banking, including loans, mortgages, credit cards, and chequing and savings accounts.

Available with annual interest, a monthly payment option with annual interest, a monthly payment option with Gold Leaf PLUS Annual interest (package available to clients 57 and over), and with US Dollar deposits.
Minimum $1,000 CAD deposit.
Available to Personal & Business clients in CAD funds only.
All rates are calculated on a per annum basis, applicable for deposits up to $5,000,000 CAD subject to change without notice, and interest is paid out at maturity. For deposits greater than $5,000,000, please contact your local banking centre.
Canadian Western Bank is a member of CDIC.

BMO Non-Cashable Short Term 120 Day GIC

Term Length

120 Days
Interest Rate

3.00%

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.

Scotiabank Non-registered 4 Month GIC

Term Length

4 Months
Interest Rate

3.00%

As of April 4, 2024
Minimum Deposit

$500

Minimum Investment of $500 for short- and long-term GICs, including U.S. Dollar GICs. Certain U.S. Dollar GICs with U.S. dollar investments require a minimum of $100,000. For long-term GICs with a monthly investment payment option, the minimum investment is $5,000.
Bonus Offer

N/A

Scotiabank offers cashable, non-redeemable, market-linked, and redeemable GICs with a wide variety of term lengths. Registered GICs and US Dollar GICs are also available.
Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.

Short-term (30-364 days) and long-term (1-10 years) GICs are available.
Investment payment frequency for long-term GICs can be monthly ($5,000 minumum investment), or compounded annually or semi-annually. Interest paid at maturity, if annual or semi-annual compounding ($500 minumum investment).
All non-redeemable GICs are available as part of a registered or non-registered investment portfolio, and can be automatically renewed on maturity.
No abiility to withdraw your funds during the length of the GIC term.
When your term is up, you can either cash in your GIC – and get your initial investment back plus interest – or renew your term and keep growing.
You’ll need a Registered Plan or a Non-Registered Investment Plan to purchase your GIC.
Eligible for CDIC Insurance.

TD Bank Short Term 120 Day GIC

Term Length

120 Days
Interest Rate

3.00%

As of April 4, 2024
Minimum Deposit

$5,000
Bonus Offer

N/A

TD Bank GICs offer a variety of registered and non-registered options, the choice of cashable and non-cashable terms, and competitive market-linked GIC rates for those who’re in it for the long haul.
Toronto-Dominion Bank, or TD Bank, is one of Canada’s Big Six banks serving millions of personal and business customers globally. TD Bank offers spendings, savings and investment accounts, loans and more. Read our TD bank review for more information.

An attractive choice for investors who can lock in their funds for a specific term to earn a higher rate of interest.
The minimum deposit for a non-registered and TFSA plan is $1,000, and for RRSP, RESP and RIF it’s $500.
Your original investment and interest payments are guaranteed.
Compound interest is calculated annually and paid at maturity.
Not cashable unless for RIF/RESP payments.
On the date of renewal, the principal and interest is automatically renewed to another TD Special Offer GIC of the same term to maturity at the interest rate in effect for the renewed investment.
Eligible deposits are by the Canada Deposit Insurance Corporation.

6-month GICs

Peoples Bank Short Term 180 Day GIC

Term Length

180 Days
Interest Rate

5.00%

As of April 4, 2024
Minimum Deposit

$1,000
Bonus Offer

N/A

The Peoples Bank GICs are transferable and assignable with no transfer, setup or service fees, making them a nice choice for those who prefer to manage their investments without worrying about additional fees.
Peoples Trust and Peoples Bank of Canada are subsidiaries of the Peoples Group. Peoples Trust offers savings accounts, registered and non-registered GICs, and mortgage and lending services.

