GIC rates in Canada run from about 3.70% for a 1-year term to 4.30% for a 5-year term at the best-paying bank YieldMaple checked, and rates for the same term differ by a meaningful amount from bank to bank. YieldMaple checked the official rate pages of EQ Bank, Tangerine and LBC Digital on October 8, 2026, and Scotiabank’s on September 29, 2026. This guide shows every term side by side, explains what a GIC is and how CDIC covers it, and works through what the rates mean in dollars, so you can compare offers before you lock money in.
GIC rates in Canada at a glance (October 8, 2026)
| Feature | EQ Bank | Tangerine | LBC Digital |
|---|---|---|---|
| 3 months / 90 days | 2.55% (better on this row) | 2.50% | Not listed |
| 6 months / 180 days | 2.80% (better on this row) | 2.75% | Not listed |
| 9 months / 270 days | 3.25% | 3.25% | Not listed |
| 1 year | 3.70% (better on this row) | 3.60% | 3.50% |
| 2 years | 4.00% (better on this row) | 3.85% | 3.85% |
| 3 years | 4.15% (better on this row) | 4.10% | 3.95% |
| 4 years | 4.20% (better on this row) | 4.15% | 4.00% |
| 5 years | 4.30% (better on this row) | 4.25% | 4.10% |
| TFSA / RRSP GICs | Yes, same rates | Yes, same rates | No (non-registered only) |
Sources: EQ Bank rates page (rates effective October 2, 2026), Tangerine's published rates feed (1-, 3-, 4- and 5-year and 270-day rates dated October 3, 2026; 2-year rate dated September 12, 2026; 90- and 180-day rates dated July 25, 2026), LBC Digital rates page (rates as of October 7, 2026). All checked by YieldMaple on October 8, 2026. Rates change without notice; confirm on the bank's site before you buy.
EQ Bank pays the most at every term from one year to five, topping out at 4.30% for 5 years. Tangerine matches EQ Bank at 270 days (3.25%) and trails by a small margin elsewhere, including at 2 years (3.85%) and 180 days (2.75%). LBC Digital is lowest of the three at most terms and level with Tangerine at 2 years, with a 5-year rate of 4.10%. On the Big 5 side, Scotiabank’s featured special pays 3.30% for a 2-year non-redeemable GIC, which is 0.70 percentage points below EQ Bank’s 4.00% for the same term.
What is a GIC?
A GIC (Guaranteed Investment Certificate) is money you lend to a bank or credit union for a set term in exchange for your principal back plus interest. The Canada Deposit Insurance Corporation (CDIC) describes buying a GIC as loaning money to the issuer, in return for guaranteed principal protection and the potential to earn interest.
Three things set a GIC’s return:
- The rate. Most GICs pay a fixed annual rate for the whole term, so a rate cut after you buy doesn’t touch your GIC.
- The term. Terms run from a few months to 10 years. Longer terms usually pay more, but not always, as the 5-year section below shows.
- How interest is paid. A compound GIC reinvests interest and pays it all at maturity; a paid-out GIC sends simple interest to your account on a schedule. EQ Bank’s rate page, for example, says GICs over one year pay interest annually (simple) or at maturity (compounded annually).
The main types you’ll see in Canada:
- Non-redeemable GICs lock your money until maturity and pay the highest rates. EQ Bank’s GICs are non-redeemable, so the money stays locked in until the GIC matures.
- Cashable (redeemable) GICs let you withdraw early, usually after a short waiting period, at a lower rate.
- Market-linked GICs guarantee your principal but tie the return to a stock index, so the final return isn’t known in advance. Scotiabank sells these alongside its regular GICs.
- Registered GICs are the same products held inside a TFSA, RRSP, FHSA or RRIF, which changes how the interest is taxed (see the tax section below).
A GIC is a deposit, not a market investment: its value doesn’t go up and down while you hold it, and CDIC insures eligible GICs at member institutions up to $100,000 per insured category, principal and interest combined.
What are the best GIC rates in Canada right now?
EQ Bank paid the best GIC rates in Canada among the banks YieldMaple checked on October 8, 2026: 3.70% for 1 year and 4.30% for 5 years. Here’s how each bank compares.
