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Scotiabank GICs review

Best for: Scotiabank customers who can lock in for 2 years at the Special Rate GIC, or want a redeemable term with a published schedule.

By the CreditLab research team · Checked October 15, 2026

GIC

Scotiabank GICs

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The bottom line

Scotiabank’s Special Rate GIC pays 3.50% on a 2-year non-redeemable term from a $500 minimum, well above its posted rates of 2.45% for 1 year and 2.75% for 5 years. A 24-month Personal Redeemable GIC pays 2.75% with a published early-redemption schedule, and the Regular Cashable GIC pays 1.90%. Scotiabank can change or end the special at any time.

Pros & cons

Pros

3.50% Special Rate GIC on a 2-year term
Personal Redeemable GIC with a clear early-redemption schedule
Regular Cashable GIC has no interest penalty after 30 days
$500 minimum on most GICs

Cons

Posted 1 and 5-year rates are low next to the special
6 to 10-year non-registered rates aren’t published online
No end date given for the special offers
U.S. dollar GIC rates weren’t on the rate feeds we read

LAB REPORT

Most useful if a 2-year term fits your plans, since the Special Rate GIC is where Scotiabank’s pricing stands out. Its posted 1 and 5-year rates are modest.

Suits you if

You’re comfortable locking in for 2 years.
You want a redeemable GIC with set rates.
You have $500 to start.

Look elsewhere if

You want a 5-year term at a special rate.
You want to compare 6 to 10-year rates online.

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Our detailed review

Scotiabank GIC rates by term

We read these rates from Scotiabank’s website and daily rate feeds, last checked October 15, 2026. GIC rates change often, so confirm the rate with Scotiabank before you invest.

Scotiabank’s featured offer is the Special Rate GIC, which pays 3.50% on a 2-year non-redeemable term when held to maturity. It takes $500 to $5,000,000 per customer, works in registered plans, non-registered accounts and TFSAs, and can’t be combined with other rate bonuses. Scotiabank says it can change, extend or cancel the offer at any time. Its posted non-redeemable rates, with annual interest, are below.

1 year: 2.45% posted (no special)
2 years: 3.50% special, 2.50% posted
3 years: 2.60%; 4 years: 2.70%
5 years: 2.75% posted
Short terms (30 to 364 days): 2.00% to 2.40%

Cashable and redeemable Scotiabank GICs

The Regular Cashable GIC pays 1.90% on a 1-year term that renews automatically. You can cash it anytime after 30 days with no interest penalty, from a $500 minimum.

The Personal Redeemable GIC, offered for a limited time on a 24-month term, pays 2.75%. You can redeem part or all of it early at a reduced rate that rises the longer you hold it: 2.00% in the first 3 months, 2.20% after 3 to 6 months, 2.45% after 6 to 12 months, 2.60% after 12 to 18 months and 2.70% after 18 to 24 months. Interest is paid annually and isn’t compounded.

Market-linked, income and U.S. dollar GICs

Scotiabank Market Linked GICs track indexes such as the S&P/TSX 60 and S&P 500. The Canadian Top 60 version offers up to 21.00% over 3 years, which is a total for the term and not an annual rate. The Guaranteed Income Optimizer runs 1 to 10 years at 2.45% to 3.00% with a $5,000 minimum. Scotiabank also sells U.S. dollar GICs, but we couldn’t capture their rates, and its non-registered rates for 6 to 10-year terms are only available by asking at a branch.

Registered plans, interest and insurance

Scotiabank GICs can be held in a TFSA, RRSP, FHSA, RRIF, RESP or RDSP. In an RRSP or RRIF, short-term GICs need $500 and a term of at least 90 days. Registered GICs pay interest at maturity, compounded annually.

Interest accrues daily. Non-registered long-term GICs can compound and pay at maturity, or pay annually, semi-annually or monthly, with $5,000 needed for monthly interest and slightly lower rates for more frequent payouts. Scotiabank’s GIC pages say its GICs are eligible for CDIC insurance.

How to buy a Scotiabank GIC

If you have an investment plan, you can buy through Scotia OnLine, and you can open a plan online. You can also call 1-800-953-7441 or book a branch appointment. Scotiabank names Scotia OnLine but doesn’t say whether the mobile app supports GIC purchases.

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Frequently Asked Questions

What is the Scotiabank Special Rate GIC?

It’s a 2-year non-redeemable GIC paying 3.50% if held to maturity. It needs $500 and accepts up to $5,000,000 per customer. Scotiabank can change, extend or cancel it at any time.

Can I redeem a Scotiabank GIC before maturity?

Yes, with a cashable or redeemable GIC. The Regular Cashable GIC can be cashed after 30 days with no interest penalty. The 24-month Personal Redeemable GIC can be redeemed early at reduced rates from 2.00% to 2.70%, depending on how long you held it.

What is Scotiabank’s 5-year GIC rate?

Scotiabank’s posted 5-year non-redeemable rate is 2.75% with annual interest, or 2.65% if paid monthly. There was no 5-year special when we checked.

Does Scotiabank publish 10-year GIC rates?

Scotiabank offers long-term non-redeemable GICs up to 10 years, but says to enquire at a branch for non-registered 6 to 10-year rates. Ask for a written quote before you commit.

What are Scotiabank Market Linked GICs?

They’re GICs whose return is tied to indexes such as the S&P/TSX 60 or S&P 500, with your principal protected. Scotiabank lists up to 21.00% over 3 years on its Canadian Top 60 version, which is a total for the term.

Can I buy a Scotiabank GIC in an RESP or RDSP?

Yes. Scotiabank lists the RESP and RDSP among its eligible plans, along with the TFSA, RRSP, FHSA and RRIF. Registered GICs pay interest at maturity, compounded annually.

Sources

Rates come from Scotiabank 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.