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.
3-Year GIC Rates in Canada
| Provider | Rate | Insurance Coverage |
|---|---|---|
WealthONE | 4.40% | $100,000 per categoryInsured by CDIC |
Oaken | 4.35% | $100,000 per categoryInsured by CDIC |
MCAN Financial | 4.30% | $100,000 per categoryInsured by CDIC |
Saven Financial Create a free account to see moreCreate a free account | 4.30% 3-Year | $250,000 per depositorInsured by FSRA (DIRF) |
Haventree Bank | 4.20% | $100,000 per categoryInsured by CDIC |
4.15% | $100,000 per categoryInsured by CDIC | |
Achieva Financial | 4.15% | UnlimitedInsured by DGCM |
MAXA Financial Create a free account to see moreCreate a free account | 4.15% 3-Year | UnlimitedInsured by DGCM |
Outlook Financial Create a free account to see moreCreate a free account | 4.15% 3-Year | UnlimitedInsured by DGCM |
4.10% 3-Year | $100,000 per categoryInsured by CDIC | |
HomeEquity Bank Create a free account to see moreCreate a free account | 4.09% 3-Year | $100,000 per categoryInsured by CDIC |
Hubert Create a free account to see moreCreate a free account | 4.05% 3-Year | UnlimitedInsured by DGCM |
Equitable Create a free account to see moreCreate a free account | 4.04% 3-Year | $100,000 per categoryInsured by CDIC |
General Bank of Canada Create a free account to see moreCreate a free account | 4.01% 3-Year | $100,000 per categoryInsured by CDIC |
Meridian Create a free account to see moreCreate a free account | 4.00% 3-Year | — |
Steinbach Credit Union Create a free account to see moreCreate a free account | 4.00% 3-Year | UnlimitedInsured by DGCM |
Laurentian Create a free account to see moreCreate a free account | 3.95% 3-Year | $100,000 per categoryInsured by CDIC |
LBC Digital Create a free account to see moreCreate a free account | 3.95% 3-Year | $100,000 per categoryInsured by CDIC |
Manulife Create a free account to see moreCreate a free account | 3.80% 3-Year | $100,000 per categoryInsured by CDIC |
National Bank Create a free account to see moreCreate a free account | 3.75% 3-Year | $100,000 per categoryInsured by CDIC |
Kindred Credit Union Create a free account to see moreCreate a free account | 3.75% 3-Year | $250,000 per depositorInsured by FSRA (DIRF) |
Bridgewater Bank Create a free account to see moreCreate a free account | 3.72% 3-Year | $100,000 per categoryInsured by CDIC |
FirstOntario Credit Union Create a free account to see moreCreate a free account | 3.70% 3-Year | $250,000 per depositorInsured by FSRA (DIRF) |
Northern Credit Union Create a free account to see moreCreate a free account | 3.70% 3-Year | $250,000 per depositorInsured by FSRA (DIRF) |
DUCA Financial Create a free account to see moreCreate a free account | 3.70% 3-Year | $250,000 per depositorInsured by FSRA (DIRF) |
Simplii Financial Create a free account to see moreCreate a free account | *3.64%* 3-Year | $100,000 per categoryInsured by CDIC |
Pathwise Credit Union | 3.60% | $250,000 per depositorInsured by FSRA (DIRF) |
ICICI Create a free account to see moreCreate a free account | 3.60% 3-Year | $100,000 per categoryInsured by CDIC |
Kawartha Credit Union Create a free account to see moreCreate a free account | 3.50% 3-Year | $250,000 per depositorInsured by FSRA (DIRF) |
Libro Credit Union Create a free account to see moreCreate a free account | 3.50% 3-Year | $250,000 per depositorInsured by FSRA (DIRF) |
Your Neighbourhood Credit Union Create a free account to see moreCreate a free account | 3.45% 3-Year | $250,000 per depositorInsured by FSRA (DIRF) |
Desjardins Create a free account to see moreCreate a free account | 3.40% 3-Year | $100,000 per categoryInsured by AMF |
Sun Life Create a free account to see moreCreate a free account | 3.35% 3-Year | $100,000 per categoryInsured by CDIC |
3.30% 3-Year | $100,000 per categoryInsured by CDIC | |
Northern Birch Credit Union Create a free account to see moreCreate a free account | 3.30% 3-Year | $250,000 per depositorInsured by FSRA (DIRF) |
3.30% 3-Year | $100,000 per categoryInsured by CDIC | |
