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Best 1-Year GIC Rates in Canada

WOWA Simply Know Your Options

Non-Registered Rate

Registered/TFSA Rate

GIC Type

Non-Registered RateRegistered/TFSA Rate

Provider	Rate
Saven Financial	4.15% 1-Year
ICICI	4.15% 1-Year
Pathwise Credit Union	4.15% Get This Rate
Achieva Financial	4.15% 1-Year
MAXA Financial	4.15% 1-Year
WealthONE	4.10% Get This Rate
Outlook Financial	4.10% 1-Year
Tangerine	4.05% 1-Year
Oaken	4.05% 1-Year
MCAN Financial	4.05% 1-Year
EQ Bank	4.00% Get This Rate
Peoples Bank	4.00% 1-Year
LBC Digital	4.00% 1-Year
Motive Financial	3.90% 1-Year
Bridgewater Bank	3.86% 1-Year
Equitable	3.85% 1-Year
Haventree Bank	3.82% 1-Year
Hubert	3.75% 1-Year
TD	3.75% 1-Year
Laurentian	3.75% 1-Year
Simplii Financial	*3.69%* 1-Year
Meridian	3.65% 1-Year
Sun Life	3.60% 1-Year
Alterna Bank	3.60% 1-Year
FirstOntario Credit Union	3.60% 1-Year
motusbank	3.50% 1-Year
Manulife	3.40% 1-Year
ATB Financial	3.40% 1-Year
RBC	3.40% 1-Year
BMO	3.40% 1-Year
Affinity Credit Union	3.40% 1-Year
CIBC	3.40% 1-Year
National Bank	3.40% 1-Year
Scotiabank	3.40% 1-Year
Canadian Western Bank	3.30% 1-Year

Note: GIC rates shown are for non-redeemable GICs with annual compounding.

*Compounded monthly

What Are 1-Year GICs?

The content below, excluding GIC rates, was last updated on: September 12th, 2024

A guaranteed investment certificate (GIC) offers a guaranteed rate of return over a certain time period. 1-year GICs are one of the most common term lengths for GICs. With a 1-year GIC, you’ll be investing your money for one year, after which you’ll receive your initial principal back, along with accrued interest that you have earned.

The most popular kind of 1 year GIC is a non-redeemable GIC, which typically has a fixed GIC interest rate, and their returns can be predetermined. However, some types of GICs may offer a variable rate of interest, such as prime-linked GICs and Market-Linked GICs. You can even purchase foreign currency 1-year GICs, such as USD GICs.

With a GIC, your initial investment is protected, and it’s also eligible for CDIC insurance if you purchase a 1-year GIC from a participating CDIC member, which includes Canada’s major banks. 1-year GICs from credit unions may be eligible for deposit insurance by your provincial regulator. The maximum amount insured by CDIC for 1-year GICs is $100,000 per account, including the principal and the interest. Be sure to check the limits for provincially offered equivalent insurance if you’re looking to purchase a 1-year GIC from a credit union instead.

Redeemable, Cashable and Non-redeemable GICs 1-Year GICs

The most common 1-year GICs are usually non-redeemable, which means they can only be redeemed at the end of one year. However, some types of GICs, such as cashable or redeemable GICs, may allow you to redeem the GIC before it matures. Redeemable GICs usually have predetermined early redemption rates that apply if you choose to withdraw the 1-year GIC early. Most cashable GICs can be redeemed at any time after an initial waiting period of 30 days with the interest accrued up to the date of redemption. Redeeming a cashable GIC within the waiting period doesn’t earn you any interest.

Non-redeemable GICs can have terms ranging from as little as 30 days to 10 years. On the other hand, cashable GICs are often available for a one-year term and can be renewed annually. Redeemable GICs can have terms ranging from a few days to a few years, but the offerings greatly vary depending on the provider.

Registered and Non-Registered 1-Year GICs

1-year GICs are usually offered for both non-registered and registered accounts. This means that you can purchase 1-year GICs for your Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), Registered Education Savings Plan (RESP), or other registered account as an alternative to buying stocks or keeping your money in a savings account. 1-year GIC rates are often higher than most high-interest savings account rates as well.

Highest1-YearGIC Rates

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1-Year

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RBC 1-Year GIC Rates

1-Year: 3.40%

RBC GIC Terms:

• Minimum Investment: $1,000
• Eligible for: RRSP, TFSA, RESP, RRIF, LIF, and RDSP (min. $500)

Current RBC Non-Redeemable GIC Rates as of November 13 2024

TD 1-Year GIC Rates

1-Year: 3.75%

TD GIC Terms:

• Minimum Investment: $1,000
• Eligible for: RRSP, TFSA, RESP, and RRIF

Current TD Non-Redeemable GIC Rates as of November 13 2024

Scotiabank 1-Year GIC Rates

1-Year: 3.40%

Scotiabank GIC Terms:

• Minimum Investment: $500
• Eligible for: RRSP, RESP, TFSA, RDSP, RIF, LIF, LRIF, and RLIF

Current Scotiabank Non-Redeemable GIC Rates as of November 13 2024

BMO 1-Year GIC Rates

1-Year: 3.40%

BMO GIC Terms:

• Minimum Investment: $1,000
• Eligible for: RRSP, TFSA, RESP, RIF, and RDSP

Current BMO Non-Redeemable GIC Rates as of November 13 2024

CIBC 1-Year GIC Rates

1-Year: 3.40%

CIBC GIC Terms:

• Minimum Investment: $1,000
• Eligible for: RRSP, TFSA, RRIF, and LIF

Current CIBC Non-Redeemable GIC Rates as of November 13 2024

National Bank 1-Year GIC Rates

1-Year: 3.40%

National Bank GIC Terms:

• Minimum Investment: $500
• Eligible for: RRSP and TFSA

Current National Bank Non-Redeemable GIC Rates as of November 13 2024

The difference between cashable and non-redeemable 1-year GIC rates can be significant. For example, a 1-year cashable GIC from RBC has an interest rate of 2.25% as of August 2024, while a 1-year non-redeemable GIC from RBC has an interest rate of 4%. Going with a non-redeemable GIC might mean your interest earnings would be almost double that of a cashable GIC!

Similarly, non - redeemable GICs usually also have a rate higher than redeemable GICs. For example, RBC’s redeemable 1-year GIC had an interest rate of 3.45%, vs. the non-redeemable rate of 4% in August 2024.

The table below compares the best non-registered 1-year cashable, redeemable and non-redeemable GICs in Canada as of August 2024.

Note: Rates are as of August 21, 2024, for non-registered accounts.

*Posted rate