EQ Bank GIC Rates: Are They Worth It in 2026?
EQ Bank consistently sits at or near the top of the Canadian GIC market, paying roughly a percentage point more than the Big Five on a one-year term. But its own rate table contains two quirks that quietly cost people money, and a deposit-insurance detail that catches anyone spreading cash around. Here is what the numbers actually say.
Rates below were read from EQ Bank’s own rate page and were effective June 11, 2026 — verified by us in July 2026. GIC rates move; confirm the current figure at the source before you buy.
EQ Bank GIC rates run about 3.40% for one year and 4.00% for five years, which puts them among the better rates in Canada — roughly 95 basis points above a Big Five posted one-year GIC (~2.45%). Deposits are CDIC-insured and the minimum is just $100. Two things to know before you buy: anything past 5 years collapses to 2.35%, and Oaken Financial currently pays more at every term.
EQ Bank GIC rates by term
These are EQ Bank’s posted rates as of their June 11, 2026 update. The same table applies to non-registered, TFSA, RRSP and FHSA GICs — EQ does not charge you a lower rate for using a registered account, which is unusual and useful:
| Term | Rate | Worth noting |
|---|---|---|
| 3 months | 2.40% | — |
| 6 months | 2.75% | — |
| 9 months | 3.10% | — |
| 1 year | 3.40% | The headline term |
| 15 months | 3.45% | +5 bps for 3 more months |
| 2 years | 3.65% | — |
| 27 months | 3.70% | — |
| 3 years | 3.80% | — |
| 4 years | 3.90% | — |
| 5 years | 4.00% | The peak of the curve |
| 6, 7 and 10 years | 2.35% | A 165 bp cliff — avoid |
Source: EQ Bank’s official rates page, rates verified September 8, 2026. Minimum GIC deposit: $100. (EQ’s page still carries an older “effective” stamp than its own current figures, so we date this by our own check.)
The quirk in that table worth real money
Do not go past five years. The 5-year pays 4.00%. The 6-, 7- and 10-year terms all pay 2.35% — a 165 basis point drop for locking up your money twice as long. On $10,000 that is the difference between earning about $2,167 over five years and locking in a rate below what EQ’s own 30-day notice savings account pays. Banks post long-dated GICs they do not really want you to buy; this is what that looks like.
The general shape is worth internalising: the curve peaks at 5 years and falls off a cliff after it. Read the table, do not assume longer means more.
Why you should re-read the table every time
EQ Bank’s term structure is not stable, and that is the practical lesson. When we checked this page in July 2026, the 27-month term paid 3.70% while the 3-year paid only 3.65% — an inversion where locking up an extra nine months actually earned you less. By September 2026 that inversion had gone: the 3-year now pays 3.80%, comfortably above the 27-month, and the curve rises normally all the way to the 5-year peak.
Over the same stretch EQ moved its short and long ends in opposite directions — the 3-month fell from 2.50% to 2.40%, while the 3-year rose from 3.65% to 3.80%. Nothing was announced; the table simply changed.
So the durable advice is not “take the 27-month.” It is read the whole table on the day you buy, compare the term you were planning to take against the ones on either side of it, and never assume a longer term pays more. The one structural feature that has held steady through every check is the post-5-year cliff.
See what a GIC actually earns
Enter the rate and term to project your interest and final balance.
How EQ Bank compares
EQ is at the top of the market, but it is not alone up there:
| Provider | 1-year | 5-year |
|---|---|---|
| Oaken Financial | ~3.55% | ~4.25% |
| EQ Bank | 3.40% | 4.00% |
| Tangerine | ~3.15% | ~3.65% |
| Big Five (posted) | ~2.45% | ~3.10% |
Comparison figures verified July 2026. See our best GIC rates in Canada guide for the full picture and links to each bank’s own page.