Peoples Bank Create a free account to see moreCreate a free account | 3.25% 3-Year | $100,000 per categoryInsured by CDIC |
Alterna Bank Create a free account to see moreCreate a free account | 3.10% 3-Year | $100,000 per categoryInsured by CDIC |
Caisse Populaire Alliance Create a free account to see moreCreate a free account | 3.00% 3-Year | $250,000 per depositorInsured by FSRA (DIRF) |
WFCU | 2.95% | $250,000 per depositorInsured by FSRA (DIRF) |
2.60% 3-Year | $100,000 per categoryInsured by CDIC | |
2.60% 3-Year | $100,000 per categoryInsured by CDIC | |
2.55% 3-Year | $100,000 per categoryInsured by CDIC | |
Canadian Tire Create a free account to see moreCreate a free account | 2.45% 3-Year | $100,000 per categoryInsured by CDIC |
Note: GIC rates shown are for non-redeemable GICs with annual compounding.
*Compounded monthly
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
What Are 3-Year GICs?
The content below, excluding GIC rates, was last updated on: October 26th, 2026
Guaranteed Investment Certificates (GICs) are among the most common types of investments available in Canada. The key features of a GIC are:
- GICs offer a guaranteed return on investments while protecting the initial investment, making them very low-risk investments.
- The term of the GIC sets how long your money is invested and affects the interest rate you earn. For example, with a 3-year GIC, your principal is invested for 3 years. Interest builds up (accrues) over the full term, but when you receive it depends on the product. Some GICs pay interest annually, semi-annually or monthly, while others add it to your balance and pay it all at maturity.
- When interest is compounded, it’s added to your balance so you earn interest on your interest. Most compound GICs compound annually, but some compound semi-annually or monthly. Interest that’s paid out to you isn’t compounded.
All GICs with a term length longer than 1 year, including 3-year GICs, are categorized as long-term GICs. The interest rate on GICs typically increases with the term length, but the relationship between terms changes over time. In August 2024, the best 3-year GIC rate on WOWA was 4.50%, higher than the best 5-year GIC rate of 4.35%. As of November 4, 2026, longer terms pay more again: the best 3-year rate is 4.40% and the best 5-year rate is 4.55%.
When shorter terms pay more than longer terms, it’s often called an inverted yield curve. An inverted Government of Canada bond yield curve can reflect market expectations that interest rates will fall, but it doesn’t guarantee they will. Differences between GIC rates also depend on each bank’s or credit union’s funding needs and promotions, so GIC rates don’t always follow the bond yield curve.
How Much Does a 3-Year GIC Earn?
Here’s how $10,000 grows in a 3-year GIC at 4.40%, the highest 3-year rate on WOWA as of November 4, 2026, with interest compounded annually and paid at maturity:
| Year | Interest earned | Balance at year end |
|---|---|---|
| 1 | $440.00 | $10,440.00 |
| 2 | $459.36 | $10,899.36 |
| 3 | $479.57 | $11,378.93 |
You’d earn $1,378.93 in interest before taxes. If the interest were paid out to you each year instead of compounded, you’d receive $440 a year, or $1,320 in total. Try different amounts and terms with our GIC Calculator.
2-Year vs. 3-Year vs. 5-Year GIC Rates
As of November 4, 2026, the best 3-year GIC paid 0.10 percentage points more than the best 2-year GIC, and the best 5-year GIC paid 0.15 percentage points more than the best 3-year GIC. 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 |
|---|---|---|---|---|
| 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 |
| 5-year GIC | 4.55% | $455.00 | $12,491.66 | $2,491.66 |
On $10,000, a 3-year term earns about $10 more a year than a 2-year term. Committing for five years instead of three adds only about $15 a year, in exchange for locking in your money for two more years. Compare rates for every term on our GIC rates page.
