National Bank GICs review
Best for: Savers who can lock in money for 1 to 5 years and want a non-redeemable GIC from a big bank.
Non-Redeemable GIC, simple interest paid annually; no separate special rate shown
Simple or compound interest at the same rate
Redeemable GIC, cash in at any time
$1,000 for non-registered non-redeemable and redeemable GICs
National Bank says GIC deposits are insurable by CDIC
The bottom line
National Bank’s Non-Redeemable GIC pays 3.30% for 1 year and rises to 4.00% for 5 years, with featured 2, 3 and 4-year terms at 3.65%, 3.75% and 3.85%. Its redeemable GICs pay far less, from 0.30% to 0.65%, so the trade-off for access is steep. GICs are available in a TFSA, RRSP, RRIF, FHSA or non-registered account, but not an RESP.
Pros & cons
Pros
- Non-redeemable rates rise steadily from 3.30% to 4.00%
- Same rate for simple or compound interest on longer terms
- Three redeemable options with different access rules
- $500 minimum in an RRSP or TFSA
Cons
- Redeemable GICs pay 0.30% to 0.65%
- Online purchases only pay interest annually
- Not offered in an RESP
- Short terms under 1 year pay much less
A solid fit if you won’t need the money before maturity, since National Bank’s non-redeemable rates are where its value sits. Its redeemable GICs pay very little for the flexibility.
Suits you if
- You can lock in for 2 to 5 years.
- You’re fine with interest paid once a year.
- You want a GIC in an FHSA or RRIF.
Look elsewhere if
- You may need to cash out early.
- You want a GIC inside an RESP.
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Our detailed review
National Bank GIC rates by term
We read these rates from the product data on National Bank’s pages, last checked October 15, 2026. The pages don’t print an effective date, and GIC rates change often, so confirm with National Bank before you invest.
National Bank doesn’t separate promotional and posted rates in its data. Its GIC page labels some featured terms as a new rate, and the Non-Redeemable page features the 24, 36 and 48-month terms. Terms of 18 months and longer pay the same rate for simple or compound interest.
- 1 year: 3.30%
- 18 months: 3.50%
- 2 years: 3.65%
- 3 years: 3.75%
- 4 years: 3.85%
- 5 years: 4.00%
- Short terms: 0.30% for 3 months, 1.50% for 6 months, 1.85% for 9 months
Redeemable and other National Bank GICs
National Bank has three redeemable GICs, all at much lower rates than its non-redeemable terms. The Redeemable GIC can be cashed in at any time and pays 0.35% for 1 year up to 0.65% for 5 years. The Redeemable Without Penalty GIC pays 0.30% on a 12 or 14-month term, cashable after 30 days, or 0.50% on a 24-month term, cashable after 6 months.
The Redeemable Plus GIC pays 0.30% and can be cashed penalty-free after one year. Its term is unclear: National Bank’s rate data lists a 36-month term, while the product page describes a 1-year horizon, so confirm the term before you buy.
Other choices include the Monthly Cash Management GIC at 0.10% and the 90-day Extra GIC at 0.15%, both renewing automatically. National Bank also sells market-linked GICs and U.S. dollar GICs, with non-redeemable U.S. dollar rates from 3.60% for 1 year to 3.75% for 5 years in non-registered accounts.
Registered plans and how interest is paid
National Bank offers GICs in a TFSA, RRSP, RRIF and FHSA, as well as non-registered accounts, but not in an RESP. The minimum is $500 in an RRSP or TFSA and $1,000 for non-registered non-redeemable and redeemable GICs.
Interest is calculated annually, as simple or compound interest. If you buy online, interest is paid annually only. Depositing interest to a bank account at maturity is available only for non-registered accounts.
Deposit insurance and how to buy
National Bank says deposits in a GIC are insurable by the Canada Deposit Insurance Corporation (CDIC).
National Bank clients can buy online through their online bank, in a TFSA, RRSP or non-registered account. Otherwise, book an appointment with an advisor or call 1-888-270-3941. The pages don’t say whether you can buy GICs in the mobile app.
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%
- Meridian GICs1-year GIC: 3.30%
- 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 National Bank’s 5-year GIC rate?
National Bank lists 4.00% on a 5-year Non-Redeemable GIC, with simple or compound interest at the same rate. It was checked on October 15, 2026, and rates change often.
Does National Bank have a cashable GIC?
Yes, three redeemable options. The Redeemable GIC can be cashed at any time, the Redeemable Without Penalty GIC after 30 days or 6 months depending on the term, and the Redeemable Plus GIC after one year. They pay 0.30% to 0.65%.
How long is the National Bank Redeemable Plus GIC?
It’s unclear. National Bank’s rate data shows a 36-month term at 0.30%, but the product page describes a 1-year horizon. Ask National Bank to confirm the term before you invest.
Can I hold a National Bank GIC in an RESP?
No. National Bank offers GICs in non-registered accounts and all its plans except the RESP. That includes the TFSA, RRSP, RRIF and FHSA.
Can I get monthly interest on a National Bank GIC bought online?
No. National Bank says online GIC purchases only pay interest annually. Speak with an advisor if you want a different arrangement.
What is National Bank’s 2-year GIC rate?
National Bank lists 3.65% on a 2-year Non-Redeemable GIC, one of its featured terms. Simple and compound interest pay the same rate.
Sources
Rates come from National 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.