GIC rates in Canada: the big banks vs online banks (2026)

How we picked

We ranked 16 institutions on their posted non-redeemable GIC rates for 1 year and 5 years, the two terms most people search for. Where an institution has a regular rate and a limited-time special, we count the regular rate first and say when a special applies.

We then checked the minimum deposit, whether the GIC can be cashed early, and who insures the deposit. Rates change weekly, and the figures shown are as of our last check, so confirm the rate on the institution’s own page before you buy.

Big Five banks vs online banks

The gap is wide. RBC, Scotiabank and CIBC post 2.45% for a 1-year non-redeemable GIC and 2.75% for 5 years. TD and BMO post 3.00% and 3.55%. Online banks start higher: EQ Bank pays 3.70% and 4.30%, and Tangerine pays 3.60% and 4.25%. Simplii Financial, which is owned by CIBC, pays 2.90% and 3.65%.

On $10,000 for a year, Saven Financial at 3.80% earns $135 more than a 2.45% posted rate. Over 5 years, 4.50% against 2.75% is a gap of 1.75 points a year. The big banks sometimes run special rates, such as RBC at 3.00% for 1 year and 3.55% for 5 years, and Scotiabank at 3.50% for 24 months. These are limited-time offers.

What the big banks offer instead is branches, an existing relationship and, for some, a wider choice of terms and products. If you already bank with RBC, TD, BMO, Scotiabank or CIBC, ask what rate they will give you, then compare it with the online figures here.

CDIC and other deposit insurance

CDIC insures eligible deposits at member banks up to $100,000 per insured category. RBC, TD, BMO, Scotiabank, CIBC, National Bank, EQ Bank, Tangerine, Alterna Bank, Oaken Financial and Manulife Bank are all CDIC covered. Simplii Financial deposits are counted together with CIBC deposits, and Tangerine is a CDIC member in its own right.

Credit unions use provincial insurance instead. Saven Financial and Meridian Credit Union are covered by FSRA in Ontario, which insures eligible non-registered deposits up to $250,000 and registered deposits without a limit. Vancity deposits are protected in full by CUDIC in British Columbia, and Desjardins deposits are covered by the AMF in Quebec up to $100,000.

Two details matter. Oaken Financial issues deposits through Home Bank or Home Trust Company, which are separate CDIC members, so check which one holds your GIC. Alterna Bank’s CDIC cover applies to terms of five years or less.

How to choose

Pick the term first. If you may need the money before maturity, a non-redeemable GIC is the wrong tool, and a cashable GIC at a lower rate fits better. Cashable rates in our data run from 2.25% to 3.00% for 1 year at the best online and credit union offers, and 2.15% or less at the big banks.

Then compare the rate against the minimum. Saven Financial and Oaken Financial need $1,000. EQ Bank needs $100 and Tangerine needs $10. Last, check the insurer. For balances above $100,000, spread GICs across institutions or registered plans to keep each one inside the limit.

Frequently Asked Questions