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Scotiabank is one of Canada’s Big 6 Banks, offering a wide array of banking products including savings accounts, chequing accounts, credit cards and guaranteed investment certificates, or GICs.

What is a GIC? Guaranteed investment certificates are considered a low-risk investment since most offer a fixed interest rate, a fixed term length, and a fixed date of withdrawal, known as the maturity date. Since GICs offer guaranteed returns, they may be ideal for people looking to invest for the short term or who want a safe place for savings designated for future use. Canada’s rising interest rates have also made GICs attractive to all types of investors.

Scotiabank’s current GIC rates

Scotiabank GIC rates for some of the bank’s most popular GICs, as of Dec. 18, 2024.

Note: Non-reedemable GICs rates are based on annually compounded interest, and the rates shown for market-linked GICs include the minimum guaranteed return and the maximum full term return.

Term	Interest Rate	GIC Type
30-59 days	2.25%	Non-redeemable GIC
60-89 days	2.50%	Non-redeemable GIC
90-119 days	2.75%	Non-redeemable GIC
120-149 days	2.80%	Non-redeemable GIC
150-179 days	2.85%	Non-redeemable GIC
180-269 days	3.10%	Non-redeemable GIC
270-364 days	3.25%	Non-redeemable GIC
1 year	3.40%	Guaranteed Income Optimizer GIC
1 year	2.75%	Cashable GIC
1 year	3.60%	Non Redeemable GIC (Special Offer)
18 months	3.30%	Non-redeemable GIC
24 months	3.00%	Redeemable GIC (Special Offer)
1 year	3.60%	Non Redeemable GIC (Special Offer)
2 years	3.55%	Non Redeemable GIC (Special Offer)
2 years	2.00%, up to 10.00%	Market Linked GICs - Scotiabank Canadian Low Volatility Index
2 years	3.25%	Guaranteed Income Optimizer GIC
2 years	2.50%, up to 8.50%	Market Linked GICs - Scotiabank U.S. Top 500
2 years	2.00%, up to 12.00%	Market Linked GICs - Scotiabank Canadian Utilities
3 years	2.50%, up to 14.00%	Market Linked GICs - Scotiabank U.S. Top 500
3 years	4.00%, up to 15.00%	Market Linked GICs - Scotiabank Canadian Low Volatility Index
3 years	3.00%, up to 20.00%	Market Linked GICs - Scotiabank Canadian Top 60
3 years	3.46%	Non-redeemable GIC (Ultimate Package Customer)
3 years	3.36%	Non-redeemable GIC (Preferred Package Customer)
3 years	4.00%, up to 23.00%	Market Linked GICs - Scotiabank Canadian Utilities
3 years	3.15%	Guaranteed Income Optimizer GIC
3 years	3.15%	Non-redeemable GIC
5 years	3.55%1	Market Linked GIC - Scotiabank Canadian Top 60
4 years	3.10%	Guaranteed Income Optimizer GIC
4 years	3.10%	Non-redeemable GIC
5 years	10.00%, up to 24.00%	Market Linked GICs - Scotiabank Canadian Low Volatility Index
5 years	9.50%, up to 30.00%	Market Linked GICs - Scotiabank Canadian Top 60
5 years	10.00%, up to 50.00%	Market Linked GICs - Scotiabank Canadian Utilities
5 years	7.75%, up to 23.00%	Market Linked GICs - Scotiabank U.S. Top 500
5 years	3.05%	Non-redeemable GIC
5 years	3.05%	Guaranteed Income Optimizer GIC
6 years	3.05%	Guaranteed Income Optimizer GIC
7 years	3.10%	Guaranteed Income Optimizer GIC
8 years	3.10%	Guaranteed Income Optimizer GIC
9 years	3.15%	Guaranteed Income Optimizer GIC
10 years	3.15%	Guaranteed Income Optimizer GIC

Scotiabank Long Term Non-Redeemable 3 Year GIC

Term Length

3 Years
Interest Rate

Up to 3.46%

Interest rate determined by selected package: No package: 3.15%, Preferred Package: 3.36%, Ultimate Package: 3.46%.