EQ Bank (rates effective October 2, 2026) posts the same GIC rates in non-registered, TFSA, RRSP and FHSA accounts: 3.70% for 1 year, 4.00% for 2, 4.15% for 3, 4.20% for 4 and 4.30% for 5. Its GICs are non-redeemable, with an investment limit of $100,000 per GIC. YieldMaple’s EQ Bank review covers the rest of the account.
Tangerine (most rates dated October 3, 2026; the 2-year rate is dated September 12, 2026) pays 3.60% for 1 year, 3.85% for 2, 4.10% for 3, 4.15% for 4 and 4.25% for 5, with the same rates in its RSP, Tax-Free and RIF GICs. Tangerine is a CDIC member in its own right (a wholly owned Scotiabank subsidiary). The Tangerine GIC rates guide goes term by term.
LBC Digital (rates as of October 7, 2026) pays 3.50% for 1 year up to 4.10% for 5, with a $100 minimum. The catch: its GICs are non-registered and non-redeemable only, so they only suit money outside a TFSA or RRSP.
Big 5 banks. Scotiabank’s GIC page features a 2-year non-redeemable special at 3.30%. YieldMaple didn’t verify Scotiabank’s regular posted rates, or RBC, TD, BMO or CIBC GIC rates, for this update, so none are quoted here. Big-bank GICs are convenient if you already bank there. Compare their rate for your term against the table above before you renew at a branch.
What are 5-year GIC rates in Canada?
5-year GIC rates in Canada were 4.30% at EQ Bank, 4.25% at Tangerine and 4.10% at LBC Digital on October 8, 2026.
The extra rate for locking in longer is small right now. At EQ Bank, the 5-year term pays 0.60 percentage points more than the 1-year term, or about $60 a year on $10,000. And going past five years pays less, not more: EQ Bank’s 6-, 7- and 10-year GICs pay 2.35%, 1.95 percentage points below its 5-year rate.
A 5-year GIC suits money you are sure you won’t touch for five years. If rates rise during that time, your rate stays where it was; if they fall, you keep the higher rate. A ladder (below) spreads that bet across several maturity dates.
Why do GIC rates change?
GIC rates change because banks price them off their own cost of borrowing, which follows the Bank of Canada’s policy rate and bond yields. The Bank of Canada held its policy rate at 2.25% on September 2, 2026, the same level as its June and July decisions, per the Bank of Canada’s website.
Each bank then sets its own rates, which is why the same 1-year term pays 3.70% at EQ Bank and 3.60% at Tangerine. Online banks without branch networks tend to post higher rates than the Big 5. Rates can change on any business day, not only on Bank of Canada announcement dates, so the dates on this page matter: YieldMaple lists the effective date each bank publishes next to its rates.
Are GICs better than a high-interest savings account?
GICs pay more than most savings accounts but lock your money up, so the right choice depends on when you need the money. EQ Bank’s 1-year GIC paid 3.70% on September 29, 2026, while Wealthsimple Savings paid 2.5% (available to every client, no tiers).
On $10,000 held for a year, that’s $370 in the GIC against $250 in savings: $120 more for giving up access. Savings account rates are variable and can drop at any time; a GIC’s rate is fixed for the term.
A common split: emergency money and anything you might need within a year in a savings account, and money for a known goal one to five years out (a down payment date, a tuition bill) in GICs. YieldMaple’s high-interest savings account comparison covers the savings side. Wealthsimple Savings is open only to non-registered money; for everything Wealthsimple offers, see our complete Wealthsimple guide.
How much less does a cashable GIC pay?
A cashable GIC typically pays noticeably less than a locked-in GIC for the same term. Scotiabank’s featured specials on September 29, 2026 show the gap: 2.55% on a 24-month Personal Redeemable GIC against 3.30% on a 2-year non-redeemable GIC.
That’s 0.75 percentage points less, or about $75 a year on $10,000. A cashable GIC fits money you might need before maturity but want to earn more than a savings account on. If you won’t need it, the non-redeemable version pays more. Neither EQ Bank nor LBC Digital sells a cashable version: EQ Bank’s GICs are non-redeemable, so the money stays locked in until the GIC matures, and LBC Digital’s are non-registered and non-redeemable only.
How is GIC interest taxed in Canada?