The honest read: Oaken raised its rates on July 20, 2026 and now leads EQ at every term (see our Oaken GIC rates guide). The two swap places regularly, so if you are optimising to the last basis point, check both on the day you buy. Where EQ tends to win is everything around the rate — a $100 minimum, a genuinely good app, and a savings account and GIC ladder that live in the same place. Where the Big Five lose is structural, and we explain why in the hub: they already hold most Canadians’ chequing accounts, so they have little reason to compete for your deposit. For a Big Five reference point, see our breakdown of CIBC’s GIC rates.
Smaller names — Motive, Saven, Achieva, Peoples — often pay a little more than EQ. They carry the same deposit insurance and work the same way; you are trading brand familiarity for a few extra basis points. Our GIC rates hub covers where each tier of the market currently sits.
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 chartered bank — the same category of licence as RBC or TD. Its deposits are CDIC-insured up to $100,000 per insured category, per depositor. A GIC at EQ carries the same protection as a GIC at a Big Five branch.
EQ Bank and Equitable Bank are the same CDIC member. Deposits held under both brands are aggregated for coverage — you do not get $100,000 at EQ Bank and another $100,000 at Equitable Bank. If you are deliberately splitting cash across institutions to stay inside CDIC limits, these two count as one.
Useful counterpoint: coverage is per insured category. Non-registered, TFSA and RRSP deposits 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. You can confirm the details on EQ Bank’s deposit insurance page or directly at CDIC.
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, and most people get it wrong by default.
GIC interest is fully taxable as ordinary income — not the friendlier capital-gains treatment. At a 40% marginal rate, a 4.00% GIC in a taxable account nets you about 2.40%. Inside a TFSA it nets the full 4.00%. Same bank, same product, same rate, and a third of your return depends only on which account you clicked. If you have TFSA room, a GIC is one of the best things to put in it, precisely because its income is taxed at the worst rate.
When EQ Bank is the wrong choice
A fair guide has to answer this too:
- You need the money soon. A GIC is locked for its term. EQ’s own 30-day notice savings account pays 2.75% with far more flexibility, and a HISA 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. For some people that is the entire objection, and it is a legitimate one.
- You are chasing the absolute top rate. Oaken beats EQ on one year; smaller institutions sometimes beat both.
- You are over the CDIC limit. See the aggregation trap above.
- You need a long lock. Past 5 years, EQ’s rates are not competitive with its own 5-year, let alone the market.
For the wider view of where GICs sit among your options, start at our Canadian savings rates page. To check EQ’s current numbers yourself, go to their GIC product page.
Frequently asked questions
Verified September 8, 2026: roughly 3.40% for a 1-year GIC and 4.00% for a 5-year, with the same rates on non-registered, TFSA, RRSP and FHSA versions. GIC rates change regularly, so confirm the current figure on EQ Bank’s own rates page before buying.
Yes. EQ Bank is the digital brand of Equitable Bank, a federally regulated Schedule I chartered bank, and deposits are CDIC-insured up to $100,000 per insured category, per depositor. One caveat: EQ Bank and Equitable Bank are the same CDIC member, so deposits at both are aggregated rather than separately insured.
$100, which is among the lowest in the market. Many bank GICs start at $500 or $1,000.
No. EQ pays identical rates on TFSA, RRSP, FHSA and non-registered GICs. Since GIC interest is fully taxable as ordinary income, the TFSA version is usually the better choice if you have contribution room.
Verified September 8, 2026: Oaken leads at every term, and its lead has widened (3.55% vs 3.40% at one year, 4.25% vs 4.00% at five). Both are CDIC-covered. They swap places regularly, so check both on the day you buy. EQ’s $100 minimum is far below Oaken’s $1,000.
Almost certainly not. EQ’s 6-, 7- and 10-year GICs pay 2.35%, far below its own 5-year at 4.00%. Locking money for a decade to earn less than half the 5-year rate makes no sense; the curve peaks at 5 years.
This page is general information, not financial advice, and we are not affiliated with EQ Bank and earn nothing if you open an account. Rates shown were verified in July 2026 and were effective June 11, 2026; GIC rates change frequently and vary by term and deposit amount. Always confirm the current rate and terms directly with the financial institution before investing. Deposit insurance limits and conditions apply — check CDIC for the current rules.
