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Published November 20, 2024

Best Short-Term GIC Rates in Canada for November 2024

Use a short-term GIC to earn interest on your savings and keep a strategic distance between yourself and that hard-earned cash.

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Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

JUMP AHEAD to compare the current highest rates on short-term GICs.

Most short-term guaranteed investment certificates, or short-term GICs, provide a secure way to grow your money, usually in less than a year. You generally earn a fixed rate of return on your deposit, which is returned at the end of your term.

Choosing which short-term GIC to put your money into often depends on how much interest you can earn. Below, you’ll find the best rates currently available in Canada for short-term, non-redeemable and fixed-rate GICs.

Current highest short-term GIC rates

The best short-term GIC rates overall as of Nov. 20, 2024.

1-month and
2-month GIC rates

3-month and
4-month GIC rates

6-month and
9-month GIC rates

ALSO CONSIDER: The best 1-5 year GIC rates

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Best short-term GIC rates in Canada

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1-month GICs

Peoples Bank Short Term 30 Day GIC

Peoples Bank Short Term 30 Day GIC
  • Term Length
    30 Days
  • Interest Rate
    3.00%
    As of November 6, 2024
  • Minimum Deposit
    $1,000
  • Bonus Offer
    N/A
Why we like it
  • The Peoples Bank GICs are transferable and assignable with no transfer, setup or service fees, making them a nice choice for those who prefer to manage their investments without worrying about additional fees.
  • Peoples Trust and Peoples Bank of Canada are subsidiaries of the Peoples Group. Peoples Trust offers savings accounts, registered and non-registered GICs, and mortgage and lending services.
Product details
  • Non-registered and non-redeemable.
  • When the term ends, and if your instructions for the maturing GIC are not received by the bank, the principal and interest will automatically renew for the same term at the posted rate in effect on the maturity date. After the renewal, you will have 10 business days to either cancel the transaction or change the term of your account.
  • Terms range from short-term investments of 30 to 270 days or long-term investments of 1-5 years.
  • Competitive rates are guaranteed for the full term.
  • Short-term investments with interest paid at maturity.
  • Long-term investments with your choice of annual or compounding interest.
  • Transferable and assignable.
  • Electronic monthly statements.
  • Minimum deposit of $1,000.
  • No transfer, setup or service fees.
  • Eligible for deposit insurance from the Canada Deposit Insurance Corporation (CDIC).

Canadian Western Bank Short Term 30 Day GIC

Canadian Western Bank Short Term 30 Day GIC
  • Term Length
    30 Days
  • Interest Rate
    2.75%
    As of November 6, 2024
  • Minimum Deposit
    $5,000
  • Bonus Offer
    N/A
Why we like it
  • Canadian Western Bank offers fixed long-term GICs in one to ten year terms, fixed short-term GICs and floating rate redeemable GICs, as well as rate specials, US dollar deposits, and TFSA, RRSP, RRIF and RESP GICs.
  • Canadian Western Bank offers business banking, investing products, registered plans, and personal banking, including loans, mortgages, credit cards, and chequing and savings accounts.
Product details
  • Available with annual interest, a monthly payment option with annual interest, a monthly payment option with Gold Leaf PLUS Annual interest (package available to clients 57 and over), and with US Dollar deposits.
  • Minimum $1,000 CAD deposit.
  • Available to Personal & Business clients in CAD funds only.
  • All rates are calculated on a per annum basis, applicable for deposits up to $5,000,000 CAD subject to change without notice, and interest is paid out at maturity. For deposits greater than $5,000,000, please contact your local banking centre.
  • Canadian Western Bank is a member of CDIC.

RBC Short Term 30 Day GIC (Non-redeemable)

RBC Short Term 30 Day GIC (Non-redeemable)
  • Term Length
    30 Days
  • Interest Rate
    2.70%
    As of November 7, 2024
  • Minimum Deposit
    $5,000
  • Bonus Offer
    N/A
Why we like it
  • Royal Bank of Canada, or RBC GICs offer a variety of terms and convenience of choice — cashable, non-redeemable, market-linked, US Dollar, redeemable and registered investments to fit the investor’s financial plans.
  • Royal Bank of Canada, founded in 1864, is one of the global Canadian Big Six banks that offers numerous banking, lending and investment products to match individual or business needs. Read our RBC bank review for more information.
Product details
  • The minimum deposit for a non-registered plan is $1000 and registered plan is $500.
  • Eligible for non-Registered, RRSP, TFSA, RESP, RRIF, LIF and RDSP plans. Some conditions apply.
  • The principal and interest rate for this guaranteed-return GIC is guaranteed when held to maturity.
  • Interest rate calculated on a per annum basis.
  • For terms greater than or equal to one year, the available interest payment frequencies include: Monthly, semi-annually, annually or at maturity (interest compounded annually). Conditions apply.
  • Eligible for CDIC deposit insurance.

BMO Non-Cashable Short Term 30 Day GIC

BMO Non-Cashable Short Term 30 Day GIC
  • Term Length
    30 Days
  • Interest Rate
    2.25%
    As of November 7, 2024
  • Minimum Deposit
    $1,000
  • Bonus Offer
    N/A
Why we like it
  • BMO GICs usually offer attractive interest rates as well as versatility through the range of terms and investment options.
  • The Bank of Montreal (BMO) is one of Canada’s Big Six banks offering personal and business accounts, lending products and investment services. Read our review of BMO for more information.
Product details
  • Available in registered and non-registered plans.
  • Interest is calculated daily, paid monthly, semi-annually, annually or compounded annually and paid at maturity.
  • Funds not cashable prior to maturity.
  • Option of varying terms available to meet your needs.
  • Flexibility to choose from a variety of interest payment options. However, monthly interest payment options are not available for registered investments.
  • GIC will automatically be reinvested for the same term at current interest rate applicable at time of reinvestment, unless other instructions are provided.
  • Eligible for CDIC deposit insurance, up to applicable limits.

Meridian Credit Union Short Term 30 Day GIC

Meridian Credit Union Short Term 30 Day GIC
  • Term Length
    30 Days
  • Interest Rate
    2.25%
    As of August 26, 2024
  • Minimum Deposit
    $100
  • Bonus Offer
    N/A
Why we like it
  • Earn a modest interest rate on long- and short-term GICs available across registered and non-registered accounts.
  • Meridian, Ontario’s largest credit union is backed by more than 75 years of banking experience and offers many of the same financial solutions as the big banks.
Product details
  • Flexible term lengths from 30 days to 5 years for any risk profile.
  • Competitive fixed rates with guaranteed principal and earned income.
  • Available in non-registered, RRSP, RRIF and TFSA.
  • Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). Eligible deposits in non-registered accounts are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA).