3-Year GIC Rates vs Bond Yields
3-Year GIC Rate 4.40%* as of November 3, 2026 | 3-Year Government of Canada Bond Yield 3.36%** as of November 3, 2026 |
*Highest rate offered by providers listed on WOWA.ca
**Government of Canada 3-year benchmark bond yield from the Bank of Canada
Investors often compare GICs with government bonds. When you buy a GIC, you deposit money with a financial institution for a fixed term and earn a set rate of interest. When you buy a bond, you lend money to a government or company and earn interest in return. Both pay a known return if you hold them to maturity, but bonds can be sold before maturity, and their price changes with interest rates. If you sell a bond early, you could get less than you paid.
Bond prices and yields move in opposite directions. In 2022, when the Bank of Canada raised its policy interest rate quickly, bond yields rose and the prices of existing bonds fell sharply. Investors who sold bonds before maturity could have lost money, while GIC holders kept their principal and earned their fixed rate. GIC rates also rose during this period. Learn more in GIC vs. Bonds.
3-Year GIC vs. 3-Year Government of Canada Bond
| 3-year GIC | 3-year Government of Canada bond | |
|---|---|---|
| Deposit insurance | Covered by CDIC or provincial deposit insurance, up to the applicable limits | Not covered by deposit insurance, but backed by the Government of Canada |
| Return certainty | Fixed rate for the full term | Yield to maturity is set when you buy, if you hold the bond to maturity |
| Liquidity | Non-redeemable GICs can’t be cashed in before maturity | Can be sold on the bond market before maturity |
| Early sale | Not available for non-redeemable GICs | You receive the market price on the day you sell |
| Price risk | None. The value doesn’t change. | The price falls when yields rise and rises when yields fall |
| At maturity | You receive your principal plus interest | You receive the bond’s face value plus the final interest payment |
Types of 3-Year GICs
Non-Redeemable, Redeemable and Cashable GICs
GICs can be classified under three categories based on their redemption -
Non-Redeemable GICs: These GICs cannot be redeemed or cashed until maturity. This means if you invest in a 3-year non-redeemable GIC for 3 years, your principal investment would be locked away for 3 years, and you won’t be able to access those funds during this time.
Redeemable GICs: These types of GICs can be redeemed before maturity at predetermined interest rates that are significantly lower than the initial rate of the GIC. The redemption rate generally depends on when you redeem.
Cashable GICs: Cashable GICs can also be redeemed before the maturity date, but the rules and the interest you earn vary by issuer. For example, the TD 1-Year Cashable GIC can be cashed in after 30 days, while the 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. Most cashable GICs have a 1-year term that you can renew each year. Cashable GICs pay lower rates than the non-redeemable 3-year GICs in the table above. As of October 19, 2026, TD’s 3-year cashable GIC paid 2.50%, compared with 3.30% for its 3-year non-redeemable GIC.
Registered and Non-Registered
GICs can be held in non-registered accounts as well as in a registered account, such as a Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), Registered Education Savings Plan (RESP) and First Home Savings Account (FHSA). Investing in GICs through registered accounts can have potential tax benefits. Therefore, you may consider investing in registered GICs if you have a TFSA contribution room or RRSP contribution room available for the year.
How Is 3-Year GIC Interest Taxed?
Interest from a GIC in a non-registered account is taxed as income at your marginal tax rate. With a 3-year GIC that pays interest only at maturity, you still have to report the interest each year as it’s earned, not just when you receive it. Your GIC provider usually sends a T5 slip, but you must report the interest even if you don’t get one.
For example, with $10,000 at 4.40% compounded annually, you’d report $440 of interest for the GIC’s first year, $459.36 for its second year and $479.57 for its third year.
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.
3-Year GIC Insurance
Most 3-year GICs available in Canada are insurable up to a certain limit. CDIC (Canada Deposit Insurance Corporation) insurance covers GICs issued by CDIC member institutions, such as banks and trust companies, when they’re held in an eligible insurance category. These categories include deposits in your name, joint deposits, and deposits in a TFSA, RRSP, RRIF, RESP, RDSP or FHSA.