As of December 11, 2024
Minimum Deposit

$500

Minimum Investment of $500 for short- and long-term GICs, including U.S. Dollar GICs. Certain U.S. Dollar GICs with U.S. dollar investments require a minimum of $100,000. For long-term GICs with a monthly investment payment option, the minimum investment is $5,000.
Bonus Offer

N/A

Scotiabank offers cashable, non-redeemable, market-linked, and redeemable GICs with a wide variety of term lengths. Registered GICs and US Dollar GICs are also available.
Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.

Short-term (30-364 days) and long-term (1-10 years) GICs are available.
Investment payment frequency for long-term GICs can be monthly ($5,000 minumum investment), or compounded annually or semi-annually. Interest paid at maturity, if annual or semi-annual compounding ($500 minumum investment).
All non-redeemable GICs are available as part of a registered or non-registered investment portfolio, and can be automatically renewed on maturity.
No abiility to withdraw your funds during the length of the GIC term.
When your term is up, you can either cash in your GIC – and get your initial investment back plus interest – or renew your term and keep growing.
You’ll need a Registered Plan or a Non-Registered Investment Plan to purchase your GIC.
Eligible for CDIC Insurance.

Scotiabank Cashable 1 Year GIC

Term Length

1 Year
Interest Rate

2.75%

As of December 12, 2024
Minimum Deposit

$500

Minimum of $5,000 for monthly interest payments.
Bonus Offer

N/A

Scotiabank offers cashable, non-redeemable, market-linked, and redeemable GICs with a wide variety of term lengths. Registered GICs and US Dollar GICs are also available.
Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.

Cashable GIC Rates provide a guaranteed rate with flexibility to cash out after 30 days without penalty.
Invest with a minimum of $500 or $5,000 for monthly interest payments.
Option to automatically renew the 1-year GIC on maturity.
Available as part of an RRSP, TFSA, RESP, RDSP or Non-Registered plans.
Interest is paid monthly, or at maturity.
Eligible for CDIC Insurance.

Scotiabank Personal Redeemable 2 Year GIC (Special Offer)

Term Length

2 Years
Interest Rate

3.00%

As of December 12, 2024
Minimum Deposit

$500
Bonus Offer

N/A

Scotiabank offers cashable, non-redeemable, market-linked, and redeemable GICs with a wide variety of term lengths. Registered GICs and US Dollar GICs are also available.
Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.

A personal Redeemable GIC is a low-risk investment with a guaranteed principal and a guaranteed rate of return.
You can access your investment partially or fully at a pre-determined rate as your financial needs arise.
Enjoy the flexibility to invest in a registered or non-registered plan based on your financial needs.
Interest will be calculated from day one of holding the deposit with the bank.
Interest is paid annually, or at maturity.
Available in Canadian currency only.
Eligible for CDIC Insurance.

Scotiabank Market Linked 5 Year GIC Canadian Top 60

Term Length

5 Years
Interest Rate

9.50% to 30.00%

Minimum Guaranteed Return of 9.50%; Maximum Full Term Return: 30.00%.

As of December 12, 2024
Minimum Deposit

$500
Bonus Offer

N/A

Scotiabank offers cashable, non-redeemable, market-linked, and redeemable GICs with a wide variety of term lengths. Registered GICs and US Dollar GICs are also available.
Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.

Market Linked GICs are ideal for investors who prefer an investment with a guaranteed principal and a guaranteed minimum return with a potential to earn more.
Returns linked to the performance of an underlying index.
Charges no fees.
Available in 2, 3 and 5-year terms.
Eligible for non-registered, RESP, RRSP, RRIF, RDSP, and TFSA plans.
Eligible for CDIC Insurance.

Scotiabank Long Term Non-Redeemable 2 Year GIC

Term Length

2 Years
Interest Rate

3.25%

As of December 11, 2024
Minimum Deposit

$500

Minimum Investment of $500 for short- and long-term GICs, including U.S. Dollar GICs. Certain U.S. Dollar GICs with U.S. dollar investments require a minimum of $100,000. For long-term GICs with a monthly investment payment option, the minimum investment is $5,000.
Bonus Offer

N/A

Scotiabank offers cashable, non-redeemable, market-linked, and redeemable GICs with a wide variety of term lengths. Registered GICs and US Dollar GICs are also available.
Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.

