Best Short-Term GIC Rates in Canada for September 2024 - NerdWallet (2024)

Why we like it

• Canadian Western Bank offers fixed long-term GICs in one to ten year terms, fixed short-term GICs and floating rate redeemable GICs, as well as rate specials, US dollar deposits, and TFSA, RRSP, RRIF and RESP GICs.
• Canadian Western Bank offers business banking, investing products, registered plans, and personal banking, including loans, mortgages, credit cards, and chequing and savings accounts.

Product details

• Available with annual interest, a monthly payment option with annual interest, a monthly payment option with Gold Leaf PLUS Annual interest (package available to clients 57 and over), and with US Dollar deposits.
• Minimum $1,000 CAD deposit.
• Available to Personal & Business clients in CAD funds only.
• All rates are calculated on a per annum basis, applicable for deposits up to $5,000,000 CAD subject to change without notice, and interest is paid out at maturity. For deposits greater than $5,000,000, please contact your local banking centre.
• Canadian Western Bank is a member of CDIC.

Why we like it

• The Peoples Bank GICs are transferable and assignable with no transfer, setup or service fees, making them a nice choice for those who prefer to manage their investments without worrying about additional fees.
• Peoples Trust and Peoples Bank of Canada are subsidiaries of the Peoples Group. Peoples Trust offers savings accounts, registered and non-registered GICs, and mortgage and lending services.

Product details

• Non-registered and non-redeemable.
• When the term ends, and if your instructions for the maturing GIC are not received by the bank, the principal and interest will automatically renew for the same term at the posted rate in effect on the maturity date. After the renewal, you will have 10 business days to either cancel the transaction or change the term of your account.
• Terms range from short-term investments of 30 to 270 days or long-term investments of 1-5 years.
• Competitive rates are guaranteed for the full term.
• Short-term investments with interest paid at maturity.
• Long-term investments with your choice of annual or compounding interest.
• Transferable and assignable.
• Electronic monthly statements.
• Minimum deposit of $1,000.
• No transfer, setup or service fees.
• Eligible for deposit insurance from the Canada Deposit Insurance Corporation (CDIC).

Why we like it

• Royal Bank of Canada, or RBC GICs offer a variety of terms and convenience of choice — cashable, non-redeemable, market-linked, US Dollar, redeemable and registered investments to fit the investor’s financial plans.
• Royal Bank of Canada, founded in 1864, is one of the global Canadian Big Six banks that offers numerous banking, lending and investment products to match individual or business needs. Read our RBC bank review for more information.

Product details

• The minimum deposit for a non-registered plan is $1000 and registered plan is $500.
• Eligible for non-Registered, RRSP, TFSA, RESP, RRIF, LIF and RDSP plans. Some conditions apply.
• The principal and interest rate for this guaranteed-return GIC is guaranteed when held to maturity.
• Interest rate calculated on a per annum basis.
• For terms greater than or equal to one year, the available interest payment frequencies include: Monthly, semi-annually, annually or at maturity (interest compounded annually). Conditions apply.
• Eligible for CDIC deposit insurance.

Why we like it

• BMO GICs usually offer attractive interest rates as well as versatility through the range of terms and investment options.
• The Bank of Montreal (BMO) is one of Canada’s Big Six banks offering personal and business accounts, lending products and investment services. Read our review of BMO for more information.

Product details

• Available in registered and non-registered plans.
• Interest is calculated daily, paid monthly, semi-annually, annually or compounded annually and paid at maturity.
• Funds not cashable prior to maturity.
• Option of varying terms available to meet your needs.
• Flexibility to choose from a variety of interest payment options. However, monthly interest payment options are not available for registered investments.
• GIC will automatically be reinvested for the same term at current interest rate applicable at time of reinvestment, unless other instructions are provided.
• Eligible for CDIC deposit insurance, up to applicable limits.

Why we like it

• Earn a modest interest rate on long- and short-term GICs available across registered and non-registered accounts.
• Meridian, Ontario’s largest credit union is backed by more than 75 years of banking experience and offers many of the same financial solutions as the big banks.

