Best Scotiabank GIC Rates for January 2025
Jan 15, 2025Scotiabank offers redeemable, non-redeemable and market-linked GICs with competitive interest rates and terms starting at 1 year.
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.
Scotiabank’s current GIC rates
Scotiabank GIC rates for some of the bank’s most popular GICs, as of Jan. 15, 2025.
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 | 3.10% | Non-redeemable GIC |
1 year | 3.25% | Guaranteed Income Optimizer GIC |
1 year | 2.00% | Cashable GIC |
1 year | 3.25% | Non-redeemable GIC |
18 months | 3.20% | Non-redeemable GIC |
24 months | 2.75% | Redeemable GIC (Special Offer) |
2 years | 3.60% | Non Redeemable GIC (Special Offer) |
2 years | 2.00%, up to 9.75% | Market Linked GICs - Scotiabank Canadian Low Volatility Index |
2 years | 3.10% | Guaranteed Income Optimizer GIC |
2 years | 2.50%, up to 8.00% | Market Linked GICs - Scotiabank U.S. Top 500 |
2 years | 2.00%, up to 11.00% | Market Linked GICs - Scotiabank Canadian Utilities |
3 years | 2.50%, up to 13.00% | Market Linked GICs - Scotiabank U.S. Top 500 |
3 years | 3.75%, up to 14.00% | Market Linked GICs - Scotiabank Canadian Low Volatility Index |
3 years | 3.00%, up to 18.00% | Market Linked GICs - Scotiabank Canadian Top 60 |
3 years | 3.37% | Non-redeemable GIC (Ultimate Package Customer) |
3 years | 3.27% | Non-redeemable GIC (Preferred Package Customer) |
3 years | 3.00%, up to 30.00% | Market Linked GICs - Scotiabank Canadian Utilities |
3 years | 3.05% | Guaranteed Income Optimizer GIC |
3 years | 3.05% | Non-redeemable GIC |
5 years | 3.60%1 | Market Linked GIC - Scotiabank Canadian Top 60 |
4 years | 3.00% | Guaranteed Income Optimizer GIC |
4 years | 3.00% | Non-redeemable GIC |
5 years | 9.50%, up to 22.00% | Market Linked GICs - Scotiabank Canadian Low Volatility Index |
5 years | 9.25%, up to 30.00% | Market Linked GICs - Scotiabank Canadian Top 60 |
5 years | 9.00%, up to 50.00% | Market Linked GICs - Scotiabank Canadian Utilities |
5 years | 7.75%, up to 20.00% | Market Linked GICs - Scotiabank U.S. Top 500 |
5 years | 3.00% | Non-redeemable GIC |
5 years | 3.00% | Guaranteed Income Optimizer GIC |
6 years | 3.05% | Guaranteed Income Optimizer GIC |
7 years | 3.05% | Guaranteed Income Optimizer GIC |
8 years | 3.10% | Guaranteed Income Optimizer GIC |
9 years | 3.10% | Guaranteed Income Optimizer GIC |
10 years | 3.15% | Guaranteed Income Optimizer GIC |
The best Scotiabank GIC rates
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Product detailsWhat 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.
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