Non-registered and non-redeemable.
When the term ends, and if your instructions for the maturing GIC are not received by the bank, the principal and interest will automatically renew for the same term at the posted rate in effect on the maturity date. After the renewal, you will have 10 business days to either cancel the transaction or change the term of your account.
Terms range from short-term investments of 30 to 270 days or long-term investments of 1-5 years.
Competitive rates are guaranteed for the full term.
Short-term investments with interest paid at maturity.
Long-term investments with your choice of annual or compounding interest.
Transferable and assignable.
Electronic monthly statements.
Minimum deposit of $1,000.
No transfer, setup or service fees.
Eligible for deposit insurance from the Canada Deposit Insurance Corporation (CDIC).

Tangerine 6 Month GIC

Term Length

180 Days
Interest Rate

5.00%

As of April 4, 2024
Minimum Deposit

$0
Bonus Offer

N/A

Tangerine’s non-redeemable GICs are available in short and long terms and can be included in registered plans, including TFSAs, RRSPs, and RRIFs.
Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine Bank for more information.

Offered in 1-5 year terms, as well as in 90-day, 180-day, 270-day, 1.5-year terms.
RSP, Tax-Free, US$ and RIF Guaranteed Investments are also available.
Lock in your savings for one of the set terms and start earning a great interest rate.
You’ll have 30 days from the purchase or re-investment date to cancel the new GIC.
No monthly fee.
Protected by the Canada Deposit Insurance Corporation (CDIC).

Bridgewater Bank Short Term 180 Day GIC

Term Length

180 Days
Interest Rate

4.30%

As of April 10, 2024
Minimum Deposit

$5,000
Bonus Offer

N/A

Bridgewater Bank, headquartered in Calgary, was established in 1997 as a wholly-owned subsidiary of Alberta Motor Association (AMA). The branchless bank offers high-interest savings accounts, GICs and mortgages via online banking and over the phone.
Bridgewater Bank GIC regular interest rates compete with many leading banks in Canada but only come with a non-registered investment option.

No monthly fees.
Leading interest rates.
Fixed interest throughout your term.
On GICs having terms of one year or longer, interest is calculated daily and is either paid monthly, annually, or compounded annually and paid at maturity as per customer requests.
Monthly interest payment option available at a rate of 0.25% lower than the above indicated annual rates.
GICs are non-redeemable prior to maturity. Cashable GICs are cashable after 30 days of the date of issue.
Non-registered investment options.
Personal deposits only.
Canada Deposit Insurance Corporation (CDIC) eligible.

VersaBank Short Term 180 Day GIC

Term Length

180 Days
Interest Rate

4.75%

As of April 4, 2024
Minimum Deposit

$5,000

Minimum deposit on monthly certificates is $5,000.00.
Bonus Offer

N/A

Founded in the 1990s, VersaBank is a branchless bank providing innovative banking alternatives for their clients. The bank extends a variety of savings and investment products through their Canadian network of deposit brokers and financial advisors.
VersaBank GICs consistently offer attractive regular interest rates on non-registered and TFSA options.

Minimum deposit required is $1,000.00. For monthly certificates is $5,000.00.
Fixed-rate, non-redeemable GICs available monthly, semi-annually and annual interest payments.
Term options range from short-term (30-59 days to 270-364 days) and long-term, 1 to 5 years.
TFSA GICs are also available.
Assignable, transferable and available in terms from thirty days to five years. A nominal fee may apply.
Certificates are non-redeemable before maturity.
Eligible for CDIC insurance.

EQ Bank Short Term 6 Month GIC

Term Length

180 Days
Interest Rate

4.50%

As of April 23, 2024
Minimum Deposit

$100
Bonus Offer

N/A

Each EQ Bank GIC starts with a minimum deposit of $100, making it convenient for a new investor to explore these GICs at a competitive fixed rate.
EQ Bank, a trademark of Equitable Bank, is an online bank based in Toronto that offers chequing and savings accounts, GICs and registered plans. Read our review of EQ Bank for more information.

