Best GIC Rates in Canada Right Now

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A GIC locks in a rate for a set term, so you know exactly what you’ll earn. The gap between lenders is wide: the same five-year term pays well under 3% at one big bank and over 4% at some online lenders.

We compared GIC rates in Canada at four institutions, using only each one’s official rates page, as of September 2026.

Quick answer: Among the four we checked, Oaken Financial posts the highest 5-year non-redeemable GIC rate, 4.40% with annual interest. Saven Financial follows at 4.30% and EQ Bank at 4.25%. For one year, Oaken pays 3.80% and EQ Bank and Saven 3.70%. RBC’s posted rates are lower (2.45% for 1 year, 2.75% for 5 years), with limited-time specials up to 3.55%. Rates as of September 2026; they change often.

Updated on September 23, 2026 · Sources: Oaken, Saven, EQ Bank, RBC, CDIC

Key takeaways

Online lenders post 5-year rates of 4.25% to 4.40%; RBC’s posted 5-year rate is 2.75%.
Most of these GICs are non-redeemable: your money is locked until maturity.
Oaken and Saven list a $1,000 minimum; confirm the minimum at EQ Bank and RBC.
CDIC covers eligible GICs up to $100,000 per category at member institutions.

GIC rates at a glance

Institution	1-year rate	5-year rate
Oaken Financial	3.80%	4.40%
Saven Financial	3.70%	4.30%
EQ Bank	3.70%	4.25%
RBC (posted)	2.45%	2.75%

Non-redeemable, non-registered GIC rates as of September 2026 from each official rates page. Oaken rates are for annual interest. RBC specials are in its section below.

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1. Oaken Financial

A brand of Home Bank, part of Home Trust Company, with the highest 5-year rate in our check.

At a glance

Long-term GICs: 3.80% for 1 year, 4.05% for 2 years, 4.20% for 3 years, 4.40% for 5 years (annual interest). Monthly interest pays a bit less, such as 4.30% for 5 years.
Other options: a 1-year cashable GIC at 2.25%; short terms up to 2.70% for 270–364 days.
Registered plans: the same long-term rates for RSP, TFSA and RIF GICs.
Rules: $1,000 minimum; rates in effect since September 21, 2026; each deposit is held at a CDIC member.

Pros and cons

Top 5-year rate among the four, with a choice of payout schedule.
Registered GICs pay the same as non-registered.
Long-term GICs can’t be cashed early.
Short terms under 180 days pay only 1.00%.

How to apply

Open an account online or at an Oaken location and choose your term and payout.

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2. Saven Financial

A division of FirstOntario Credit Union, with the same rates across account types.

At a glance

GIC rates: 3.20% for 4 months, 3.70% for 1 year, 3.95% for 2 years, 4.10% for 3 years, 4.30% for 5 years.
Registered plans: the same rates for TFSA, FHSA, RRSP and RRIF GICs.
Rules: $1,000 minimum; non-redeemable; you must be a Saven member to get its rates.
Protection: Saven’s page says High Rate GIC deposits are insured up to $250,000 by DICO, the name Ontario credit union deposit insurance had before it moved to the Financial Services Regulatory Authority of Ontario (FSRA). That is provincial coverage, not CDIC.

Pros and cons

A strong 4-month rate for short-term savers.
FHSA GICs at the same rates as regular GICs.
Membership is required; check that it’s open to you.
Provincial deposit insurance works differently from CDIC.

How to apply

Join Saven online as a member, then buy a GIC in the account type you want.

3. EQ Bank

A digital bank with GICs from 3 months to 10 years and the same rates in registered accounts.

At a glance

GIC rates: 3.70% for 1 year, 3.85% for 2 years, 4.10% for 3 years, 4.25% for 5 years; 6 to 10 years pay 2.35%.
Short terms: 2.55% for 3 months, 2.75% for 6 months, 3.25% for 9 months.
Registered plans: the same rates for TFSA, RRSP and FHSA GICs.
Rules: non-redeemable; $100,000 limit per GIC; rates effective September 16, 2026; CDIC member.