Product details

• Flexible term lengths from 30 days to 5 years for any risk profile.
• Competitive fixed rates with guaranteed principal and earned income.
• Available in non-registered, RRSP, RRIF and TFSA.
• Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). Eligible deposits in non-registered accounts are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA).

Why we like it

• Scotiabank offers cashable, non-redeemable, market-linked, and redeemable GICs with a wide variety of term lengths. Registered GICs and US Dollar GICs are also available.
• Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.

Product details

• Short-term (30-364 days) and long-term (1-10 years) GICs are available.
• Investment payment frequency for long-term GICs can be monthly ($5,000 minumum investment), or compounded annually or semi-annually. Interest paid at maturity, if annual or semi-annual compounding ($500 minumum investment).
• All non-redeemable GICs are available as part of a registered or non-registered investment portfolio, and can be automatically renewed on maturity.
• No abiility to withdraw your funds during the length of the GIC term.
• When your term is up, you can either cash in your GIC – and get your initial investment back plus interest – or renew your term and keep growing.
• You’ll need a Registered Plan or a Non-Registered Investment Plan to purchase your GIC.
• Eligible for CDIC Insurance.

Why we like it

• TD Bank GICs offer a variety of registered and non-registered options, the choice of cashable and non-cashable terms, and competitive market-linked GIC rates for those who’re in it for the long haul.
• Toronto-Dominion Bank, or TD Bank, is one of Canada’s Big Six banks serving millions of personal and business customers globally. TD Bank offers spendings, savings and investment accounts, loans and more. Read our TD bank review for more information.

Product details

• An attractive choice for investors who can lock in their funds for a specific term to earn a higher rate of interest.
• The minimum deposit for a non-registered and TFSA plan is $1,000, and for RRSP, RESP and RIF it’s $500.
• Your original investment and interest payments are guaranteed.
• Compound interest is calculated annually and paid at maturity.
• Not cashable unless for RIF/RESP payments.
• On the date of renewal, the principal and interest is automatically renewed to another TD Special Offer GIC of the same term to maturity at the interest rate in effect for the renewed investment.
• Eligible deposits are by the Canada Deposit Insurance Corporation.

Why we like it

• Bridgewater Bank, headquartered in Calgary, was established in 1997 as a wholly-owned subsidiary of Alberta Motor Association (AMA). The branchless bank offers high-interest savings accounts, GICs and mortgages via online banking and over the phone.
• Bridgewater Bank GIC regular interest rates compete with many leading banks in Canada but only come with a non-registered investment option.

Product details

• No monthly fees.
• Leading interest rates.
• Fixed interest throughout your term.
• On GICs having terms of one year or longer, interest is calculated daily and is either paid monthly, annually, or compounded annually and paid at maturity as per customer requests.
• Monthly interest payment option available at a rate of 0.25% lower than the above indicated annual rates.
• GICs are non-redeemable prior to maturity. Cashable GICs are cashable after 30 days of the date of issue.
• Non-registered investment options.
• Personal deposits only.
• Canada Deposit Insurance Corporation (CDIC) eligible.

Why we like it

• Canadian Western Bank offers fixed long-term GICs in one to ten year terms, fixed short-term GICs and floating rate redeemable GICs, as well as rate specials, US dollar deposits, and TFSA, RRSP, RRIF and RESP GICs.
• Canadian Western Bank offers business banking, investing products, registered plans, and personal banking, including loans, mortgages, credit cards, and chequing and savings accounts.

Product details

• Available with annual interest, a monthly payment option with annual interest, a monthly payment option with Gold Leaf PLUS Annual interest (package available to clients 57 and over), and with US Dollar deposits.
• Minimum $1,000 CAD deposit.
• Available to Personal & Business clients in CAD funds only.
• All rates are calculated on a per annum basis, applicable for deposits up to $5,000,000 CAD subject to change without notice, and interest is paid out at maturity. For deposits greater than $5,000,000, please contact your local banking centre.
• Canadian Western Bank is a member of CDIC.

