Banking · GIC review
Peoples Bank of Canada GIC review
A deposit-focused Schedule I bank with steady, mid-pack rates — most often seen behind a GIC your deposit broker recommends.
Best for: Broker-placed deposits and savers who value a stable, established issuer
Pros
- Federally regulated Schedule I bank with full CDIC coverage
- Steady, dependable posted rates across terms
- Widely available through deposit brokers
- Long-standing, deposit-focused institution
Cons
- $1,000 minimum to open
- No registered (TFSA / RRSP / RRIF) GIC option here
- Rates sit mid-pack — rarely near the top of the table
Who Peoples Bank is
Peoples Bank of Canada is part of the Peoples Group, a long-established, deposit-focused financial institution. It is a federally regulated Schedule I bank and a CDIC member, and it is best known to advisors and deposit brokers rather than as a consumer brand.
If you buy a GIC through a deposit broker, Peoples is often one of the issuers on the menu — a steady, institutional name rather than a rate-chasing challenger.
The rates
Peoples posts steady, mid-pack non-redeemable rates. It is rarely near the top of our table, but it is dependable and well clear of the Big Five's posted ladders on most terms.
One thing to note: these are non-registered GICs — Peoples is not the place for a TFSA or RRSP GIC. Compare its rate against the field on our best GIC rates page.
Safety and deposit insurance
GICs at Peoples are covered by CDIC — up to $100,000 per depositor, per insured category, covering principal and interest if the bank ever failed. That is the standard federal coverage every bank in our table carries.
For balances above $100,000, spread across categories or institutions to stay fully covered. Our CDIC guide explains the mechanics.
Frequently asked questions
What are Peoples Bank of Canada's GIC rates today?
As of June 13, 2026, Peoples Bank of Canada posts 3.25% on a 1-year term, 3.00% on a 2-year term, 3.25% on a 3-year term, 3.25% on a 4-year term, 3.45% 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 Peoples Bank of Canada GIC?
$1,000. Peoples Bank of Canada offers non-registered GICs only — for TFSA or RRSP GICs you'll need another issuer.
Are Peoples Bank of Canada 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
Peoples Bank is a dependable, institutional GIC issuer that competes on stability rather than headline rate. It is a natural fit if you are buying through a deposit broker or want a well-established name — just note there is no registered option and the rate sits mid-pack. Compare it on the best GIC rates page.
Ready to compare Peoples Bank of Canada 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 13, 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.