Best GIC Rates in Canada — July 2026
Bank of Canada Posted GIC Rates
1-Year (BoC)
2.70%
As of June 10, 2026
2-Year (BoC)
2.55%
As of June 10, 2026
3-Year (BoC)
2.55%
As of June 10, 2026
5-Year (BoC)
2.75%
As of June 10, 2026
BoC rates reflect Big Six bank posted rates. Digital banks often offer 0.5–1.0% more.
Best GIC Rates by Institution
Rates as of April 12, 2026 — verify with lender| Institution | 1-Year | 2-Year | 3-Year | 5-Year | Open Account |
|---|---|---|---|---|---|
| Best Rate Oaken Financial Digital bank · CDIC member | 2.50% | 2.60% | — | — | Open → |
EQ Bank Digital bank · CDIC member | 2.45% | — | 2.65% | 2.75% | Open → |
Tangerine Digital bank · CDIC member | 2.40% | — | — | — | Open → |
TD Bank Big Six · CDIC member | 2.30% | — | — | — | Open account → |
RBC Big Six · CDIC member | 2.20% | — | — | — | Open account → |
Rates are for non-redeemable GICs. Minimum deposits and eligibility vary. Always verify directly with the institution before purchasing.
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Are GICs CDIC-insured in Canada?
Yes — GICs with terms up to 5 years at CDIC member institutions are eligible for up to $100,000 in deposit insurance per depositor per category. This covers principal and interest.
Can I hold a GIC inside a TFSA?
Yes. Most banks and digital banks offer TFSA GICs. Interest earned inside a TFSA GIC is completely tax-free. This is one of the most tax-efficient ways to invest in GICs.
What's the difference between redeemable and non-redeemable GICs?
Non-redeemable GICs pay higher rates but lock your money in for the full term. Redeemable (cashable) GICs let you withdraw early — usually after 30–90 days — but pay 0.25–0.75% less.
How is GIC interest taxed in Canada?
GIC interest in a non-registered account is taxed as ordinary income each year it's earned (or accrued), even if you don't receive payment until maturity. Hold GICs in a TFSA or RRSP to avoid this.