Banking · GIC review
Scotiabank GIC review
A Big Five bank with full branch and advisor access — but posted GIC rates that sit at the back of the pack unless you secure a featured offer.
Best for: Scotiabank clients who want a branch-bank GIC and will ask for a special rate
Pros
- Full CDIC coverage and a nationwide branch and advisor network
- Featured/special rates can beat the posted ladder — worth asking for
- Registered and non-registered GICs
- Convenient if you already bank with Scotiabank
Cons
- Posted rates are among the lowest in our table
- You generally have to ask for a featured rate to get a competitive number
- $500 minimum to open
Who Scotiabank is
Scotiabank (Bank of Nova Scotia) is one of Canada's Big Five banks, with branches and advisors nationwide. It also owns the online bank Tangerine. For a GIC, the value is the branch relationship and a large, familiar name rather than the rate.
The rates in our table are Scotiabank's standard posted, compounded-annually non-redeemable GIC curve. Scotiabank also runs featured and package-linked promotions from time to time, which can land higher than the posted ladder — those are worth asking about directly.
The rates — ask about featured offers
Scotiabank's posted GIC rates sit at the back of our table, broadly in line with RBC and below the other Big Five. On the posted ladder alone, it is not a competitive choice.
Where Scotiabank can improve is its featured/special rates, which periodically beat the posted numbers — but you generally have to ask, and they still trail the online leaders. Compare whatever you are quoted against the field on our best GIC rates page.
Safety and deposit insurance
Scotiabank GICs are covered by CDIC — up to $100,000 per depositor, per insured category, covering principal and interest if the bank ever failed. Note that Scotiabank and its subsidiary Tangerine are separate CDIC members, so deposits at each are insured independently.
For balances above $100,000, spread across categories or institutions to stay fully covered. Our CDIC guide explains the structuring.
Frequently asked questions
What are Scotiabank's GIC rates today?
As of June 13, 2026, Scotiabank posts 2.45% on a 1-year term, 2.50% on a 2-year term, 2.60% on a 3-year term, 2.70% on a 4-year term, 2.75% 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 Scotiabank GIC?
$500. Scotiabank also offers registered versions, so you can hold these GICs inside a TFSA, RRSP or RRIF.
Are Scotiabank 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
Scotiabank is a convenience pick whose posted GIC rates are among the lowest we track — its best chance at a competitive number is a featured offer you ask for directly. If the branch relationship matters most, it is workable; for the best guaranteed return, the leaders near the top of our comparison table are well ahead.
Ready to compare Scotiabank 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.