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Best GIC Rates In Canada

Best GIC Rates in Canada

Guaranteed Investment Certificates (GICs) are certainly one of the best savings tool you can ever find. Considering the fact that they vary on types, interest rates and other terms, it’s not always easy to pick an option that can serve you well in the long run.

After several hours of comprehensive research, we have compiled the best GIC rates in Canada you can find.

Let’s take a look at our top picks. 

HSBC GIC Rates

HSBC comes with varying types of GICs including one-year GIC, Canadian Dollar GIC and registered GIC that can be conveniently converted within the 89 days.

The non-redeemable Canadian Dollar GIC comes with the maximum interest rates from 0.2% to 0.9% from one-month to next 5 years. You need to have a minimum $1,000 deposit. Further, HSBC presently offers an exclusive promotional interest rate of 2.25%. Highly Recommended!

Motusbank GIC Rates

Motusbank is a federally chartered Canadian bank functioned by Meridian Credit Union. The Motusbank GIC rates available for both registered and non-registered accounts whether you are looking forward to it in the short term or long term.

The GIC rates start at 2.05% for one-month to 2.80% on registered accounts and 2.07% on non-registered accounts for one year. It can go up to 3.15% for a 5-year plan. Motusbank GICs are CDIC protected.

Oaken Financial

Oaken Financial is one of the best online banks operating across Canada and remarkably serving millions of people who are looking forward to better interest rates with little or no charges.

The interest rates are certainly attractive and Oaken GICs are qualified for CDIC coverage. Though you need a minimum of $1,000 deposit and disbursement.

Coast Capital GIC Rates

Coast Capital offers a variability of term deposits both for Canadian and U.S. currency. It is absolutely one of the finest products considering the increasing-rate term deposit.

Account holders will have a great opportunity to earn more interest for their investments. The 7-year improving rate term deposit can reach 3.4%. 

Tangerine GIC Rates

Tangerine Bank is a recognized Canadian online bank highly preferred for no-fee chequing account. Apart from the chequing and saving services, they offer competitive GICs that are worth your consideration.

The Tangerine GIC rates begin at 2.25% 1-year and up to 2.45% for a 5-year duration. Impressive Though! 

Scotiabank GIC Rates

Scotiabank GIC rates enclosed between 1.20% for a non-registered one-year plan and up to 1.60% for a 5-year GIC.

The services are available all across the Canada. The bank also offers a promotional exclusive GIC rate of 2.20% in addition to market association and cashable GIC variations. 

MAXA Financial GIC Rates

MAXA Financial offers GICs from 1-5 years. You are required to have a very low deposit of at least $500. Also, remember all GICs are non-redeemable before maturity. It makes an excellent choice for savings since you don’t need to do anything until your GIC matures.

The Bottom Line

Looking for the right GIC rates that perfectly fit your needs? Well, all you need is to get yourself familiar with the popular options available. It primarily depends on when you require the money and how you want to invest it.

Considering the basic requirements in mind, you can choose an appropriate GIC term and the finest GIC rates in Canada for your precious savings. 

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