EQ Bank GICs review
Best for: Savers who want non-redeemable GICs from 3 months to 5 years, with a $100 minimum and the same rates inside a TFSA, RRSP or FHSA.
Standard non-redeemable rate, simple interest paid at maturity. Same rate in a TFSA, RRSP or FHSA.
Interest paid annually or compounded and paid at maturity, your choice
All EQ Bank GICs are non-redeemable once the cancellation period has passed
Maximum $100,000 per GIC
Combined with any Equitable Bank deposits, up to $100,000 per insured category, per depositor
The bottom line
EQ Bank publishes non-redeemable GICs from 3 months to 10 years, with 3.70% on a 1-year term and 4.30% on a 5-year term when we checked. The $100 minimum is low, there are no fees, and TFSA, RRSP and FHSA GICs earn the same rates. The trade-offs are no cashable option, no joint or US dollar GICs, and terms past 5 years listed at a much lower 2.35%.
Pros & cons
Pros
- Registered TFSA, RRSP and FHSA rates match non-registered rates
- $100 minimum, with no fees on GICs
- Wide spread of terms, including 15- and 27-month options
- Choice of annual interest or compounding on terms over 1 year
- CDIC coverage through Equitable Bank
Cons
- No cashable or redeemable GICs
- Terms of 6, 7 and 10 years listed at 2.35%
- No joint GICs and no US dollar GICs
- RRSP and FHSA GICs not offered in Quebec
A simple, fee-free lineup of locked-in GICs with matching registered rates and a low minimum. It suits money you won’t need before maturity, since nothing is cashable once the cancellation period ends.
Suits you if
- You want the same GIC rate inside your FHSA.
- You’re happy to lock money away until maturity.
- You already keep savings in an EQ Bank Personal Account.
Look elsewhere if
- You might need the money back before maturity.
- You want a joint or US dollar GIC.
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Our detailed review
EQ Bank GIC rates by term
We checked EQ Bank’s GIC rates on October 15, 2026, from its GIC page. Rates change often, so confirm them on EQ Bank’s site before you buy. Every term is non-redeemable, and EQ Bank says TFSA, RRSP and FHSA GICs earn the same rate as non-registered ones.
- 3 months: 2.55%
- 6 months: 2.80%
- 9 months: 3.25%
- 1 year: 3.70%
- 15 months: 3.80%
- 2 years: 4.00%
- 27 months: 4.10%
- 3 years: 4.15%
- 4 years: 4.20%
- 5 years: 4.30%
- 6, 7 and 10 years: 2.35%
Cashable GICs and other options
EQ Bank doesn’t publish a cashable GIC. All of its GICs are non-redeemable once the cancellation period after purchase has passed. We didn’t review the GIC Agreement, so we can’t confirm how long that cancellation window lasts; ask EQ Bank before you fund a GIC if that matters to you.
Beyond the standard terms, EQ Bank offers short-term GICs of 3, 6 and 9 months and business GICs. The longer terms look out of step with the rest of the table: the 6-, 7- and 10-year GICs were listed at 2.35%, well below the 5-year rate of 4.30%. We report the figure as published. EQ Bank says it doesn’t offer US dollar GICs at this time, and joint GICs are not available.
Registered plans and how interest is paid
You can hold EQ Bank GICs in a TFSA, RRSP or FHSA, at the same rates as non-registered GICs. You need the matching EQ Bank registered account first. In Quebec, RRSP and FHSA GICs are not offered.
How interest is paid depends on the term. Terms under 1 year pay simple interest, calculated per diem, at maturity. The 1-year term pays simple interest calculated per annum at maturity. Terms over 1 year let you choose annual simple interest or interest compounded annually and paid at maturity, except the 15- and 27-month terms, which compound annually and pay only at maturity. At maturity, the money goes back to the EQ Bank Personal Account the GIC was funded from.
Deposit insurance and safety
EQ Bank is a trade name of Equitable Bank, a CDIC member. Deposits held under the EQ Bank and Equitable Bank names are added together for coverage, which is up to $100,000 per insured category, per depositor. If you also hold deposits directly with Equitable Bank, count them toward the same limit.
How to buy an EQ Bank GIC
You buy GICs online or in the EQ Bank mobile app, funded from an EQ Bank Personal Account. Each GIC takes $100 to $100,000. You can hold up to 20 active non-registered GICs at once, with no cap on registered GICs, and EQ Bank charges no fees on them.
Other gics we review
- Saven Financial GICs1-year GIC: 3.80%
- Oaken Financial GICs1-year GIC: 3.75%
- Tangerine GICs1-year GIC: 3.60%
- Desjardins GICs1-year GIC: 3.40% online
- Manulife Bank GICs1-year GIC: 3.35%
- Meridian GICs1-year GIC: 3.30%
- National Bank GICs1-year GIC: 3.30% posted
- Vancity GICs1-year GIC: 3.10% (3.30% registered)
- BMO GICs1-year GIC: 3.00% posted
- CIBC GICs1-year GIC: 3.00% promo
- RBC GICs1-year GIC: 3.00% special
- TD GICs1-year GIC: 3.00% posted
- Simplii Financial GICs1-year GIC: 2.90% APY
- Alterna Bank GICs1-year GIC: 2.65%
- Scotiabank GICs1-year GIC: 2.45% posted
Frequently Asked Questions
What is EQ Bank’s 1-year GIC rate?
EQ Bank listed its 1-year non-redeemable GIC at 3.70% when we checked on October 15, 2026. Interest is simple, calculated per annum and paid at maturity. The same rate applies in a TFSA, RRSP or FHSA.
Why are EQ Bank’s 10-year GIC rates lower than its 5-year rate?
When we checked, EQ Bank listed its 6-, 7- and 10-year GICs at 2.35%, compared with 4.30% for 5 years. EQ Bank doesn’t explain the gap on its GIC page. Confirm the long-term rate with EQ Bank before you commit for more than 5 years.
Can I hold an EQ Bank GIC in my FHSA?
Yes. EQ Bank offers FHSA GICs at the same rates as its non-registered GICs, alongside TFSA and RRSP GICs. You need an EQ Bank FHSA to hold one, and FHSA GICs are not offered in Quebec.
Can I open a joint GIC at EQ Bank?
No. EQ Bank says joint GICs are not available. Each GIC is funded from an EQ Bank Personal Account and pays back to that account at maturity.
How many GICs can I hold at EQ Bank?
EQ Bank allows up to 20 active non-registered GICs per customer and an unlimited number of registered GICs. Each GIC takes between $100 and $100,000.
Does EQ Bank offer US dollar GICs?
Not at the moment. EQ Bank says it has no US dollar GICs at this time, so its GICs are all in Canadian dollars.
Is there a way to cancel an EQ Bank GIC after buying it?
EQ Bank says its GICs become non-redeemable once the cancellation period has passed, which suggests a short window after purchase. We didn’t review the GIC Agreement, so ask EQ Bank how long that window is before you fund the GIC.
Sources
Rates come from EQ Bank GICs’s own site, checked October 15, 2026. GIC rates change often and can differ for registered accounts or larger deposits, so confirm the rate before you buy. See our methodology.