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Rate tracker · GICs and savings

GIC and savings rates in Canada, with ten years of history

The six big banks’ typical posted 1-year GIC rate was 2.45% in the week of Wednesday, October 28, 2026 (2.45% a year earlier), with 3-year at 3.2% and 5-year at 2.75%, according to the Bank of Canada. Their posted savings rate was 0.01%. Smaller and online institutions usually post more — see the highest posted savings rates below.

Bank of Canada data to Oct 2026
Mitey the Yeti with a notebook beside the rate cards
Big-bank 1-year GIC2.45%posted rate, Oct 2026
Highest 1-year GIC we found3.75%Oaken Financial, November 2, 2026
Bank of Canada policy rate2.5%Oct 2026

Mitey notes 8 institutions’ GIC rates against the big banks’ posted 2.45%.

What are the best GIC rates in Canada today?

On November 2, 2026, the highest 1-year GIC rate we found on institutions’ own pages was 3.75% (Oaken Financial and Tangerine), and the highest 5-year rate was 4.5% (Oaken Financial). The six big banks’ typical posted 1-year rate is 2.45% according to the Bank of Canada, 1.3 points lower.

What does the rate gap mean on $10,000?

A 5-year GIC compounding yearly at 4.5% turns $10,000 into about $12,462; at the big banks’ typical posted 2.75% it grows to $11,453 — a difference of $1,009 over the term, before tax. Both are covered by CDIC up to $100,000 per member and category, interest included.

5-year non-redeemable GIC rates posted on November 2, 2026, against the big-bank typical posted rate
  1. Oaken Financial4.50%
  2. EQ Bank4.30%
  3. Simplii Financial4.25%
  4. Tangerine4.25%
  5. BMO3.55%
  6. CIBC2.75%
  7. RBC Royal Bank2.75%
  8. Scotiabank2.75%
  9. Big Six typical posted rate · Bank of Canada, Oct 20262.75%

How have big-bank posted rates moved since 2016?

