Meridian GICs review
Best for: Ontario savers who want a wide GIC menu, including a 1-year cashable, Escalator and Raise the Rate GICs, and unlimited registered coverage.
Standard non-redeemable rate. An 18-month new-money special pays 3.70%.
Fixed-rate, non-redeemable; same posted rate in TFSA, FHSA, RRSP and RRIF
No interest if redeemed in the first 90 days; full-amount redemptions only
On all Canadian dollar GICs; US dollar redeemable GICs need $5,000
Up to $250,000 non-registered; unlimited for eligible registered deposits. US dollar deposits not covered.
The bottom line
Meridian Credit Union listed 3.30% on a 1-year GIC and 4.10% on a 5-year GIC when we checked, plus an 18-month new-money special at 3.70%. It also offers a 1-year cashable GIC at 2.85%, Escalator and Raise the Rate GICs, and US dollar terms. FSRA covers eligible registered deposits without limit. You need a Meridian membership, and its US dollar deposits aren’t covered by FSRA.
Pros & cons
Pros
- 1-year cashable GIC with no early redemption fee after 90 days
- Unlimited FSRA coverage for eligible registered deposits
- Same posted rates in TFSA, FHSA, RRSP and RRIF
- Escalator and Raise the Rate GICs for more flexibility
- Buy online, in a branch or with an advisor
Cons
- Cashable GIC pays no interest if redeemed within 90 days
- 18-month special is for new money only, with no end date stated
- US dollar deposits are not covered by FSRA
- No terms longer than 5 years published
A broad credit union GIC lineup with a true cashable option, rising-rate products and unlimited provincial coverage on registered money. Read the conditions on the cashable and new-money offers before you commit.
Suits you if
- You want a cashable GIC with a clear redemption rule.
- You hold large registered balances and value unlimited coverage.
- You prefer branch or advisor help when buying.
Look elsewhere if
- You want a term longer than 5 years.
- You need provincial coverage on US dollar savings.
Credit Lab Expert
Our detailed review
Meridian GIC rates by term
We checked Meridian’s GIC rates on October 15, 2026, from its GIC rates page. Rates change often, so confirm them with Meridian before you buy. Meridian offers the same posted fixed rates across non-registered, TFSA, FHSA, RRSP and RRIF GICs. Short-term GICs are published in days.
- 30 days: 2.00%
- 60 days: 2.15%
- 90 days: 2.40%
- 180 days: 2.60%
- 270 days: 2.70%
- 1 year: 3.30%
- 18 months: 3.45% (3.70% new-money special)
- 2 years: 3.70%
- 3 years: 4.00%
- 4 years: 4.00%
- 5 years: 4.10%
Cashable, special and other GICs
The 1-Year Cashable GIC pays 2.85% and is available in non-registered accounts and TFSAs with a $100 minimum. If you redeem within the first 90 days, you earn no interest. After 90 days there’s no early redemption fee, and interest is paid to the redemption date at 2.85%. You must redeem the full amount.
The 18-Month New Money Non-Redeemable GIC pays 3.70% on eligible new money only, meaning funds not already on deposit at Meridian or moved from Meridian accounts. Special terms apply, and the rates page doesn’t say when the offer ends.
Meridian’s other GICs include a 3-Year Raise the Rate GIC at 3.90% with one rate increase allowed and a 5-Year Raise the Rate GIC at 4.00% with two. Registered-only Escalator GICs step up each year: the 3-year version pays 3.60%, 4.00% and 4.40% for a 4.00% yield and is cashable on anniversaries, while the 5-year version runs from 3.60% to 4.90% for a 4.10% yield. There are also Market-Linked GICs and US dollar GICs.
Registered plans and how interest is paid
Meridian’s fixed-rate GICs are available in TFSAs, FHSAs, RRSPs and RRIFs. The rates page lists short-term GICs for non-registered, TFSA, RRSP and RRIF accounts but not FHSAs, so ask if you want a short term inside an FHSA. Rates are annual, calculated and accrued daily, and paid at maturity unless stated otherwise. Raise the Rate GICs compound annually and pay interest annually and at maturity.
Deposit insurance and safety
Meridian is an Ontario credit union, so deposits are covered by FSRA rather than CDIC. Eligible deposits in registered accounts have unlimited coverage, and eligible non-registered deposits are insured up to $250,000. US dollar deposits are not covered by FSRA.
How to buy a Meridian GIC
You need a Meridian membership. You can open a GIC online, in a branch or by booking an appointment with an advisor, and renew existing GICs online. The minimum on Canadian dollar GICs is $100.
Other gics we review
- Saven Financial GICs1-year GIC: 3.80%
- Oaken Financial GICs1-year GIC: 3.75%
- EQ Bank GICs1-year GIC: 3.70%
- Tangerine GICs1-year GIC: 3.60%
- Desjardins GICs1-year GIC: 3.40% online
- Manulife Bank GICs1-year GIC: 3.35%
- 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
Can I cash a Meridian GIC early?
Only if it’s a cashable product. Meridian’s 1-Year Cashable GIC pays no interest if you redeem in the first 90 days. After that there’s no fee, interest is paid at 2.85% to the redemption date, and you must redeem the full amount.
What counts as new money for Meridian’s 18-month GIC special?
Meridian defines new money as funds not already on deposit at Meridian and not transferred from Meridian accounts. The 18-month non-redeemable special pays 3.70%. The rates page doesn’t state an end date, so confirm it’s still running.
How does Meridian’s Escalator GIC work?
The Escalator GIC is registered only and its rate rises each year. The 3-year version pays 3.60%, 4.00% and 4.40% for a 4.00% yield and can be cashed on anniversaries. The 5-year version climbs from 3.60% to 4.90% for a 4.10% yield.
What is a Meridian Raise the Rate GIC?
It’s a non-redeemable GIC that allows a set number of rate increases during the term. The 3-year version pays 3.90% with one increase allowed, and the 5-year version pays 4.00% with two. Ask Meridian how and when you can use an increase.
Are Meridian GICs covered by CDIC?
No. Meridian is an Ontario credit union, so FSRA covers its deposits. Eligible registered deposits have unlimited coverage, and eligible non-registered deposits are covered up to $250,000.
Are Meridian US dollar GICs insured?
No. Meridian says US dollar deposits are not covered by FSRA. Its US dollar GICs include 1- to 5-year non-redeemable terms at 4.25% to 4.50% and 30- to 270-day redeemable terms at 2.80% to 3.15%, with a $5,000 minimum.
Can I renew my Meridian GIC online?
Yes. Meridian says existing GICs can be renewed online. New GICs can be opened online, in a branch or with an advisor.
Sources
Rates come from Meridian 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.