Scotiabank Non-registered 1 Month GIC

Scotiabank Non-registered 1 Month GIC
  • Term Length
    30 Days
  • Interest Rate
    2.25%
    As of November 7, 2024
  • Minimum Deposit
    $500
  • Bonus Offer
    N/A
Why we like it
  • 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.
Product details
  • 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.

TD Bank Short Term 30 Day GIC

TD Bank Short Term 30 Day GIC
  • Term Length
    30 Days
  • Interest Rate
    2.25%
    As of November 7, 2024
  • Minimum Deposit
    $5,000
  • Bonus Offer
    N/A
Why we like it
  • TD Bank GICs offer a variety of registered and non-registered options, the choice of cashable and non-cashable terms, and competitive market-linked GIC rates for those who’re in it for the long haul.
  • Toronto-Dominion Bank, or TD Bank, is one of Canada’s Big Six banks serving millions of personal and business customers globally. TD Bank offers spendings, savings and investment accounts, loans and more. Read our TD bank review for more information.
Product details
  • An attractive choice for investors who can lock in their funds for a specific term to earn a higher rate of interest.
  • The minimum deposit for a non-registered and TFSA plan is $1,000, and for RRSP, RESP and RIF it’s $500.
  • Your original investment and interest payments are guaranteed.
  • Compound interest is calculated annually and paid at maturity.
  • Not cashable unless for RIF/RESP payments.
  • On the date of renewal, the principal and interest is automatically renewed to another TD Special Offer GIC of the same term to maturity at the interest rate in effect for the renewed investment.
  • Eligible deposits are by the Canada Deposit Insurance Corporation.
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2-month GICs

Bridgewater Bank Short Term 60 Day GIC

Bridgewater Bank Short Term 60 Day GIC
  • Term Length
    60 Days
  • Interest Rate
    3.00%
    As of November 6, 2024
  • Minimum Deposit
    $5,000
  • Bonus Offer
    N/A
Why we like it
  • Bridgewater Bank, headquartered in Calgary, was established in 1997 as a wholly-owned subsidiary of Alberta Motor Association (AMA). The branchless bank offers high-interest savings accounts, GICs and mortgages via online banking and over the phone.
  • Bridgewater Bank GIC regular interest rates compete with many leading banks in Canada but only come with a non-registered investment option.
Product details
  • No monthly fees.
  • Leading interest rates.
  • Fixed interest throughout your term.
  • On GICs having terms of one year or longer, interest is calculated daily and is either paid monthly, annually, or compounded annually and paid at maturity as per customer requests.
  • Monthly interest payment option available at a rate of 0.25% lower than the above indicated annual rates.
  • GICs are non-redeemable prior to maturity. Cashable GICs are cashable after 30 days of the date of issue.
  • Non-registered investment options.
  • Personal deposits only.
  • Canada Deposit Insurance Corporation (CDIC) eligible.

Peoples Bank Short Term 60 Day GIC

Peoples Bank Short Term 60 Day GIC
  • Term Length
    60 Days
  • Interest Rate
    3.00%
    As of November 6, 2024
  • Minimum Deposit
    $1,000
  • Bonus Offer
    N/A
Why we like it
  • The Peoples Bank GICs are transferable and assignable with no transfer, setup or service fees, making them a nice choice for those who prefer to manage their investments without worrying about additional fees.
  • Peoples Trust and Peoples Bank of Canada are subsidiaries of the Peoples Group. Peoples Trust offers savings accounts, registered and non-registered GICs, and mortgage and lending services.
Product details
  • Non-registered and non-redeemable.
  • When the term ends, and if your instructions for the maturing GIC are not received by the bank, the principal and interest will automatically renew for the same term at the posted rate in effect on the maturity date. After the renewal, you will have 10 business days to either cancel the transaction or change the term of your account.
  • Terms range from short-term investments of 30 to 270 days or long-term investments of 1-5 years.
  • Competitive rates are guaranteed for the full term.
  • Short-term investments with interest paid at maturity.
  • Long-term investments with your choice of annual or compounding interest.
  • Transferable and assignable.
  • Electronic monthly statements.
  • Minimum deposit of $1,000.
  • No transfer, setup or service fees.
  • Eligible for deposit insurance from the Canada Deposit Insurance Corporation (CDIC).

RBC Short Term 60 Day GIC (Non-redeemable)

RBC Short Term 60 Day GIC (Non-redeemable)
  • Term Length
    60 Days
  • Interest Rate
    2.95%
    As of November 7, 2024
  • Minimum Deposit
    $5,000
  • Bonus Offer
    N/A
Why we like it
  • Royal Bank of Canada, or RBC GICs offer a variety of terms and convenience of choice — cashable, non-redeemable, market-linked, US Dollar, redeemable and registered investments to fit the investor’s financial plans.
  • Royal Bank of Canada, founded in 1864, is one of the global Canadian Big Six banks that offers numerous banking, lending and investment products to match individual or business needs. Read our RBC bank review for more information.
Product details
  • The minimum deposit for a non-registered plan is $1000 and registered plan is $500.
  • Eligible for non-Registered, RRSP, TFSA, RESP, RRIF, LIF and RDSP plans. Some conditions apply.
  • The principal and interest rate for this guaranteed-return GIC is guaranteed when held to maturity.
  • Interest rate calculated on a per annum basis.
  • For terms greater than or equal to one year, the available interest payment frequencies include: Monthly, semi-annually, annually or at maturity (interest compounded annually). Conditions apply.
  • Eligible for CDIC deposit insurance.

