Best EQ Bank GIC Rates for January 2025
Jan 15, 2025EQ Bank’s GICs are no-frills, fee-free investment options with a high interest rate and an ultra-low minimum deposit.
EQ Bank is a popular online-only bank with limited fees and competitive interest rates on savings accounts, investment accounts, mortgages, and guaranteed investment certificates (GICs).
EQ Bank’s non-redeemable GICs offer a guaranteed rate of return and are available in a wide range of terms. These low-risk investment options are eligible for RRSPs and TFSAs and can be opened with as little as $100.
EQ Bank’s current GIC rates
EQ offers non-redeemable, fixed-rate GICs available as regular, non-registered or as registered investments (RSP GIC and TFSA GIC options).
Term | Regular GIC | RSP GIC | TFSA GIC |
|---|---|---|---|
3 Month Apply Now | 3.10% | 3.10% | 3.10% |
6 Month Apply Now | 3.15% | 3.15% | 3.15% |
9 Month Apply Now | 3.15% | 3.15% | 3.15% |
1 Year Apply Now | 3.50% | 3.50% | 3.50% |
15 Month Apply Now | 3.50% | 3.50% | 3.50% |
2 Year Apply Now | 3.50% | 3.50% | 3.50% |
27 Month Apply Now | 3.50% | 3.50% | 3.50% |
3 Year Apply Now | 3.55% | 3.55% | 3.55% |
4 Year Apply Now | 3.55% | 3.55% | 3.55% |
5 Year Apply Now | 3.65% | 3.65% | 3.65% |
6 Year Apply Now | 2.60% | 2.60% | 2.60% |
7 Year Apply Now | 2.60% | 2.60% | 2.60% |
10 Year Apply Now | 2.60% | 2.60% | 2.60% |
The best EQ GIC rates
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Product detailsWhat to know about EQ Bank GICs
EQ Bank was launched by its parent company, Equitable Bank, in 2016 as a low-cost digital alternative to traditional banking. Its competitive interest rates and lack of monthly fees have attracted more than $7 billion in customer deposits.
EQ Bank’s GICs options are easy to open, have no fees, and are available in a variety of types and terms. Plus, your investments are protected — deposits are covered by the Canadian Deposit Insurance Corporation (CDIC) protection and, in the event of a bank failure, guaranteed up to $100,000.
How to choose an EQ Bank GIC
To choose the best EQ Bank GIC option for you, think about your investment goals and how you can make a GIC worthwhile.
Are you a beginner investor saving for the near future? Are you looking for somewhere to park your money for a few years? Or, would you like to boost your TFSA or RRSP with a decade’s worth of compounding interest?
To make the best decision for you, consider how the following might help you achieve your goals:
EQ Bank GIC types.
Available terms.
Interest rates.
Types of EQ Bank GICs
EQ offers non-redeemable, fixed-rate GICs available as non-registered or registered investments.
Registered offerings include
RSP GICs, which can be held in a registered retirement savings plan (RRSP), and
TFSA GICs, which can be held in a tax-free savings account (TFSA).
EQ Bank does not offer joint GICs — you can only buy a GIC for yourself, not with, or on behalf of, someone else.
EQ Bank GIC terms
EQ’s GICs are available in a wide range of terms, including
Short terms (3 months, 6 months and 9 months)
Mid-length terms (1 year, 15 months, 2 years, 27 months, 3 years and 4 years), and
Long terms (5 years, 6 years, 7 years and 10 years).
Since EQ Bank’s GICs are non-redeemable, you won’t earn interest on your deposit unless you wait until the end of the term to withdraw your funds, so picking the right term is important.
Typically, GICs with longer terms earn higher rates of interest, and this is generally true with EQ’s GICs.
EQ Bank GIC interest rates
An EQ Bank GIC interest rate reflects how the interest earned from EQ GICs is calculated, which differs depending on the term length.
For GICs with terms up to one year, simple interest is calculated on a per diem basis and paid at maturity.
For GICs with terms over one year:
If interest is paid at maturity, interest is calculated on a per annum basis and compounded annually.
If interest is paid annually on a non-registered GIC, simple interest is calculated on a per annum basis.
How to open an EQ Bank GIC
To open an EQ Bank GIC, you must:
Be a Canadian resident with a permanent Canadian address.
Be the age of majority in your province or territory of residence.
Have a Personal Account with EQ Bank to fund your investment.
As of December 2022, residents of Quebec are eligible for EQ Bank services, including its GICs.
GICs can be purchased with a minimum deposit of $100, up to a maximum of $100,000 per GIC. You can hold up to 20 EQ GICs at a time, but can only hold $500,000 in GICs overall.
How to close an EQ Bank GIC
EQ GICs are non-redeemable, so there’s no redemption allowed prior to maturity. However, you can cancel your purchase within one day to receive a refund of your principal deposit.
At maturity, your principal deposit and any interest earned will be deposited into the applicable savings account: an EQ Personal Account, an EQ Bank TFSA, or an EQ Bank RSP Plan.
Alternatives to EQ Bank GICs
If EQ Bank GICs aren’t the right fit for you, there are plenty of other alternatives available.
If you want a GIC from a different bank
If you would like to stay with a digital bank, consider
Tangerine Bank, which offers non-registered, TFSA, RSP, TFSA, RIF and US$ guaranteed investments with terms ranging from 90-days to 5 years.
Simplii Financial, which offers non-registered and RRSP GICs for 1-, 2-, 3-, 4- and 5-year terms.
Motive Financial, which offers non-registered, TFSA and RRSP GICs with terms ranging from 12 months (1 year) to 120 months (10 years).
Alternatively, you can consider buying a GIC from one of Canada’s Big Six Banks, which generally offer a wider range of types and terms.
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 options, see our hand-picked favourites of the best GIC rates in Canada for 2025.
If you want a different EQ Bank product
GICs aren’t the only way to earn competitive interest with EQ Bank — the digital bank also offers high rates on other popular banking products to help you achieve your financial goals.
DIVE EVEN DEEPER
Siddhi Bagwe