Canada GIC Rates 2026: Compare Fixed Deposits Today

Guaranteed Investment Certificates (GICs) are Canada’s equivalent to fixed deposits: you lock in money for a set term and receive a predetermined return. In an environment where rates may fluctuate, a GIC lets you secure a known rate for the duration, trading liquidity for stability. The key is to match the term and features to your goals, consider deposit insurance protection, and compare providers to gauge potential returns and convenience.

What are Fixed Interest Rates for GICs?

Fixed interest rates on GICs do not change during the term, which makes future returns predictable. You’ll find non‑redeemable GICs (generally higher rates because you hold to maturity) and redeemable or cashable GICs (lower rates but added flexibility). Interest can be paid monthly, semi‑annually, or at maturity; on multi‑year terms, it might compound annually when set to pay at maturity. Terms typically run from 30 days to five years, and registered variants (TFSA, RRSP, FHSA, RESP, RRIF) are common. While posted rates are public, some providers offer promotional or negotiable rates, especially on larger deposits or specific channels like online platforms.

How Does CDIC Protection Safeguard Your Deposits?

The Canada Deposit Insurance Corporation (CDIC) helps safeguard eligible deposits at member institutions up to $100,000 per depositor per insured category. Coverage applies to eligible GICs with terms of five years or less at CDIC member banks and federally regulated trust companies. Coverage is separate across categories such as non‑registered, TFSA, RRSP, RRIF, RESP, FHSA, and trusts. If you also use credit unions or caisses populaires, note that they are typically protected by provincial deposit insurance regimes rather than CDIC. To maximize coverage, verify that the institution is a CDIC member, confirm the registration category of your GIC, and consider spreading funds across categories or members to maintain protection limits.

What Flexible Terms Are Available for GICs?

GIC flexibility spans term length, liquidity, account type, and interest handling. Short terms (30–364 days) suit cash you’ll need soon, while longer terms (one to five years) can lock in higher fixed rates. Non‑redeemable options suit funds you can set aside for the full term, whereas cashable options trade a lower rate for the ability to access money earlier, sometimes after a short lock‑in period. Market‑linked GICs tie returns to an index and may cap gains; they protect principal but returns are not fixed. Most providers offer GICs in registered accounts for tax‑sheltered growth or in non‑registered accounts where interest is taxable as income. Minimum deposits often start around a few hundred dollars, though they vary by institution and product type.

How GICs Offer Stable Growth vs Savings Accounts?

High‑interest savings accounts (HISAs) offer daily liquidity and variable rates that can change without notice. GICs provide a fixed rate for a set term, reducing uncertainty if you want to ensure a specific return and avoid reinvestment risk over that period. The trade‑off is liquidity: cashing a non‑redeemable GIC early is typically not possible, and redeemable versions carry lower rates. Savers sometimes blend both: keep an emergency buffer in a HISA for quick access while allocating surplus funds to GICs for stability. Tax treatment is the same for interest in non‑registered accounts, but registered wrappers can shelter interest. Whether a HISA or a GIC is more suitable depends on your time horizon, rate outlook, and need for access.

How Do Major Canadian Banks’ GIC Offerings Compare?

The largest banks tend to emphasize convenience, branch access, and broad registered options, often with conservative posted rates. Digital banks and trust companies frequently publish higher rates, reflecting lower overhead and online distribution. Promotional windows appear across both groups, and some institutions offer bonus rates for new deposits or multi‑product relationships. Beyond the headline rate, compare term availability, redeemability, compounding, minimums, registered account compatibility, and the ease of purchase or renewal. Diversifying by institution and staggering maturities with a ladder can help balance yield and liquidity across changing market conditions.

A practical way to evaluate value is to look at indicative ranges by provider type and see how that affects potential interest. For example, a 1‑year non‑redeemable GIC at an online bank might publish a higher range than a major bank branch rate, while a redeemable GIC would sit lower. On $10,000, each 0.25 percentage‑point difference in annual rate translates to about $25 in annual interest before tax.

Prices, rates, or cost estimates mentioned in this article are based on the latest available information but may change over time. Independent research is advised before making financial decisions.

Rates vary by term, product type, purchase channel, and whether the GIC is registered. Multi‑year terms may offer differentials versus 1‑year products, and redeemable or cashable products typically price lower than non‑redeemable equivalents. Promotional offers can affect posted ranges for short periods, and minimum deposit thresholds or compounding choices can influence the effective yield you receive.

In 2026, GICs continue to serve as a steady anchor for conservative savers and balanced portfolios. By understanding fixed‑rate mechanics, deposit‑insurance coverage, and the flexibility of terms, you can align liquidity and return with your time horizon. Comparing providers by both published ranges and product features helps set realistic expectations for the income your savings can generate while keeping principal secure within the chosen protection framework.