Saven Financial GICs review
Best for: App-first savers outside Quebec who want the same GIC rate across TFSA, FHSA, RRSP and RRIF, and can start with $1,000.
Standard non-redeemable rate, same in all registered GICs
Interest paid annually or compounded annually and paid at maturity
Non-redeemable, but you can change or cancel within two business days of opening
No maximum stated
FAQ cites FSRA: up to $250,000 non-registered, registered without limit. Rates page names DICO.
The bottom line
Saven Financial, a division of FirstOntario Credit Union, listed 3.80% on a 1-year GIC and 4.50% on a 5-year GIC when we checked on October 16, 2026, with the same rates in TFSA, FHSA, RRSP and RRIF GICs. Deposits are covered by Ontario’s provincial insurance rather than CDIC. The catches are a $1,000 minimum, no cashable GIC, a smartphone requirement and no service in Quebec.
Pros & cons
Pros
- Same rate across non-registered, TFSA, FHSA, RRSP and RRIF GICs
- Provincial coverage the FAQ puts at $250,000, registered without limit
- Two business days to change or cancel a new GIC
- No maximum deposit
- Short 4- and 6-month terms alongside 1 to 5 years
Cons
- $1,000 minimum per GIC, plus a $25 membership share
- No cashable GIC after the two-day window
- $100 fee to transfer a registered account out
- Not available in Quebec, and a smartphone is required
An app-only credit union GIC with matching rates across every registered plan, including FHSA and RRIF. The $1,000 minimum, membership share and transfer-out fee are the costs to weigh.
Suits you if
- You want an FHSA or RRIF GIC at the regular rate.
- You prefer provincial coverage for large registered balances.
- You’re comfortable managing GICs only in an app.
Look elsewhere if
- You live in Quebec.
- You want to start with less than $1,000.
- You may move registered savings elsewhere soon.
Credit Lab Expert
Our detailed review
Saven GIC rates by term
We checked Saven Financial’s GIC rates on October 16, 2026, from its Ontario rates page. Saven’s 2- to 5-year rates had risen since our previous check, and the figures below are the current ones. Rates change often, so confirm them in the Saven app or on its site before you buy. Saven quotes per annum rates, and the same rate applies to non-registered, TFSA, FHSA, RRSP and RRIF GICs.
- 4 months: 3.20%
- 6 months: 2.75%
- 1 year: 3.80%
- 2 years: 4.25%
- 3 years: 4.30%
- 4 years: 4.35%
- 5 years: 4.50%
Cashable and other GICs
Saven doesn’t publish a cashable GIC. Every GIC is non-redeemable, so you can’t cash out early, but Saven lets you change or cancel a GIC within two business days of opening it. Check the amount and term carefully during that window.
The short terms are worth a note. Saven’s GIC product page says terms run from one to five years, yet its rates page also lists 4- and 6-month GICs. The 4-month term was listed at 3.20%, above the 6-month rate of 2.75%. Confirm both in the app before relying on them.
Registered plans and how interest is paid
Saven offers TFSA, FHSA, RRSP and RRIF GICs, each at the same rate as a non-registered GIC.
For all GICs, interest is paid annually or compounded annually and paid at maturity. With a non-registered GIC, annual interest can go to your High Interest Savings Account or be reinvested in the GIC. With a registered GIC, it goes to the matching registered savings account or is reinvested. Moving a registered account to another institution costs $100.
Deposit insurance and safety
Saven is a division of FirstOntario Credit Union, so deposits are covered by Ontario’s provincial deposit insurance rather than CDIC. Saven’s FAQ says eligible non-registered deposits are insured up to $250,000 and insurable registered deposits, including FHSAs, are insured without limit through FSRA. Its rates page instead says High Rate GIC deposits are insured up to $250,000 by DICO. The site uses two names for the insurer, so confirm with Saven how your deposits are covered.
How to buy a Saven GIC
You buy GICs online and in the Saven mobile app, and a smartphone is required. You must be a Saven member: a Canadian resident outside Quebec, 18 or older, with a $25 FirstOntario membership share. A High Interest Savings Account keeps your membership active. Fund GICs from that account or from the matching registered savings account. The minimum is $1,000, with no maximum.
Other gics we review
- 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%
- 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 Saven Financial’s 5-year GIC rate?
Saven listed its 5-year non-redeemable GIC at 4.50% when we checked on October 16, 2026. The same rate applies in a TFSA, FHSA, RRSP or RRIF. Interest is paid annually or compounded and paid at maturity.
Who insures GIC deposits at Saven Financial?
Saven is part of FirstOntario Credit Union, so coverage is provincial rather than CDIC. Its FAQ cites FSRA, with up to $250,000 for eligible non-registered deposits and no limit for insurable registered deposits. Its rates page names DICO with a $250,000 limit, so confirm the details with Saven.
Can I cancel a Saven GIC after opening it?
Yes, but only briefly. Saven says you can change or cancel a GIC within two business days of opening it. After that, the GIC is non-redeemable until maturity.
Do I need a membership share to buy a Saven GIC?
Yes. Saven members buy a $25 FirstOntario membership share and keep a High Interest Savings Account to stay active. You must also be 18 or older and live in Canada outside Quebec.
Can I hold a Saven GIC in my FHSA?
Yes. Saven offers FHSA GICs at the same rates as its non-registered GICs. Its FAQ says insurable registered deposits, including FHSAs, are insured without limit through FSRA.
Does Saven charge a fee to move my RRSP to another institution?
Yes. Saven charges $100 to transfer a registered account out to another institution. Factor that in if you might consolidate your registered savings elsewhere later.
Why is Saven’s 4-month GIC rate higher than its 6-month rate?
When we checked, Saven listed 3.20% for 4 months and 2.75% for 6 months. Its GIC product page describes terms of one to five years only, so confirm the short-term rates in the app before you buy.
Sources
Rates come from Saven Financial 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.