Why we like it

• Royal Bank of Canada, or RBC GICs offer a variety of terms and convenience of choice — cashable, non-redeemable, market-linked, US Dollar, redeemable and registered investments to fit the investor’s financial plans.
• Royal Bank of Canada, founded in 1864, is one of the global Canadian Big Six banks that offers numerous banking, lending and investment products to match individual or business needs. Read our RBC bank review for more information.

Product details

• The minimum deposit for a non-registered plan is $1000 and registered plan is $500.
• Eligible for non-Registered, RRSP, TFSA, RESP, RRIF, LIF and RDSP plans. Some conditions apply.
• The principal and interest rate for this guaranteed-return GIC is guaranteed when held to maturity.
• Interest rate calculated on a per annum basis.
• For terms greater than or equal to one year, the available interest payment frequencies include: Monthly, semi-annually, annually or at maturity (interest compounded annually). Conditions apply.
• Eligible for CDIC deposit insurance.

Why we like it

• The Peoples Bank GICs are transferable and assignable with no transfer, setup or service fees, making them a nice choice for those who prefer to manage their investments without worrying about additional fees.
• Peoples Trust and Peoples Bank of Canada are subsidiaries of the Peoples Group. Peoples Trust offers savings accounts, registered and non-registered GICs, and mortgage and lending services.

Product details

• Non-registered and non-redeemable.
• When the term ends, and if your instructions for the maturing GIC are not received by the bank, the principal and interest will automatically renew for the same term at the posted rate in effect on the maturity date. After the renewal, you will have 10 business days to either cancel the transaction or change the term of your account.
• Terms range from short-term investments of 30 to 270 days or long-term investments of 1-5 years.
• Competitive rates are guaranteed for the full term.
• Short-term investments with interest paid at maturity.
• Long-term investments with your choice of annual or compounding interest.
• Transferable and assignable.
• Electronic monthly statements.
• Minimum deposit of $1,000.
• No transfer, setup or service fees.
• Eligible for deposit insurance from the Canada Deposit Insurance Corporation (CDIC).

Why we like it

• Bridgewater Bank, headquartered in Calgary, was established in 1997 as a wholly-owned subsidiary of Alberta Motor Association (AMA). The branchless bank offers high-interest savings accounts, GICs and mortgages via online banking and over the phone.
• Bridgewater Bank GIC regular interest rates compete with many leading banks in Canada but only come with a non-registered investment option.

Product details

• No monthly fees.
• Leading interest rates.
• Fixed interest throughout your term.
• On GICs having terms of one year or longer, interest is calculated daily and is either paid monthly, annually, or compounded annually and paid at maturity as per customer requests.
• Monthly interest payment option available at a rate of 0.25% lower than the above indicated annual rates.
• GICs are non-redeemable prior to maturity. Cashable GICs are cashable after 30 days of the date of issue.
• Non-registered investment options.
• Personal deposits only.
• Canada Deposit Insurance Corporation (CDIC) eligible.

Why we like it

• Tangerine’s non-redeemable GICs are available in short and long terms and can be included in registered plans, including TFSAs, RRSPs, and RRIFs.
• Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine Bank for more information.

Product details

• Offered in 1-5 year terms, as well as in 90-day, 180-day, 270-day, 1.5-year terms.
• RSP, Tax-Free, US$ and RIF Guaranteed Investments are also available.
• Lock in your savings for one of the set terms and start earning a great interest rate.
• You’ll have 30 days from the purchase or re-investment date to cancel the new GIC.
• No monthly fee.
• Protected by the Canada Deposit Insurance Corporation (CDIC).

Why we like it

• Each EQ Bank GIC starts with a minimum deposit of $100, making it convenient for a new investor to explore these GICs at a competitive fixed rate.
• EQ Bank, a trademark of Equitable Bank, is an online bank based in Toronto that offers chequing and savings accounts, GICs and registered plans. Read our review of EQ Bank for more information.

