Banking · GIC review
Saven Financial GIC review
One of the highest GIC rates in Canada, paired with richer-than-CDIC deposit insurance — the catch is you have to be an Ontario resident to join.
Best for: Ontario residents who want a top rate and unlimited coverage on registered money
Pros
- Routinely posts a top-three 1-year GIC rate in the country
- Ontario credit-union coverage: unlimited on registered deposits, $250,000 on non-registered
- TFSA, RRSP, RRIF and non-registered GICs
- Online-only with no monthly fees
Cons
- Ontario residents only — you must be eligible to join the credit union
- $1,000 minimum to open
- Provincial coverage (FSRA), not CDIC — different backstop than a bank
Who Saven Financial is
Saven Financial is the online deposit brand of FirstOntario Credit Union, one of Ontario's larger credit unions. It exists to do one thing well: pay high rates on savings and GICs, with no branches and no monthly fees getting in the way — and since late 2024 it accepts members from across Canada, not just Ontario.
Because it is a credit union rather than a bank, you have to join as a member — a one-time $25 membership share, open to Canadian residents in every province except Quebec. Once you are in, Saven is one of the most competitive homes for a GIC in the country.
The rates — consistently near the top
Saven posts non-redeemable GIC rates that sit reliably in the top handful of our table, usually trading the lead with Oaken and the Manitoba credit unions on the 1-year term. It rarely posts a mid-pack number.
For an Ontario saver willing to lock money away, that combination of a top rate and a no-fee online account is hard to argue with. Check today's figure against the field on our best GIC rates page.
Coverage: different from a bank, and often better
Saven deposits are not CDIC-insured — they are covered by Ontario's credit-union guarantee through the Financial Services Regulatory Authority (FSRA). That coverage is unlimited on registered deposits (TFSA, RRSP, RRIF) and $250,000 on non-registered — both more generous than CDIC's flat $100,000.
That is a real edge for a larger registered balance: at a bank you would split across categories to stay insured, whereas Saven covers your entire registered GIC. Our CDIC guide explains how provincial credit-union coverage compares to the federal scheme.
Frequently asked questions
What are Saven Financial's GIC rates today?
As of June 13, 2026, Saven Financial posts 3.60% on a 1-year term, 3.80% on a 2-year term, 3.85% on a 3-year term, 3.90% on a 4-year term, 4.05% 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 Saven Financial GIC?
$1,000. Saven Financial also offers registered versions, so you can hold these GICs inside a TFSA, RRSP or RRIF.
Are Saven Financial GICs protected if the bank fails?
Ontario credit-union coverage through FSRA — unlimited on registered deposits, $250,000 on non-registered. See our deposit-insurance guide for how to structure larger amounts.
The bottom line
Saven Financial is one of the easiest GIC picks in Canada: a perennially top rate plus deposit insurance that beats CDIC on registered money. Membership is open to Canadian residents outside Quebec for a one-time $25 share. If that is you, put it on your shortlist and compare its current rate on the best GIC rates page.
Ready to compare Saven Financial 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.