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6-Month GIC Rates in Canada

WOWA Simply Know Your Options

Non-Registered Rate

Registered/TFSA Rate

GIC Type

Non-Registered RateRegistered/TFSA Rate

Provider	Non-Redeemable	Redeemable
Saven Financial	5.00% Non-Redeemable	- Redeemable
Peoples Bank	3.80% Non-Redeemable	- Redeemable
ICICI	3.75% Non-Redeemable	- Redeemable
EQ Bank	3.65% Non-Redeemable Get This Rate	- Redeemable
Tangerine	3.65% Non-Redeemable	- Redeemable
CIBC	3.55% Non-Redeemable	0.05% Redeemable
Equitable	3.55% Non-Redeemable	- Redeemable
Bridgewater Bank	3.55% Non-Redeemable	- Redeemable
Laurentian	3.40% Non-Redeemable	- Redeemable
Manulife	3.25% Non-Redeemable	- Redeemable
RBC	3.20% Non-Redeemable	2.95% Redeemable
Meridian	3.20% Non-Redeemable	- Redeemable
FirstOntario Credit Union	3.15% Non-Redeemable	- Redeemable
BMO	3.10% Non-Redeemable	2.50% Redeemable
Scotiabank	3.10% Non-Redeemable	- Redeemable
Canadian Western Bank	3.00% Non-Redeemable	- Redeemable
TD	3.00% Non-Redeemable	- Redeemable
ATB Financial	2.50% Non-Redeemable	- Redeemable
Sun Life	2.35% Non-Redeemable	- Redeemable
Oaken	2.25% Non-Redeemable	- Redeemable
Haventree Bank	2.01% Non-Redeemable	- Redeemable
Pathwise Credit Union	1.55% Non-Redeemable Get This Rate	- Redeemable
National Bank	1.50% Non-Redeemable	- Redeemable
motusbank	1.05% Non-Redeemable	- Redeemable

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What are 6-Month GICs?

The content below, excluding GIC rates, was last updated on: August 18th, 2023

One of the most secure investment options available in Canada is Guaranteed Income Certificates (GICs). GICs guarantee a certain rate of return on your investment over a fixed time period or the term of the GIC. This means if you invest in a 6-month GIC or a 180 day GIC, you will invest your money for a period of 6 months, after which you will get your investment back along with the interest accrued on it. 6-month GICs fall under the category of short-term GICs, which also includes all GICs with a term shorter than 1 year. 6 month GIC rates are usually fixed rates, which means you can calculate the returns of the GICs before investing in them. Some GICs have a variable interest rate that is linked to the market, known as market-linked GICs; however, they usually have terms starting from 2 years.

GIC investments are usually insurable by CDIC (Canadian Deposit Insurance Corporation) insurance or provincial regulators. This implies that your investment (up to a limit) will be protected if the financial institution fails. While CDIC covers GIC investments in major banks and all CDIC members, provincial regulators typically insure the GIC investments in credit unions in the provinces regulated by them. It is also noteworthy that insurance coverage usually has some limits. CDIC has a maximum coverage limit of $100,000, including principal and interest. Other provincial regulators have different limits for coverage.

6-month GICs can be both redeemable and non-redeemable. While non-redeemable GICs are widely available, redeemable GICs are offered by fewer institutions. With a 6-month non-redeemable GIC, your investment will be locked for six months, and you won’t have access to the money before maturity. On the other hand, redeemable GICs allow you to withdraw all or some of the investment before maturity, often at a lower interest rate than the original GIC rate.

You will also find that the 6 month GIC rates for non-redeemable GICs are typically higher than the redeemable GICs. For example, as of August 2023, BMO’s 6-month GIC redeemable GIC has an interest rate of 2.50%, while the 6-month non-redeemable GIC has an interest rate of 3.50%. This means that you will earn more interest on your investment when you opt for a non-redeemable GIC. Therefore, if you are sure you won’t need the money for the term of the GIC, it may be preferable to opt for the non-redeemable option. There are usually predetermined early redemption rates for redeemable GICs, which apply when you redeem the GIC before maturity. These rates are usually much lower than the original GIC rate.

Redeemable GICs are useful for those who need more flexibility. They can be a good option for those looking to park their money in an account while assessing other investment options or preparing for an expense. By putting the money in a redeemable GIC, they can earn some interest on their money while still having the flexibility to withdraw it at their will.

EQ Bank 6-Month GIC Rates

6-Month: 3.65%

EQ Bank GIC Terms:

• Minimum Investment: $100
• Eligible for: RRSP, TFSA, FHSA (rates may vary)

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

CIBC 6-Month GIC Rates

6-Month: 3.55%

CIBC GIC Terms:

• Minimum Investment: $1,000
• Eligible for: RRSP, TFSA, RRIF, and LIF (rates and minimum investment may vary)

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

TD 6-Month GIC Rates

6-Month: 3.00%

TD GIC Terms:

• Minimum Investment: $5,000
• Eligible for: TFSA (min. $5,000); RSP, RIF, LIF, and RESP (min. $2,000)

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

BMO 6-Month GIC Rates

6-Month: 3.10%

BMO GIC Terms:

• Minimum Investment: $5,000
• Eligible for: TFSA, RESP and RDSP (min. $1,000)

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

Scotiabank 6-Month GIC Rates

6-Month: 3.10%

Scotiabank GIC Terms:

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

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

RBC 6-Month GIC Rates

6-Month: 3.20%

RBC GIC Terms:

• Minimum Investment: $5,000
• Eligible for: RRSP, TFSA, RESP, RRIF, LIF, and RDSP (min. $500)

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