Product details

• Non-registered and non-redeemable.
• Must have an EQ savings account in order to get an EQ GIC.
• When the term ends and your GIC reaches the maturity date, the funds will be placed in your Savings Plus Account (the one from which your initial investment was funded). You will receive an email or SMS alert notifying you of the GIC maturity.
• Term options range from 3-months to 10-years. You’re the one in charge of your savings, that includes choosing whether short or long term GICs are right for you.
• RSP and TFSA GICs are also available. Before you buy, you’ll need to open an RSP Savings Account or TFSA Savings Account.
• GIC options let you lock in any of our amazing rates, so no matter what happens, that rate is yours.
• Low minimum deposit. So you can start investing in GICs with as little as $100.
• You choose how your interest is paid out, either at maturity or annually.
• A GIC in seconds. As long as you have available funds in your Savings Plus Account, you can literally buy a GIC in seconds.
• You can buy up to 20 GICs. Each GIC purchase must be for at least $100, and can be up to a maximum of $100,000. Customers can hold up to $500,000 in GICs, excluding interest earned.
• *EQ Bank GICs are non-redeemable.
• For GIC terms of less than one year, simple interest is calculated on a per diem basis and paid at maturity. For GIC terms equal to one year, simple interest is calculated on a per annum basis and paid at maturity. For GIC terms of over one year, not including 15 and 27 month terms, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually).
• For GIC terms of 15 and 27 months, interest is calculated on a per annum basis, compounded annually and paid solely at maturity. In all cases, interest is accrued for the entire GIC term.
• Maximum 20 GICs per customer. Per GIC investment limit of $100,000. Aggregate GIC investment limit of $500,000.
• Rates are calculated on a per annum basis and are subject to change at any time.
• Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank.

Why we like it

• Canadian Western Bank offers fixed long-term GICs in one to ten year terms, fixed short-term GICs and floating rate redeemable GICs, as well as rate specials, US dollar deposits, and TFSA, RRSP, RRIF and RESP GICs.
• Canadian Western Bank offers business banking, investing products, registered plans, and personal banking, including loans, mortgages, credit cards, and chequing and savings accounts.

Product details

• Available with annual interest, a monthly payment option with annual interest, a monthly payment option with Gold Leaf PLUS Annual interest (package available to clients 57 and over), and with US Dollar deposits.
• Minimum $1,000 CAD deposit.
• Available to Personal & Business clients in CAD funds only.
• All rates are calculated on a per annum basis, applicable for deposits up to $5,000,000 CAD subject to change without notice, and interest is paid out at maturity. For deposits greater than $5,000,000, please contact your local banking centre.
• Canadian Western Bank is a member of CDIC.

Why we like it

• Royal Bank of Canada, or RBC GICs offer a variety of terms and convenience of choice — cashable, non-redeemable, market-linked, US Dollar, redeemable and registered investments to fit the investor’s financial plans.
• Royal Bank of Canada, founded in 1864, is one of the global Canadian Big Six banks that offers numerous banking, lending and investment products to match individual or business needs. Read our RBC bank review for more information.

Product details

• The minimum deposit for a non-registered plan is $1000 and registered plan is $500.
• Eligible for non-Registered, RRSP, TFSA, RESP, RRIF, LIF and RDSP plans. Some conditions apply.
• The principal and interest rate for this guaranteed-return GIC is guaranteed when held to maturity.
• Interest rate calculated on a per annum basis.
• For terms greater than or equal to one year, the available interest payment frequencies include: Monthly, semi-annually, annually or at maturity (interest compounded annually). Conditions apply.
• Eligible for CDIC deposit insurance.

Why we like it

• Bridgewater Bank, headquartered in Calgary, was established in 1997 as a wholly-owned subsidiary of Alberta Motor Association (AMA). The branchless bank offers high-interest savings accounts, GICs and mortgages via online banking and over the phone.
• Bridgewater Bank GIC regular interest rates compete with many leading banks in Canada but only come with a non-registered investment option.

Product details

• No monthly fees.
• Leading interest rates.
• Fixed interest throughout your term.
• On GICs having terms of one year or longer, interest is calculated daily and is either paid monthly, annually, or compounded annually and paid at maturity as per customer requests.
• Monthly interest payment option available at a rate of 0.25% lower than the above indicated annual rates.
• GICs are non-redeemable prior to maturity. Cashable GICs are cashable after 30 days of the date of issue.
• Non-registered investment options.
• Personal deposits only.
• Canada Deposit Insurance Corporation (CDIC) eligible.

