Banking · GIC review
BMO GIC review
A Big Five bank that is more competitive on longer terms than shorter ones — convenient and CDIC-backed, but well behind the rate leaders.
Best for: BMO clients who want a branch-bank GIC, especially for a longer term
Pros
- More competitive on 4- and 5-year terms than on shorter ones
- Full CDIC coverage and a nationwide branch and advisor network
- Registered and non-registered GICs
- Convenient if you already bank with BMO
Cons
- Short-term rates are notably weak
- Watch for the $100,000+ large-deposit table — that is not the standard retail rate
- Rates trail the top challenger banks and credit unions
Who BMO is
BMO (Bank of Montreal) is one of Canada's Big Five banks, with branches and advisors across the country. As with its peers, the appeal of a BMO GIC is convenience and the comfort of a large institution rather than a leading rate.
The rates in our table are BMO's standard non-cashable GIC curve (over $1,000, annual compound). Be aware that BMO also publishes a higher table for large deposits of $100,000 or more — that is a separate tier, not the rate a typical retail saver gets.
The rates — back-loaded
BMO's GIC rates are noticeably stronger at the long end of the curve than the short end. Its 1-year rate is among the weakest in our table, but its 4- and 5-year rates close some of the gap to the other Big Five.
Even so, the leading credit unions and challenger banks pay materially more across every term. If you are set on a BMO GIC, a longer term makes the most sense — but compare it against the field on our best GIC rates page first.
Safety and deposit insurance
BMO GICs are covered by CDIC — up to $100,000 per depositor, per insured category, covering principal and interest if the bank ever failed. BMO is also a systemically important bank, but the same $100,000 ceiling applies for deposit-insurance purposes.
For balances above $100,000, spread across categories or institutions to stay fully covered. Our CDIC guide explains how.
Frequently asked questions
What are BMO's GIC rates today?
As of June 8, 2026, BMO posts 2.45% on a 1-year term, 2.75% on a 2-year term, 2.85% on a 3-year term, 3.00% on a 4-year term, 3.10% on a 5-year term on non-redeemable GICs. Rates change without notice — see how they compare against every issuer on our best GIC rates table, refreshed daily.
What is the minimum to open a BMO GIC?
$500. BMO also offers registered versions, so you can hold these GICs inside a TFSA, RRSP or RRIF.
Are BMO GICs protected if the bank fails?
CDIC-insured to $100,000 per category. See our deposit-insurance guide for how to structure larger amounts.
The bottom line
BMO is a convenience pick whose rates only become semi-competitive at the long end of the curve. If you bank with BMO and want a 4- or 5-year GIC under the same roof, it is workable; for the best return, the leaders near the top of our comparison table are a clear step up.
Ready to compare BMO against the field?
See where its rate sits today across every issuer and term.
This review is for educational purposes only and is not financial advice. Rates shown are posted non-redeemable rates compiled by hand and last checked June 8, 2026; they change frequently. Our editorial rating reflects rate competitiveness, coverage, minimums, and account features — it is never paid for. Confirm current rates, terms, and CDIC or provincial deposit-insurance details on the issuer's website before investing. See our methodology for how we rate products and make money.