Banking · GIC review
Tangerine GIC review
A no-minimum, app-first GIC backed by Scotiabank — easy and familiar, though its rates trail the top challenger banks.
Best for: Existing Tangerine clients who want a simple GIC alongside their everyday banking
Pros
- No minimum deposit — start a GIC with any amount
- Backed by Scotiabank, a large and familiar institution
- Slick app; easy to pair with Tangerine chequing and savings
- CDIC-insured through Tangerine Bank
Cons
- Posted rates trail the top challenger banks and credit unions
- Owned by a Big Five bank, so rates rarely lead the table
- Fully digital — no branches
Who Tangerine is
Tangerine is the online bank owned by Scotiabank. It pioneered branchless banking in Canada and remains one of the most recognisable digital banks, with a polished app and a full lineup of chequing, savings and GIC products.
For someone who already banks with Tangerine, adding a GIC is genuinely frictionless — it sits in the same app as your everyday cash. That convenience is Tangerine's real selling point, more than the rate itself.
The rates — convenient, not class-leading
Tangerine posts respectable but not top-tier non-redeemable GIC rates. They are typically a step ahead of its parent Scotiabank's posted ladder, but a meaningful gap behind the leading credit unions and challenger banks on most terms.
The no-minimum deposit is a real perk — you can open a GIC with any amount, which is rare. But if you are chasing the highest guaranteed return, compare Tangerine against the leaders on our best GIC rates page before locking in.
Safety and deposit insurance
Tangerine GICs are covered by CDIC through Tangerine Bank — up to $100,000 per depositor, per insured category. Note that Tangerine is a separate CDIC member from Scotiabank, 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 how memberships and categories stack.
Frequently asked questions
What are Tangerine's GIC rates today?
As of June 13, 2026, Tangerine posts 3.15% on a 1-year term, 3.35% on a 2-year term, 3.50% on a 3-year term, 3.60% on a 4-year term, 3.70% 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 Tangerine GIC?
$0. Tangerine also offers registered versions, so you can hold these GICs inside a TFSA, RRSP or RRIF.
Are Tangerine GICs protected if the bank fails?
CDIC-insured to $100,000 per category through Tangerine Bank. See our deposit-insurance guide for how to structure larger amounts.
The bottom line
Tangerine is the convenient choice rather than the high-rate one. If you already bank there and value having everything in one app, a Tangerine GIC is a perfectly sensible, no-minimum option. But if rate is your priority, the challenger banks and credit unions higher up our comparison table will pay you noticeably more.
Ready to compare Tangerine 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.