Best National Bank GIC Rates for January 2025
Jan 15, 2025Compare National Bank GIC rates for various redeemable, non-redeemable, market-linked and USD GICs to choose the best investment option for you.
National Bank of Canada, also known as NBC or National Bank, is one of the Big Six banks in Canada. The bank was established in 1859 and has over 650 branches across the country. In addition, NBC is found in 20 U.S. cities and more than 100 foreign countries.
Among other products, the National Bank offers some of the top interest rates on non-redeemable and redeemable guaranteed investment certificates (GICs) for various term and interest payment options.
NBC’s current GIC rates
Here are the National Bank GIC rates for some of NBC’s most popular GICs, as of Jan. 15, 2025.
Many of the NBC’s redeemable and non-redeemable GICs offer simple and compound interest rate options but may depend on the term you choose.
Term | Interest Rate | GIC Type |
|---|---|---|
3 months | 0.30% | National Bank Non-redeemable 3 months GIC |
3 months | 0.20% | National Bank Non-redeemable 3 months USD GIC |
6 months | 1.50% | National Bank Non-redeemable 6 months GIC |
6 months | 0.40% | National Bank Non-redeemable 6 months USD GIC |
9 months | 1.85% | National Bank Non-redeemable 9 months GIC |
12 months | 3.15% | National Bank Non-redeemable 12 months GIC |
12 months | 2.75% | National Bank Non-redeemable 12 months USD GIC |
12 months | 0.75% | National Bank Redeemable 12 months GIC |
12 months | 0.30% | National Bank Redeemable 12 months USD GIC |
18 months | 3.15% | National Bank Non-redeemable 18 months GIC |
24 months | 3.15% | National Bank Non-redeemable 24 months GIC |
24 months | 2.80% | National Bank Non-redeemable 24 months USD GIC |
24 months | 0.80% | National Bank Redeemable 24 months GIC |
24 months | 0.45% | National Bank Redeemable 24 months USD GIC |
36 months | 3.15% | National Bank Non-redeemable 36 months GIC |
36 months | 2.85% | National Bank Non-redeemable 36 months USD GIC |
36 months | 0.85% | National Bank Redeemable 36 months GIC |
36 months | 0.60% | National Bank Redeemable 36 months USD GIC |
4 years | 10.55%, up to 24.55% | National Bank Market-Linked Diversified GIC Flex Series – Stability |
4 years | 7.31%, up to 29.31% | National Bank Market-Linked Diversified GIC Flex Series – Balanced |
4 years | 4.06%, up to 34.06% | National Bank Market-Linked Diversified GIC Flex Series – Performance |
48 months | 3.20% | National Bank Non-redeemable 48 months GIC |
48 months | 2.90% | National Bank Non-redeemable 48 months USD GIC |
48 months | 0.90% | National Bank Redeemable 48 months GIC |
48 months | 0.90% | National Bank Redeemable 48 months USD GIC |
5 years | 4%, up to 50% | National Bank Market-Linked GIC - Canadian Banks Flex Series |
60 months | 3.25% | National Bank Non-redeemable 60 months GIC |
60 months | 2.95% | National Bank Non-redeemable 60 months USD GIC |
60 months | 1.00% | National Bank Redeemable 60 months GIC |
60 months | 1.00% | National Bank Redeemable 60 months USD GIC |
The best National Bank GIC rates
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Product detailsWhat to know about National Bank GICs
Apart from the redeemability options, the National Bank GICs provide additional choice through market-linked, CAD and USD investments starting at a $500 minimum deposit. The various GIC types, terms and interest payment options available at NBC could make it an appropriate choice for different types of investors.
Since NBC is a member of the Canada Deposit Insurance Corporation (CDIC), your GIC investments may be protected up to $100,000 per eligible account. CDIC ensures that investors get their money back in the unlikely case that the bank fails.
How to choose an NBC GIC
Since National Bank GICs have different terms, it’s important to clarify your investment goals and timeline before deciding which NBC GIC is best for you.
Like most GICs, NBC GICs with a fixed rate of return are generally considered low-risk investments. Fixed-rate GICs tend to be a popular choice for people who are saving for the near future and those looking to preserve their wealth.