CDIC insures eligible deposits up to $100,000 per depositor, per insurance category, per member institution, including principal and interest. Coverage isn’t per account. For example, a non-registered GIC and a savings account in your name at the same bank share one $100,000 limit, while a TFSA GIC at that bank is covered separately.
Most credit unions are provincially regulated, so their GICs are covered by provincial deposit insurance instead, and the limit varies by province.
Is a 3-Year GIC Worth It in 2026?
A 3-year GIC makes sense if you want a guaranteed rate but don’t want to lock in your money for five years. As of November 4, 2026, the best 3-year rate (4.40%) was close to the best 5-year rate (4.55%) and higher than the best 2-year rate (4.30%).
A 3-year GIC can be a good fit if:
- You’ll need the money in about three years, such as for a home down payment or a planned purchase.
- You want to know exactly what you’ll earn, even if interest rates fall.
- You want to be able to reinvest sooner than with a 5-year GIC, in case rates rise.
Keep in mind:
- Most 3-year GICs are non-redeemable, so you can’t take your money out early.
- If rates rise after you buy, you’ll keep your lower rate until maturity.
- When the GIC matures, you’ll have to reinvest at whatever rates are available then.
Best 3-Year GICs in Canada
RBC 3-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 6, 2026
TD 3-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 3-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 3-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 3-Year GIC Rates
- Minimum Investment: $1,000
- Eligible for: Non-registered accounts and TFSAs at this rate. CIBC also offers 3-year GICs in RRSPs, RRIFs, LIFs, FHSAs, RESPs and RDSPs at different rates.
Current CIBC Non-Redeemable GIC Rates as of November 6, 2026
National Bank 3-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
What to Consider Before Buying a 3-Year GIC
| What to check | What to look for |
|---|---|
| Minimum investment | Ranges from $100 to $1,000 or more, depending on the provider and account type |
| Interest calculation | Whether interest is compounded annually, semi-annually or monthly, or paid out to you |
| Redemption restrictions | Most 3-year GICs are non-redeemable. Cashable GICs may have a waiting period and pay reduced interest if you redeem early. |
| Deposit insurance | Whether the GIC is covered by CDIC or provincial deposit insurance, and how much you already hold at that institution |
| Registered-account availability | Whether the provider offers the GIC in the account you want, such as a TFSA, RRSP, FHSA or RRIF |
| Automatic renewal | Many GICs renew automatically at maturity at the rate in effect then, which may be lower. Check how and when you can change your maturity instructions. |
3-Year GIC FAQ
What is the best 3-year GIC rate in Canada?
As of November 4, 2026, the highest 3-year GIC rate on WOWA is 4.40%, offered by WealthONE. Rates change often, so check the rate table at the top of this page for the latest rates.
Is a 3-year GIC better than a 5-year GIC?
It depends on how long you can lock in your money. As of November 4, 2026, the best 5-year rate (4.55%) was only 0.15 percentage points higher than the best 3-year rate (4.40%). On $10,000, that's about $15 more interest a year, in exchange for locking in your money for two more years.
Can you withdraw from a 3-year GIC early?
Most 3-year GICs are non-redeemable, so you can't withdraw your money before maturity except in limited cases, such as the death of the owner. Cashable 3-year GICs let you redeem early, but they pay lower rates and may pay reduced or no interest if you redeem within a set period.
How much interest will $10,000 earn in a 3-year GIC?
At 4.40%, the highest 3-year rate on WOWA as of November 4, 2026, $10,000 grows to $11,378.93 after three years with annual compounding. That's $1,378.93 in interest before taxes.
How does CDIC insurance work for GICs?
CDIC insures eligible deposits, including GICs, at its member institutions up to $100,000 per depositor, per insurance category, per member institution, including principal and interest. Coverage is per category, not per account. Credit union GICs are usually covered by provincial deposit insurance instead.
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.