Canadian Western Bank Short Term 60 Day GIC

Canadian Western Bank Short Term 60 Day GIC
  • Term Length
    60 Days
  • Interest Rate
    2.90%
    As of November 6, 2024
  • Minimum Deposit
    $5,000
  • Bonus Offer
    N/A
Why we like it
  • Canadian Western Bank offers fixed long-term GICs in one to ten year terms, fixed short-term GICs and floating rate redeemable GICs, as well as rate specials, US dollar deposits, and TFSA, RRSP, RRIF and RESP GICs.
  • Canadian Western Bank offers business banking, investing products, registered plans, and personal banking, including loans, mortgages, credit cards, and chequing and savings accounts.
Product details
  • Available with annual interest, a monthly payment option with annual interest, a monthly payment option with Gold Leaf PLUS Annual interest (package available to clients 57 and over), and with US Dollar deposits.
  • Minimum $1,000 CAD deposit.
  • Available to Personal & Business clients in CAD funds only.
  • All rates are calculated on a per annum basis, applicable for deposits up to $5,000,000 CAD subject to change without notice, and interest is paid out at maturity. For deposits greater than $5,000,000, please contact your local banking centre.
  • Canadian Western Bank is a member of CDIC.
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3-month GICs

EQ Bank Short Term 3 Month GIC

EQ Bank Short Term 3 Month GIC
  • Term Length
    90 Days
  • Interest Rate
    3.55%
    As of November 13, 2024
  • Minimum Deposit
    $100
  • Bonus Offer
    N/A
Why we like it
  • Each EQ Bank GIC starts with a minimum deposit of $100, making it convenient for a new investor to explore these GICs at a competitive fixed rate.
  • EQ Bank, a trademark of Equitable Bank, is an online bank based in Toronto that offers chequing and savings accounts, GICs and registered plans. Read our review of EQ Bank for more information.
Product details
  • Non-registered and non-redeemable.
  • Must have an EQ savings account in order to get an EQ GIC.
  • When the term ends and your GIC reaches the maturity date, the funds will be placed in your Savings Plus Account (the one from which your initial investment was funded). You will receive an email or SMS alert notifying you of the GIC maturity.
  • Term options range from 3-months to 10-years. You’re the one in charge of your savings, that includes choosing whether short or long term GICs are right for you.
  • RSP and TFSA GICs are also available. Before you buy, you’ll need to open an RSP Savings Account or TFSA Savings Account.
  • GIC options let you lock in any of our amazing rates, so no matter what happens, that rate is yours.
  • Low minimum deposit. So you can start investing in GICs with as little as $100.
  • You choose how your interest is paid out, either at maturity or annually.
  • A GIC in seconds. As long as you have available funds in your Savings Plus Account, you can literally buy a GIC in seconds.
  • You can buy up to 20 GICs. Each GIC purchase must be for at least $100, and can be up to a maximum of $100,000. Customers can hold up to $500,000 in GICs, excluding interest earned.
  • *EQ Bank GICs are non-redeemable.
  • For GIC terms of less than one year, simple interest is calculated on a per diem basis and paid at maturity. For GIC terms equal to one year, simple interest is calculated on a per annum basis and paid at maturity. For GIC terms of over one year, not including 15 and 27 month terms, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually).
  • For GIC terms of 15 and 27 months, interest is calculated on a per annum basis, compounded annually and paid solely at maturity. In all cases, interest is accrued for the entire GIC term.
  • Maximum 20 GICs per customer. Per GIC investment limit of $100,000. Aggregate GIC investment limit of $500,000.
  • Rates are calculated on a per annum basis and are subject to change at any time.
  • Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank.

Bridgewater Bank Short Term 90 Day GIC

Bridgewater Bank Short Term 90 Day GIC
  • Term Length
    90 Days
  • Interest Rate
    3.50%
    As of November 6, 2024
  • Minimum Deposit
    $5,000
  • Bonus Offer
    N/A
Why we like it
  • Bridgewater Bank, headquartered in Calgary, was established in 1997 as a wholly-owned subsidiary of Alberta Motor Association (AMA). The branchless bank offers high-interest savings accounts, GICs and mortgages via online banking and over the phone.
  • Bridgewater Bank GIC regular interest rates compete with many leading banks in Canada but only come with a non-registered investment option.
Product details
  • No monthly fees.
  • Leading interest rates.
  • Fixed interest throughout your term.
  • On GICs having terms of one year or longer, interest is calculated daily and is either paid monthly, annually, or compounded annually and paid at maturity as per customer requests.
  • Monthly interest payment option available at a rate of 0.25% lower than the above indicated annual rates.
  • GICs are non-redeemable prior to maturity. Cashable GICs are cashable after 30 days of the date of issue.
  • Non-registered investment options.
  • Personal deposits only.
  • Canada Deposit Insurance Corporation (CDIC) eligible.

Tangerine 3 Month GIC

Tangerine 3 Month GIC
  • Term Length
    3 Months
  • Interest Rate
    3.50%
    As of November 6, 2024
  • Minimum Deposit
    $0
  • Bonus Offer
    N/A
Why we like it
  • Tangerine’s non-redeemable GICs are available in short and long terms and can be included in registered plans, including TFSAs, RRSPs, and RRIFs.
  • Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine Bank for more information.
Product details
  • Offered in 1-5 year terms, as well as in 90-day, 180-day, 270-day, 1.5-year terms.
  • RSP, Tax-Free, US$ 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).

Peoples Bank Short Term 90 Day GIC

Peoples Bank Short Term 90 Day GIC
  • Term Length
    90 Days
  • Interest Rate
    3.40%
    As of November 6, 2024
  • Minimum Deposit
    $1,000
  • Bonus Offer
    N/A
Why we like it
  • The Peoples Bank GICs are transferable and assignable with no transfer, setup or service fees, making them a nice choice for those who prefer to manage their investments without worrying about additional fees.
  • Peoples Trust and Peoples Bank of Canada are subsidiaries of the Peoples Group. Peoples Trust offers savings accounts, registered and non-registered GICs, and mortgage and lending services.
Product details
  • Non-registered and non-redeemable.
  • When the term ends, and if your instructions for the maturing GIC are not received by the bank, the principal and interest will automatically renew for the same term at the posted rate in effect on the maturity date. After the renewal, you will have 10 business days to either cancel the transaction or change the term of your account.
  • Terms range from short-term investments of 30 to 270 days or long-term investments of 1-5 years.
  • Competitive rates are guaranteed for the full term.
  • Short-term investments with interest paid at maturity.
  • Long-term investments with your choice of annual or compounding interest.
  • Transferable and assignable.
  • Electronic monthly statements.
  • Minimum deposit of $1,000.
  • No transfer, setup or service fees.
  • Eligible for deposit insurance from the Canada Deposit Insurance Corporation (CDIC).