Posted rates at the six largest banks and the Bank of Canada policy rate, 2016–2026 (monthly)Line chart of 1-, 3- and 5-year GIC rates, non-chequable savings and the policy rate. GIC rates rose sharply in 2022–2023 with the policy rate and have eased since.0%1%2%3%4%5%6%20162016201720172018201920192020202020212021202220222023202320242025202520262026
5-year GIC3-year GIC1-year GICNon-chequable savingsBank of Canada policy rate
Show the numbers
Posted rates at the six largest banks and the Bank of Canada policy rate, 2016–2026 (monthly)
Month5-year GIC3-year GIC1-year GICNon-chequable savingsBank of Canada policy rate
Oct 2026————2.5%
Oct 20262.75%3.2%2.45%0.01%—
Sep 20262.75%3.2%2.45%0.01%2.25%
Aug 2026————2.25%
Aug 20262.75%2.55%2.45%0.01%—
Jul 2026————2.25%
Jul 20262.75%2.55%2.7%0.01%—
Jun 2026————2.25%
Jun 20262.75%2.55%2.7%0.01%—
May 2026————2.25%
May 20262.75%2.75%2.7%0.01%—
Apr 2026————2.25%
Apr 20262.75%2.75%2.7%0.01%—
Mar 2026————2.25%
Mar 20262.75%2.52%2.45%0.01%—
Feb 2026————2.25%
Feb 20262.75%2.45%2.45%0.01%—
Jan 2026————2.25%
Jan 20262.75%2.52%2.45%0.01%—
Dec 20252.75%2.52%2.45%0.01%2.25%
Nov 2025————2.25%
Nov 20252.75%2.45%2.45%0.01%—
Oct 2025————2.25%
Oct 20252.75%2.45%2.45%0.01%—
Sep 2025————2.5%
Sep 20252.9%2.67%2.62%0.01%—
Aug 2025————2.75%
Aug 20252.9%2.67%2.62%0.01%—
Jul 2025————2.75%
Jul 20252.9%2.67%2.62%0.01%—
Jun 2025————2.75%
Jun 20252.9%2.65%2.62%0.01%—
May 2025————2.75%
May 20252.9%2.65%2.62%0.01%—
Apr 20252.9%2.7%2.7%0.01%2.75%
Mar 2025————2.75%
Mar 20253.25%2.9%2.7%0.01%—
Feb 2025————3%
Feb 20253.25%3.05%2.7%0.01%—
Jan 2025————3%
Jan 20253.2%2.97%3%0.01%—
Dec 2024————3.25%
Dec 20243.2%2.97%3%0.01%—
Nov 2024————3.75%
Nov 20243.2%3.2%3.3%0.01%—
Oct 2024————3.75%
Oct 20243.3%3.1%3.4%0.01%—
Sep 2024————4.25%
Sep 20243.3%3.3%3.65%0.01%—
Aug 2024————4.5%
Aug 20243.5%3.52%3.9%0.01%—
Jul 20243.85%3.9%4%0.01%4.5%
Jun 2024————4.75%
Jun 20243.95%3.9%4%0.01%—
May 2024————5%
May 20243.95%3.92%4%0.01%—
Apr 2024————5%
Apr 20243.95%3.92%4.4%0.01%—
Mar 2024————5%
Mar 20243.95%3.92%4.6%0.01%—
Feb 2024————5%
Feb 20243.95%3.92%4.6%0.01%—
Jan 20243.95%3.92%4.6%0.01%5%
Dec 2023————5%
Dec 20233.9%4%4.65%0.01%—
Nov 2023————5%
Nov 20234.9%4.02%4.9%0.01%—
Oct 2023————5%
Oct 20234.27%4.02%4.92%0.01%—
Sep 2023————5%
Sep 20234.35%4.02%5.1%0.01%—
Aug 2023————5%
Aug 20234.35%4%5.1%0.01%—
Jul 2023————5%
Jul 20233.75%3.5%3.25%0.01%—
Jun 2023————4.75%
Jun 20233.75%3.5%4.45%0.01%—
May 20233.4%3.3%4.45%0.01%4.5%
Apr 2023————4.5%
Apr 20233.23%3.13%3.03%0.01%—
Mar 2023————4.5%
Mar 20233.23%3.13%3.03%0.01%—
Feb 2023————4.5%
Feb 20233.23%3.13%3%0.01%—
Jan 2023————4.5%
Jan 20233.23%3.75%3%0.01%—
Dec 2022————4.25%
Dec 20223.45%3.75%3%0.01%—
Nov 20223.45%3.75%3%0.01%3.75%
Oct 2022————3.75%
Oct 20223.45%2.75%2%0.01%—
Sep 2022————3.25%
Sep 20223.45%2.75%2%0.01%—
Aug 20223.45%2.75%2%0.01%2.5%
Jul 2022————2.5%
Jul 20223.45%2.75%2%0.01%—
Jun 2022————1.5%
Jun 20222.95%2.75%2%0.01%—
May 2022————1%
May 20222.5%2.2%1.25%0.01%—
Apr 2022————1%
Apr 20222.5%1.75%1.25%0.01%—
Mar 2022————0.5%
Mar 20222.28%2.1%0.95%0.01%—
Feb 2022————0.25%
Feb 20221.75%1.35%0.6%0.01%—
Jan 2022————0.25%
Jan 20221.75%0.95%0.4%0.01%—