Why we like it

• The Peoples Bank GICs are transferable and assignable with no transfer, setup or service fees, making them a nice choice for those who prefer to manage their investments without worrying about additional fees.
• Peoples Trust and Peoples Bank of Canada are subsidiaries of the Peoples Group. Peoples Trust offers savings accounts, registered and non-registered GICs, and mortgage and lending services.

Product details

• Non-registered and non-redeemable.
• When the term ends, and if your instructions for the maturing GIC are not received by the bank, the principal and interest will automatically renew for the same term at the posted rate in effect on the maturity date. After the renewal, you will have 10 business days to either cancel the transaction or change the term of your account.
• Terms range from short-term investments of 30 to 270 days or long-term investments of 1-5 years.
• Competitive rates are guaranteed for the full term.
• Short-term investments with interest paid at maturity.
• Long-term investments with your choice of annual or compounding interest.
• Transferable and assignable.
• Electronic monthly statements.
• Minimum deposit of $1,000.
• No transfer, setup or service fees.
• Eligible for deposit insurance from the Canada Deposit Insurance Corporation (CDIC).

Why we like it

• Canadian Western Bank offers fixed long-term GICs in one to ten year terms, fixed short-term GICs and floating rate redeemable GICs, as well as rate specials, US dollar deposits, and TFSA, RRSP, RRIF and RESP GICs.
• Canadian Western Bank offers business banking, investing products, registered plans, and personal banking, including loans, mortgages, credit cards, and chequing and savings accounts.

Product details

• Available with annual interest, a monthly payment option with annual interest, a monthly payment option with Gold Leaf PLUS Annual interest (package available to clients 57 and over), and with US Dollar deposits.
• Minimum $1,000 CAD deposit.
• Available to Personal & Business clients in CAD funds only.
• All rates are calculated on a per annum basis, applicable for deposits up to $5,000,000 CAD subject to change without notice, and interest is paid out at maturity. For deposits greater than $5,000,000, please contact your local banking centre.
• Canadian Western Bank is a member of CDIC.

Why we like it

• BMO GICs usually offer attractive interest rates as well as versatility through the range of terms and investment options.
• The Bank of Montreal (BMO) is one of Canada’s Big Six banks offering personal and business accounts, lending products and investment services. Read our review of BMO for more information.

Product details

• Available in registered and non-registered plans.
• Interest is calculated daily, paid monthly, semi-annually, annually or compounded annually and paid at maturity.
• Funds not cashable prior to maturity.
• Option of varying terms available to meet your needs.
• Flexibility to choose from a variety of interest payment options. However, monthly interest payment options are not available for registered investments.
• GIC will automatically be reinvested for the same term at current interest rate applicable at time of reinvestment, unless other instructions are provided.
• Eligible for CDIC deposit insurance, up to applicable limits.

Why we like it

• Scotiabank offers cashable, non-redeemable, market-linked, and redeemable GICs with a wide variety of term lengths. Registered GICs and US Dollar GICs are also available.
• Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.

Product details

• Short-term (30-364 days) and long-term (1-10 years) GICs are available.
• Investment payment frequency for long-term GICs can be monthly ($5,000 minumum investment), or compounded annually or semi-annually. Interest paid at maturity, if annual or semi-annual compounding ($500 minumum investment).
• All non-redeemable GICs are available as part of a registered or non-registered investment portfolio, and can be automatically renewed on maturity.
• No abiility to withdraw your funds during the length of the GIC term.
• When your term is up, you can either cash in your GIC – and get your initial investment back plus interest – or renew your term and keep growing.
• You’ll need a Registered Plan or a Non-Registered Investment Plan to purchase your GIC.
• Eligible for CDIC Insurance.

