A fresh look at the top Guaranteed Investment Certificate rates available across Canadian banks and credit unions — registered vs non-registered, short term vs long term, and what to watch for before you lock in.
Guaranteed Investment Certificates (GICs) have quietly become one of the most attractive low-risk corners of a Canadian portfolio. With Canadian Deposit Insurance Corporation (CDIC) protection (or provincial equivalents) backing most issuers, you get a known return, a known end date, and zero market drama. The trade-off: your money is usually locked in until maturity. Below is a snapshot of the leading rates we're seeing across Canadian banks, credit unions, and online-only issuers, broken down by term and by account type (registered like TFSA/RRSP/FHSA/RESP, or non-registered). Best GIC rates right now Term Best registered Best non-registered Issuer Min. deposit Insurance 1 month — 1.00% Oaken Financial $1,000 CDIC 3 months 2.60% 2.60% EQ Bank $100 CDIC 4 months 1.00% 1.00% Oaken Financial $1,000 CDIC 6 months 2.75% 2.75% EQ Bank $100 CDIC 1 year 3.60% 3.60% Achieva Financial $1,000 Provincial 2 years 3.65% 3.65% Achieva Financial $1,000 Provincial 3 years 3.70% 3.70% Achieva Financial $1,000 Provincial 4 years 3.75% 3.75% EQ Bank $100 CDIC 5 years 4.05% 4.05% Achieva Financial $1,000 Provincial 10 years 2.35% 2.35% EQ Bank $100 CDIC Rates above are non-redeemable and change frequently — confirm directly with the issuer before investing. Who's leading by term EQ Bank dominates the short end (3- and 6-month terms) and the 4-year and 10-year buckets, with the lowest minimum deposit on the list at $100. Achieva Financial , a provincially-insured credit union, owns the middle and the headline 5-year rate at 4.05%. Oaken Financial rounds out the picture on the ultra-short 1- and 4-month terms and is often the featured 1-year option for non-registered cash. How to pick the right term There's no single "best" GIC — only the best GIC for the money you're parking. A few principles that work well: Match the term to the goal. Down payment in 18 months? Don't lock into a 5-year. Emergency buffer? Stay liquid or use a short ladder. Build a ladder. Splitting a lump sum across 1, 2, 3, 4, and 5-year GICs means one rung matures every year, giving you a blend of higher long-term yields and recurring liquidity. Use the right account. Interest is fully taxable as regular income, so high earners often prefer holding GICs inside a TFSA, RRSP, or FHSA where the interest grows shielded. Mind the rate cycle. If you expect rates to fall, locking in longer makes sense. If you expect them to rise, stay short. Things people miss Non-redeemable means non-redeemable. Most posted rates assume you cannot touch the money until maturity. Cashable GICs exist but pay noticeably less. Compounding vs. paid at maturity. A "3.60% annual" GIC that pays interest annually is not identical to one that compounds and pays at maturity — the second one is slightly better over multi-year terms. CDIC vs. provincial coverage. CDIC protects up to $100,000 per category per member institution. Provincial credit union insurance (Manitoba, Saskatchewan, Quebec, etc.) often covers higher limits or even 100% of deposits — but check the rules in that specific province. Multiple issuers, multiple coverage. If you're parking more than $100K, spreading across two CDIC members keeps the full amount insured. Track your GICs in MoneyLens If you hold GICs across several issuers, it's easy to lose track of maturity dates, interest accruals, and how much insured headroom you have left at each institution. MoneyLens lets you log manual entries for GICs alongside your connected bank accounts, project the future value of every certificate, and get a reminder before each one matures. Start a free trial or see how it works . Disclaimer: This article is for informational purposes only and is not financial advice. Rates shown are the best publicly advertised rates we observed at the time of writing and change frequently. Always verify the current rate, term conditions, and insurance coverage directly with the issuing institution before investing.