Best GIC Rates in Canada — June 2026
We compare guaranteed investment certificate rates from top Canadian banks across all terms — 3 months to 5 years. Best 1-year rate: 3.50% at Oaken Financial. Rates verified June 7, 2026.
NorthRate's Top GIC Picks — June 2026
Ranked by rate, deposit insurance, minimum deposit, and term flexibility. All picks are CDIC insured.
- Highest rates across most terms we track
- CDIC insured (Home Bank — Schedule 1)
- TFSA, RRSP, RRIF, FHSA eligible
- Annual, semi-annual, or monthly compounding options
- Start with just $100 — lowest minimum in Canada
- CDIC insured (Equitable Bank — Schedule 1)
- TFSA, RRSP, FHSA eligible
- Terms from 3 months to 5 years
- CDIC insured (Scotiabank subsidiary)
- TFSA & RRSP eligible GICs
- No fee to hold GIC inside Tangerine account
- Terms from 30 days to 5 years
GIC Rate Comparison by Term — June 2026
Non-registered rates shown. TFSA and RRSP rates are identical at both institutions.
| Term | Oaken Financial | EQ Bank | Tangerine | Best pick |
|---|---|---|---|---|
| 3 months | ~2.00% | 2.50% | ~1.50% | EQ Bank |
| 6 months | ~2.50% | 2.75% | ~2.00% | EQ Bank |
| 9 months | — | 3.00% | — | EQ Bank |
| 1 year Most popular | 3.50% | 3.25% | ~3.00% | Oaken |
| 2 years | 3.85% | 3.75% | ~3.25% | Oaken |
| 3 years | 3.85% | 3.80% | ~3.30% | Oaken |
| 4 years | 3.90% | 3.85% | ~3.35% | Oaken |
| 5 years Best rate | 4.05% | 4.00% | ~3.50% | Oaken |
| Minimum deposits: Oaken: $1,000 · EQ Bank: $100 · Tangerine: $500. All are non-redeemable unless otherwise noted. Rates as of June 7, 2026 — verify before investing. | ||||
| ⚠️ Big Six banks — shown for comparison. No affiliate links. | ||||
| TD Bank | ~2.50% (1yr) | ~3.00% (5yr) | View | |
| RBC | ~2.25% (1yr) | ~2.90% (5yr) | View | |
| Scotiabank | ~2.25% (1yr) | ~2.90% (5yr) | View | |
| CIBC | ~2.25% (1yr) | ~2.90% (5yr) | View | |
| BMO | ~2.25% (1yr) | ~2.90% (5yr) | View | |
| National Bank | ~2.25% (1yr) | ~2.90% (5yr) | View | |
Rates verified June 7, 2026. Tangerine and Big Six rates are estimated — verify at institution websites. Advertiser disclosure.
The GIC Ladder Strategy: Best of Both Worlds
A GIC ladder splits your savings across multiple GIC terms simultaneously. Instead of locking everything into one term, you spread it across 1-year, 2-year, 3-year, 4-year, and 5-year GICs. Each year, the shortest-term GIC matures — giving you both liquidity and access to longer-term rates.
Why a Ladder Beats a Single GIC
- Rate protection: If rates rise, you reinvest the maturing GIC at higher rates. If rates fall, most of your money is still locked at the higher rates.
- Annual liquidity: One GIC matures every year — accessible without penalty.
- Higher average return: You earn blended long-term rates rather than being stuck at a 1-year rate.
- Works inside a TFSA: All interest is tax-free. Oaken and EQ Bank both support TFSA GIC ladders.
Example: $20,000 GIC Ladder at Oaken Financial
| GIC | Amount | Rate | Interest earned | Matures |
|---|---|---|---|---|
| 1 year GIC | $4,000 | 3.50% | +$140 | 2027 |
| 2 years GIC | $4,000 | 3.85% | +$308 | 2028 |
| 3 years GIC | $4,000 | 3.85% | +$462 | 2029 |
| 4 years GIC | $4,000 | 3.90% | +$624 | 2030 |
| 5 years GIC | $4,000 | 4.05% | +$810 | 2031 |
| Total | $20,000 | — | +$2,344 | — |
$2,344 in guaranteed interest over 5 years — with $4,000 accessible each year. Comparable HISA returns would be lower if rates fall.
How to Build a GIC Ladder in Canada
- Decide your total amount (e.g., $20,000) and split into 5 equal portions ($4,000 each)
- Open GICs at each term: 1yr, 2yr, 3yr, 4yr, 5yr — all at one institution to simplify tracking
- Set a calendar reminder for each maturity date
- At each maturity, reinvest as a new 5-year GIC (or use the funds if needed)
- After 5 years, you have a perpetual ladder with one 5-year GIC maturing annually
What Is a GIC? A Plain-English Guide
A Guaranteed Investment Certificate (GIC) is a deposit product where you agree to leave a sum of money with a Canadian financial institution for a fixed period — typically 30 days to 5 years — in exchange for a guaranteed interest rate. The word "guaranteed" is literal: the rate is locked at the time of purchase and does not change for the duration of the term, unlike variable-rate savings accounts.
