GIC rate update
GIC Rates This Week: Saven Takes the Lead
- Saven Financial raised its 1- to 5-year rates by 10 to 30 basis points and now pays the top rate from 1 to 5 years: 1-year 3.70% → 3.80%, 2-year 3.95% → 4.25%, 5-year 4.35% → 4.50% (tied with Oaken from 3 to 5 years).
- Oaken cut three terms by 5 basis points on October 16: 1-year 3.80% → 3.75%, 18-month 3.85% → 3.80%, 2-year 4.25% → 4.20%. Its 3- to 5-year rates are unchanged.
- Simplii raised every term by 40 to 70 basis points: 1-year 2.90% → 3.60%, 5-year 3.65% → 4.25% (annual yield), now level with Tangerine at 5 years.
GIC specials this week
| Bank and GIC | Rate | Conditions |
|---|---|---|
| RBCU.S. Dollar Term Deposit, 1 year | 4.00% | US dollars; book an appointment |
| Libro18-month GIC special (new funds), 18 months | 3.85% | new funds; by phone or appointment only |
| Vancity13-month Non-Redeemable Term Deposit (special offer), 13 months | 3.75% | Limited time |
| ATBGrow Alberta GIC, 18 months | 3.70% | Limited time |
| DesjardinsOnline Term S@vings (promotional), 26 months | 3.60% | Limited time |
| Innovation Credit Union1-Year New Money GIC (special), 1 year | 3.60% | new money; ends November 15 |
| RBCNon-Redeemable GIC, 5 years | 3.55% | Limited time |
| DesjardinsTerm Savings (promotional, branch), 29 months | 3.50% | Limited time |
| ScotiabankNon-Redeemable GIC (special), 2 years | 3.50% | Limited time |
| Conexus3-year non-redeemable term deposit (offer), 3 years | 3.45% | Limited time |
| TDTD Special Offer GIC, 18 months | 3.25% | Limited time |
| CIBCCIBC Bonus Rate GIC, 2 years | 3.20% | Limited time |
Specials are time-limited and are not ranked against the standard rates below. Confirm the terms on the bank’s own site.
Top GIC rates this week, by term
| Term | Highest rates this week |
|---|---|
| 1 year |
Big Six best: BMO / CIBC / RBC / TD 3.00% (special rate) |
| 2 years |
Big Six best: Scotiabank 3.50% (special rate) |
| 3 years | Big Six best: BMO / CIBC / TD 3.30% |
| 4 years | Big Six best: CIBC 3.40% (investment account) |
| 5 years | Big Six best: CIBC 3.60% (investment account) |
Standard rates: Canadian-dollar, non-registered, non-redeemable GICs with annual or at-maturity interest. Bank names link to each bank’s own rate page.
What changed since October 3
| Bank | Term | Before | Now | Change |
|---|---|---|---|---|
| Oaken Financial | 1 year / 18 months / 2 years | 3.80 / 3.85 / 4.25% | 3.75 / 3.80 / 4.20% | −5 bp |
| Saven Financial | 1 year / 2 years / 3 years / 4 years / 5 years | 3.70 / 3.95 / 4.10 / 4.15 / 4.35% | 3.80 / 4.25 / 4.30 / 4.35 / 4.50% | +10 to +30 bp |
| Simplii | 1 year / 2 years / 3 years / 4 years / 5 years | 2.90 / 3.00 / 3.20 / 3.55 / 3.65% | 3.60 / 3.60 / 3.70 / 3.95 / 4.25% | +40 to +70 bp |
| Laurentian | 3 years | 3.90% | 3.95% | +5 bp |
| Scotiabank (special) | 2 years | 3.30% | 3.50% | +20 bp |
Our take
The term premium is thin this week. At Saven, a 2-year GIC pays 4.25% and a 5-year pays 4.50%: three more years locked up for 0.25 percentage points. If you are unsure about the longer commitment, the 2-year captures most of the extra yield over a 1-year (3.80%) while freeing your money three years sooner.
The gap to the big banks remains wide: the best Big Six 1-year rate is 3.00%, 0.80 points below Saven. On $10,000 for one year, that is about $80 of interest.
Saven Financial is a division of FirstOntario Credit Union. Its deposits are insured by Ontario’s Financial Services Regulatory Authority (FSRA), not CDIC: up to $250,000 for eligible non-registered deposits and without limit in registered accounts such as a TFSA or RRSP. Saven does not serve Quebec residents.
How we checked
On October 24, 2026 we read the GIC rate pages of 23 Canadian banks and credit unions and recorded every rate shown. Envision Financial could not be read this week and is left out of the ranking. How we check these rates →