RBC Short Term 90 Day GIC (Non-redeemable)

RBC Short Term 90 Day GIC (Non-redeemable)
  • Term Length
    90 Days
  • Interest Rate
    3.10%
    As of November 7, 2024
  • Minimum Deposit
    $5,000
  • Bonus Offer
    N/A
Why we like it
  • Royal Bank of Canada, or RBC GICs offer a variety of terms and convenience of choice — cashable, non-redeemable, market-linked, US Dollar, redeemable and registered investments to fit the investor’s financial plans.
  • Royal Bank of Canada, founded in 1864, is one of the global Canadian Big Six banks that offers numerous banking, lending and investment products to match individual or business needs. Read our RBC bank review for more information.
Product details
  • The minimum deposit for a non-registered plan is $1000 and registered plan is $500.
  • Eligible for non-Registered, RRSP, TFSA, RESP, RRIF, LIF and RDSP plans. Some conditions apply.
  • The principal and interest rate for this guaranteed-return GIC is guaranteed when held to maturity.
  • Interest rate calculated on a per annum basis.
  • For terms greater than or equal to one year, the available interest payment frequencies include: Monthly, semi-annually, annually or at maturity (interest compounded annually). Conditions apply.
  • Eligible for CDIC deposit insurance.
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4-month GICs

Peoples Bank Short Term 120 Day GIC

Peoples Bank Short Term 120 Day GIC
  • Term Length
    120 Days
  • Interest Rate
    3.60%
    As of November 6, 2024
  • Minimum Deposit
    $1,000
  • Bonus Offer
    N/A
Why we like it
  • The Peoples Bank GICs are transferable and assignable with no transfer, setup or service fees, making them a nice choice for those who prefer to manage their investments without worrying about additional fees.
  • Peoples Trust and Peoples Bank of Canada are subsidiaries of the Peoples Group. Peoples Trust offers savings accounts, registered and non-registered GICs, and mortgage and lending services.
Product details
  • Non-registered and non-redeemable.
  • When the term ends, and if your instructions for the maturing GIC are not received by the bank, the principal and interest will automatically renew for the same term at the posted rate in effect on the maturity date. After the renewal, you will have 10 business days to either cancel the transaction or change the term of your account.
  • Terms range from short-term investments of 30 to 270 days or long-term investments of 1-5 years.
  • Competitive rates are guaranteed for the full term.
  • Short-term investments with interest paid at maturity.
  • Long-term investments with your choice of annual or compounding interest.
  • Transferable and assignable.
  • Electronic monthly statements.
  • Minimum deposit of $1,000.
  • No transfer, setup or service fees.
  • Eligible for deposit insurance from the Canada Deposit Insurance Corporation (CDIC).

Bridgewater Bank Short Term 120 Day GIC

Bridgewater Bank Short Term 120 Day GIC
  • Term Length
    120 Days
  • Interest Rate
    3.55%
    As of November 6, 2024
  • Minimum Deposit
    $5,000
  • Bonus Offer
    N/A
Why we like it
  • Bridgewater Bank, headquartered in Calgary, was established in 1997 as a wholly-owned subsidiary of Alberta Motor Association (AMA). The branchless bank offers high-interest savings accounts, GICs and mortgages via online banking and over the phone.
  • Bridgewater Bank GIC regular interest rates compete with many leading banks in Canada but only come with a non-registered investment option.
Product details
  • No monthly fees.
  • Leading interest rates.
  • Fixed interest throughout your term.
  • On GICs having terms of one year or longer, interest is calculated daily and is either paid monthly, annually, or compounded annually and paid at maturity as per customer requests.
  • Monthly interest payment option available at a rate of 0.25% lower than the above indicated annual rates.
  • GICs are non-redeemable prior to maturity. Cashable GICs are cashable after 30 days of the date of issue.
  • Non-registered investment options.
  • Personal deposits only.
  • Canada Deposit Insurance Corporation (CDIC) eligible.

Canadian Western Bank Short Term 120 Day GIC

Canadian Western Bank Short Term 120 Day GIC
  • Term Length
    120 Days
  • Interest Rate
    3.00%
    As of November 6, 2024
  • Minimum Deposit
    $5,000
  • Bonus Offer
    N/A
Why we like it
  • Canadian Western Bank offers fixed long-term GICs in one to ten year terms, fixed short-term GICs and floating rate redeemable GICs, as well as rate specials, US dollar deposits, and TFSA, RRSP, RRIF and RESP GICs.
  • Canadian Western Bank offers business banking, investing products, registered plans, and personal banking, including loans, mortgages, credit cards, and chequing and savings accounts.
Product details
  • Available with annual interest, a monthly payment option with annual interest, a monthly payment option with Gold Leaf PLUS Annual interest (package available to clients 57 and over), and with US Dollar deposits.
  • Minimum $1,000 CAD deposit.
  • Available to Personal & Business clients in CAD funds only.
  • All rates are calculated on a per annum basis, applicable for deposits up to $5,000,000 CAD subject to change without notice, and interest is paid out at maturity. For deposits greater than $5,000,000, please contact your local banking centre.
  • Canadian Western Bank is a member of CDIC.

Coast Capital Savings Non-Redeemable 4 Month GIC

Coast Capital Savings Non-Redeemable 4 Month GIC
  • Term Length
    120 Days
  • Interest Rate
    3.00%
    As of November 6, 2024
  • Minimum Deposit
    $500
  • Bonus Offer
    N/A
Why we like it
  • Coast Capital short to medium-term GICs come with a generous rate of return and occasional introductory offers for new members.
  • Coast Capital is a Federal Credit Union providing personal and business banking, mortgage, auto finance and wealth management services to its members. Coast Capital has been certified as a B Corp® since 2018 for its commitment to social and environmental performance practices.
Product details
  • Non-redeemable GICs available in non-registered and registered accounts such as an RRSP, RRIF, RESP or TFSA.
  • GICs available in short to medium-terms from 30 days to 7 years.
  • Interest rates are calculated annually, accrued daily, and paid at maturity.
  • Eligible deposits (including interest) equivalent to $100,000 CAD per deposit category are insured by CDIC.

TD Bank Short Term 120 Day GIC

TD Bank Short Term 120 Day GIC
  • Term Length
    120 Days
  • Interest Rate
    3.00%
    As of November 7, 2024
  • Minimum Deposit
    $5,000
  • Bonus Offer
    N/A
Why we like it
  • TD Bank GICs offer a variety of registered and non-registered options, the choice of cashable and non-cashable terms, and competitive market-linked GIC rates for those who’re in it for the long haul.
  • Toronto-Dominion Bank, or TD Bank, is one of Canada’s Big Six banks serving millions of personal and business customers globally. TD Bank offers spendings, savings and investment accounts, loans and more. Read our TD bank review for more information.
Product details
  • An attractive choice for investors who can lock in their funds for a specific term to earn a higher rate of interest.
  • The minimum deposit for a non-registered and TFSA plan is $1,000, and for RRSP, RESP and RIF it’s $500.
  • Your original investment and interest payments are guaranteed.
  • Compound interest is calculated annually and paid at maturity.
  • Not cashable unless for RIF/RESP payments.
  • On the date of renewal, the principal and interest is automatically renewed to another TD Special Offer GIC of the same term to maturity at the interest rate in effect for the renewed investment.
  • Eligible deposits are by the Canada Deposit Insurance Corporation.

