What Are GICs?
A Guaranteed Investment Certificate (GIC) is a safe and low-risk savings product offered by Canadian banks. Investors deposit money for a fixed term (e.g., 1 year, 5 years) and receive a guaranteed interest rate. GICs are ideal for conservative investors who want predictable returns.
Types of GICs include:
- Non-Redeemable GICs – Higher interest rates, but locked in until maturity.
- Cashable or Redeemable GICs – More flexibility, but usually lower interest rates.
Current GIC Rates at Canada’s Big Five Banks (September 2025)
Below is a summary of the most recent GIC rates available from RBC, TD, Scotiabank, BMO, and CIBC.
🏦 Non-Redeemable GIC Rates
| Bank | 1 Year | 2 Years | 3 Years | 4 Years | 5 Years |
|---|---|---|---|---|---|
| RBC | 2.55% | 2.70% | 2.70% | 2.75% | 2.90% |
| TD | ~2.50% | ~2.70% | ~2.75% | ~2.80% | ~3.00% |
| Scotiabank | 2.65% | 2.80% | 2.80% | 2.85% | 3.00% |
| BMO | ~2.60% | ~2.75% | ~2.80% | ~2.90% | ~3.00% |
| CIBC | 2.60% | 2.75% | 2.80% | 2.85% | 3.00% |
(Note: Some banks only publish promotional or “special offer” rates. The above figures are based on published rate sheets as of September 2025.)
💳 Cashable / Redeemable GIC Rates
| Bank | 1 Year Cashable GIC Rate |
|---|---|
| RBC | 2.00% |
| TD | 2.25% |
| BMO | 1.75% |
| CIBC | 2.25% |
| National Bank | 0.30% |
Cashable GICs allow you to withdraw your money before maturity, but the trade-off is significantly lower returns compared to non-redeemable GICs.
Key Takeaways
- Best non-redeemable GIC rate among the Big Five: around 3.00% for a 5-year term (Scotiabank, BMO, CIBC).
- Cashable GICs are typically in the 1.75%–2.25% range for a 1-year term.
- Online banks and credit unions (e.g., EQ Bank, Saven Financial, Hubert Financial) continue to offer higher rates than the Big Five, often reaching 3.75%–4.00%.
Should You Choose a GIC in 2025?
If you value safety and guaranteed returns, GICs remain an attractive option.
In today’s rate environment, short-term GICs provide flexibility in case the Bank of Canada raises rates again.
For long-term certainty, a 3- to 5-year non-redeemable GIC locks in rates up to 3.00% with the Big Five, or up to 4.00% with online banks.
Conclusion
The latest GIC rates in Canada’s Big Five banks (September 2025) show modest returns compared to online competitors, but they remain a stable choice for conservative savers. Before investing, compare both non-redeemable and cashable GICs, and check if online banks or credit unions offer better deals for your savings goals.
👉 Stay tuned as we continue to update this page with the latest Canadian GIC rates.