Why we like it

• TD Bank GICs offer a variety of registered and non-registered options, the choice of cashable and non-cashable terms, and competitive market-linked GIC rates for those who’re in it for the long haul.
• Toronto-Dominion Bank, or TD Bank, is one of Canada’s Big Six banks serving millions of personal and business customers globally. TD Bank offers spendings, savings and investment accounts, loans and more. Read our TD bank review for more information.

Product details

• An attractive choice for investors who can lock in their funds for a specific term to earn a higher rate of interest.
• The minimum deposit for a non-registered and TFSA plan is $1,000, and for RRSP, RESP and RIF it’s $500.
• Your original investment and interest payments are guaranteed.
• Compound interest is calculated annually and paid at maturity.
• Not cashable unless for RIF/RESP payments.
• On the date of renewal, the principal and interest is automatically renewed to another TD Special Offer GIC of the same term to maturity at the interest rate in effect for the renewed investment.
• Eligible deposits are by the Canada Deposit Insurance Corporation.

Why we like it

• Tangerine’s non-redeemable GICs are available in short and long terms and can be included in registered plans, including TFSAs, RRSPs, and RRIFs.
• Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine Bank for more information.

Product details

• Offered in 1-5 year terms, as well as in 90-day, 180-day, 270-day, 1.5-year terms.
• RSP, Tax-Free, US$ and RIF Guaranteed Investments are also available.
• Lock in your savings for one of the set terms and start earning a great interest rate.
• You’ll have 30 days from the purchase or re-investment date to cancel the new GIC.
• No monthly fee.
• Protected by the Canada Deposit Insurance Corporation (CDIC).

Why we like it

• Each EQ Bank GIC starts with a minimum deposit of $100, making it convenient for a new investor to explore these GICs at a competitive fixed rate.
• EQ Bank, a trademark of Equitable Bank, is an online bank based in Toronto that offers chequing and savings accounts, GICs and registered plans. Read our review of EQ Bank for more information.

Product details

• Non-registered and non-redeemable.
• Must have an EQ savings account in order to get an EQ GIC.
• When the term ends and your GIC reaches the maturity date, the funds will be placed in your Savings Plus Account (the one from which your initial investment was funded). You will receive an email or SMS alert notifying you of the GIC maturity.
• Term options range from 3-months to 10-years. You’re the one in charge of your savings, that includes choosing whether short or long term GICs are right for you.
• RSP and TFSA GICs are also available. Before you buy, you’ll need to open an RSP Savings Account or TFSA Savings Account.
• GIC options let you lock in any of our amazing rates, so no matter what happens, that rate is yours.
• Low minimum deposit. So you can start investing in GICs with as little as $100.
• You choose how your interest is paid out, either at maturity or annually.
• A GIC in seconds. As long as you have available funds in your Savings Plus Account, you can literally buy a GIC in seconds.
• You can buy up to 20 GICs. Each GIC purchase must be for at least $100, and can be up to a maximum of $100,000. Customers can hold up to $500,000 in GICs, excluding interest earned.
• *EQ Bank GICs are non-redeemable.
• For GIC terms of less than one year, simple interest is calculated on a per diem basis and paid at maturity. For GIC terms equal to one year, simple interest is calculated on a per annum basis and paid at maturity. For GIC terms of over one year, not including 15 and 27 month terms, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually).
• For GIC terms of 15 and 27 months, interest is calculated on a per annum basis, compounded annually and paid solely at maturity. In all cases, interest is accrued for the entire GIC term.
• Maximum 20 GICs per customer. Per GIC investment limit of $100,000. Aggregate GIC investment limit of $500,000.
• Rates are calculated on a per annum basis and are subject to change at any time.
• Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank.

Why we like it

• Bridgewater Bank, headquartered in Calgary, was established in 1997 as a wholly-owned subsidiary of Alberta Motor Association (AMA). The branchless bank offers high-interest savings accounts, GICs and mortgages via online banking and over the phone.
• Bridgewater Bank GIC regular interest rates compete with many leading banks in Canada but only come with a non-registered investment option.

