Highest GIC Rates in Canada 2023

Updated: April 24, 2023
6:28 am

Many of the products/services listed on this page are from our affiliate partners. We receive commissions if you purchase any of those items, but it does not influence how we review them or what ratings starS (or lack thereof) appear next to each product category in reviews like these ones! Learn more by reading Advertiser Disclosure prior to making your decision.

What is GIC?

Guaranteed Investment Certificate (GIC) A GIC is a Canadian investment with a guaranteed rate of return for a fixed period. It is a low-risk investment and the principal investment amount will be insured for up to 100,000 Canadian dollars by the Canadian Deposit Insurance Corporation (GDIC) If you buy a GIC from the banks that are members of the GDIC.

Typically, the minimum amount you can invest in GIC is $500, with no maximum limit.

Most GICs set a fixed interest rate for up to 10 years of the term, and some GICs offer a variable interest rate based on the performance of a benchmark.

Generally, Non Redeemable GICs cannot be withdrawn early without a penalty, though it offers a higher rate.

Best 30-days Fixed GIC Rates from the Big Five Bank

Provider	Non-Redeemable / Redeemable	Interest Rate
RBC Royal Bank	Non-Redeemable	2.00%
TD Canada Trust	Non-Redeemable	2.25%
Scotiabank	Non-Redeemable	2.00%
BMO Canada	Non-Redeemable	2.25%
CIBC	Non-Redeemable	3.00%

Rates shown are calculated on a per annum basis.
Rates as of April 24, 2023

When it comes to investing your money, there are many options available, including stocks, mutual funds, and bonds. However, if you’re looking for a low-risk investment with a guaranteed return, a Guaranteed Investment Certificate (GIC) may be the perfect option for you. In this article, we’ll take a look at the best 30-day fixed GIC rates from the Big Five banks in Canada.

First, let’s define what a GIC is. A GIC is a type of investment where you agree to lend a financial institution a certain amount of money for a specified period of time, and in return, they guarantee to pay you a fixed rate of interest. The rate of return on a GIC is typically higher than a traditional savings account, and your initial investment is protected.

Now, let’s look at the best 30-day fixed GIC rates from the Big Five banks in Canada:

Royal Bank of Canada (RBC) RBC currently offers a 30-day GIC with a rate of 0.30%.
Toronto-Dominion Bank (TD) TD currently offers a 30-day GIC with a rate of 0.30%.
Bank of Montreal (BMO) BMO currently offers a 30-day GIC with a rate of 0.30%.
Canadian Imperial Bank of Commerce (CIBC) CIBC currently offers a 30-day GIC with a rate of 0.30%.
Bank of Nova Scotia (Scotiabank) Scotiabank currently offers a 30-day GIC with a rate of 0.25%.

It’s important to note that GIC rates can change frequently, so it’s always a good idea to check with each financial institution directly for the most up-to-date rates.

When choosing a GIC, it’s also important to consider the terms and conditions, such as early withdrawal penalties, as well as the financial institution’s reputation and stability.

In conclusion, if you’re looking for a low-risk investment with a guaranteed return, a GIC may be a good option for you. The Big Five banks in Canada all offer 30-day fixed GICs with competitive rates, but it’s important to do your own research and choose the one that’s right for you. Remember to consider the terms and conditions, as well as the financial institution’s reputation and stability, before making your investment.

Best 90-days Fixed GIC Rates from the Big Five Bank

Provider	Non-Redeemable / Redeemable	Interest Rate
RBC Royal Bank	Non-Redeemable	2.50%
TD Canada Trust	Non-Redeemable	2.75%
Scotiabank	Non-Redeemable	2.50%
BMO Canada	Non-Redeemable	2.75%
CIBC	Non-Redeemable	3.10%

Rates shown are calculated on a per annum basis.
Rates as of April 24, 2023

When it comes to investing your money, there are many options available, including stocks, mutual funds, and bonds. However, if you’re looking for a low-risk investment with a guaranteed return, a Guaranteed Investment Certificate (GIC) may be the perfect option for you. In this article, we’ll take a look at the best 90-day fixed GIC rates from the Big Five banks in Canada.

Now, let’s look at the best 90-day fixed GIC rates from the Big Five banks in Canada:

Royal Bank of Canada (RBC)
Toronto-Dominion Bank (TD)
Bank of Montreal (BMO)
Canadian Imperial Bank of Commerce (CIBC)
Bank of Nova Scotia (Scotiabank)

It’s important to note that GIC rates can change frequently, so it’s always a good idea to check with each financial institution directly for the most up-to-date rates.

When choosing a GIC, it’s also important to consider the terms and conditions, such as early withdrawal penalties, as well as the financial institution’s reputation and stability.

In conclusion, if you’re looking for a low-risk investment with a guaranteed return, a GIC may be a good option for you. The Big Five banks in Canada all offer 90-day fixed GICs with competitive rates, but it’s important to do your own research and choose the one that’s right for you. Remember to consider the terms and conditions, as well as the financial institution’s reputation and stability, before making your investment.