Non-registered and non-redeemable.
Must have an EQ savings account in order to get an EQ GIC.
When the term ends and your GIC reaches the maturity date, the funds will be placed in your Savings Plus Account (the one from which your initial investment was funded). You will receive an email or SMS alert notifying you of the GIC maturity.
Term options range from 3-months to 10-years. You’re the one in charge of your savings, that includes choosing whether short or long term GICs are right for you.
RSP and TFSA GICs are also available. Before you buy, you’ll need to open an RSP Savings Account or TFSA Savings Account.
GIC options let you lock in any of our amazing rates, so no matter what happens, that rate is yours.
Low minimum deposit. So you can start investing in GICs with as little as $100.
You choose how your interest is paid out, either at maturity or annually.
A GIC in seconds. As long as you have available funds in your Savings Plus Account, you can literally buy a GIC in seconds.
You can buy up to 20 GICs. Each GIC purchase must be for at least $100, and can be up to a maximum of $100,000. Customers can hold up to $500,000 in GICs, excluding interest earned.
*EQ Bank GICs are non-redeemable.
For GIC terms of less than one year, simple interest is calculated on a per diem basis and paid at maturity. For GIC terms equal to one year, simple interest is calculated on a per annum basis and paid at maturity. For GIC terms of over one year, not including 15 and 27 month terms, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually).
For GIC terms of 15 and 27 months, interest is calculated on a per annum basis, compounded annually and paid solely at maturity. In all cases, interest is accrued for the entire GIC term.
Maximum 20 GICs per customer. Per GIC investment limit of $100,000. Aggregate GIC investment limit of $500,000.
Rates are calculated on a per annum basis and are subject to change at any time.
Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank.

Canadian Western Bank Short Term 180 Day GIC

Term Length

180 Days
Interest Rate

4.00%

As of April 4, 2024
Minimum Deposit

$5,000
Bonus Offer

N/A

Canadian Western Bank offers fixed long-term GICs in one to ten year terms, fixed short-term GICs and floating rate redeemable GICs, as well as rate specials, US dollar deposits, and TFSA, RRSP, RRIF and RESP GICs.
Canadian Western Bank offers business banking, investing products, registered plans, and personal banking, including loans, mortgages, credit cards, and chequing and savings accounts.

Available with annual interest, a monthly payment option with annual interest, a monthly payment option with Gold Leaf PLUS Annual interest (package available to clients 57 and over), and with US Dollar deposits.
Minimum $1,000 CAD deposit.
Available to Personal & Business clients in CAD funds only.
All rates are calculated on a per annum basis, applicable for deposits up to $5,000,000 CAD subject to change without notice, and interest is paid out at maturity. For deposits greater than $5,000,000, please contact your local banking centre.
Canadian Western Bank is a member of CDIC.

9-month GICs

Tangerine 9 Month GIC

Term Length

270 Days
Interest Rate

5.25%

As of April 4, 2024
Minimum Deposit

$0
Bonus Offer

N/A

Tangerine’s non-redeemable GICs are available in short and long terms and can be included in registered plans, including TFSAs, RRSPs, and RRIFs.
Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine Bank for more information.

Offered in 1-5 year terms, as well as in 90-day, 180-day, 270-day, 1.5-year terms.
RSP, Tax-Free, US$ and RIF Guaranteed Investments are also available.
Lock in your savings for one of the set terms and start earning a great interest rate.
You’ll have 30 days from the purchase or re-investment date to cancel the new GIC.
No monthly fee.
Protected by the Canada Deposit Insurance Corporation (CDIC).

VersaBank Short Term 270 Day GIC

Term Length

270 Days
Interest Rate

5.00%

As of April 4, 2024
Minimum Deposit

$5,000

Minimum deposit on monthly certificates is $5,000.00.
Bonus Offer

N/A

Founded in the 1990s, VersaBank is a branchless bank providing innovative banking alternatives for their clients. The bank extends a variety of savings and investment products through their Canadian network of deposit brokers and financial advisors.
VersaBank GICs consistently offer attractive regular interest rates on non-registered and TFSA options.

