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Tangerine is a Canadian online bank, launched in 1997 as ING Direct Canada. Acquired by Scotiabank in 2012, Tangerine offers more than two million clients no- or low-fee daily personal and business banking, borrowing and investment products.
Tangerine offers its customers a wide range of no-fee guaranteed investment certificate (GIC) options that are easy to open online with various terms and fixed interest rates.
Tangerine Bank’s current GIC rates
Tangerine Bank GIC rates for registered, non-registered and U.S. dollar deposit terms, as of Nov. 20, 2024.
Note: All Tangerine have interest calculated on the daily basis. For GIC terms of one year or longer, the interest is compounded and/or paid annually and for GIC terms of less than one year, the interest is paid at maturity.
| Term | Interest Rate | GIC Type |
|---|---|---|
| 90 days | 3.00% | Tangerine RSP GIC |
| 90 days | 3.00% | Tangerine Tax-Free GIC |
| 90 days | 3.00% | Tangerine RIF GIC |
| 90 days | 3.00% | Tangerine Non-Registered GIC |
| 90 days | 2.80% | Tangerine US Dollar GIC |
| 180 days | 3.55% | Tangerine RSP GIC |
| 180 days | 3.55% | Tangerine Tax-Free GIC |
| 180 days | 3.55% | Tangerine RIF GIC |
| 180 days | 3.55% | Tangerine Non-Registered GIC |
| 180 days | 3.35% | Tangerine US Dollar GIC |
| 270 days | 3.65% | Tangerine RSP GIC |
| 270 days | 3.65% | Tangerine Tax-Free GIC |
| 270 days | 3.65% | Tangerine RIF GIC |
| 270 days | 3.65% | Tangerine Non-Registered GIC |
| 270 days | 3.45% | Tangerine US Dollar GIC |
| 1 year | 3.95% | Tangerine RSP GIC |
| 1 year | 3.95% | Tangerine Tax-Free GIC |
| 1 year | 3.95% | Tangerine RIF GIC |
| 1 year | 3.95% | Tangerine Non-Registered GIC |
| 1 year | 3.75% | Tangerine US Dollar GIC |
| 1½ years | 3.90% | Tangerine RSP GIC |
| 1½ years | 3.90% | Tangerine Tax-Free GIC |
| 1½ years | 3.90% | Tangerine RIF GIC |
| 1½ years | 3.90% | Tangerine Non-Registered GIC |
| 1½ years | 3.70% | Tangerine US Dollar GIC |
| 2 years | 3.90% | Tangerine RSP GIC |
| 2 years | 3.90% | Tangerine Tax-Free GIC |
| 2 years | 3.90% | Tangerine RIF GIC |
| 2 years | 3.90% | Tangerine Non-Registered GIC |
| 2 years | 3.70% | Tangerine US Dollar GIC |
| 3 years | 3.70% | Tangerine RSP GIC |
| 3 years | 3.70% | Tangerine Tax-Free GIC |
| 3 years | 3.70% | Tangerine RIF GIC |
| 3 years | 3.70% | Tangerine Non-Registered GIC |
| 3 years | 3.50% | Tangerine US Dollar GIC |
| 4 years | 3.65% | Tangerine RSP GIC |
| 4 years | 3.65% | Tangerine Tax-Free GIC |
| 4 years | 3.65% | Tangerine RIF GIC |
| 4 years | 3.65% | Tangerine Non-Registered GIC |
| 4 years | 3.45% | Tangerine US Dollar GIC |
| 5 years | 3.75% | Tangerine RSP GIC |
| 5 years | 3.75% | Tangerine Tax-Free GIC |
| 5 years | 3.75% | Tangerine RIF GIC |
| 5 years | 3.75% | Tangerine Non-Registered GIC |
| 5 years | 3.55% | Tangerine US Dollar GIC |
Tangerine Non-registered 2 Year GIC
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Term Length2 Years
-
Interest Rate3.90%As of November 6, 2024
-
Minimum Deposit$0
-
Bonus OfferN/A
- Tangerine’s non-redeemable GICs are available in short and long terms and can be included in registered plans, including TFSAs, RRSPs, and RRIFs.
- Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine Bank for more information.
- Offered in 1-5 year terms, as well as in 90-day, 180-day, 270-day, 1.5-year terms.
- RSP, Tax-Free, US$ and RIF Guaranteed Investments are also available.
- Lock in your savings for one of the set terms and start earning a great interest rate.
- You’ll have 30 days from the purchase or re-investment date to cancel the new GIC.
- No monthly fee.
- Protected by the Canada Deposit Insurance Corporation (CDIC).
Tangerine RSP 1 Year GIC
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Term Length1 Year
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Interest Rate4.05%As of November 6, 2024
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Minimum Deposit$0
-
Bonus OfferN/A
- Tangerine’s non-redeemable GICs are available in short and long terms and can be included in registered plans, including TFSAs, RRSPs, and RRIFs.
- Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine Bank for more information.
- Offered in 1-5 year terms, as well as in 90-day, 180-day, 270-day, 1.5-year terms.
- RSP, Tax-Free, US$ and RIF Guaranteed Investments are also available.
- Lock in your savings for one of the set terms and start earning a great interest rate.
- You’ll have 30 days from the purchase or re-investment date to cancel the new GIC.
- No monthly fee.
- Protected by the Canada Deposit Insurance Corporation (CDIC).
Tangerine Tax-Free 2 Year GIC
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Term Length2 Years
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Interest Rate3.90%As of November 6, 2024
-
Minimum Deposit$0
-
Bonus OfferN/A
- Tangerine’s non-redeemable GICs are available in short and long terms and can be included in registered plans, including TFSAs, RRSPs, and RRIFs.
- Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine Bank for more information.
- Offered in 1-5 year terms, as well as in 90-day, 180-day, 270-day, 1.5-year terms.
- RSP, Tax-Free, US$ and RIF Guaranteed Investments are also available.
- Lock in your savings for one of the set terms and start earning a great interest rate.
- You’ll have 30 days from the purchase or re-investment date to cancel the new GIC.
- No monthly fee.
- Protected by the Canada Deposit Insurance Corporation (CDIC).
Tangerine RIF 9 Month GIC
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Term Length9 Months
-
Interest Rate4.05%As of November 6, 2024
-
Minimum Deposit$0
-
Bonus OfferN/A
- Tangerine’s non-redeemable GICs are available in short and long terms and can be included in registered plans, including TFSAs, RRSPs, and RRIFs.
- Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine Bank for more information.
- Offered in 1-5 year terms, as well as in 90-day, 180-day, 270-day, 1.5-year terms.
- RSP, Tax-Free, US$ and RIF Guaranteed Investments are also available.
- Lock in your savings for one of the set terms and start earning a great interest rate.
- You’ll have 30 days from the purchase or re-investment date to cancel the new GIC.
- No monthly fee.
- Protected by the Canada Deposit Insurance Corporation (CDIC).
Tangerine US Dollar 1 Year GIC
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Term Length1 Year
-
Interest Rate3.85%As of November 6, 2024
-
Minimum Deposit$0
-
Bonus OfferN/A
- Tangerine’s non-redeemable GICs are available in short and long terms and can be included in registered plans, including TFSAs, RRSPs, and RRIFs.
- Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine Bank for more information.
- Offered in 1-5 year terms, as well as in 90-day, 180-day, 270-day, 1.5-year terms.
- RSP, Tax-Free, US$ and RIF Guaranteed Investments are also available.
- Lock in your savings for one of the set terms and start earning a great interest rate.
- You’ll have 30 days from the purchase or re-investment date to cancel the new GIC.
- No monthly fee.
- Protected by the Canada Deposit Insurance Corporation (CDIC).
What to know about Tangerine Bank GICs
Tangerine Bank GICs are non-redeemable investments with varying short and long term options. Aside from the non-registered GICs, Tangerine also offers term deposits that can be included in various registered plans. Those looking for high-interest earning U.S. dollar investments can take advantage of the bank’s GICs for no service fee.
