Terms and conditions apply; rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. Non-Registered rates are tiered and based on your balance. 3.25% applies to deposits of $25,000 or more. See WealthONE website for current rates and applicable balance tiers. Highest rate in Canada for non-promotional HISA accounts, as confirmed by WOWA.ca as of October 29, 2026.
Best 1-Year GIC Rates in Canada
| Provider | Rate | Insurance Coverage |
|---|---|---|
WealthONE | 4.05% | $100,000 per categoryInsured by CDIC |
Haventree Bank | 4.00% | $100,000 per categoryInsured by CDIC |
Northern Birch Credit Union Create a free account to see moreCreate a free account | 4.00% 1-Year | $250,000 per depositorInsured by FSRA (DIRF) |
Saven Financial Create a free account to see moreCreate a free account | 4.00% 1-Year | $250,000 per depositorInsured by FSRA (DIRF) |
Achieva Financial | 3.95% | UnlimitedInsured by DGCM |
MAXA Financial Create a free account to see moreCreate a free account | 3.95% 1-Year | UnlimitedInsured by DGCM |
Outlook Financial Create a free account to see moreCreate a free account | 3.95% 1-Year | UnlimitedInsured by DGCM |
MCAN Financial | 3.90% | $100,000 per categoryInsured by CDIC |
Oaken | 3.90% | $100,000 per categoryInsured by CDIC |
Hubert Create a free account to see moreCreate a free account | 3.85% 1-Year | UnlimitedInsured by DGCM |
Pathwise Credit Union | 3.80% | $250,000 per depositorInsured by FSRA (DIRF) |
Steinbach Credit Union Create a free account to see moreCreate a free account | 3.80% 1-Year | UnlimitedInsured by DGCM |
3.70% | $100,000 per categoryInsured by CDIC | |
Peoples Bank Create a free account to see moreCreate a free account | 3.70% 1-Year | $100,000 per categoryInsured by CDIC |
3.60% 1-Year | $100,000 per categoryInsured by CDIC | |
Simplii Financial Create a free account to see moreCreate a free account | *3.54%* 1-Year | $100,000 per categoryInsured by CDIC |
Equitable Create a free account to see moreCreate a free account | 3.54% 1-Year | $100,000 per categoryInsured by CDIC |
HomeEquity Bank Create a free account to see moreCreate a free account | 3.54% 1-Year | $100,000 per categoryInsured by CDIC |
Laurentian Create a free account to see moreCreate a free account | 3.50% 1-Year | $100,000 per categoryInsured by CDIC |
LBC Digital Create a free account to see moreCreate a free account | 3.50% 1-Year | $100,000 per categoryInsured by CDIC |
Bridgewater Bank Create a free account to see moreCreate a free account | 3.45% 1-Year | $100,000 per categoryInsured by CDIC |
Meridian Create a free account to see moreCreate a free account | 3.40% 1-Year | — |
Desjardins Create a free account to see moreCreate a free account | 3.40% 1-Year | $100,000 per categoryInsured by AMF |
General Bank of Canada Create a free account to see moreCreate a free account | 3.40% 1-Year | $100,000 per categoryInsured by CDIC |
FirstOntario Credit Union Create a free account to see moreCreate a free account | 3.35% 1-Year | $250,000 per depositorInsured by FSRA (DIRF) |
ICICI Create a free account to see moreCreate a free account | 3.35% 1-Year | $100,000 per categoryInsured by CDIC |
Manulife Create a free account to see moreCreate a free account | 3.35% 1-Year | $100,000 per categoryInsured by CDIC |
Sun Life Create a free account to see moreCreate a free account | 3.25% 1-Year | $100,000 per categoryInsured by CDIC |
Northern Credit Union Create a free account to see moreCreate a free account | 3.20% 1-Year | $250,000 per depositorInsured by FSRA (DIRF) |
DUCA Financial Create a free account to see moreCreate a free account | 3.20% 1-Year | $250,000 per depositorInsured by FSRA (DIRF) |
Kawartha Credit Union Create a free account to see moreCreate a free account | 3.15% 1-Year | $250,000 per depositorInsured by FSRA (DIRF) |
National Bank Create a free account to see moreCreate a free account | 3.15% 1-Year | $100,000 per categoryInsured by CDIC |
Libro Credit Union Create a free account to see moreCreate a free account | 3.15% 1-Year | $250,000 per depositorInsured by FSRA (DIRF) |
Kindred Credit Union Create a free account to see moreCreate a free account | 3.10% 1-Year | $250,000 per depositorInsured by FSRA (DIRF) |
Your Neighbourhood Credit Union Create a free account to see moreCreate a free account | 3.10% 1-Year | $250,000 per depositorInsured by FSRA (DIRF) |
3.00% 1-Year | $100,000 per categoryInsured by CDIC | |
3.00% 1-Year | $100,000 per categoryInsured by CDIC | |
3.00% 1-Year | $100,000 per categoryInsured by CDIC | |
3.00% 1-Year | $100,000 per categoryInsured by CDIC | |
WFCU | 2.95% | $250,000 per depositorInsured by FSRA (DIRF) |
Caisse Populaire Alliance Create a free account to see moreCreate a free account | 2.75% 1-Year | $250,000 per depositorInsured by FSRA (DIRF) |
Alterna Bank Create a free account to see moreCreate a free account | 2.65% 1-Year | $100,000 per categoryInsured by CDIC |
2.45% 1-Year | $100,000 per categoryInsured by CDIC | |
Canadian Tire Create a free account to see moreCreate a free account | 2.35% 1-Year | $100,000 per categoryInsured by CDIC |
Note: Rates shown are annual interest rates for non-redeemable GICs. For 1-year GICs, interest is usually paid at maturity.