BMO Non-Cashable Short Term 120 Day GIC

BMO Non-Cashable Short Term 120 Day GIC
  • Term Length
    120 Days
  • Interest Rate
    3.00%
    As of November 7, 2024
  • Minimum Deposit
    $1,000
  • Bonus Offer
    N/A
Why we like it
  • BMO GICs usually offer attractive interest rates as well as versatility through the range of terms and investment options.
  • The Bank of Montreal (BMO) is one of Canada’s Big Six banks offering personal and business accounts, lending products and investment services. Read our review of BMO for more information.
Product details
  • Available in registered and non-registered plans.
  • Interest is calculated daily, paid monthly, semi-annually, annually or compounded annually and paid at maturity.
  • Funds not cashable prior to maturity.
  • Option of varying terms available to meet your needs.
  • Flexibility to choose from a variety of interest payment options. However, monthly interest payment options are not available for registered investments.
  • GIC will automatically be reinvested for the same term at current interest rate applicable at time of reinvestment, unless other instructions are provided.
  • Eligible for CDIC deposit insurance, up to applicable limits.

Scotiabank Non-registered 4 Month GIC

Scotiabank Non-registered 4 Month GIC
  • Term Length
    4 Months
  • Interest Rate
    2.80%
    As of November 7, 2024
  • Minimum Deposit
    $500
  • Bonus Offer
    N/A
Why we like it
  • 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.
Product details
  • 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.
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6-month GICs

Tangerine 6 Month GIC

Tangerine 6 Month GIC
  • Term Length
    180 Days
  • Interest Rate
    4.10%
    As of November 6, 2024
  • Minimum Deposit
    $0
  • Bonus Offer
    N/A
Why we like it
  • Tangerine’s non-redeemable GICs are available in short and long terms and can be included in registered plans, including TFSAs, RRSPs, and RRIFs.
  • Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine Bank for more information.
Product details
  • Offered in 1-5 year terms, as well as in 90-day, 180-day, 270-day, 1.5-year terms.
  • RSP, Tax-Free, US$ 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).

Peoples Bank Short Term 180 Day GIC

Peoples Bank Short Term 180 Day GIC
  • Term Length
    180 Days
  • Interest Rate
    3.80%
    As of November 6, 2024
  • Minimum Deposit
    $1,000
  • Bonus Offer
    N/A
Why we like it
  • The Peoples Bank GICs are transferable and assignable with no transfer, setup or service fees, making them a nice choice for those who prefer to manage their investments without worrying about additional fees.
  • Peoples Trust and Peoples Bank of Canada are subsidiaries of the Peoples Group. Peoples Trust offers savings accounts, registered and non-registered GICs, and mortgage and lending services.
Product details
  • Non-registered and non-redeemable.
  • When the term ends, and if your instructions for the maturing GIC are not received by the bank, the principal and interest will automatically renew for the same term at the posted rate in effect on the maturity date. After the renewal, you will have 10 business days to either cancel the transaction or change the term of your account.
  • Terms range from short-term investments of 30 to 270 days or long-term investments of 1-5 years.
  • Competitive rates are guaranteed for the full term.
  • Short-term investments with interest paid at maturity.
  • Long-term investments with your choice of annual or compounding interest.
  • Transferable and assignable.
  • Electronic monthly statements.
  • Minimum deposit of $1,000.
  • No transfer, setup or service fees.
  • Eligible for deposit insurance from the Canada Deposit Insurance Corporation (CDIC).

EQ Bank Short Term 6 Month GIC

EQ Bank Short Term 6 Month GIC
  • Term Length
    180 Days
  • Interest Rate
    3.65%
    As of November 13, 2024
  • Minimum Deposit
    $100
  • Bonus Offer
    N/A
Why we like it
  • Each EQ Bank GIC starts with a minimum deposit of $100, making it convenient for a new investor to explore these GICs at a competitive fixed rate.
  • EQ Bank, a trademark of Equitable Bank, is an online bank based in Toronto that offers chequing and savings accounts, GICs and registered plans. Read our review of EQ Bank for more information.
Product details
  • Non-registered and non-redeemable.
  • Must have an EQ savings account in order to get an EQ GIC.
  • When the term ends and your GIC reaches the maturity date, the funds will be placed in your Savings Plus Account (the one from which your initial investment was funded). You will receive an email or SMS alert notifying you of the GIC maturity.
  • Term options range from 3-months to 10-years. You’re the one in charge of your savings, that includes choosing whether short or long term GICs are right for you.
  • RSP and TFSA GICs are also available. Before you buy, you’ll need to open an RSP Savings Account or TFSA Savings Account.
  • GIC options let you lock in any of our amazing rates, so no matter what happens, that rate is yours.
  • Low minimum deposit. So you can start investing in GICs with as little as $100.
  • You choose how your interest is paid out, either at maturity or annually.
  • A GIC in seconds. As long as you have available funds in your Savings Plus Account, you can literally buy a GIC in seconds.
  • You can buy up to 20 GICs. Each GIC purchase must be for at least $100, and can be up to a maximum of $100,000. Customers can hold up to $500,000 in GICs, excluding interest earned.
  • *EQ Bank GICs are non-redeemable.
  • For GIC terms of less than one year, simple interest is calculated on a per diem basis and paid at maturity. For GIC terms equal to one year, simple interest is calculated on a per annum basis and paid at maturity. For GIC terms of over one year, not including 15 and 27 month terms, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually).
  • For GIC terms of 15 and 27 months, interest is calculated on a per annum basis, compounded annually and paid solely at maturity. In all cases, interest is accrued for the entire GIC term.
  • Maximum 20 GICs per customer. Per GIC investment limit of $100,000. Aggregate GIC investment limit of $500,000.
  • Rates are calculated on a per annum basis and are subject to change at any time.
  • Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank.