For example, anyone planning to buy a home in a year or two may find a fixed-term GIC attractive. Retirees may find fixed-rate GICs appealing since they’ll earn guaranteed interest.
Conversely, the returns on market-linked GICs are variable and tied to the performance of the market. These NBC GICs involve some level of risk, but they allow you to capitalize on market potential while protecting your initial investment.
Regardless of your goals or risk tolerance, a few things to help you decide on the right National Bank GIC include:
The type of GIC.
The length of the GIC.
The interest rate offered.
Types of National Bank GICs
The types of National Bank GICs include:
Non-redeemable GICs: Your investment may be locked in for a set timeframe, but you typically get a higher fixed-interest rate compared to redeemable GICs.
Redeemable GICs: You may be able to withdraw your funds anytime and get a guaranteed rate of return, but at a lower rate.
Market-linked GICs: The variable interest paid on your GIC could vary depending on the stock market, however your principal investment remains protected.
USD GICs: You can get a guaranteed return on your redeemable or non-redeemable U.S. dollar investments.
Besides the type of GIC, NBC allows you to purchase GICs in various accounts, including:
RRSP: You can hold your GIC in a registered retirement savings plan (RRSP) to get an instant tax break.
TFSA: You’re able to earn tax-free interest on GICs inside your tax-free savings account (TFSA).
Non-registered account: You can invest in a GIC within a non-registered account after you’ve maxed out your registered accounts.
National Bank GIC terms
NBC’s GICs are available in terms of 30 days to 10 years, described as follows:
Short-term: 3-, 6-, 9-, 12- and 18-month terms.
Mid-term: 2-, 3- and 4-year terms.
Long-term: 5-year terms.
Since NBC offers redeemable and non-redeemable GICs with varying terms, you can choose a product that best suits your timeline.
How to open a National Bank GIC
Existing National Bank clients can purchase GICs directly from their online accounts. You can sign in and select the GIC you’re interested in, the amount you want to invest, and the type of account you want to hold the GIC in.
If you’re a new customer, you may need to:
Be a Canadian citizen.
Be at least 14 years old.
Have a Social Insurance Number (SIN).
Note that there may be additional requirements if you want to invest in a specific account. For example, TFSAs require you to be at least 18 years old. With an RRSP, you must have earned contribution room first. Your RRSP contribution limit is based on income, plus the unused contribution amounts from previous years.
Additionally, you’ll need a minimum investment of $500 to purchase a National Bank GIC.
How to close a National Bank GIC
The process to close or cancel an NBC GIC depends on the type of GIC you hold. If your non-redeemable GIC is about to mature, you should call NBC or fill out a secure form from your online banking to let them know you want to cash out.
Note that if you fail to provide specific instructions during the GIC application or take no action close to maturity, your GIC may automatically renew.
A redeemable GIC can be cashed out any time after 30 days from the issue or renewal date. However, a lower interest rate calculation would apply.
If you cancel a GIC within 10 business days from the issue date, you will not pay fees. No interest would be paid, either.
Alternatives to National Bank GICs
While National Bank offers various GICs with competitive interest rates, it may not be ideal for some investors. If you’re looking for different investment or savings account options, you’re likely to find the ideal one with NBC and other leading banks.
If you want a GIC from a different bank
If you’re interested in GICs but want to consider all your options, take a look at the following:
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. |
Alternatively, you could consider a GIC from an online bank, as they often offer higher interest rates and lower minimum deposit requirements than traditional banks. You may consider:
For more options, you can compare our picks for the best GIC rates in Canada.
If you want a different NBC product
Since NBC is a major bank, it offers other products besides GICs, such as:
High Interest Savings Accounts: Investors can earn high interest without paying monthly fees or having a lock-in period. There is also no minimum balance requirement.
Mutual funds: From diversified funds to money market funds, National Bank has many mutual funds that may help you meet more ambitious investment goals.
Exchange-traded funds (ETFs): This type of investment is attractive to investors who are looking for long-term investment options while keeping their costs down.
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