GIC and Savings Interest Calculator (Canada)
See what a GIC or savings balance grows to at a given rate and term, with the compounding frequency your account actually uses.
Assumes the rate holds for the whole term and interest is reinvested. Savings account rates can change at any time; GIC rates are fixed for the term.
How this is calculated
Compound interest: final value = principal times (1 + rate / n)^(n times years), where n is how many times per year interest compounds. Most GICs compound (or pay) annually; most savings accounts calculate daily and pay monthly, which monthly compounding approximates closely.
Worked example: $10,000 at 4.00% for 5 years compounded annually grows to $12,166.53. Compounded monthly it grows to $12,209.97. Verified with an independent calculation.
Current rates: best GIC rates and best high-interest savings accounts.
General information, not investment advice. Interest is taxable outside registered accounts. See how we check the numbers.