GIC rate update
GIC Rates After the Bank of Canada Hike: Achieva Takes the 1-Year Lead
- The Bank of Canada raised its policy rate by 25 basis points to 2.50% on October 28. Banks raised prime from 4.45% to 4.70% the same day, but by October 29 only 3 of the 24 institutions we track had raised a GIC rate.
- Achieva now pays the top 1-year rate: 3.95%, ahead of Hubert Financial at 3.85% and Saven at 3.80%. Its full table is 3.95% / 4.10% / 4.15% / 4.20% / 4.35% for 1 to 5 years.
- EQ Bank raised its 6- to 10-year GICs by 140 to 165 basis points: 6-year 2.35% → 3.75%, 7-year 2.35% → 3.85%, 10-year 2.35% → 4.00%. Its 1- to 5-year rates did not change.
- Libro raised its 2- to 5-year GICs by 10 to 25 basis points, with the 5-year going from 3.50% to 3.75%.
- Everyone else held. Oaken, Saven, Tangerine, Simplii and all Big Six banks show the same GIC rates as on October 24. The best Big Six 1-year rate is still 3.00%.
- Correction: Hubert Financial’s 1- to 5-year terms are non-redeemable, which we missed until this week, so they are now ranked. In our October 24 report, the highest 1-year rate was Hubert’s 3.85%, not Saven’s 3.80%.
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 |
|
| 2 years |
Big Six best: Scotiabank 3.50% (special rate) |
| 3 years | |
| 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 24
| Bank | Term | Before | Now | Change |
|---|---|---|---|---|
| EQ Bank | 6 years / 7 years / 10 years | 2.35 / 2.35 / 2.35% | 3.75 / 3.85 / 4.00% | +140 to +165 bp |
| Achieva | 2 years | 4.05% | 4.10% | +5 bp |
| Libro Credit Union * | 2 years / 3 years / 4 years / 5 years | 3.25 / 3.35 / 3.40 / 3.50% | 3.35 / 3.50 / 3.60 / 3.75% | +10 to +25 bp |
* Libro: compared with our October 3 check, the last time we recorded its standard table; Libro dated the new rates October 29. Achieva’s 1-, 3-, 4- and 5-year rates were first recorded on October 29, so only the 2-year can be compared.
Our take
Prime moved the same day as the Bank of Canada; most GIC rates did not. GIC rates tend to track bond yields more than the overnight rate, and banks often take days or weeks to reprice. None of the rate leaders cut this week, so the top rate at every term is the same as or higher than on October 24. We will report which banks follow in our next update.
EQ Bank’s long terms are no longer a dead end, but they still pay less than its 5-year. A 10-year EQ GIC pays 4.00% against 4.30% for the 5-year, so you would lock your money up for five more years at a lower rate. The case for a 6- to 10-year GIC at EQ is to fix a rate for a long stretch, not a higher yield.
Achieva Financial is a division of Cambrian Credit Union in Manitoba. Its deposits are guaranteed without limit by the Deposit Guarantee Corporation of Manitoba (DGCM), not CDIC. All Achieva GICs are non-redeemable, the minimum is $1,000, and interest is paid annually or compounds to maturity. Its online application checks your ID, your residency status in Canada, your SIN and your credit file, and the pages we read list no province restriction. Hubert Financial’s deposits are also guaranteed in full by DGCM, including for customers outside Manitoba, and its terms need at least $1,000.
How we checked
On October 29, 2026 we read the GIC rate pages of 24 Canadian banks and credit unions and recorded every rate shown. How we check these rates →
Keep comparing
The best GIC rates in Canada page always shows the ranking from our latest check. For one bank over time, see our reviews of EQ Bank GIC rates, Oaken GIC rates and CIBC GIC rates, each with every rate change we have recorded.