Deposits of up to $100,000 in Tangerine GICs are also covered by the Canada Deposit Insurance Corporation (CDIC) against bank failure.
How to choose a Tangerine Bank GIC
Before you choose a Tangerine Bank GIC, think about the main purpose of your investment — holding funds from a windfall till you decide on the best use; including the GIC as part of your retirement portfolio; or taking advantage of the best interest rate for short-term investments.
Then you can support your investment strategy by evaluating your GIC options based on:
Types of Tangerine Bank GICs
Tangerine offers a range of non-redeemable, fixed rate GICs, available as registered and non-registered investments.
Registered offerings include:
- RSP Guaranteed Investment: reduce tax by contributing to a registered retirement savings plan (RRSP) GIC.
- Tax-Free Guaranteed Investment: earns tax-free interest on deposits held in a tax-free savings account (TFSA) GIC.
- RIF Guaranteed Investment: designed for individuals who have transferred their RRSP to a registered retirement income fund (RRIF).
Non-registered offerings include:
- Guaranteed Investment: held in a regular taxable account.
- US$ Guaranteed Investment: held and paid out in US currency.
Tangerine’s business clients may also be eligible to open a Tangerine Business Guaranteed Investment or Business US$ Guaranteed Investment.
Tangerine Bank GIC terms
Tangerine GICs are offered in a range of terms, up to five years, including:
Short terms: 90 days, 180 days, 270 days
Long terms: 1 year, 18 months, 2 years, 3 years, 4 years and 5 years
For GICs with terms of one year or longer, Tangerine compounds and pays out interest annually. Interest on GICs with shorter terms — less than one year — is paid at maturity.
How to open a Tangerine Bank GIC
To open a Tangerine GIC, clients must be 16 years of age or the age of majority in their province or territory if investing in an RSP or TFSA GIC.
Tangerine clients can open a GIC online in a few minutes, by clicking the ‘Open an Account’ button once they’ve logged into online banking. Under the ‘Savings’ tab, click on ‘Guaranteed Investment’ and hit ‘Add.’
From there, you can choose the term of your GIC, interest payment options and how you’d like to fund your GIC — either from an account you’ve linked from another bank or one of your Tangerine accounts and the amount.
To become a Tangerine client, you need:
- A piece of government identification, such as a valid Canadian driver’s licence, passport or permanent resident card;
- A document showing proof of residence in Canada;
- Your Social Insurance Number for any interest-paying accounts, including GICs.
Tangerine does not require a minimum deposit to open a GIC.
How to close a Tangerine Bank GIC
Since Tangerine GICs are non-redeemable, the principal amount you invest is locked-in until the date of maturity. You are allowed to cancel a new Tangerine GIC within 30 days of purchase or re-investment.
When your GIC matures, your principal amount and the interest will be automatically reinvested for the same term at the prevailing interest rate.
Alternatively, this amount is deposited into the Tangerine account you selected as part of your maturity instructions. However, if you chose to receive interest annually instead, the funds will be deposited into the Tangerine account you selected. If you do not have an account set up, Tangerine will send out a bank draft.
Alternatives to Tangerine Bank GICs
If Tangerine Bank GICs don’t quite align with what you’re looking for, GICs from another Canadian digital bank might be a better fit:
EQ Bank offers similar rates and a wide range of GIC terms, ranging from 90 days to 10 years, available as non-registered investments or eligible to be held in RRSPs or TFSAs.
Motive Financial has competitive interest rates for registered and non-registered GICs, but a steep minimum deposit requirement than other online banks.
Simplii Financial offers non-redeemable GICs in terms ranging from one to five years. Investors can purchase Simplii GICs to include in an RRSP or as a non-registered investment, for as little as $100.
