Best Tangerine GIC Rates in Canada: TFSA, RSP, & USD (2024)

Tangerine Guaranteed Investment Certificates (GICs) offer competitive rates and guaranteed returns on your savings.

They are available for registered accounts like the RRSP, TFSA, and RRIF, as well as non-registered ones.

If you are looking for a safe investment with ‘high’ returns and don’t need your deposit at a moment’s notice, a GIC may work for you.

Learn about the best Tangerine GICs for TFSA, RRSP, RRIF, USD, and non-registered personal and business accounts.

Best Tangerine GIC Rates in Canada

Tangerine Bank is an online subsidiary of Scotiabank. It has six GIC products you can choose from:

• Tangerine Guaranteed Investments (GIC → non-registered)
• Tangerine RSP GIC
• Tangerine TFSA GIC
• Tangerine RIF GIC
• Tangerine US$ GIC
• Tangerine Business GICs

To open an account, you can sign up online and transfer funds from your current bank.

These GICs are available in 90-day, 180-day, 270-day, 1-year, 1.5-year, 2-year, 3-year, 4-year, and 5-year terms.

Tangerine Guaranteed Investment Certificate (GIC)

The non-registered GIC account pays a competitive rate and does not restrict how much you can invest.

It has no fees or service charges, although a $50 transfer fee applies if you want to move it to another financial institution.

Interest on GICs for one year or longer is calculated based on 365 or 366 days and compounded and /or paid annually.

For GICs with terms of less than one year, interest is calculated based on 365/366 days and paid at maturity.

Tangerine GIC Rates (non-registered)

The current Tangerine GIC rates (as of April 3, 2024) are:

• 90-day GIC: 3.50%
• 180-day GIC: 5.00%
• 270-day GIC: 5.25%
• 1-year GIC: 5.20%
• 2-year GIC: 3.60%
• 3-year GIC: 3.50%
• 4-year GIC: 3.30%
• 5-year GIC: 3.25%

These rates are regularly updated, so check the current rates on Tangerine’s Website. For higher GIC rates up to 5.35%, check EQ Bank rates.

Tangerine vs. EQ Bank GICs

EQ Bank is another online bank known for its high GIC interest rates. It is owned by Equitable Bank, the seventh-largest bank in Canada.

EQ Bank GICs are available for non-registered personal accounts, TFSA, and RSPs. The rates as of this update for non-registered EQ Bank GICs are:

• 3 months: 3.75%
• 6 months: 4.50%
• 9 months: 5.75%
• 1 year: 5.35%
• 2 years: 5.00%
• 3 years: 4.80%
• 4 years: 4.55%
• 5 years: 4.45%

EQ Bank also offers GICs with 15-month, 27-month, 6-year, 7-year, and 10-year terms.

Like Tangerine, EQ Bank’s GICs are non-redeemable. Check the current rates on their website.

Tangerine RSP GIC

GICs are one way to protect retirement savings, especially given the current competitive rates.

The returns you can expect are fixed and guaranteed over the GIC term.

The annual RRSP contribution limit for 2024 is 18% of your earned income in 2023, up to a maximum of $31,560.

Tangerine’s RRSP GIC rates are the same as its non-registered ones as of this writing.

Tangerine TFSA GIC

One way to shelter your earnings from taxation is to invest using a Tax-Free Savings Account (TFSA).

Income, dividends, and capital gains earned in TFSAs are tax-free for life, and the Tangerine TFSA GIC has no monthly or service fees.

For 2024, the TFSA contribution limit is $7,000. If you have been eligible since 2009, when it was introduced, your total contribution room is now $95,000 (assuming no withdrawals or re-contributions).

TFSA contribution limit increases to $7,000 in 2024, for a total lifetime contribution amount (since 2009) of $95,000.

As of this writing, the interest rates for Tangerine TFSA GICs are the same as what they offer on the non-registered account.

Here are some other TFSA investments.

Tangerine RIF GIC

If converting your RRSP to a RIF or opening a new Registered Retirement Income Fund (RRIF), this account may be suitable. Here are some other RRIF investments to consider.

Note: ‘RIF’ and RRIF’ are used interchangeably.

Tangerine US GIC

If you have UD dollars sitting in a low-interest USD savings account, a USD GIC account can provide higher interest rates.

The Tangerine USD GIC rates as of this writing (April 3, 2024) are:

• 90-day: 3.30%
• 180-day: 4.80%
• 270-day: 5.05%
• 1-year: 5.00%
• 1.5-year: 4.10%
• 2-year: 3.40%
• 3-year: 3.30%
• 4-year: 3.10%
• 5-year: 3.05%

Tangerine Business GICs

Tangerine offers non-registered business GICs for Canadian and US dollars.

To open an account, you must have a corresponding Tangerine Business Savings Account or Tangerine Business US$ Savings Account.

Here are the top business savings accounts in Canada.

Benefits of Tangerine GICs

A Tangerine GIC offers these benefits:

• Deposit insurance against firm bankruptcy through the Canada Deposit Insurance Corporation (CDIC)- up to specified limits.
• Guaranteed returns and low risk.
• No fees.
• Supports registered and non-registered accounts.
• May offer higher returns than a savings account.

Downsides of Tangerine GICs

Downsides to note when investing using a GIC include:

• Potential for lower returns when compared to investment assets like stocks/equity ETFs.
• Non-redeemable GICs mean you can’t withdraw funds until maturity (otherwise, you pay the penalty).
• Returns may not keep up with inflation.