GIC interest in a non-registered account is taxed as ordinary income at your full marginal rate every year, while interest inside a TFSA is tax-free and interest inside an RRSP is tax-deferred until you withdraw.
For a $10,000 1-year GIC at EQ Bank’s 3.70%:
- In a TFSA: you keep all $370.
- In a non-registered account, at a 30% marginal tax rate: about $111 goes to tax and you keep about $259.
- In an RRSP or FHSA: no tax on the interest now; RRSP withdrawals are taxed as income later, and qualifying FHSA withdrawals for a first home are tax-free.
On a multi-year compound GIC in a non-registered account, the interest is generally taxed each year as it accrues, even though you don’t receive it until maturity. That makes a TFSA the usual first home for GICs when you have room. EQ Bank and Tangerine sell TFSA and RRSP GICs at the same rates as their non-registered ones. YieldMaple’s TFSA guide covers contribution room and the rules.
Are GICs CDIC insured?
Yes: GICs issued by a CDIC member institution are insured up to $100,000 per insured category, principal and interest combined. CDIC’s rule is that a GIC is covered when the GIC is issued by a CDIC member institution and held within a CDIC deposit insurance category, even if bought through a broker that isn't a member.
CDIC insures each category separately at each member institution. The categories are deposits in one name, joint deposits, RRSPs, RRIFs, TFSAs, RDSPs, RESPs, FHSAs and deposits held in trust. So a GIC in your TFSA and a GIC in your own name at the same bank are covered separately.
Two things to watch:
- Interest counts toward the limit. A compound GIC grows over its term, so a deposit that starts under the limit can pass it by maturity. The GIC calculator flags when principal plus interest goes over the CDIC limit at one institution.
- Everything in one category at one bank shares the limit. At EQ Bank that means one $100,000 limit shared by your individual Personal Account, GICs, US Dollar Account and any other deposits in your name at Equitable Bank; joint deposits are insured separately. YieldMaple’s EQ Bank safety guide walks through it.
Mutual funds, ETFs and stocks are not CDIC-eligible, even when a bank sells them.
How does a GIC ladder work?
A GIC ladder splits your money into equal parts with maturities one year apart, so part of it comes due every year while the rest earns longer-term rates. When each rung matures, you reinvest it in a new 5-year GIC.
Here’s a $50,000 ladder at EQ Bank’s October 2026 rates, with $10,000 in each rung:
| Rung | Rate | Interest in year one |
|---|---|---|
| 1-year GIC | 3.70% | $370 |
| 2-year GIC | 4.00% | $400 |
| 3-year GIC | 4.15% | $415 |
| 4-year GIC | 4.20% | $420 |
| 5-year GIC | 4.30% | $430 |
| Total | 4.07% blended | $2,035 |
Putting all $50,000 in the 5-year GIC would earn $2,150 in year one, $115 more, but none of the money would be available for five years. The ladder gives up that $115 in exchange for $10,000 coming due every year, and it avoids locking everything in at one moment’s rate. Once every rung has rolled into a 5-year GIC, the whole ladder earns 5-year rates while one rung still matures each year.
To test other amounts, rates or terms, use YieldMaple’s GIC calculator, which builds a 3-, 4- or 5-rung ladder and shows the after-tax result. For growth beyond a single GIC, the compound interest calculator runs longer timelines.
The verdict
This is general education, not financial advice. Which GIC fits depends on the account, the term and how soon you might need the money:
- EQ Bank fits most people comparing on rate. It paid the top rate at every term from one year to five on October 8, 2026 (3.70% to 4.30%), with the same rates in a TFSA, RRSP or FHSA. Its GICs can’t be cashed early.
- Tangerine fits existing Tangerine or Scotiabank clients who want GICs next to their chequing. Its rates (3.60% to 4.25%) trail EQ Bank’s slightly at every term from one year to five.
- LBC Digital fits small non-registered amounts, with a $100 minimum, but it can’t hold registered GICs and paid less than EQ Bank at every term and less than Tangerine at most.
- A Big 5 bank fits convenience, not rate: Scotiabank’s featured 2-year special (3.30%) was below EQ Bank’s and Tangerine’s 2-year rates. Check your own bank’s posted rate against the table before you renew.
- A high-interest savings account fits money you may need soon. A GIC’s higher rate only helps if you can leave the money alone for the full term.