Best Gic Rates In Canada Comparison
Based on our analysis, the CIBC Student Deposit Program is the best option for the best GIC rate in Canada for international students who can apply to study abroad or do so via the Student Direct Stream.
As part of the Global Bank Group ICICI, the Bank of Canada offers competitive interest rates on redeemable and non-redeemable GICs with a minimum deposit of $1,000. In addition, CIBC offers non-registered GIC interest rates ranging from 0.45% for a year term to 10.0% for five years. CDs are insured financial institutions and large banks that provide a variety of GICs and other investment products.
GICdirect works with banks and credit unions to offer GICs with maturity ranging from a year to five years and works with more than 30 banks and credit unions to achieve the best interest rates in Canada.
If you invest in a floating rate GIC, you can benefit from increasing the financial institution’s prime rate when you invest. This type of GIC investment is a good option because you are sure that you will grow with the interest rates that come with maturity. On the other hand, a fixed-rate GIC with guaranteed nominal value and interest will become a safer and more convenient investment option.
If the interest rate is higher after a term of 5 years, you can reinvest your GIC at a higher interest rate. Look for the highest GIC interest rate in Canada to pay interest over inflation so that your original investment is protected and preserves its purchasing power. You earn a lower interest rate with a foreign GIC than with a Canadian dollar GIC.
When you buy a GIC, you agree to a particular term – a period during which your deposit remains with the bank, and the bank offers a guaranteed interest rate. HSBC GIC courses start with a short term of 30 days and go to 5 years and require a minimum investment of $1,000 and $5,000 according to the duration of your investment. If you have an EQ bank account, you can get an interest rate of up to 180% on a 3-year GIC.
Saven Financial had the best one-year GIC rate at 15.5%, followed by Oaken Financial, Parama Credit Union and Wealth One Bank at 14.0%. Other notable financial institutions with competitive GIC rates on GIC maturities one year are Peoples Trust (14.5%), Achieva Financial (145%), EQ Bank (140%) and Equity Credit Union (140%).
Oaken Financial’s 1-year GIC rate of 1.50% is the lowest in this ranking, but you can get up to 1.60% for the 18-month term. CDIC Insured offers a competitive rate of 1.40% on one-year maturities.
Non-registered account customers can receive a GIC term of 30 days to 5 years with interest rates ranging from $180 to $255. Alterna Banks GIC Rate starts at $100 for one year and extends to $130 for five years.
The GIC accounts held by unregistered and registered TFSA, RRSP, RESP and RRIF accounts are considered one of the safest investments to make and have some of the best GIC rates in Canada, from 2% to 3% depending on maturity. Long-term GIC maturities of one year or more have higher interest rates than short-term GICs. Although GICS tend not to have the highest interest rates of any investment vehicle available to Canadians, they provide a low-risk way to reinvest and earn interest.
Suppose you are interested in an EQ Bank GIC. In that case, you can open a savings account without daily bank fees, unlimited Interac e-transfers, free daily transactions and a Fabulous daily interest rate of 12.5%. Oaken Financial offers one of the best GIC rates in Canada, with a minimum investment of $1,000. In addition, the minimum guaranteed annual interest rate is not the annual interest rate but the minimum interest rate on your Scotiabank market-linked GIC.
Non-redeemable GICs tend to offer higher interest rates, but they are ideal for those looking to secure investments for a certain period. Choosing the best GIC rate is always sensible, as the product type and conditions must match the investor’s personal time horizon and investment expectations. In addition, for some time, the money you need may be tied up to the GIC that you purchased, so it is essential to select the right conditions to ensure that you have access to your money when you need it and to look for the best interest rates.
Independent brokers offer investment expertise, unbiased advice and access to the latest information on the best GIC rates. We have reviewed the top three companies listed on this website for educational, and the following table compares GIC Financial Institutions (banks and credit unions) to obtain the best interest rates. For the best GIC rates in Canada, we reached the six biggest Canadian banks based on the country in which they operate, program fees and other fees, application procedures, bonuses and sign-up perks.
Guaranteed investment certificates (GICs) are a safe option for investments, as the interest rate is certified by the bank, credit cooperative or online financial institution that sells the GIC to the investor.
Canada’s big banks are not known for paying the highest interest rates on GIC savings accounts. Traditional brick-and-mortar banks with large stores offer the lowest GIC rates compared to their online counterparts and credit unions. Tandia Financial, a credit union, and SAVEN Financial are the closest competitors with competitive interest rates on their GIC offerings.
EQ Bank has no interest rate above 2.20% for its five-year GIC maturity. Home Bank, a subsidiary of Home Trust Company, offers GIC maturities from 1 year to 5 years at one of Canada’s best interest rates. The financial statements of your GIC from the financial institution we are dealing with show the amount acquired, the GIC interest rate and maturity, the start and end dates of the GICS and the due date.