EQ Bank GIC rates by term

These are EQ Bank’s GIC rates as of October 3, 2026, read from EQ’s official rate page. One table covers non-registered, TFSA, RRSP and FHSA GICs, because EQ does not charge a lower rate for using a registered account.

EQ Bank GICs start at $100, with a limit of $100,000 per GIC and up to 20 active non-registered GICs per customer (registered GICs are unlimited), according to EQ Bank. GICs under one year, and the 1-year term, pay simple interest at maturity. Terms over one year pay interest either annually or at maturity with annual compounding, except the 15-month and 27-month terms, which compound and pay only at maturity.

The post-5-year cliff: the feature worth real money

EQ’s rate curve climbs to its peak at five years and then falls off a cliff. At our October 3, 2026 check the 5-year GIC paid 4.30%, while the 6-, 7- and 10-year GICs paid 2.35%, 2.35% and 2.35%. That gap has been there at every check we have run since July 2026: the long terms stayed at 2.35% while the 5-year rose from 4.00% to 4.30%.

In practice, locking money up for twice as long earns you far less, and less than EQ’s own notice savings accounts. Banks post long-dated GICs they do not really want you to buy; this is what that looks like. If you want money working for more than five years, a 5-year GIC renewed at maturity, or a GIC ladder, beats any of EQ’s longer terms.

EQ Bank GIC rate updates

When EQ changes its GIC rates, we publish a dated update with the old and new figures and how the change affects EQ’s ranking.

Weekly GIC rate updates →

Why you should re-read the table every time

EQ Bank’s term structure is not stable, and it changes without announcements. In July 2026 the 27-month term paid 3.70% while the 3-year paid only 3.65%, an inversion where locking money up for nine extra months earned less. By September 8 the inversion had gone. By October 3 EQ had raised every term from 3 months to 5 years by 5 to 40 basis points; the 1-year went from 3.40% to 3.70% and the 5-year from 4.00% to 4.30%. Through all of it, EQ’s own page kept an older “effective” date, so we date these figures by our own check rather than by EQ’s label.

The durable advice: read the whole table on the day you buy, compare the term you planned to take with the terms either side of it, and never assume a longer term pays more. The one feature that has held steady through every check is the post-5-year cliff.

How EQ Bank compares

EQ is near the top of the market but rarely alone there. Oaken Financial raised its rates on October 2, 2026 and led EQ at every term from one to five years at our October check; the two swap places regularly. Smaller online banks and credit unions such as Saven and Peoples Bank sometimes match or beat EQ on individual terms. Our best GIC rates in Canada weekly updates rank all of them, and our Oaken GIC rates page covers EQ’s closest rival.

Where EQ tends to win is everything around the rate: a $100 minimum, terms from 3 months to 10 years, a well-regarded app, and savings accounts that sit next to your GICs. Where the Big Six banks lose is structural: they already hold most Canadians’ chequing accounts, so they have little reason to compete for your deposit. For a Big Six reference point, see our breakdown of CIBC GIC rates.

Is EQ Bank safe? The CDIC detail most people miss

Yes, with one caveat that matters if you are spreading money around. EQ Bank is the digital brand of Equitable Bank, a federally regulated Schedule I bank, the same kind of licence as RBC or TD. Its deposits are CDIC-insured up to $100,000 per insured category, so a GIC at EQ carries the same protection as a GIC at a big-bank branch.

The useful counterpoint is that coverage is per insured category. Deposits in your own name, a TFSA, an RRSP and an FHSA are separate categories, so a non-registered GIC, a TFSA GIC and an RRSP GIC at EQ each get their own $100,000 of coverage. Compare that with Oaken, whose deposits go through two separate CDIC members.

Registered GICs: use the TFSA version

EQ pays the same rate on TFSA, RRSP and FHSA GICs as on non-registered ones. That is a free decision in your favour that many people get wrong by default. GIC interest is fully taxable as ordinary income, not the friendlier capital-gains treatment. At a 40% marginal tax rate you keep only 60% of a non-registered GIC’s interest; inside a TFSA you keep all of it. Same bank, same product, same rate, and two-fifths of your return depends only on which account you chose.

Watch the cash side, though. At our October 3, 2026 check, EQ’s TFSA Cash Savings Account paid 1.50%, well below its GICs, so money left uninvested in an EQ TFSA earns far less than the same money in a TFSA GIC. Our TFSA GICs guide covers this in detail.

When EQ Bank is the wrong choice

• You need the money soon. EQ GICs are non-redeemable. At our October check EQ’s 30-day notice savings account paid 2.75%, and its Personal Account paid 1.00% unless you set up direct deposits of at least $2,000 a month, which lifts it to 2.75%. A savings account may serve you better; our GIC vs HISA guide works through the trade-off.
• You want a branch. EQ has no branches; everything is app and web.
• You are chasing the absolute top rate. Check our latest weekly GIC update; Oaken and smaller institutions often edge EQ out.
• You are over the CDIC limit. See the aggregation trap above.
• You want a long lock. Past five years, EQ’s rates are not competitive with its own 5-year GIC.

For the wider view of where GICs sit among your options, start at our Canadian savings rates page, or see EQ Bank’s GIC page for its own terms.

Frequently asked questions