If you want a GIC from a different bank
Canada’s Big Six banks may also offer compelling alternatives to Tangerine GICs, including a wider range of terms, products that allow you to cash out your GIC before maturity and variable rate GICs:
| Minimum deposit | Are deposits insured? | |
|---|---|---|
| Best RBC GICs | Starting at $500 | Yes, by the Canada Deposit Insurance Corporation. |
| Best National Bank GICs | Starting at $500 | Yes, by the Canada Deposit Insurance Corporation. |
| Best TD GICs | Starting at $500 | Yes, by the Canada Deposit Insurance Corporation. |
| Best BMO GICs | Starting at $1,000 | Yes, by the Canada Deposit Insurance Corporation. |
| Best CIBC GICs | Starting at $500 | Yes, by the Canada Deposit Insurance Corporation. |
| Best Scotiabank GICs | Starting at $500 | Yes, by the Canada Deposit Insurance Corporation. |
» For more GIC options, check out our list of the Best GIC Rates in Canada for 2024.
If you want a different Tangerine Bank product
If you’re interested in a Tangerine product and considering alternatives to GICs, you may find products that provide access to features like guaranteed rates of return or tax-free growth, but without the need to lock in your funds.
Tangerine Savings Account
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Interest Rate5.50%*0.30% regular interest rate. The Tangerine New Client 5.50% Interest Rate Offer (the 'Offer') is available to new Tangerine Clients who: (a) have a Client Number created between November 6, 2024 and March 31, 2025, and (b) open an Eligible Savings Account as the Primary Account Holder within 60 days of the date their Client Number was created.Promotional rate
-
Bonus OfferN/A
-
Monthly Fee$0
- Tangerine’s promotional interest rate will earn you a high rate of return for five months. Pair it with the virtual bank’s no-fee chequing account, credit card, registered accounts or a GIC to maximize your financial goals.
- Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine for more information.
- 0.30% regular interest rate.
- No monthly fee.
- Automated savings program available.
- Unlimited free self-serve transactions per month.
- Service fees are limited to a $45 charge for non-sufficient funds.
- No minimum balance.
- Immediate access to your money through withdrawals, transfers to linked accounts, and more.
- Eligible for CDIC deposit insurance.
Tangerine RSP Savings Account
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Interest Rate5.50%*Regular interest rate: 0.30%, no minimum balance. The Tangerine New Client 5.50% Interest Rate Offer (the "Offer") is available to new Tangerine Clients who: (a) have a Client Number created between November 6, 2024 and March 31, 2025, and (b) open an Eligible Savings Account as the Primary Account Holder within 60 days of the date their Client Number was created.Promotional rate
-
Bonus OfferN/A
-
Monthly Fee$0
- This flexible, no-fee RRSP comes with a generous promotional offer that will earn you cash and a high rate of return for five months.
- Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine for more information.
- No monthly fee.
- Automated savings program available.
- Manage your money by phone, through online banking and a mobile app.
- Other Tangerine RSP investment options include RSP GICs, available in 90-day to 5-year terms, and investment accounts and portfolios.
- Service fees are listed online.
- Deposits and withdrawals are free.
- $50 fee to transfer your RRSP to another bank (transferring another in is free).
- No minimum balance is required.
- Eligible for CDIC deposit insurance.
Tangerine Tax-Free Savings Account
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Interest Rate5.50%*0.30% regular interest rate. The Tangerine New Client 5.50% Interest Rate Offer (the "Offer") is available to new Tangerine Clients who: (a) have a Client Number created between November 6, 2024 and March 31, 2025, and (b) open an Eligible Savings Account as the Primary Account Holder within 60 days of the date their Client Number was created.Promotional rate
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Bonus OfferN/A
-
Monthly Fee$0
- This flexible, no-fee TFSA comes with a generous promotional offer that will earn you cash and a high rate of return for five months.
- Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine for more information.
- 0.30% regular interest rate.
- No monthly fee.
- Automated savings program available.
- Manage your money by phone, through online banking and a mobile app.
- Other Tangerine TFSA investment options include Tax-Free GICs, available in 90-day to 5-year terms, and investment accounts and portfolios.
- Service fees are listed online.
- Deposits and withdrawals are free.
- $50 fee to transfer your TFSA to another bank (transferring in another TFSA is free).
- No minimum balance is required.
- Eligible for CDIC deposit insurance.
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