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Best 5-Year GIC Rates in Canada

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Non-Registered Rate

Registered/TFSA Rate

GIC Type

Non-Registered RateRegistered/TFSA Rate

Provider	Rate
WealthONE	4.05% Get This Rate
MCAN Financial	4.00% 5-Year
Equitable	3.91% 5-Year
EQ Bank	3.90% Get This Rate
Simplii Financial	*3.88%* 5-Year
Haventree Bank	3.85% 5-Year
MAXA Financial	3.80% 5-Year
Bridgewater Bank	3.79% 5-Year
Tangerine	3.75% 5-Year
Saven Financial	3.75% 5-Year
Outlook Financial	3.75% 5-Year
Manulife	3.72% 5-Year
Pathwise Credit Union	3.70% Get This Rate
Achieva Financial	3.70% 5-Year
Hubert	3.65% 5-Year
Motive Financial	3.60% 5-Year
Peoples Bank	3.60% 5-Year
Oaken	3.55% 5-Year
National Bank	3.50% 5-Year
ICICI	3.50% 5-Year
Sun Life	3.45% 5-Year
FirstOntario Credit Union	3.40% 5-Year
Laurentian	3.40% 5-Year
LBC Digital	3.40% 5-Year
TD	3.35% 5-Year
BMO	3.30% 5-Year
Alterna Bank	3.30% 5-Year
Meridian	3.30% 5-Year
Scotiabank	3.05% 5-Year
ATB Financial	3.05% 5-Year
CIBC	3.05% 5-Year
Canadian Western Bank	3.00% 5-Year
RBC	3.00% 5-Year
Affinity Credit Union	3.00% 5-Year
motusbank	2.80% 5-Year

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

*Compounded monthly

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How Do 5-Year GICs Work?

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

A 5-year GIC is a type of investment that allows you to earn a fixed rate of interest over a five-year period. Your money is invested for the entire 5-year term, and at the end of the 5-years, you will receive your original investment plus interest that has accrued.

Your original investment is “guaranteed,” meaning your GIC provider promises that you won’t lose any money from your original principal. Meanwhile, your GIC might be eligible for CDIC insurance or an equivalent insurance. CDIC insures an amount of up to $100,000 per depositor in each insured category, including principal and interest. Before 2020, the CDIC only insured GICs with a term length of 5 years or less. That changed in April 2020, when the CDIC changed their deposit insurance framework to allow GIC term lengths of over 5 years. Now, some banks and credit unions offer GICs with terms of up to 10 years!

Canadian 5-year GICs can be either redeemable, cashable or non-redeemable. With a redeemable or cashable GIC, you can withdraw a portion or all of the money from your GIC without penalties. However, redeemable and cashable GICs have lower GIC interest rates compared to non-redeemable GICs. While some banks use the terms redeemable and cashable interchangeably, others offer different products under these names. Cashable GICs are usually redeemable at any time at the GIC’s original interest rate, while redeemable GICs can also be redeemed at any time but at a lower predetermined rate than the original GIC rate. If you’re certain that you won’t need the money, locking in your funds with a non-redeemable GIC can reward you with a higher rate.

Most major banks and GIC providers in Canada offer 5-year GICs that can be held in registered or non-registered accounts. Registered accounts include RRSPs, TFSAs, RESPs, and other retirement savings accounts, which may offer tax benefits.

Most 5-year GICs in Canada have a fixed rate of interest, meaning you earn interest at the same rate as when you purchased the GIC for every year of the term. However, banks also offer variable-rate GIC products, the most common of which are prime-linked GICs. The interest rate for such GICs is linked to the bank’s prime rate. Thus, the interest you earn on such a GIC changes based on the changes in the prime rate.

Market Linked GICs are GICs with returns linked to the performance of a stock index. They are also known as equity-linked GICs and are a good way to gain some exposure to the stock market and potentially earn higher returns without taking too much risk. This is because your principal investment will remain protected, but the interest returns will vary based on the linked index. There are several 5-year market-linked GICs in Canada, such as the Scotiabank Canadian Top 60, TD U.S. Top 500 and RBC U.S. MatketSmart.

RBC 5-Year GIC Rates

5-Year: 3.00%

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 29 2024

TD 5-Year GIC Rates

5-Year: 3.35%

TD GIC Terms:

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

Current TD Non-Redeemable GIC Rates as of November 29 2024

Scotiabank 5-Year GIC Rates

5-Year: 3.05%

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 29 2024

BMO 5-Year GIC Rates

5-Year: 3.30%

BMO GIC Terms:

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

Current BMO Non-Redeemable GIC Rates as of November 29 2024

CIBC 5-Year GIC Rates

5-Year: 3.05%

CIBC GIC Terms:

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

Current CIBC Non-Redeemable GIC Rates as of November 29 2024

National Bank 5-Year GIC Rates

5-Year: 3.50%

National Bank GIC Terms:

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

Current National Bank Non-Redeemable GIC Rates as of November 29 2024

The main difference between cashable and non-redeemable GICs is that cashable GICs can be cashed in without penalties, while cashable GICs can’t be cashed in at all. While your bank or GIC provider may offer exceptions to this, such as if you’re facing financial difficulties, it’s not guaranteed that you can get out of a non-redeemable GIC early. In exchange for their cashability, cashable GICs have lower interest rates compared to non-redeemable GICs.

The interest rate offered can be significantly different. For example, as of August 2024, BMO’s 1-year cashable GIC offered a rate of 3%, while BMO’s 1-year non-redeemable GIC offered a rate of 4%.

None of Canada’s major banks offer cashable GICs for a 5-year term. Instead, most cashable GICs have a term length of 1 year, which can be renewed at the end of the year. If you’re looking to invest for a term of 5 years and you are sure you won’t need the money before that, you can invest in a non-redeemable 5-year GIC.

There are some other options to have flexibility for your investment. Some banks allow your GIC to be transferred, which may allow you to cash out early. Others feature GIC laddering, which may allow you to cash out up to 20% of your investment once per year. Be sure to check what features and unique GIC products your bank offers.