Rates checked October 2, 2026
The best GIC rates in Canada right now are about 4.00% for one year and 4.50% for five years. Oaken Financial and WealthONE Bank pay 4.50% on five-year GICs, and Oaken’s rates went up on October 2. The big banks pay far less: RBC’s best five-year special is 3.55%, and its posted rate is lower still.
On $10,000 over five years, that gap is worth about $550. Below you’ll find rates from 11 issuers for every term from one to five years, a GIC ladder calculator, and the rules that decide whether your money is protected.
Best GIC rates in Canada by term
These are non-redeemable GIC rates, the kind you cannot cash in before the end of the term. The highest rate in each column is marked. A dash means we did not find a published rate for that term, not that the issuer does not offer one.
| Issuer | 1 year | 2 years | 3 years | 4 years | 5 years | Minimum | Protection |
|---|---|---|---|---|---|---|---|
Oaken FinancialDetailsRates in effect since October 2, 2026. Same rates in TFSA, RSP and RIF. Source | 3.80% | 4.25% | 4.30% | 4.35% | 4.50% | $1,000 | CDIC |
WealthONE BankDetailsHighest 2- to 5-year rates on WOWA.ca’s Ontario table on October 2. Source | – | 4.25% | 4.40% | 4.45% | 4.50% | Varies | CDIC |
Haventree BankDetailsMortgage lender that also sells GICs online. Source | – | – | – | – | 4.45% | Varies | CDIC |
Saven FinancialDetailsSame rates in TFSA, FHSA, RRSP and RRIF GICs. Not available in Quebec. One-time $25 membership share. Source | 3.70% | 3.95% | 4.10% | 4.15% | 4.35% | $1,000 | FSRA (Ontario credit union) |
Achieva FinancialDetailsOnline division of Cambrian Credit Union. Source | – | – | – | – | 4.30% | Varies | Manitoba DGCM (credit union) |
TangerineDetailsScotiabank’s online bank. Source | – | – | – | – | 4.15% | No minimum | CDIC |
EQ BankDetailsLow $100 minimum and terms up to 10 years. Source | 3.25% | 3.65% | 3.80% | 3.85% | 4.00% | $100 | CDIC |
RBCDetailsLimited-time special rates on non-redeemable GICs. Posted rates are lower. Source | 3.00% | 3.20% | – | – | 3.55% | $1,000 | CDIC |
TDDetailsBest 5-year rate shown on WOWA.ca on October 2. Source | – | – | – | – | 3.55% | $1,000 | CDIC |
BMODetailsBest 5-year rate shown on WOWA.ca on October 2. Source | – | – | – | – | 3.55% | $1,000 | CDIC |
Northern Birch Credit UnionDetailsHighest 1-year rate on WOWA.ca’s table on October 2. Check eligibility for your province. Source | 4.00% | – | – | – | – | Varies | Provincial (credit union) |
Build a GIC ladder
Split your money across 1- to 5-year GICs. One rung matures every year, and each one is reinvested in a new 5-year GIC. You get the higher 5-year rate on most of your money and access to part of it every year.
Uses the best rate in each term from the table, interest compounded annually, and assumes today’s 5-year rate is still available when each rung renews, which is not guaranteed. The savings rate is the best everyday rate from our savings guide and can change at any time. The tax rates are rounded examples, not your exact rate.
Rates for Oaken, Saven, EQ Bank and RBC come from their own rate pages. Other rates are from WOWA.ca’s comparison table for Ontario on October 2, 2026, and some issuers only serve certain provinces. Registered GICs (TFSA, RRSP, FHSA) often pay the same rate, but check before you buy.
What the numbers say right now
| $25,000 for five years | Value after 5 years | Access to your money |
|---|---|---|
| All in a 5-year GIC at 4.50% | $31,155 | None until year 5 |
| GIC ladder at today’s best rates | $31,065 | One-fifth every year |
| Big-bank 5-year GIC at 3.55% | $29,764 | None until year 5 |
| Savings account at 2.85% (if unchanged) | $28,771 | Any time |
A ladder costs you only about $90 on $25,000 compared with locking everything into one 5-year GIC, and you get a fifth of your money back every year.
The big-bank gap is about $1,390 on the same $25,000 over five years. Moving from a big bank to an online bank is the single biggest gain for most GIC buyers.
A GIC beats a savings account by about $2,380 here, but only because savings rates can change. If you might need the money, keep it in savings.
Which GIC term to choose in October 2026
Right now longer terms pay more. The best five-year rate is about half a point above the best one-year rate. That is called an upward-sloping curve, and it usually means the market expects rates to stay flat or rise a little.