Minimum deposit required is $1,000.00. For monthly certificates is $5,000.00.
Fixed-rate, non-redeemable GICs available monthly, semi-annually and annual interest payments.
Term options range from short-term (30-59 days to 270-364 days) and long-term, 1 to 5 years.
TFSA GICs are also available.
Assignable, transferable and available in terms from thirty days to five years. A nominal fee may apply.
Certificates are non-redeemable before maturity.
Eligible for CDIC insurance.

Peoples Bank Short Term 270 Day GIC

Term Length

270 Days
Interest Rate

4.85%

As of April 4, 2024
Minimum Deposit

$1,000
Bonus Offer

N/A

The Peoples Bank GICs are transferable and assignable with no transfer, setup or service fees, making them a nice choice for those who prefer to manage their investments without worrying about additional fees.
Peoples Trust and Peoples Bank of Canada are subsidiaries of the Peoples Group. Peoples Trust offers savings accounts, registered and non-registered GICs, and mortgage and lending services.

Non-registered and non-redeemable.
When the term ends, and if your instructions for the maturing GIC are not received by the bank, the principal and interest will automatically renew for the same term at the posted rate in effect on the maturity date. After the renewal, you will have 10 business days to either cancel the transaction or change the term of your account.
Terms range from short-term investments of 30 to 270 days or long-term investments of 1-5 years.
Competitive rates are guaranteed for the full term.
Short-term investments with interest paid at maturity.
Long-term investments with your choice of annual or compounding interest.
Transferable and assignable.
Electronic monthly statements.
Minimum deposit of $1,000.
No transfer, setup or service fees.
Eligible for deposit insurance from the Canada Deposit Insurance Corporation (CDIC).

EQ Bank Non-registered 9 Month GIC

Term Length

270 Days
Interest Rate

4.75%

As of April 23, 2024
Minimum Deposit

$100
Bonus Offer

N/A

Each EQ Bank GIC starts with a minimum deposit of $100, making it convenient for a new investor to explore these GICs at a competitive fixed rate.
EQ Bank, a trademark of Equitable Bank, is an online bank based in Toronto that offers chequing and savings accounts, GICs and registered plans. Read our review of EQ Bank for more information.

Non-registered and non-redeemable.
Must have an EQ savings account in order to get an EQ GIC.
When the term ends and your GIC reaches the maturity date, the funds will be placed in your Savings Plus Account (the one from which your initial investment was funded). You will receive an email or SMS alert notifying you of the GIC maturity.
Term options range from 3-months to 10-years. You’re the one in charge of your savings, that includes choosing whether short or long term GICs are right for you.
RSP and TFSA GICs are also available. Before you buy, you’ll need to open an RSP Savings Account or TFSA Savings Account.
GIC options let you lock in any of our amazing rates, so no matter what happens, that rate is yours.
Low minimum deposit. So you can start investing in GICs with as little as $100.
You choose how your interest is paid out, either at maturity or annually.
A GIC in seconds. As long as you have available funds in your Savings Plus Account, you can literally buy a GIC in seconds.
You can buy up to 20 GICs. Each GIC purchase must be for at least $100, and can be up to a maximum of $100,000. Customers can hold up to $500,000 in GICs, excluding interest earned.
*EQ Bank GICs are non-redeemable.
For GIC terms of less than one year, simple interest is calculated on a per diem basis and paid at maturity. For GIC terms equal to one year, simple interest is calculated on a per annum basis and paid at maturity. For GIC terms of over one year, not including 15 and 27 month terms, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually).
For GIC terms of 15 and 27 months, interest is calculated on a per annum basis, compounded annually and paid solely at maturity. In all cases, interest is accrued for the entire GIC term.
Maximum 20 GICs per customer. Per GIC investment limit of $100,000. Aggregate GIC investment limit of $500,000.
Rates are calculated on a per annum basis and are subject to change at any time.
Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank.