*Compounded monthly. The rate shown is Simplii Financial’s annual interest rate. Monthly compounding gives a slightly higher effective annual yield.
1-Year GIC Rates vs Treasury Bill Yields
1-Year GIC Rate 4.05%* as of November 3, 2026 | 1-Year Treasury Bill Yield 2.99%** as of November 3, 2026 |
*Highest rate offered by providers listed on WOWA.ca
**Government of Canada 1-year Treasury bill yield from the Bank of Canada
Treasury bills (T-bills) are short-term debt issued by the Government of Canada. They don’t pay regular interest. Instead, you buy them at a discount and receive their full face value at maturity, and the difference is your return. T-bills are backed by the federal government rather than by deposit insurance, and you can sell them before maturity through a brokerage, but the price may change. A GIC pays a fixed rate and, if it’s non-redeemable, can’t be cashed in early.
What Are 1-Year GICs?
The content below, excluding GIC rates, was last updated on: October 26th, 2026
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 with a fixed interest rate, so you know your return in advance. Other types work differently. A prime-linked GIC pays a variable rate that changes with the bank’s prime rate. A market-linked GIC returns your principal at maturity, but its return depends on a stock index, so you may earn little or no interest. You can also buy foreign currency 1-year GICs, such as USD GICs. Deposit insurance can differ by product, so check whether the specific GIC you’re buying is eligible.
With a GIC, your initial investment is protected, and it’s also eligible for CDIC insurance if you buy a 1-year GIC from a CDIC member institution, which includes Canada’s major banks. 1-year GICs from credit unions may be eligible for deposit insurance from a provincial insurer instead. CDIC insures eligible deposits up to $100,000 per depositor, per insurance category, per member institution, including principal and interest. Be sure to check the limits for provincial deposit insurance if you’re buying a 1-year GIC from a credit union.
How Much Does a 1-Year GIC Earn?
At 4.05%, the highest 1-year rate on WOWA as of November 4, 2026, $10,000 in a 1-year GIC earns $405 in interest. You’d receive $10,405 at maturity, before taxes. Try different amounts and terms with our GIC Calculator.
1-Year vs. 2-Year vs. 3-Year GIC Rates
As of November 4, 2026, committing for longer paid a little more: the best 2-year GIC paid 0.25 percentage points more a year than the best 1-year GIC, and the best 3-year GIC paid 0.35 percentage points more. Here’s what $10,000 earns at the highest rate for each term on WOWA, compounded annually:
| Term | Highest rate | Interest in the first year | Value at maturity | Total interest |
|---|---|---|---|---|
| 1-year GIC | 4.05% | $405.00 | $10,405.00 | $405.00 |
| 2-year GIC | 4.30% | $430.00 | $10,878.49 | $878.49 |
| 3-year GIC | 4.40% | $440.00 | $11,378.93 | $1,378.93 |
A 1-year GIC gives you access to your money sooner, while a longer GIC locks in a higher rate for longer. Compare rates for every term on our GIC rates page.
Redeemable, Cashable and Non-Redeemable 1-Year GICs
The most common 1-year GICs are non-redeemable, which means they can only be redeemed at the end of one year. Cashable and redeemable GICs may let you redeem the GIC before it matures, but the conditions vary by provider. Redeemable GICs usually pay reduced early redemption rates, set when you buy the GIC, if you withdraw early. Many cashable GICs pay no interest if you redeem them within the first 29 or 30 days, and some have longer minimum holding periods. After that, some pay the full rate up to the redemption date, while others pay a lower rate based on how long you held the GIC.
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. See TFSA GIC rates for GICs you can hold in a TFSA.
1-year GIC rates are often higher than regular high-interest savings account rates, but some savings accounts offer higher promotional rates for a few months. A GIC gives you a guaranteed rate for the full year, while a savings account lets you withdraw your money at any time.
