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Manulife Bank GICs review

Best for: Savers with $2,500 or more who want 1- to 5-year GICs at the same rate in a TFSA, RSP or RIF, with no fees.

By the CreditLab research team · Checked October 16, 2026

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The bottom line

Manulife Bank listed 3.35% on a 1-year GIC and 4.05% on a 5-year GIC when we checked, with the same rates in TFSA, RSP and RIF GICs and no set-up or maintenance fees. Short-term GICs can be redeemed early with a penalty, but need $25,000. The catches are a $2,500 minimum on longer terms, no FHSA GICs listed, and an advisor needed if you’re a new client.

Pros & cons

Pros

TFSA, RSP and RIF GICs earn the same rates as non-registered GICs
No set-up or maintenance fees
Short-term GICs can be redeemed before maturity
Renewal rate guarantee when you ask up to 30 days before maturity
CDIC coverage as a Manulife Bank deposit

Cons

$2,500 minimum, and $25,000 for short-term GICs
Early redemption costs interest plus a $25 fee
New clients go through a Manulife advisor
No FHSA GICs listed

LAB REPORT

A fee-free GIC lineup with matching registered rates and a renewal rate guarantee. The higher minimums and advisor route for new clients make it a better fit for people already banking with Manulife.

Suits you if

You already have a Manulife Bank account or advisor.
You want a TFSA, RSP or RIF GIC at the regular rate.
You have $25,000 to park for less than a year with an exit option.

Look elsewhere if

You want to start with less than $2,500.
You want to open a GIC yourself online as a new client.
You want a GIC inside your FHSA.

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Our detailed review

Manulife Bank GIC rates by term

We checked Manulife Bank’s GIC rates on October 16, 2026, from its current rates page. Rates change often, so confirm them with Manulife Bank before you buy. Long-term GICs of 1 to 5 years are non-redeemable, and the rates below are for annual interest. TFSA, RSP and RIF GICs earn the same rates.

1 year: 3.35%
2 years: 3.70%
3 years: 3.80%
4 years: 3.90%
5 years: 4.05%

Short-term GICs you can redeem early

Manulife Bank’s short-term GICs run from 30 to 364 days and take a $25,000 minimum. Unlike the long-term GICs, they can be redeemed before maturity, with a penalty. If you redeem within 29 days, you lose the interest. From day 30, the rate drops by 1.25% on a prorated basis and a $25 early redemption fee applies. They can be held non-registered or in an RRSP or RRIF, but not in a TFSA.

Manulife Bank shows rate tiers starting at $25,000, so we couldn’t confirm a rate for smaller deposits. The listed rates were:

30 to 59 days: 1.75%
60 to 89 days: 1.75%
90 to 179 days: 1.90%
180 to 269 days: 2.45%
270 to 364 days: 2.50%

Registered plans and how interest is paid

You can hold Manulife Bank GICs in a TFSA, RSP or RIF. FHSA GICs weren’t listed when we checked. Registered GICs compound interest annually to maturity. Long-term GICs can’t be redeemed early except on death, though TFSA GICs can be redeemed in full before maturity, subject to a market value adjustment and expense recovery fees.

On non-registered long-term GICs, you can take interest annually, semi-annually or monthly, at slightly lower rates for more frequent payouts. Monthly interest needs at least $10,000. Compound GICs use the annual rate.

Deposit insurance and safety

Manulife Bank is a CDIC member, so eligible GICs are covered by CDIC within its limits for each insured category. Count any other Manulife Bank deposits toward the same limits. Under CDIC’s rules, TFSA, RRSP and RRIF deposits are separate categories from non-registered deposits, so registered GICs are covered on their own.

How to buy a Manulife Bank GIC

Existing Manulife Bank clients can buy GICs by phone at 1-877-765-2265. New clients go through a Manulife advisor. The site also shows an Open a GIC link for online onboarding. There are no set-up or maintenance fees. When a GIC is coming up for renewal, you can ask up to 30 days before maturity and get the better of that day’s rate or the rate on the renewal date. The guarantee only helps if you ask, so set a reminder before your GIC matures.

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Frequently Asked Questions

What is Manulife Bank’s 5-year GIC rate?

Manulife Bank listed its 5-year GIC at 4.05% with annual interest when we checked on October 16, 2026. Semi-annual interest pays 4.00% and monthly 3.95%. TFSA, RSP and RIF GICs get the same 4.05%.

What happens if I redeem a Manulife Bank short-term GIC early?

If you redeem within 29 days, you forfeit the interest. From day 30, the rate is reduced by 1.25%, prorated, and a $25 early redemption fee applies. Short-term GICs need a $25,000 minimum.

Can I redeem a Manulife Bank TFSA GIC before maturity?

Yes. Manulife Bank says TFSA GICs can be redeemed early in full, subject to a market value adjustment and expense recovery fees. Other long-term GICs are not redeemable before maturity except on death.

How does Manulife Bank’s GIC renewal rate guarantee work?

You can ask for your renewal rate up to 30 days before maturity. Manulife Bank then gives you the better of that day’s rate or the rate on the renewal date.

Do I need an advisor to buy a Manulife Bank GIC?

New clients go through a Manulife advisor, though the site also shows an online link to open a GIC. Existing Manulife Bank clients can buy by phone at 1-877-765-2265.

How much do I need for monthly interest on a Manulife Bank GIC?

Monthly interest needs at least $10,000, compared with the $2,500 minimum for annual interest. The monthly rate is slightly lower: 3.25% on a 1-year GIC versus 3.35% annually.

Can I hold a Manulife Bank short-term GIC in a TFSA?

No. Manulife Bank says its short-term GICs aren’t available in a TFSA. You can hold them non-registered or in an RRSP or RRIF.

Sources

Rates come from Manulife Bank GICs’s own site, checked October 16, 2026. GIC rates change often and can differ for registered accounts or larger deposits, so confirm the rate before you buy. See our methodology.