Bridgewater Bank Short Term 270 Day GIC

Term Length

270 Days
Interest Rate

4.50%

As of April 10, 2024
Minimum Deposit

$5,000
Bonus Offer

N/A

Bridgewater Bank, headquartered in Calgary, was established in 1997 as a wholly-owned subsidiary of Alberta Motor Association (AMA). The branchless bank offers high-interest savings accounts, GICs and mortgages via online banking and over the phone.
Bridgewater Bank GIC regular interest rates compete with many leading banks in Canada but only come with a non-registered investment option.

No monthly fees.
Leading interest rates.
Fixed interest throughout your term.
On GICs having terms of one year or longer, interest is calculated daily and is either paid monthly, annually, or compounded annually and paid at maturity as per customer requests.
Monthly interest payment option available at a rate of 0.25% lower than the above indicated annual rates.
GICs are non-redeemable prior to maturity. Cashable GICs are cashable after 30 days of the date of issue.
Non-registered investment options.
Personal deposits only.
Canada Deposit Insurance Corporation (CDIC) eligible.

Canadian Western Bank Short Term 270 Day GIC

Term Length

270 Days
Interest Rate

4.50%

As of April 4, 2024
Minimum Deposit

$5,000
Bonus Offer

N/A

Canadian Western Bank offers fixed long-term GICs in one to ten year terms, fixed short-term GICs and floating rate redeemable GICs, as well as rate specials, US dollar deposits, and TFSA, RRSP, RRIF and RESP GICs.
Canadian Western Bank offers business banking, investing products, registered plans, and personal banking, including loans, mortgages, credit cards, and chequing and savings accounts.

Available with annual interest, a monthly payment option with annual interest, a monthly payment option with Gold Leaf PLUS Annual interest (package available to clients 57 and over), and with US Dollar deposits.
Minimum $1,000 CAD deposit.
Available to Personal & Business clients in CAD funds only.
All rates are calculated on a per annum basis, applicable for deposits up to $5,000,000 CAD subject to change without notice, and interest is paid out at maturity. For deposits greater than $5,000,000, please contact your local banking centre.
Canadian Western Bank is a member of CDIC.

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
Bank of Montreal (BMO)	2.25%	$18.49	2.50%	$41.10
Canadian Western Bank	3.00%	$24.66	3.25%	$53.42
Coast Capital Savings	2.20%	$18.08	2.20%	$36.16
Home Trust	2.25%	$18.49	2.25%	$36.99
Kindred Credit Union (Ontario only)	2.30%	$18.90	2.35%	$38.63
Manulife Bank	2.00%	$16.44	2.00%	$32.88
Meridian Credit Union	2.25%	$18.49	2.50%	$41.10
Motusbank	0.95%	$7.81	1.00%	$16.44
Oaken Financial	2.25%	$18.49	2.25%	$36.99
Peoples Bank of Canada	3.40%	$27.95	3.40%	$55.89
Royal Bank of Canada	2.80%	$23.01	3.05%	$50.14
Scotiabank	2.25%	$18.49	2.50%	$41.10
TD Bank	2.25%	$18.49	2.50%	$41.10
VersaBank	4.30%	$35.34	4.30%	$70.68

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
Bank of Montreal (BMO)	2.75%	$67.81	3.00%	$98.63
Canadian Western Bank	3.30%	$81.37	3.50%	$115.07
Coast Capital Savings	2.60%	$64.11	2.60%	$85.48
EQ Bank	3.75%	$92.47	Not offered	N/A
Home Trust	2.25%	$55.48	2.25%	$73.97
Kindred Credit Union (Ontario only)	2.40%	$59.18	Not offered	N/A
Laurentian Bank of Canada	3.00%	$73.97	Not offered	N/A
Manulife Bank	2.85%	$70.27	Not offered	N/A
Meridian Credit Union	2.75%	$67.81	Not offered	N/A
Motusbank	1.05%	$25.89	Not offered	N/A
Oaken Financial	2.25%	$55.48	2.25%	$73.97
Peoples Bank of Canada	4.00%	$98.63	4.00%	$131.51
Royal Bank of Canada	3.30%	$81.37	Not offered	N/A
Scotiabank	2.75%	$67.81	3.00%	$98.63
Tangerine Bank	3.50%	$86.30	Not offered	N/A
TD Bank	2.75%	$67.81	3.00%	$98.63
VersaBank	4.50%	$110.96	4.50%	$147.95