How Is 1-Year GIC Interest Taxed?
Interest from a GIC in a non-registered account is taxed as income at your marginal tax rate. For a 1-year GIC, you report the interest for the tax year in which it’s paid or credited to you. Your GIC provider usually sends a T5 slip, but you must report the interest even if you don’t get one.
GICs held in registered accounts are taxed differently:
- TFSA: Interest isn’t taxed, and withdrawals are tax-free.
- RRSP: Interest isn’t taxed while it stays in the plan, but withdrawals are taxed as income.
- FHSA: Interest isn’t taxed, and qualifying withdrawals to buy your first home are tax-free.
Cashable vs. Non-Redeemable 1-Year GICs
When it comes to choosing a GIC, one of the key decisions is whether you want a cashable or non-redeemable GIC. A cashable GIC can be redeemed before it matures, but early redemption conditions vary by provider, and you may earn no interest if you cash out within the first few weeks. A non-redeemable GIC has a set term and can’t be cashed in early. The main advantage of a cashable GIC is that you have access to your money if you need it. The downside is that you usually get a lower interest rate than with a non-redeemable GIC.
When it comes to a 1-year term, it depends on your personal circumstances as to whether a cashable or non-redeemable 1-year GIC is better. If you're reasonably sure you won't need the money during the year, then a non-redeemable GIC will give you a higher interest rate. However, if there's a possibility you may need the money, then a cashable GIC may be a better choice.
1-Year GIC vs. High-Interest Savings Account
| 1-year GIC | High-interest savings account | |
|---|---|---|
| Current rates (November 4, 2026) | Up to 4.05% | Up to 3.25% regular rate (on balances of $25,000 or more); promotional rates of up to 5.00% for the first few months |
| Is the rate guaranteed? | Yes, for the full year | No. The bank can change it at any time, and promotional rates end after a set period. |
| Access to your money | Locked in for one year if non-redeemable | Withdraw at any time (notice accounts require 10 or 30 days’ notice) |
| Deposit insurance | CDIC or provincial deposit insurance, up to the limits | CDIC or provincial deposit insurance, up to the limits |
| Taxes | Interest taxed as income, unless held in a TFSA, RRSP or FHSA | Interest taxed as income, unless held in a TFSA, RRSP or FHSA |
| Best for | Money you won’t need for a year and want a guaranteed return on | Emergency funds and money you may need at any time |
A promotional rate can look better than a GIC rate, but it usually lasts only a few months. For example, $10,000 in a savings account paying 5.00% for four months and 0.30% for the rest of the year earns about $187, compared with $405 in a 1-year GIC at 4.05%. Compare current rates on our high-interest savings accounts page.
Is a 1-Year GIC Worth It in 2026?
A 1-year GIC makes sense for money you’ll need in about a year, such as for a down payment, tuition or a planned purchase. You get a guaranteed rate without locking in your money for long. As of November 4, 2026, the best 1-year rate (4.05%) was higher than the best regular high-interest savings rate (3.25%).
A 1-year GIC may not be the best choice if:
- You might need the money before the year is up. A savings account or cashable GIC gives you more flexibility.
- You can leave the money invested longer. As of November 4, 2026, the best 2-year rate was 4.30%.
Using a 1-Year GIC to Save for a Home
If you’re saving for a home, choose a GIC that matures before you need the money for your down payment and closing costs. If your closing date might move, consider a cashable GIC or a high-interest savings account for the funds you’ll need first. First-time buyers can also hold GICs in a First Home Savings Account (FHSA), where the interest isn’t taxed and qualifying withdrawals for a first home are tax-free.
Terms and conditions apply. Rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. See WealthONE's website for current rates and applicable balance tiers. Highest rate in Canada for RRSP HISA accounts, as confirmed by WOWA as of July 24 2026
Best 1-Year GICs in Canada
RBC 1-Year GIC Rates
- Minimum Investment: $1,000 for non-registered accounts, RRIFs and LIFs; $500 for RRSPs, TFSAs, RESPs and RDSPs
- Eligible for: Non-registered accounts, RRSPs, TFSAs, RESPs, RRIFs, LIFs and RDSPs
Current RBC Non-Redeemable GIC Rates as of November 7, 2026
TD 1-Year GIC Rates
- Minimum Investment: $1,000 for non-registered accounts and TFSAs; $500 for RRSPs, RRIFs, RESPs and FHSAs
- Eligible for: Non-registered accounts, RRSPs, TFSAs, FHSAs, RESPs and RRIFs
Current TD Non-Redeemable GIC Rates as of November 6, 2026
Scotiabank 1-Year GIC Rates
- Minimum Investment: $500 ($5,000 for monthly interest payments)
- Eligible for: Non-registered accounts, RRSPs, RESPs, TFSAs, FHSAs, RDSPs, RIFs, LIFs, LRIFs and RLIFs
Current Scotiabank Non-Redeemable GIC Rates as of November 6, 2026
BMO 1-Year GIC Rates
- Minimum Investment: $1,000 ($5,000 for monthly interest payments in a non-registered account)
- Eligible for: Non-registered accounts, RRSPs, TFSAs, FHSAs, RESPs, RIFs and RDSPs
Current BMO Non-Redeemable GIC Rates as of November 6, 2026
CIBC 1-Year GIC Rates
- Minimum Investment: $1,000
- Eligible for: Non-registered accounts, RRSPs, TFSAs, RRIFs and LIFs at this rate. CIBC also offers 1-year GICs in FHSAs, RESPs and RDSPs at different rates.