Non-Redeemable vs. Redeemable GICs
| Feature | Non-Redeemable GIC | Redeemable / Cashable GIC |
|---|---|---|
| Rate | Higher — rewarded for commitment | Lower — flexibility has a cost |
| Early exit | Not possible after cancellation period | Usually after 30–90 days |
| Best for | Money you will not need for the term | Uncertain timelines, shorter terms |
| At maturity | Full principal + interest returned | Full principal + interest returned |
| CDIC coverage | ✓ Insured | ✓ Insured |
What Happens at GIC Maturity?
When your GIC term ends, most institutions automatically renew it at the current rate for the same term unless you provide instructions otherwise. This is an important moment — the renewal rate may be much lower than what you originally locked in. Watch your maturity notices and act within the window provided (typically 10–30 days before maturity).
Your options at maturity: (1) Reinvest at current rate for the same term, (2) Switch to a different term, (3) Transfer to your savings account, (4) Move to a different institution.
GIC Frequently Asked Questions
What is the best GIC rate in Canada for 2026?
As of June 7, 2026, Oaken Financial leads with 3.50% for a 1-year non-redeemable GIC and 4.05% for 5 years — both CDIC insured. EQ Bank offers 3.25% for 1 year with a $100 minimum. Rates are confirmed against institution websites and updated every Monday.
What is the difference between a redeemable and non-redeemable GIC?
A non-redeemable GIC locks your money for the full term in exchange for a higher guaranteed rate. You cannot withdraw early after the initial cancellation period. A redeemable or cashable GIC allows early withdrawal (usually after 30–90 days) but pays a lower rate — typically 0.50–1.00% less. If you are confident you will not need the funds, non-redeemable GICs will almost always pay more.
Can I hold a GIC inside my TFSA or RRSP?
Yes. A TFSA GIC combines the guaranteed rate of a GIC with tax-free interest — all earnings are completely tax-free. An RRSP GIC defers tax until withdrawal. Both EQ Bank and Oaken Financial offer TFSA and RRSP GICs at identical rates to their non-registered GICs. The 2026 TFSA contribution limit is $7,000 ($102,000 lifetime).
What is a GIC ladder and how does it work?
A GIC ladder splits your savings across multiple GIC terms — for example, $4,000 each into 1-year, 2-year, 3-year, 4-year, and 5-year GICs. One GIC matures every year, giving you access to funds annually while earning higher longer-term rates. At each maturity, you reinvest as a new 5-year GIC. After 5 years, you have a perpetual ladder. It protects against rate movements in both directions and provides annual liquidity.
Are GICs insured in Canada?
Yes — GICs at CDIC member institutions are insured up to $100,000 per depositor per insured category. Non-registered, TFSA, and RRSP GICs each count as separate categories, so you could have $300,000 or more in CDIC coverage at a single bank. EQ Bank (Equitable Bank) and Oaken Financial (Home Bank) are both Schedule 1 federally regulated CDIC member banks.
Should I choose a GIC or a HISA right now?
With the Bank of Canada overnight rate at 2.25% and expected to remain stable or potentially fall, locking in a 1–2 year GIC protects you from rate cuts — HISA rates will follow the BoC down, but your locked GIC rate will not. Choose a HISA for money you might need (emergency fund, short-term goals). Choose a GIC for money you can commit to a term and want a guaranteed return.
What happens when a GIC matures?
At maturity, most GICs automatically renew at the current rate for the same term unless you give other instructions. The renewal rate may be significantly lower than your original rate — do not let a GIC auto-renew without reviewing the new rate first. Both Oaken and EQ Bank send maturity notices. Act within the notice window (typically 10–30 days before maturity) to direct the funds.
How NorthRate Evaluates GIC Rates
NorthRate's editorial team evaluates GICs across five criteria: (1) Interest rate across all available terms; (2) Deposit insurance — CDIC membership required for top picks; (3) Minimum deposit — we favour accessibility; (4) Registered account eligibility — TFSA, RRSP, FHSA support; (5) Renewal process — transparency and ease of managing GICs at maturity. Rates are verified against institution websites every Monday. NorthRate may earn a commission when you open a GIC through links on this page; this does not influence our rankings. Full disclosure →
Advertiser disclosure: NorthRate earns commissions when you open GICs through links on this page. This does not affect rankings. Oaken and EQ Bank rates verified June 7, 2026. Tangerine and Big Six rates are approximate — confirm at institution websites before investing. Not personalized financial advice. Full disclosure →