Product details

• No monthly fees.
• Leading interest rates.
• Fixed interest throughout your term.
• On GICs having terms of one year or longer, interest is calculated daily and is either paid monthly, annually, or compounded annually and paid at maturity as per customer requests.
• Monthly interest payment option available at a rate of 0.25% lower than the above indicated annual rates.
• GICs are non-redeemable prior to maturity. Cashable GICs are cashable after 30 days of the date of issue.
• Non-registered investment options.
• Personal deposits only.
• Canada Deposit Insurance Corporation (CDIC) eligible.

Why we like it

• Canadian Western Bank offers fixed long-term GICs in one to ten year terms, fixed short-term GICs and floating rate redeemable GICs, as well as rate specials, US dollar deposits, and TFSA, RRSP, RRIF and RESP GICs.
• Canadian Western Bank offers business banking, investing products, registered plans, and personal banking, including loans, mortgages, credit cards, and chequing and savings accounts.

Product details

• Available with annual interest, a monthly payment option with annual interest, a monthly payment option with Gold Leaf PLUS Annual interest (package available to clients 57 and over), and with US Dollar deposits.
• Minimum $1,000 CAD deposit.
• Available to Personal & Business clients in CAD funds only.
• All rates are calculated on a per annum basis, applicable for deposits up to $5,000,000 CAD subject to change without notice, and interest is paid out at maturity. For deposits greater than $5,000,000, please contact your local banking centre.
• Canadian Western Bank is a member of CDIC.

Why we like it

• The Peoples Bank GICs are transferable and assignable with no transfer, setup or service fees, making them a nice choice for those who prefer to manage their investments without worrying about additional fees.
• Peoples Trust and Peoples Bank of Canada are subsidiaries of the Peoples Group. Peoples Trust offers savings accounts, registered and non-registered GICs, and mortgage and lending services.

Product details

• Non-registered and non-redeemable.
• When the term ends, and if your instructions for the maturing GIC are not received by the bank, the principal and interest will automatically renew for the same term at the posted rate in effect on the maturity date. After the renewal, you will have 10 business days to either cancel the transaction or change the term of your account.
• Terms range from short-term investments of 30 to 270 days or long-term investments of 1-5 years.
• Competitive rates are guaranteed for the full term.
• Short-term investments with interest paid at maturity.
• Long-term investments with your choice of annual or compounding interest.
• Transferable and assignable.
• Electronic monthly statements.
• Minimum deposit of $1,000.
• No transfer, setup or service fees.
• Eligible for deposit insurance from the Canada Deposit Insurance Corporation (CDIC).

Why we like it

• Tangerine’s non-redeemable GICs are available in short and long terms and can be included in registered plans, including TFSAs, RRSPs, and RRIFs.
• Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine Bank for more information.

Product details

• Offered in 1-5 year terms, as well as in 90-day, 180-day, 270-day, 1.5-year terms.
• RSP, Tax-Free, US$ and RIF Guaranteed Investments are also available.
• Lock in your savings for one of the set terms and start earning a great interest rate.
• You’ll have 30 days from the purchase or re-investment date to cancel the new GIC.
• No monthly fee.
• Protected by the Canada Deposit Insurance Corporation (CDIC).

Why we like it

• Each EQ Bank GIC starts with a minimum deposit of $100, making it convenient for a new investor to explore these GICs at a competitive fixed rate.
• EQ Bank, a trademark of Equitable Bank, is an online bank based in Toronto that offers chequing and savings accounts, GICs and registered plans. Read our review of EQ Bank for more information.