Pros and cons

Wide range of terms, including 15- and 27-month options.
Registered GICs, including FHSA, at full rates.
No cashable option on its rates page.
Terms over 5 years pay much less.

How to apply

Open an EQ Bank account online and choose your GIC term.

4. RBC Royal Bank

The big-bank option: lower posted rates, but branch service and many GIC types.

At a glance

Posted non-redeemable: 2.45% for 1 year, 2.55% for 2 years, 2.75% for 5 years, 3.00% for 7 and 10 years.
Limited-time specials: 3.00% for 1 year, 3.20% for 2 years and 3.55% for 5 years, non-redeemable; conditions apply.
Cashable: the 1-year cashable GIC is posted at 1.95%.
Fees: no fee to buy a GIC; a $150 fee to transfer one to another institution.

Pros and cons

Redeemable, market-linked and prime-linked GICs for different needs.
Convenient if you already bank with RBC.
Posted rates well below online lenders.
Specials have conditions you need to confirm.

How to apply

Buy online through RBC Online Banking or book an appointment at a branch. Ask for the special rate.

How to choose

Choose Oaken if you want the top 5-year rate and flexible interest payouts.
Choose Saven if you want a short 4-month term or an FHSA GIC and can join.
Choose EQ Bank if you want many terms and CDIC coverage in one app.
Choose RBC if branch service or a cashable GIC matters more than rate.

Need access to the money? A high-interest savings account pays less but lets you withdraw any time. Holding the GIC in a TFSA keeps the interest generally tax-free, and for a home purchase, an FHSA adds a deduction. With a horizon of ten years or more, compare with low-cost ETFs, which carry market risk. A mortgage renewal coming up? Our guide to renewing your mortgage in 2026 covers where a lump sum fits.

Checklist

Decide how long you can lock the money away.
Compare the same term and payout at each lender.
Check the minimum deposit and whether it’s cashable.
Confirm deposit insurance: CDIC or provincial.
Stay within $100,000 per CDIC category per institution.
Set a reminder before maturity so it doesn’t auto-renew at a low rate.

How we compared these GICs

Checked: every rate on September 23, 2026, on each institution’s official rates page. Oaken’s rates were in effect since September 21, 2026, EQ Bank’s since September 16, 2026, and RBC’s were marked current for September 23, 2026.
Order: sorted by published 5-year non-redeemable rate, highest first. RBC is placed by its posted rate.
Criteria: rates for 1 to 5 years, minimum deposit, redeemability, registered options and deposit insurance.
Scope: Canada only. Saven and RBC specials may have eligibility rules.
Independence: no institution paid for placement.

Not financial advice. Rates and terms checked on September 23, 2026 with each institution’s official page; confirm before investing. Investing involves risk, including loss of principal. Not investment advice. Past returns don’t guarantee future results.

FAQ

What are GIC rates in Canada today?

As of September 2026, 1-year rates at the four we checked run from 2.45% (RBC posted) to 3.80% (Oaken), and 5-year rates from 2.75% to 4.40%.

Are GICs covered by CDIC?

At CDIC member institutions, eligible GICs are insured up to $100,000 per category, including principal and interest. TFSA, RRSP and FHSA deposits are separate categories.

Can I cash a GIC early?

Not a non-redeemable one. Cashable or redeemable GICs allow early access, but pay less.

Is a GIC better than a high-interest savings account?

A GIC usually pays more for locking the money in. A savings account pays less but lets you withdraw any time.

How is GIC interest taxed?

Outside a registered plan, interest is taxable income. Inside a TFSA it’s generally tax-free, and inside an RRSP it’s tax-deferred.

For the full picture, see our hub TFSA / RRSP / FHSA Guide 2026 (CA), our guide to the TFSA limit for 2026 and RRSP deadlines and limits.

Sources

Ieveera SEO is an independent publisher, not a bank or financial advisor; content is for information only and may include paid affiliate links that never affect our rankings — always confirm current rates and terms with the provider. Rates shown in CAD; verify with the issuer. Investing involves risk, including loss of principal. Not investment advice. Past returns don’t guarantee future results.