Bridgewater Bank Short Term 180 Day GIC

Bridgewater Bank Short Term 180 Day GIC
  • Term Length
    180 Days
  • Interest Rate
    3.55%
    As of November 6, 2024
  • Minimum Deposit
    $5,000
  • Bonus Offer
    N/A
Why we like it
  • Bridgewater Bank, headquartered in Calgary, was established in 1997 as a wholly-owned subsidiary of Alberta Motor Association (AMA). The branchless bank offers high-interest savings accounts, GICs and mortgages via online banking and over the phone.
  • Bridgewater Bank GIC regular interest rates compete with many leading banks in Canada but only come with a non-registered investment option.
Product details
  • No monthly fees.
  • Leading interest rates.
  • Fixed interest throughout your term.
  • On GICs having terms of one year or longer, interest is calculated daily and is either paid monthly, annually, or compounded annually and paid at maturity as per customer requests.
  • Monthly interest payment option available at a rate of 0.25% lower than the above indicated annual rates.
  • GICs are non-redeemable prior to maturity. Cashable GICs are cashable after 30 days of the date of issue.
  • Non-registered investment options.
  • Personal deposits only.
  • Canada Deposit Insurance Corporation (CDIC) eligible.

CIBC Bonus Rate 6 Month GIC — Non-registered (Non-Redeemable)

CIBC Bonus Rate 6 Month GIC — Non-registered (Non-Redeemable)
  • Term Length
    180 Days
  • Interest Rate
    3.55%
    As of November 6, 2024
  • Minimum Deposit
    $1,000
  • Bonus Offer
    N/A
Why we like it
  • CIBC GICs typically offer competitive interest rates, flexible access to your funds, and a wide range of term options.
  • CIBC is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review for more details.
Product details
  • The CIBC Bonus Rate GIC is available in non-registered and registered accounts. Those saving for a long-term goal, such as retirement, may want to consider a registered account for tax benefits.
  • This GIC is non-redeemable and an ideal fit for those who prefer predictable earnings and don’t need access to their money before the end of the term.
  • GIC terms may vary based on type of accounts. Available accounts include RRSP, TFSA, RRIF and LIF.
  • For terms of one year or more, choose simple interest, which is calculated and paid monthly, semi-annually or annually, or compound interest, which is calculated annually and paid at maturity.
  • Investors have the option to automatically renew the GIC when it matures or deposit principal and interest into their bank account.
  • GICs are eligible for CDIC coverage to a maximum of $100,000.
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9-month GICs

Tangerine 9 Month GIC

Tangerine 9 Month GIC
  • Term Length
    270 Days
  • Interest Rate
    4.05%
    As of November 6, 2024
  • Minimum Deposit
    $0
  • Bonus Offer
    N/A
Why we like it
  • Tangerine’s non-redeemable GICs are available in short and long terms and can be included in registered plans, including TFSAs, RRSPs, and RRIFs.
  • Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine Bank for more information.
Product details
  • Offered in 1-5 year terms, as well as in 90-day, 180-day, 270-day, 1.5-year terms.
  • RSP, Tax-Free, US$ 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).

Peoples Bank Short Term 270 Day GIC

Peoples Bank Short Term 270 Day GIC
  • Term Length
    270 Days
  • Interest Rate
    3.90%
    As of November 6, 2024
  • Minimum Deposit
    $1,000
  • Bonus Offer
    N/A
Why we like it
  • The Peoples Bank GICs are transferable and assignable with no transfer, setup or service fees, making them a nice choice for those who prefer to manage their investments without worrying about additional fees.
  • Peoples Trust and Peoples Bank of Canada are subsidiaries of the Peoples Group. Peoples Trust offers savings accounts, registered and non-registered GICs, and mortgage and lending services.
Product details
  • Non-registered and non-redeemable.
  • When the term ends, and if your instructions for the maturing GIC are not received by the bank, the principal and interest will automatically renew for the same term at the posted rate in effect on the maturity date. After the renewal, you will have 10 business days to either cancel the transaction or change the term of your account.
  • Terms range from short-term investments of 30 to 270 days or long-term investments of 1-5 years.
  • Competitive rates are guaranteed for the full term.
  • Short-term investments with interest paid at maturity.
  • Long-term investments with your choice of annual or compounding interest.
  • Transferable and assignable.
  • Electronic monthly statements.
  • Minimum deposit of $1,000.
  • No transfer, setup or service fees.
  • Eligible for deposit insurance from the Canada Deposit Insurance Corporation (CDIC).

EQ Bank Non-registered 9 Month GIC

EQ Bank Non-registered 9 Month GIC
  • Term Length
    270 Days
  • Interest Rate
    3.65%
    As of November 13, 2024
  • Minimum Deposit
    $100
  • Bonus Offer
    N/A
Why we like it
  • Each EQ Bank GIC starts with a minimum deposit of $100, making it convenient for a new investor to explore these GICs at a competitive fixed rate.
  • EQ Bank, a trademark of Equitable Bank, is an online bank based in Toronto that offers chequing and savings accounts, GICs and registered plans. Read our review of EQ Bank for more information.
Product details
  • Non-registered and non-redeemable.
  • Must have an EQ savings account in order to get an EQ GIC.
  • When the term ends and your GIC reaches the maturity date, the funds will be placed in your Savings Plus Account (the one from which your initial investment was funded). You will receive an email or SMS alert notifying you of the GIC maturity.
  • Term options range from 3-months to 10-years. You’re the one in charge of your savings, that includes choosing whether short or long term GICs are right for you.
  • RSP and TFSA GICs are also available. Before you buy, you’ll need to open an RSP Savings Account or TFSA Savings Account.
  • GIC options let you lock in any of our amazing rates, so no matter what happens, that rate is yours.
  • Low minimum deposit. So you can start investing in GICs with as little as $100.
  • You choose how your interest is paid out, either at maturity or annually.
  • A GIC in seconds. As long as you have available funds in your Savings Plus Account, you can literally buy a GIC in seconds.
  • You can buy up to 20 GICs. Each GIC purchase must be for at least $100, and can be up to a maximum of $100,000. Customers can hold up to $500,000 in GICs, excluding interest earned.
  • *EQ Bank GICs are non-redeemable.
  • For GIC terms of less than one year, simple interest is calculated on a per diem basis and paid at maturity. For GIC terms equal to one year, simple interest is calculated on a per annum basis and paid at maturity. For GIC terms of over one year, not including 15 and 27 month terms, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually).
  • For GIC terms of 15 and 27 months, interest is calculated on a per annum basis, compounded annually and paid solely at maturity. In all cases, interest is accrued for the entire GIC term.
  • Maximum 20 GICs per customer. Per GIC investment limit of $100,000. Aggregate GIC investment limit of $500,000.
  • Rates are calculated on a per annum basis and are subject to change at any time.
  • Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank.