Dec 2021————0.25%
Dec 20211.25%0.95%0.35%0.01%—
Nov 2021————0.25%
Nov 20211%0.6%0.25%0.01%—
Oct 2021————0.25%
Oct 20211%0.6%0.25%0.01%—
Sep 20211%0.6%0.25%0.01%0.25%
Aug 2021————0.25%
Aug 20211%0.6%0.25%0.01%—
Jul 2021————0.25%
Jul 20211%0.6%0.25%0.01%—
Jun 20211%0.6%0.25%0.01%0.25%
May 2021————0.25%
May 20211%0.6%0.25%0.01%—
Apr 2021————0.25%
Apr 20211%0.5%0.25%0.01%—
Mar 20211.05%0.5%0.25%0.01%0.25%
Feb 2021————0.25%
Feb 20210.8%0.5%0.3%0.01%—
Jan 2021————0.25%
Jan 20210.8%0.6%0.35%0.01%—
Dec 2020————0.25%
Dec 20200.8%0.6%0.35%0.01%—
Nov 2020————0.25%
Nov 20200.85%0.6%0.35%0.01%—
Oct 2020————0.25%
Oct 20200.85%0.6%0.35%0.01%—
Sep 20200.85%0.6%0.35%0.01%0.25%
Aug 2020————0.25%
Aug 20200.95%0.6%0.43%0.01%—
Jul 2020————0.25%
Jul 20201.05%0.75%0.55%0.01%—
Jun 2020————0.25%
Jun 20201.5%1%0.75%0.01%—
May 2020————0.25%
May 20201.5%1.15%0.75%0.01%—
Apr 2020————0.25%
Apr 20201.5%1.15%0.75%0.05%—
Mar 2020————0.25%
Mar 20201.5%1.15%1%0.05%—
Feb 2020————1.75%
Feb 20202%1.8%1.35%0.05%—
Jan 2020————1.75%
Jan 20202%1.8%1.35%0.05%—
Dec 2019————1.75%
Dec 20192%1.8%1.35%0.05%—
Nov 2019————1.75%
Nov 20192%1.8%1.35%0.05%—
Oct 2019————1.75%
Oct 20192%1.8%1.35%0.05%—
Sep 2019————1.75%
Sep 20192%1.8%1.35%0.05%—
Aug 2019————1.75%
Aug 20192%1.8%1.35%0.05%—
Jul 20192%1.8%1.35%0.05%1.75%
Jun 2019————1.75%
Jun 20191.9%1.8%1.35%0.05%—
May 2019————1.75%
May 20192.2%1.55%1.35%0.05%—
Apr 2019————1.75%
Apr 20192.2%1.55%1.35%0.05%—
Mar 2019————1.75%
Mar 20192.2%1.5%1.3%0.05%—
Feb 2019————1.75%
Feb 20192.2%1.5%1.3%0.05%—
Jan 2019————1.75%
Jan 20192.2%1.5%1.3%0.05%—
Dec 2018————1.75%
Dec 20182.2%1.5%1.3%0.05%—
Nov 2018————1.75%
Nov 20182.2%1.5%1.3%0.05%—
Oct 20181.6%1.45%1.08%0.05%1.75%
Sep 2018————1.5%
Sep 20181.6%1.4%1.08%0.05%—
Aug 2018————1.5%
Aug 20181.48%1.33%1.08%0.05%—
Jul 2018————1.5%
Jul 20181.6%1.1%0.73%0.05%—
Jun 2018————1.25%
Jun 20181.6%1.1%0.73%0.05%—
May 2018————1.25%
May 20181.6%1.1%0.73%0.05%—
Apr 2018————1.25%
Apr 20181.6%1.35%0.73%0.05%—
Mar 2018————1.25%
Mar 20181.6%1.35%0.73%0.05%—
Feb 20181.6%1.35%0.73%0.05%1.25%
Jan 20181.6%1.35%0.73%0.05%1.25%
Dec 2017————1%
Dec 20171.6%1.35%0.73%0.05%—
Nov 2017————1%
Nov 20171.6%1.35%0.73%0.05%—
Oct 2017————1%
Oct 20171.6%1.35%0.73%0.05%—
Sep 2017————1%
Sep 20171.6%1.35%0.73%0.05%—
Aug 2017————0.75%
Aug 20171.6%1.35%0.73%0.05%—
Jul 2017————0.75%
Jul 20171.6%1.35%0.73%0.05%—
Jun 2017————0.5%
Jun 20171.13%1.03%0.73%0.05%—
May 20171.13%1.03%0.73%0.05%0.5%
Apr 2017————0.5%
Apr 20171.13%1%0.73%0.05%—
Mar 2017————0.5%
Mar 20171.13%1%0.73%0.05%—
Feb 2017————0.5%
Feb 20171.13%1%0.73%0.05%—
Jan 2017————0.5%
Jan 20171.45%1.15%0.73%0.05%—
Dec 2016————0.5%
Dec 20161.45%1.15%0.73%0.05%—
Nov 20161.45%1.15%0.73%0.05%0.5%
Oct 2016————0.5%
Oct 20161.45%1.15%0.73%0.05%—
Sep 2016————0.5%
Sep 20161.38%1.15%0.85%0.05%—
Aug 20161.38%1.15%0.85%0.05%0.5%
Jul 2016————0.5%
Jul 20161.38%1.15%0.85%0.05%—
Jun 2016————0.5%
Jun 20161.38%1.15%0.85%0.05%—
May 2016————0.5%
May 20161.38%1.15%0.85%0.05%—
Apr 2016————0.5%
Apr 20161.38%1.15%0.85%0.05%—
Mar 2016————0.5%
Mar 20161.38%1.15%0.85%0.05%—
Feb 2016————0.5%
Feb 20161.5%1.03%0.85%0.05%—
Jan 2016————0.5%
Jan 20161.5%1.03%0.85%0.05%—

