Best GIC rates in Canada

As of June 7, 2026, the highest posted 1-year non-redeemable GIC rate we track is 3.60% from Achieva Financial. The leaders change often — online banks and credit unions like Oaken, WealthONE, and the Manitoba credit unions (Achieva, Hubert) usually top the table, well above the big-five banks. Sort the table above by the term you want to see the current leader. Always confirm the live rate on the issuer's site before you invest.

Every GIC in our table is protected. Bank GICs are covered by CDIC up to $100,000 per depositor, per insured category, per member institution — principal and interest, paid out if the bank fails. Credit-union GICs are covered by provincial deposit insurance instead, which in Manitoba is unlimited and in Ontario is unlimited on registered money. That means a credit union can be a safer home for a large balance than a bank capped at $100,000. See our CDIC guide for how to structure accounts to insure far more than $100,000.

The big-five banks don't need to compete on deposit rates — they have the customers already. Online banks (EQ Bank, WealthONE, Oaken's parent) and credit unions have lower overhead and use rate to win deposits, so they routinely post 1–2 full percentage points more than the big banks on the same term. The deposit insurance is just as real. That gap is exactly why this table leans toward the challengers — that's where the better deals are.

It depends on when you need the money and your read on rates. A shorter term keeps your money accessible sooner and lets you reinvest if rates rise; a longer term locks in today's rate for longer, which wins if rates fall. Rather than guess, most savers use a GIC ladder — split the money across 1- to 5-year terms so one matures every year. You capture the higher long-term rates without locking everything away. Our GIC ladder calculator builds one in seconds.

GIC interest is fully taxed at your marginal rate — the least favourable tax treatment of any investment income, and in a taxable account you owe it every year even on a multi-year GIC. So a registered account is almost always the better home: a TFSA makes the interest tax-free, an RRSP/RRIF shelters it until withdrawal. Most issuers in our table offer registered GICs. Our GIC guide covers the tax angle in full.

A non-redeemable GIC locks your money in for the full term and pays the highest rate — every rate in our table is non-redeemable. A redeemable (cashable) GIC lets you withdraw early, usually after a short hold, but pays a noticeably lower rate in exchange for that flexibility. If you are confident you won't touch the money before maturity, non-redeemable wins; if there's any chance you will, a redeemable GIC or a GIC ladder keeps part of your savings within reach.

Most issuers in our table require $1,000 to open a GIC. A few let you start far smaller — EQ Bank from $100 and Tangerine from $0 — which is handy for a first GIC or a small ladder rung. The minimum deposit is listed for every issuer in the table above.

GIC rates track the Bank of Canada's policy rate and bond yields, so they rise and fall with expectations for inflation and rate cuts — not on a set schedule. Rather than try to call the top, most savers build a GIC ladder: spreading money across 1- to 5-year terms means you never lock everything in at the wrong moment, and you reinvest one rung every year at whatever the going rate is. Our ladder calculator shows how.

Most issuers in our table refresh automatically every day — an overnight job reads each bank's own rate page, sanity-checks every number, and updates the table, last refreshed June 7, 2026. A few issuers whose pages can't be read by machine are updated by hand. Either way these are posted non-redeemable rates, and posted and promotional rates still change without notice — so treat the table as a starting shortlist, not a quote and confirm the live rate, term, and conditions on the issuer's site before moving money. Read our methodology for how we keep the table fresh and how we make money.