CIBC Bonus Rate 9 Month GIC — Non-registered (Non-Redeemable)

CIBC Bonus Rate 9 Month GIC — Non-registered (Non-Redeemable)
  • Term Length
    270 Days
  • Interest Rate
    3.65%
    As of November 6, 2024
  • Minimum Deposit
    $1,000
  • Bonus Offer
    N/A
Why we like it
  • CIBC GICs typically offer competitive interest rates, flexible access to your funds, and a wide range of term options.
  • CIBC is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review for more details.
Product details
  • The CIBC Bonus Rate GIC is available in non-registered and registered accounts. Those saving for a long-term goal, such as retirement, may want to consider a registered account for tax benefits.
  • This GIC is non-redeemable and an ideal fit for those who prefer predictable earnings and don’t need access to their money before the end of the term.
  • GIC terms may vary based on type of accounts. Available accounts include RRSP, TFSA, RRIF and LIF.
  • For terms of one year or more, choose simple interest, which is calculated and paid monthly, semi-annually or annually, or compound interest, which is calculated annually and paid at maturity.
  • Investors have the option to automatically renew the GIC when it matures or deposit principal and interest into their bank account.
  • GICs are eligible for CDIC coverage to a maximum of $100,000.

Coast Capital Savings Non-Redeemable 9 Month GIC

Coast Capital Savings Non-Redeemable 9 Month GIC
  • Term Length
    270 Days
  • Interest Rate
    3.65%
    As of November 6, 2024
  • Minimum Deposit
    $500
  • Bonus Offer
    N/A
Why we like it
  • Coast Capital short to medium-term GICs come with a generous rate of return and occasional introductory offers for new members.
  • Coast Capital is a Federal Credit Union providing personal and business banking, mortgage, auto finance and wealth management services to its members. Coast Capital has been certified as a B Corp® since 2018 for its commitment to social and environmental performance practices.
Product details
  • Non-redeemable GICs available in non-registered and registered accounts such as an RRSP, RRIF, RESP or TFSA.
  • GICs available in short to medium-terms from 30 days to 7 years.
  • Interest rates are calculated annually, accrued daily, and paid at maturity.
  • Eligible deposits (including interest) equivalent to $100,000 CAD per deposit category are insured by CDIC.

Bridgewater Bank Short Term 270 Day GIC

Bridgewater Bank Short Term 270 Day GIC
  • Term Length
    270 Days
  • Interest Rate
    3.55%
    As of November 6, 2024
  • Minimum Deposit
    $5,000
  • Bonus Offer
    N/A
Why we like it
  • Bridgewater Bank, headquartered in Calgary, was established in 1997 as a wholly-owned subsidiary of Alberta Motor Association (AMA). The branchless bank offers high-interest savings accounts, GICs and mortgages via online banking and over the phone.
  • Bridgewater Bank GIC regular interest rates compete with many leading banks in Canada but only come with a non-registered investment option.
Product details
  • No monthly fees.
  • Leading interest rates.
  • Fixed interest throughout your term.
  • On GICs having terms of one year or longer, interest is calculated daily and is either paid monthly, annually, or compounded annually and paid at maturity as per customer requests.
  • Monthly interest payment option available at a rate of 0.25% lower than the above indicated annual rates.
  • GICs are non-redeemable prior to maturity. Cashable GICs are cashable after 30 days of the date of issue.
  • Non-registered investment options.
  • Personal deposits only.
  • Canada Deposit Insurance Corporation (CDIC) eligible.

Laurentian Bank of Canada 270 Day GIC

Laurentian Bank of Canada 270 Day GIC
  • Term Length
    270 Days
  • Interest Rate
    3.45%
    As of November 6, 2024
  • Minimum Deposit
    $500
  • Bonus Offer
    N/A
Why we like it
  • Laurentian Bank has been serving individuals and businesses for over 175 years. The bank also offers personal finance solutions through LBC Digital.
  • Laurentian Bank of Canada, also known as Laurentian Bank, offers GICs flexible terms ranging from 90 days to 10 years, with competitive interest rates on registered and non-registered plans.
Product details
  • Both your return and initial investment are 100% guaranteed over a fixed period.
  • Flexible terms range from 90 days to 10 years.
  • Minimum investments start at $500.
  • Investments are non-cashable.
  • Simple interest paid at maturity for short-term investments of less than 2 years.
  • Medium and long-term from 2 to 10 years come with the option of simple or compound interest. Simple interest is paid annually. Compound interest is compounded annually and paid at maturity.
  • Eligible for registered plans such as TFSA, RRSP, RRIF, LIRA and LIF.
  • GICs are eligible for CDIC deposit insurance, up to a maximum of $100,000 per deposit insurance category, per member institution.
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Compare top short-term GIC rates

Financial institutions do not present term lengths the same way, and some banks prefer to use days instead of months to indicate the length of the GIC’s term.

Before buying a GIC, confirm the term deposit’s actual date range so you can accurately calculate the return you can expect to earn on your investment.

Best 30-day and 60-day GIC rates

Top rates currently available for GICs with terms from 30 days (1 month) and 60 days (2 months). The estimated return is based on a $10,000 deposit.

Financial Institution1 mo.est. return2 mos.est. return
ATB Financial (Alberta only)2.00%$16.442.00%$32.88
Bank of Montreal (BMO) 2.25%$18.492.50%$41.10
Bridgewater BankNot offeredN/A3.00%$49.32
Canadian Western Bank2.75%$22.602.80%$46.03
Coast Capital Savings2.20%$18.082.20%$36.16
Home Trust1.00%$8.221.00%$16.44
Kindred Credit Union (Ontario only)2.25%$18.492.35%$38.63
Manulife Bank2.00%$16.442.00%$32.88
Meridian Credit Union2.25%$18.492.50%$41.10
Motusbank0.95%$7.811.00%$16.44
Oaken Financial1.00%$8.221.00%$16.44
Peoples Bank of Canada3.00%$24.663.00%$49.32
Royal Bank of Canada2.70%$22.192.95%$48.49
Scotiabank2.25%$18.492.50%$41.10
TD Bank2.25%$18.492.50%$41.10

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Best 90-day and 120-day GIC rates

Top rates currently available for GICs with terms from 90 days (3 months) and 120 days (4 months). The estimated return is based on a $10,000 deposit.

