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National Bank GIC review
The most interesting big-bank GIC shop: a 2-year rate that beats its own 3-year, and a trust-subsidiary structure that can stack extra CDIC coverage.
Best for: Big-bank loyalists parking 2-year money — or anyone insuring more than $100,000 at one institution
Pros
- Posted 2-year rate is unusually strong for a big bank — it beats NBC’s own 3-year
- $500 minimum inside an RRSP or TFSA
- GICs issued under National Bank Trust or Natcan Trust carry their own separate $100,000 CDIC coverage
- Broad lineup: USD GICs, market-linked GICs, and monthly cash-management terms
Cons
- The 1-year rate trails the challenger leaders by nearly a full point
- Redeemable GICs pay close to nothing — 0.35% to 0.65%
- Buying online restricts you to the NBC issuer and annual interest payments only
Who National Bank is
National Bank of Canada is the sixth-largest bank in the country — Quebec’s big bank, with a growing national footprint that expanded sharply when it acquired Canadian Western Bank and absorbed Motive Financial (the former online rate leader) in 2025. Motive is now simply an NBC trade name on the CDIC register.
For GIC buyers, that history matters mostly as a warning label: the high-rate online brand is gone, and what remains is a conventional big-bank ladder — with two genuine quirks worth knowing about.
The GIC rates and terms
Quirk one: NBC’s posted ladder is inverted in the middle — the 2-year rate beats the 3-year. That’s real, not a typo, and it makes the 2-year term the clear sweet spot here; it’s the rare big-bank posted rate that lands within sight of the challenger pack on our comparison table. The 1-year, by contrast, trails the leaders by nearly a full point.
Minimums are $1,000 non-registered but only $500 inside an RRSP or TFSA, and the same posted ladder applies across plans (everything except RESPs). Skip the redeemable versions — at 0.35%–0.65% they pay roughly a tenth of the locked rates; if you might need the money, a HISA or a shorter ladder rung is the honest answer.
Safety and deposit insurance
Here’s quirk two, and it’s genuinely useful: NBC GICs can be issued under National Bank of Canada, National Bank Trust, or Natcan Trust — and the two trust companies are separately listed CDIC members. Spread $300,000 across the three issuers and each slice carries its own $100,000 of coverage, without leaving the bank. Few institutions offer that in-house; note that buying online issues under NBC only, so the trust issuers mean a branch or advisor conversation.
Standard structuring still applies on top — individual, joint, TFSA and RRSP each count as separate categories per issuer. Our CDIC guide covers the mechanics.
Frequently asked questions
What are National Bank's GIC rates today?
As of June 10, 2026, National Bank posts 2.75% on a 1-year term, 3.25% on a 2-year term, 3.20% on a 3-year term, 3.30% on a 4-year term, 3.60% 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 National Bank GIC?
$1,000. National Bank also offers registered versions, so you can hold these GICs inside a TFSA, RRSP or RRIF.
Are National Bank GICs protected if the bank fails?
CDIC-insured to $100,000 per category — and NBC GICs can be issued under National Bank Trust or Natcan Trust, each a separately listed CDIC member with its own $100,000 of coverage. See our deposit-insurance guide for how to structure larger amounts.
The bottom line
As an everyday GIC shop, National Bank is mid-pack big-bank — fine, not exciting. But two specific buyers should shortlist it: anyone parking 2-year money who wants to stay with a major bank, and anyone with well over $100,000 to insure who’d rather stack CDIC coverage across NBC’s in-house trust issuers than open accounts at three institutions. Everyone else will out-earn it on our best GIC rates table.
Ready to compare National Bank 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 10, 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.