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Guaranteed Investment Certificates (GICs) are a type of investment that pays you a guaranteed rate of return over a specified period of time. They are safe investments and as such work well in conservative investment portfolios or can represent some portion of the fixed income component of any portfolio.

GICs are similar to a savings account where you deposit money and are promised an annual interest rate by the bank. However, unlike a traditional savings account, a traditional GIC usually locks-in your money for the period of time specified in your contract i.e. your funds are not cashable (or redeemable) until maturity.

For example, a 1-year fixed rate non-redeemable GIC means that if you want to withdraw your funds before 1 year has elapsed, you will pay a penalty.

There are GICs that offer more flexibility and allow you to withdraw your money before maturity. These are known as Cashable or Redeemable GICs. The interest rates offered on these GICs are lower than what is available for a similar non-redeemable GIC and an identical term.

The interest rate on most GICs is fixed. However, there are also options to earn variable interest  (variable-rate GICs) or even have the return tied to the performance of the stock market (market-linked GICs).

A GIC can be held in registered (TFSA, RRSP, RESP, RRIF) or non-registered accounts.

For more on the basics of GICs, check out my post on GICs and their place in your investment portfolio. The advantages and disadvantages of GICs are similar to those of high-interest savings accounts. For more information on their pros and cons, read – The Best High-Interest Savings Accounts in Canada.

The Best GIC Rate in Canada

The list below focuses on the most popular GIC-type i.e. traditional, non-registered, fixed-rate, non-redeemable GICs. As you can imagine, none of the best rates are offered by big banks. if you want a great GIC rate, your best bet is an online-only bank or credit union.

Canada Deposit Insurance Corporation (CDIC) offers protection to deposits owned by customers of its member-firms up to $100,000, while credit unions are insured provincially, and offer protection on 100% of your deposits, irrespective of the amount.

The best-rated GICs currently being offered include:

EQ Bank

EQ bank is CDIC-insured via their parent bank, Equitable Bank. They are killing it on both their High-Interest Savings Account (2.45%) and GIC packages, with current best GIC rates including:

  • 3 months: 2.45%
  • 6 months: 2.10%
  • 9 months: 2.10%
  • 1 year: 2.40%
  • 2 years: 2.40%
  • 3 years: 2.45%
  • 4 years: 2.50%
  • 5 years: 2.55%

Visit EQ Bank for great GIC Rates today!

Visit EQ Bank for the Best Savings Rates today (2.00%)!

Motive Financial

Motive Financial is CDIC-insured through the Canadian Western Bank. Their current GIC offerings include:

  • 1-year GIC: 2.00%
  • 2-year GIC: 2.05%
  • 3-year GIC: 2.10%
  • 4-year GIC: 2.20%
  • 5-year GIC: 2.25%

Read Review: Motive Financial

Oaken Financial

They are CDIC-insured via Home Trust. Their current GIC offerings include:

  • 1-year GIC: 2.40%
  • 2-year GIC: 2.50%
  • 3-year GIC: 2.55%
  • 4-year GIC: 2.60%
  • 5-year GIC: 2.70%

Read Review: Oaken Financial

Best Savings Accounts For Canadians in 2019

Peoples Trust

They are CDIC-insured and their current GIC rates include:

  • 1-year GIC: 2.30%
  • 2-year GIC: 2.30%
  • 3-year GIC: 2.35%
  • 4-year GIC: 2.40%
  • 5-year GIC: 2.55%

Visit: Peoples Trust


motusbank is a digital bank owned by the popular Meridien Credit Union. They offer some of the best savings, GIC, mortgage, and personal loan rates in Canada. Their current GIC rates are:

  • 1-year GIC: 2.10% 
  • 2-year GIC: 2.20%
  • 3-year GIC: 2.25%
  • 4-year GIC: 2.30%
  • 5-year GIC: 2.35% 

Visit: motusbank

Hubert Financial

Hubert Financial is operated by Sunova Credit Union and insured under the Deposit Guarantee Corporation of Manitoba (DGCM). Their current GIC rates include:

  • 1-year GIC: 2.20%
  • 2-year GIC: 2.10%
  • 3-year GIC: 2.15%
  • 4-year GIC: 2.20%
  • 5-year GIC: 2.30%

Visit: Hubert Financial

AcceleRate Financial

The parent company for AcceleRate Financial is Crosstown Civic Credit union. They are insured via DGCM. Current GIC rates being offered include:

  • 1-year GIC: 2.20%
  • 2-year GIC: 2.25%
  • 3-year GIC: 2.30%
  • 4-year GIC: 2.40%
  • 5-year GIC: 2.50%

Visit: AcceleRate Financial

Tangerine Bank

Tangerine Bank is CDIC insured via its parent – Scotiabank. Their current GIC rates include:

  • 1-year GIC: 2.20%
  • 2-year GIC: 1.50%
  • 3-year GIC: 1.50%
  • 4-year GIC: 1.50%
  • 5-year GIC: 1.50%

Visit: Tangerine Bank. Tangerine Bank also offers one of the highest promotional interest rates on Savings at 2.75%. Check out Tangerine Savings here and get up to a $50 sign-up cash bonus!! See below for how you can earn up to $200 in cash bonuses when you open a Tangerine Chequing Account.

Ideal Savings

Ideal Savings is owned by Carpathia Credit Union and is insured via DGCM. Their current rates are:

  • 1-year GIC: 1.90%
  • 2-year GIC: 2.15%
  • 3-year GIC: 2.20%
  • 4-year GIC: 2.25%
  • 5-year GIC: 2.30%

Review: Ideal Savings

Implicitly Financial

Implicitly Financial is managed by Entegra Credit Union and your deposits are insured via DGCM. Their current GIC rates are:

  • 1-year GIC: 2.20%
  • 2-year GIC: 2.30%
  • 3-year GIC: 2.30%
  • 4-year GIC: 2.40%
  • 5-year GIC: 2.50%

Visit: Implicitly Financial

Achieva Financial

Achieva Financial is operated by Cambrian Credit Union and deposits are insured by DGCM. Their current GIC rates are:

  • 1-year GIC: 2.00%
  • 2-year GIC: 2.05%
  • 3-year GIC: 2.10%
  • 4-year GIC: 2.15%
  • 5-year GIC: 2.20%

Visit: Achieva Financial


Tangerine Savings and Chequing Offer

Tangerine Bank is currently offering a promotional rate of 2.75% (with this link) when you open a new High-Interest Savings Account.

They are also offering a $200 total cash bonus when you open a new no-fee chequing account and fund it with at least $250 plus switch your payroll or pre-authorized payments to Tangerine. Unlike the traditional chequing account, Tangerine will pay you interest on your chequing account balance as well!

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Learn about the best GIC rates available in Canada and start earning more in returns on your money. #GIC #interestrates #savemoney #invest #moneytips #makemoney #personalfinance