Financial Institution3 mos.est. return4 mos.est. return
ATB Financial (Alberta only)2.25%$55.482.25%$73.97
Bank of Montreal (BMO) 2.75%$67.812.80%$92.05
Bridgewater Bank3.50%$86.303.55%$116.71
Canadian Western Bank2.85%$70.272.90%$95.34
Coast Capital Savings2.60%$64.113.00%$98.63
EQ Bank3.55%$87.53Not offeredN/A
Home Trust1.00%$24.661.00%$32.88
Kindred Credit Union (Ontario only)2.40%$59.18Not offeredN/A
Laurentian Bank of Canada3.00%$73.97Not offeredN/A
Manulife Bank2.85%$70.27Not offeredN/A
Meridian Credit Union2.75%$67.81Not offeredN/A
Motusbank1.05%$25.89Not offeredN/A
Oaken Financial 1.00%$24.661.00%$32.88
Peoples Bank of Canada3.40%$83.843.60%$118.36
Royal Bank of Canada3.10%$76.44Not offeredN/A
Scotiabank2.75%$67.812.80%$92.05
Tangerine Bank3.00%$73.97Not offeredN/A
TD Bank2.75%$67.813.00%$98.63

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Best 180-day and 270-day GIC rates

Top rates currently available for GICs with terms from 180 days (6 months) and 270 days (9 months). The estimated return is based on a $10,000 deposit.

Financial Institution6 mos.est. return9 mos.est. return
ATB Financial (Alberta only)2.50%$123.292.50%$184.93
Bank of Montreal (BMO)3.10%$152.883.25%$240.41
Bridgewater Bank3.55%$175.073.55%$262.60
Canadian Western Bank3.00%$147.953.10%$229.32
Canadian Imperial Bank of Commerce (CIBC) Bonus Rate GIC3.55%$175.073.65%$270.00
Coast Capital Savings3.40%$167.673.65%$270.00
EQ Bank3.65%$180.003.65%$270.00
Home Trust2.25%$110.962.70%$199.73
Island Savings (British Columbia only)3.56%$175.563.36%$248.55
Kindred Credit Union (Ontario only)3.35%$165.213.15%$233.01
Laurentian Bank of Canada3.40%$147.953.45%$251.51
Manulife Bank3.25%$160.273.15%$233.01
Meridian Credit Union3.20%$157.813.35%$247.81
Motusbank1.05%$51.781.05%$77.67
National Bank of Canada1.50%$73.971.85%$136.85
Oaken Financial2.25%$110.962.70%$199.73
Peoples Bank of Canada3.80%$187.403.90%$288.49
Royal Bank of Canada3.20%$157.813.35%$247.81
Scotiabank3.10%$152.883.25%$240.41
Tangerine Bank3.55%$175.073.65%$270.00
TD Bank3.00%$147.953.00%$221.92
Valley First (British Columbia only)3.56%$184.393.36%$262.37

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» MORE: Looking for a GIC with a longer term? Explore more of the best GIC rates in Canada

What to know about short-term GICs

What is a short-term GIC?

A short-term GIC is a type of GIC that pays a set amount of interest over a period that’s less than a year. Common term lengths for this investment product include 30-, 60-, 90- and 180-days.

Your principal deposit is guaranteed with a short-term GIC, so you’ll never come away with less than you originally invested. But, because the terms are short, you’ll earn limited interest. Some 90-day GICs, for example, pay less than 1% interest.

How do interest rates work on short-term GICs?

Financial institutions usually advertise fixed-rate GICs with annual interest rates, which means you can find out exactly how much interest you’d earn on your investment over the course of a year.

However, since you’ll hold a short-term GIC for less than one year, you won’t earn that total annual rate of interest. Instead, you’ll only earn interest at that annual rate of return during the GIC’s term, and that return on your principal investment will be less than you may expect.

How to calculate GIC return

While long-term GICs earn compounding interest — interest on your principal investment plus any interest you’ve already earned — short-term GICs do not. Instead, you’ll only earn interest on your principal investment, so you’ll need to use simple interest to calculate the rate of return.

To determine how much interest you’ll earn on your principal, follow this formula:

Simple interest earned = Principal investment x Interest rate x Time (in years).

This is quite easy with a one-year GIC.

For example, let’s say you put $1,000 into a one-year GIC paying 5% interest.

  1. Simple interest earned = $1,000 principal investment x 5% interest x 1-year term
  2. Simple interest earned = $1000 x .05 X 1
  3. Simple interest earned = $50

In this scenario, your GIC would earn $50 in interest at maturity.

However, this calculation gets more complicated for GICs held for less than a year. To calculate the rate of return here, you’ll need to convert the number of days in your term to a number measured in years before using the same simple interest formula.

For example, let’s say you put $1,000 into a 182-day GIC paying 5% interest.

  1. Simple interest earned = $1,000 principal investment x 5% interest x (182 days in the term / 365 days in a year).
  2. Simple interest earned = $1,000 x 0.05 x 0.499.
  3. Simple interest earned = $24.95.

In this scenario, your short-term GIC would earn you $24.95 in interest at maturity.

Are GICs good for a short-term investment?

Depending on the interest rate offered, a GIC can be a smart alternative to some basic and high-interest savings accounts. They’re secure, the returns are guaranteed and they don’t require much maintenance. If that’s important to you, a GIC investment is likely worth your money.

If you have an amount of cash that you don’t plan on touching for several months, a short-term GIC can help you earn a few extra dollars. It’s a great way to start investing. You can even earn tax-advantaged interest by purchasing a GIC within your TFSA or by using funds in your RRSP to buy GICs.

To get maximum value from a GIC, you need to keep your money parked for the full term. And if you’re not comfortable committing to that, make sure you get a cashable or redeemable GIC that allows you to withdraw your money early without penalty.

And if you’re comfortable investing your money for a little longer, you can always consider purchasing longer-term GICs, which are sold in yearly increments. Based on the interest rate trend, you may be able to access higher interest rates and the ability to grow your return through a GIC ladder.

Alternatives to fixed-rate GICs

Suppose fixed-rate, non-redeemable short-term GICs aren’t the right fit for you. You still have plenty of other alternatives, including market-linked, registered, variable-rate and US-dollar GICs. Make sure you compare interest rates for the various term deposits offered by both, traditional and online banks. 

Frequently asked questions about short-term GICs

What is the highest paying short-term GIC rate in Canada?

The best short-term GIC rates overall as of Nov. 20, 2024.

Use our tables above to select terms and compare short-term GIC rates from dozens of Canadian banks.

Are short-term GICs worth it?

Short-term GICs may be worth investing in if:

  • You’re risk-averse or new to investing and want to secure your principal while earning guaranteed returns. 
  • You can’t find time to manage your investment based on market changes. 
  • You have money that you don’t plan on using for several months.

Other factors that make short-term GIC a smart choice include the interest rate, interest payment option, and the type of GIC you choose.

About the Author

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Clay Jarvis

Clay Jarvis is NerdWallet’s mortgage and real estate expert in Canada. Thus far, his entire professional writing career has revolved around real estate. Prior to joining NerdWallet, he was the…

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