Source: Bank of Canada Valet API, group CHARTERED_BANK_INTEREST (series V80691339, V80691340, V80691341, V80691338 — the most typical rates offered by the six major chartered banks, weekly; last observation of each month shown) and the target for the overnight rate (V39079). Retrieved 2026-11-01.

Which institutions post the highest GIC rates?

Non-redeemable GIC rates and base savings rates as posted on each institution’s own rate page on November 2, 2026. Promotional and bonus rates are noted separately and aren’t used for the sort. We keep every snapshot so this table builds its own history.

Posted rates from institutions’ own pages, November 2, 2026; sorted by 1-year GIC
Institution1-yr GIC2-yr3-yr5-yrSavings baseNotes
Oaken Financial3.75%4.2%4.3%4.5%—Annual interest; minimum $1,000. Rates in effect since October 16, 2026. Deposits are placed with Home Bank or Home Trust Company, separate CDIC members.
Tangerine3.75%4.05%4.15%4.25%0.3%Boosted 5.00% for 5 months on RSP, TFSA and RIF Savings (conditions apply). Savings rate from tangerine.ca/en/rates/savings-account-rates. Tangerine is a CDIC member in its own right.
EQ Bank3.7%4%4.15%4.3%—Non-registered GIC rates; registered GICs post the same rates.
Simplii Financial3.6%3.6%3.7%4.25%—Annual percentage yield as posted; the simple annual rates are 3.542% (1–2 yr), 3.639% (3 yr) and 4.170% (5 yr), compounded monthly. A division of CIBC.
BMO3%3.2%3.3%3.55%—BMO GIC (non-cashable), $1,000 or more, interest paid annually or compounded annually.
CIBC2.45%2.55%2.6%2.75%—CIBC Bonus Rate GIC, non-registered long term, $5,000 to $999,999 (12, 24, 36 and 60 months).
RBC Royal Bank2.45%2.55%2.55%2.75%—Special non-redeemable GIC offers on the same page: 3.20% for 2 years and 3.55% for 5 years. Posted Non-Redeemable GIC rates, interest paid annually or compounded, "current for 2 November 2026".
Scotiabank2.45%2.5%2.6%2.75%—Long-term Non-Redeemable GICs, compounded annually, effective November 3, 2026.

Which savings accounts post the highest rates on $10,000?

From the account database (FCAC-listed posted rates, nationwide accounts open to anyone). The full list, with fees, is in the savings ranking.

  1. 30 Day Notice Savings Account (EQ Bank) — 3%, about $300 a year after fees
  2. 10 Day Notice Savings Account (EQ Bank) — 2.5%, about $250 a year after fees
  3. Savings (Wealthsimple) — 2.5%, about $250 a year after fees
  4. Neo Savings (Essentials) (Neo Financial) — 2.25%, about $225 a year after fees
  5. High Interest Savings Account (HISA) (Equitable Bank) — 2.15%, about $215 a year after fees
  6. Advantage Account (savings & chequing) (Manulife Bank) — 1.65%, about $165 a year after fees
  7. e-Savings Account (Peoples Group) — 1.2%, about $120 a year after fees
  8. High Interest eSavings Account (Alterna Bank) — 1.05%, about $105 a year after fees
Mitey the Yeti, CanadianBanks.ca’s guide, pointing out a tip
Mitey’s note

A GIC’s $100,000 CDIC limit includes the interest. The GIC split planner works out how much principal to place at each member so every certificate stays covered to maturity.

Frequently asked questions

Are GICs covered by CDIC?

Yes, GICs and other term deposits at a CDIC member are covered up to $100,000 (principal and interest) per insured category. Since April 30, 2020 there is no term limit, and foreign-currency GICs are covered too. Use the GIC split planner to stay under the limit.

Why are big-bank posted rates lower than online banks’ rates?

The Bank of Canada series shows the most typical posted rate at the six largest banks. Their branches often negotiate or run promotions above the posted rate, and online banks and smaller institutions usually post higher rates to attract deposits. Compare the institution table below.

GIC or high-interest savings account?

A GIC locks the money for the term in exchange for a fixed rate; a savings account pays a rate that can change at any time but lets you withdraw. If you may need the money before the term ends, look for cashable or redeemable GICs, which usually pay less.

How often is this updated?

The Bank of Canada series updates weekly; we refresh it with each site update. Institution rates are a dated snapshot from their own pages — we keep each snapshot so the table builds a history over time.

Educational information only, not financial, legal or tax advice. CanadianBanks.ca is independent and is not affiliated with, endorsed by or paid by any institution listed. Confirm details with the institution and the official sources linked on each page before you act. Read the full disclaimer.

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