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
Bank of Montreal (BMO)	3.25%	$160.27	3.50%	$258.90
Bridgewater Bank	4.32%	$213.04	4.51%	$333.62
Canadian Western Bank	4.00%	$197.26	4.50%	$332.88
Canadian Imperial Bank of Commerce (CIBC) Bonus Rate GIC	3.55%	$175.07	3.65%	$270.00
Coast Capital Savings	3.20%	$157.81	3.50%	$258.90
EQ Bank	4.50%	$221.92	4.75%	$351.37
Haventree Bank	2.01%	$99.12	2.36%	$174.58
Home Trust	2.25%	$110.96	2.70%	$199.73
Kindred Credit Union (Ontario only)	3.40%	$167.67	3.60%	$266.30
Laurentian Bank of Canada	3.50%	$147.95	4.25%	$258.90
Manulife Bank	3.70%	$182.47	4.00%	$295.89
Meridian Credit Union	3.25%	$160.27	3.50%	$258.90
Motusbank	1.05%	$51.78	1.05%	$77.67
National Bank of Canada	1.50%	$73.97	1.85%	$136.85
Oaken Financial	2.25%	$110.96	2.70%	$199.73
Peoples Bank of Canada	5.00%	$246.58	5.20%	$384.66
Royal Bank of Canada	3.55%	$175.07	3.70%	$273.70
Scotiabank	3.25%	$160.27	3.55%	$262.60
Tangerine Bank	4.75%	$234.25	5.15%	$380.96
TD Bank	3.25%	$160.27	3.50%	$258.90
Valley First (British Columbia only)	4.50%	$36.78	3.25%	$331.64
VersaBank	4.75%	$234.25	4.80%	$355.07

» MORE: Looking for a GIC with a longer term? Explore more of the best GIC rates in Canada

What to know about short-term GICs

What is a short-term GIC?

A short-term GIC is a type of GIC that pays a set amount of interest over a period that’s less than a year. Common term lengths for this investment product include 30-, 60-, 90- and 180-days.

Your principal deposit is guaranteed with a short-term GIC, so you’ll never come away with less than you originally invested. But, because the terms are short, you’ll earn limited interest. Some 90-day GICs, for example, pay less than 1% interest.

How do interest rates work on short-term GICs?

Financial institutions usually advertise fixed-rate GICs with annual interest rates, which means you can find out exactly how much interest you’d earn on your investment over the course of a year.

However, since you’ll hold a short-term GIC for less than one year, you won’t earn that total annual rate of interest. Instead, you’ll only earn interest at that annual rate of return during the GIC’s term, and that return on your principal investment will be less than you may expect.

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.

Are GICs good for a short-term investment?

Depending on the interest rate offered, a GIC can be a smart alternative to some basic and high-interest savings accounts. They’re secure, the returns are guaranteed and they don’t require much maintenance. If that’s important to you, a GIC investment is likely worth your money.

If you have an amount of cash that you don’t plan on touching for several months, a short-term GIC can help you earn a few extra dollars. It’s a great way to start investing. You can even earn tax-advantaged interest by purchasing a GIC within your TFSA or by using funds in your RRSP to buy GICs.

To get maximum value from a GIC, you need to keep your money parked for the full term. And if you’re not comfortable committing to that, make sure you get a cashable or redeemable GIC that allows you to withdraw your money early without penalty.

And if you’re comfortable investing your money for a little longer, you can always consider purchasing longer-term GICs, which are sold in yearly increments. Based on the interest rate trend, you may be able to access higher interest rates and the ability to grow your return through a GIC ladder.