- Need the money within a year? A savings account at 2.85% or a 1-year GIC at up to 4.00%. If you might need it early, choose a cashable GIC, which pays less but lets you withdraw after 30 or 90 days.
- Saving for something two or three years out, like a down payment? Match the GIC term to the date. Oaken and WealthONE pay 4.25% to 4.40% on two- and three-year terms.
- Long-term safe money? Five-year GICs at 4.50% lock in today’s rate. If the Bank of Canada cuts later, you keep your rate. If it raises rates, a ladder lets you reinvest part of your money each year at the new rate.
The Bank of Canada has held its policy rate at 2.25% since October 2025, and most economists expect it to hold again on October 28. See our guides to the best savings accounts and 5-year variable mortgage rates for how the same rate outlook plays out elsewhere.
Is your GIC protected?
GICs at banks and trust companies, including Oaken (Home Bank and Home Trust), WealthONE, EQ Bank, Tangerine and the big banks, are covered by the Canada Deposit Insurance Corporation. CDIC covers up to $100,000 per insured category at each member institution, and GICs of any term are now eligible.
Credit unions are covered by their province instead. Saven’s deposits are covered by Ontario’s FSRA up to $250,000 for non-registered savings, and Manitoba credit unions like Achieva are covered in full by the Deposit Guarantee Corporation of Manitoba.
Splitting larger amounts: if you have more than $100,000 to invest, spread it across categories (your own name, joint, TFSA, RRSP, FHSA) or across separate CDIC members. Oaken places deposits with Home Bank or Home Trust Company, which are separate CDIC members.
Types of GICs
| Type | How it works | Best for |
|---|---|---|
| Non-redeemable | Highest rates. Money is locked in for the full term. | Money you are sure you will not need |
| Cashable or redeemable | Lower rate, but you can withdraw early, often after 30 or 90 days. Oaken’s 1-year cashable pays 2.25%. | An emergency fund that earns a fixed rate |
| Short-term (under 1 year) | Terms from 30 days to 364 days. Rates are usually lower than a good savings account. | Parking money for a known date |
| Market-linked | Principal is guaranteed, and the return depends on a stock index, often with a cap. | People who want some market upside with no risk to principal |
GICs and tax
Interest from a GIC held outside a registered account is taxed as income every year, even on a multi-year GIC that pays interest only at maturity, because the interest is taxed as it accrues. At a 43% tax rate, a 4.50% GIC keeps about 2.57% after tax.
Holding the GIC in a TFSA avoids the tax entirely. An RRSP or FHSA delays it, and contributions to both reduce your taxable income now. If you have unused TFSA room, that is usually the best place for a GIC. Use the calculator’s tax setting above to see the difference on your amount.
How we compare GIC rates
We checked rates on October 2, 2026. Oaken, Saven, EQ Bank and RBC rates come from each issuer’s own rate page. The others come from WOWA.ca’s GIC table for Ontario, which we note on each row. We compare non-redeemable, non-registered GICs with annual interest, because that is how most issuers publish their top rate. Gizly is not paid by any issuer in this table, and none of the links are affiliate links. We update rates at least monthly and after every Bank of Canada decision.
Frequently asked questions
What is the best GIC rate in Canada right now?
As of October 2, 2026, the best 5-year GIC rate is 4.50% at Oaken Financial and WealthONE Bank. The best 1-year rate is 4.00% at Northern Birch Credit Union, with Oaken at 3.80% for anyone in Canada.
Are GIC rates going up or down?
Several online banks raised GIC rates in late September and early October 2026, and Oaken’s new rates took effect October 2. The Bank of Canada has held at 2.25% since October 2025, and most economists expect another hold on October 28.
Is a GIC better than a high-interest savings account?
A GIC pays more if you can lock the money away. The best 5-year GIC pays 4.50% against 2.85% for the best everyday savings account. A savings account is better for money you might need at short notice.
Are GICs safe in Canada?
Yes. GICs at CDIC member banks and trust companies are covered up to $100,000 per insured category at each institution. Credit union GICs are covered by provincial deposit insurance, which is often higher.
Why do big banks pay less on GICs?
Big banks have plenty of customer deposits and branch networks to pay for, so they do not need to compete hard on rate. Online banks and smaller lenders pay more to attract deposits, often close to a full point more on five-year terms.
Sources, checked October 2, 2026
GIC rates change often and can differ by province and by account type. Confirm the rate with the issuer before you invest. This guide is general information, not financial advice.