Product details

• Non-registered and non-redeemable.
• Must have an EQ savings account in order to get an EQ GIC.
• When the term ends and your GIC reaches the maturity date, the funds will be placed in your Savings Plus Account (the one from which your initial investment was funded). You will receive an email or SMS alert notifying you of the GIC maturity.
• Term options range from 3-months to 10-years. You’re the one in charge of your savings, that includes choosing whether short or long term GICs are right for you.
• RSP and TFSA GICs are also available. Before you buy, you’ll need to open an RSP Savings Account or TFSA Savings Account.
• GIC options let you lock in any of our amazing rates, so no matter what happens, that rate is yours.
• Low minimum deposit. So you can start investing in GICs with as little as $100.
• You choose how your interest is paid out, either at maturity or annually.
• A GIC in seconds. As long as you have available funds in your Savings Plus Account, you can literally buy a GIC in seconds.
• You can buy up to 20 GICs. Each GIC purchase must be for at least $100, and can be up to a maximum of $100,000. Customers can hold up to $500,000 in GICs, excluding interest earned.
• *EQ Bank GICs are non-redeemable.
• For GIC terms of less than one year, simple interest is calculated on a per diem basis and paid at maturity. For GIC terms equal to one year, simple interest is calculated on a per annum basis and paid at maturity. For GIC terms of over one year, not including 15 and 27 month terms, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually).
• For GIC terms of 15 and 27 months, interest is calculated on a per annum basis, compounded annually and paid solely at maturity. In all cases, interest is accrued for the entire GIC term.
• Maximum 20 GICs per customer. Per GIC investment limit of $100,000. Aggregate GIC investment limit of $500,000.
• Rates are calculated on a per annum basis and are subject to change at any time.
• Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank.

Why we like it

• Bridgewater Bank, headquartered in Calgary, was established in 1997 as a wholly-owned subsidiary of Alberta Motor Association (AMA). The branchless bank offers high-interest savings accounts, GICs and mortgages via online banking and over the phone.
• Bridgewater Bank GIC regular interest rates compete with many leading banks in Canada but only come with a non-registered investment option.

Product details

• No monthly fees.
• Leading interest rates.
• Fixed interest throughout your term.
• On GICs having terms of one year or longer, interest is calculated daily and is either paid monthly, annually, or compounded annually and paid at maturity as per customer requests.
• Monthly interest payment option available at a rate of 0.25% lower than the above indicated annual rates.
• GICs are non-redeemable prior to maturity. Cashable GICs are cashable after 30 days of the date of issue.
• Non-registered investment options.
• Personal deposits only.
• Canada Deposit Insurance Corporation (CDIC) eligible.

Why we like it

• The Peoples Bank GICs are transferable and assignable with no transfer, setup or service fees, making them a nice choice for those who prefer to manage their investments without worrying about additional fees.
• Peoples Trust and Peoples Bank of Canada are subsidiaries of the Peoples Group. Peoples Trust offers savings accounts, registered and non-registered GICs, and mortgage and lending services.

Product details

• Non-registered and non-redeemable.
• When the term ends, and if your instructions for the maturing GIC are not received by the bank, the principal and interest will automatically renew for the same term at the posted rate in effect on the maturity date. After the renewal, you will have 10 business days to either cancel the transaction or change the term of your account.
• Terms range from short-term investments of 30 to 270 days or long-term investments of 1-5 years.
• Competitive rates are guaranteed for the full term.
• Short-term investments with interest paid at maturity.
• Long-term investments with your choice of annual or compounding interest.
• Transferable and assignable.
• Electronic monthly statements.
• Minimum deposit of $1,000.
• No transfer, setup or service fees.
• Eligible for deposit insurance from the Canada Deposit Insurance Corporation (CDIC).

Why we like it

• Laurentian Bank has been serving individuals and businesses for over 175 years. The bank also offers personal finance solutions through LBC Digital.
• Laurentian Bank of Canada, also known as Laurentian Bank, offers GICs flexible terms ranging from 90 days to 10 years, with competitive interest rates on registered and non-registered plans.

Product details

• Both your return and initial investment are 100% guaranteed over a fixed period.
• Flexible terms range from 90 days to 10 years.
• Minimum investments start at $500.
• Investments are non-cashable.
• Simple interest paid at maturity for short-term investments of less than 2 years.
• Medium and long-term from 2 to 10 years come with the option of simple or compound interest. Simple interest is paid annually. Compound interest is compounded annually and paid at maturity.
• Eligible for registered plans such as TFSA, RRSP, RRIF, LIRA and LIF.
• GICs are eligible for CDIC deposit insurance, up to a maximum of $100,000 per deposit insurance category, per member institution.