Current CIBC Non-Redeemable GIC Rates as of November 7, 2026
National Bank 1-Year GIC Rates
- Minimum Investment: $500
- Eligible for: Non-registered accounts and all registered plans except RESPs, including RRSPs, RRIFs, TFSAs and FHSAs
Current National Bank Non-Redeemable GIC Rates as of November 6, 2026
Cashable vs. Redeemable vs. Non-Redeemable 1-Year GICs
Non-redeemable GICs usually pay the highest rates because you can’t access your money until maturity. Cashable and redeemable GICs give you access to your money early, but they pay lower rates, and you may lose some or all of your interest if you withdraw early. For example, as of October 19, 2026, TD’s 1-year cashable GIC paid 1.75%, while its 1-year non-redeemable GIC paid 3.00%.
| Non-redeemable | Cashable | Redeemable | |
|---|---|---|---|
| Early withdrawal | Not allowed, except in limited cases such as the death of the owner | Allowed, often after a minimum holding period | Allowed at any time |
| Interest if you withdraw early | Not applicable | Varies: some pay the full rate up to the withdrawal date, others pay a lower rate | A reduced rate set when you buy the GIC, based on how long you held it |
| Typical rate | Highest | Lower | Lower |
| Best for | Money you won’t need for the full term | Money you might need during the year | Money you might need during the term |
Early withdrawal rules vary by bank. For example:
- CIBC Flexible GIC (1-year cashable): pays no interest if you cash out within the first 29 days, then pays the full rate up to the day you withdraw.
- TD 1-Year Cashable GIC: can be cashed in after 30 days, at tiered cash-out rates that depend on how long you held it.
- RBC Redeemable GIC: pays no interest if redeemed within 29 days, then a reduced rate that rises the longer you hold the GIC.
- TD 3-Year Premium Rate Cashable GIC: can be cashed in at any time, but pays no interest if you redeem it within 91 days.
Check the current rates for each bank in the sections above and on our Cashable and Redeemable GICs page.
What Happens When Your GIC Matures?
When your 1-year GIC matures, you get your principal and interest back. What happens next depends on the maturity instructions you chose:
- Automatic renewal: Many GICs renew automatically for the same term at the rate in effect on the renewal date, which may be lower than your original rate. For example, the TD 1-Year Cashable GIC renews automatically into another TD 1-Year Cashable GIC.
- Withdrawal: Your principal and interest are deposited into your bank account.
- Reinvestment: You can move the money into a different GIC or another investment.
Before your GIC matures, check the renewal rate and compare it with current rates on WOWA. If you want to change your maturity instructions, contact your bank before the deadline. For example, BMO requires written notice within 21 days before the maturity date.
1-Year GIC FAQ
What is the best 1-year GIC rate in Canada?
As of November 4, 2026, the highest 1-year GIC rate on WOWA is 4.05%, offered by WealthONE. Rates change often, so check the rate table at the top of this page for the latest rates.
Are 1-year GICs worth it?
A 1-year GIC is worth considering for money you'll need in about a year and want a guaranteed return on. As of November 4, 2026, the best 1-year GIC rate was 4.05%, compared with 4.30% for the best 2-year GIC.
Can you withdraw from a 1-year GIC early?
You can't withdraw from a non-redeemable 1-year GIC before maturity except in limited cases, such as the death of the owner. Cashable and redeemable GICs allow early withdrawals, but they pay lower rates, and you may earn reduced or no interest if you withdraw within a set period.
Is a GIC or a savings account better?
It depends on when you'll need the money. As of November 4, 2026, the best 1-year GIC rate was 4.05%, compared with a regular high-interest savings rate of up to 3.25%. A GIC locks in your rate for the term, while a savings account lets you withdraw at any time but its rate can change.
What happens when a GIC matures?
You get your principal and interest back. Depending on your maturity instructions, the money is deposited into your bank account, or the GIC renews automatically at the rate in effect on the renewal date. Check the renewal rate before your GIC matures.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA® does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.