Short-term (30-364 days) and long-term (1-10 years) GICs are available.
Investment payment frequency for long-term GICs can be monthly ($5,000 minumum investment), or compounded annually or semi-annually. Interest paid at maturity, if annual or semi-annual compounding ($500 minumum investment).
All non-redeemable GICs are available as part of a registered or non-registered investment portfolio, and can be automatically renewed on maturity.
No abiility to withdraw your funds during the length of the GIC term.
When your term is up, you can either cash in your GIC – and get your initial investment back plus interest – or renew your term and keep growing.
You’ll need a Registered Plan or a Non-Registered Investment Plan to purchase your GIC.
Eligible for CDIC Insurance.

What to know about Scotiabank GICs

Scotiabank’s guaranteed investment certificates (GICs) offer competitive interest rates, flexible terms, and do not charge monthly fees, but may have an early withdrawal penalty. Depending on the type of GIC, interest can be compounded and paid out annually or semi-annually. In addition, Preferred Package and Ultimate Package customers also have access to special, higher interest rates.

Scotiabank GIC can be opened for as little as $500 and are insured up to $100,000 thanks to Canadian Deposit Insurance Corporation (CDIC) protection.

How to open a Scotiabank GIC

When you’re ready to open a Scotiabank GIC, you’ll need to meet the following requirements:

Have a Social Insurance Number.
Live in Canada with a Canadian address.
You’ve reached the age of majority in the province or territory in which you reside.
Have a Scotiabank chequing or savings account.
Register for Scotiabank online banking.

If you don’t have a Scotiabank account, you can open one online or head into a branch to have an employee set you up. Once your account has been opened and you’ve deposited funds, you can purchase a Scotiabank GIC online, over the phone, or in a branch.

Depending on the GIC, there’s a minimum investment amount of $500 to $100,000. That said, the $100,000 minimum only applies to U.S. dollar GICs with a term of 1-29 days.

How to close a Scotiabank GIC

Note that GICs are a product, not an account, so there’s nothing to “close.”

When purchasing a Scotiabank GIC, you can set it to not renew automatically. When your GIC matures, your principal and any interest earned will be deposited into your account.

If you’ve purchased a redeemable or cashable GIC, you can contact Scotiabank directly to access your funds.

Alternatives to Scotiabank GICs

Scotiabank GIC rates are competitive, but it can still benefit you to shop around. Digital financial institutions, like EQ Bank, typically offer highly competitive GICs. Since they have limited overhead costs compared to traditional banks, they pass on the savings to consumers through higher interest rates. However, these online banks usually only offer standard, non-redeemable GICs.

If you want a GIC from a different bank

The best thing to do when shopping for GICs is to see what other banks are offering so you can compare. Canada’s Big Banks often have multiple GIC products with attractive interest rate, terms and interest payment options.

	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.

Digital banks typically have higher interest rates and low minimum balance requirements for GICs than the traditional financial institutions, for example:

EQ Bank GICs often offer higher standard GIC rates.
Simplii Financial GICs can be held in RRSP or non-registered accounts.
Tangerine Bank GICs offer a variety of investment alternatives as well as choice of terms and interest payment frequency.

For more options, you can compare our picks for the top GIC rates in Canada.

If you want a different Scotiabank product

GICs aren’t the only way to earn competitive interest at Scotiabank. It also offers a high-interest savings account that may be another low-risk way to grow your money for the future. Additionally, the Scotiabank TFSA can be ideal for those looking for a tax-advantaged savings account to hold cash until they plan their investments.

Scotiabank MomentumPLUS Savings Account

Interest Rate

Up to 5.25%*

With the MomentumPLUS Savings Account, you can earn a savings rate of up to 5.25%* for 3 months: Regular Interest Rate + Premium Period Interest Rate + Package Interest Rate Boost + Welcome Bonus Interest Rate.

Promotional Rate
Bonus Offer

N/A
Monthly Fee

$0

Apply Now

The MomentumPLUS Savings Account offers a higher interest rate on long-term savings for multiple goals in one account.
Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.

Earn a savings rate of up to 5.25%* for 3 months.¹
Save for multiple goals in one account.
No monthly account fees or minimum balance required.
Earn even more interest¹ when you open and fund a Premium Period(s).²
The longer you save, the higher your interest rate.
Rates, fees and other information are effective as of December 20, 2024. Subject to change.
Terms and Conditions Apply. Click ‘Apply Now’ for complete details.