Oaken GIC rates by term

These are Oaken’s GIC rates as of October 3, 2026, read from Oaken’s official rate page. The first table has three columns because Oaken lets you choose how often interest is paid, and the choice changes the rate.

The Oaken rate curve has been clean at every check since July 2026: each longer term pays more than the one before it, with no dips to trip over. Oaken does not offer terms beyond five years, so there is no long-term cliff of the kind some banks have past the 5-year mark. Short-term GICs are a different story; they pay far less than the 1-year rate, so Oaken is a poor home for money you need back within a few months.

Oaken GIC rate updates

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

Weekly GIC rate updates →

The payout choice that costs you interest

The three-column table is easy to skim past, but it is a real decision. At every check since July 2026, Oaken has paid 5 basis points less for semi-annual interest and 10 basis points less for monthly interest than for annual interest on the same GIC. At our October 3, 2026 check, the 5-year GIC paid 4.50% annually against 4.40% monthly.

The rule of thumb: if you do not need the cash flow, take annual interest. A 0.10 percentage point difference is about $50 a year on every $50,000, or roughly $250 over a five-year term, before any compounding. Choose monthly only if you are actually living on the income, which is a sound reason many retirees pick it.

Oaken vs EQ Bank

Oaken and EQ Bank are the two online banks Canadians compare most often for GICs, and they trade the top spot back and forth. After Oaken’s October 2026 increase, Oaken led EQ Bank at every term from one to five years, but EQ has also raised its rates several times this year, so the order can flip within weeks. Our best GIC rates in Canada weekly updates rank both, along with more than 20 other banks and credit unions.

Where the two genuinely differ is everything except the rate:

• Minimum deposit: Oaken needs $1,000; EQ Bank’s GICs start at $100.
• Term range: Oaken stops at five years; EQ offers terms up to ten years, though its rates beyond five years have been far lower.
• Deposit insurance: Oaken uses two CDIC members; EQ Bank and Equitable Bank are a single member, so deposits at both are added together.
• Everyday banking: EQ pairs its GICs with a full banking app; Oaken is a deposit shop.

Our EQ Bank GIC rates page covers that side in detail.

The double CDIC coverage most savers miss

That is unusual and worth real money if you have significant savings. It is the opposite of the situation at EQ Bank, where EQ Bank and its parent Equitable Bank are one CDIC member whose deposits are added together, a trap for anyone who assumes two brand names mean two lots of coverage.

Two things to keep straight. First, coverage is also per insured category, so deposits in your own name, a TFSA, an RRSP and a RRIF each get their own limit on top of this. Second, to use both members’ coverage your deposits must actually be issued through both, so ask Oaken when you apply rather than assuming. Oaken is the direct-to-consumer brand of the Home Trust group, a long-established Canadian lender; there are no branches to speak of, and you are buying a rate, not a banking app.

How Oaken compares with the Big Six banks

The comparison that decides most of the money is not Oaken versus EQ Bank; it is Oaken versus the bank you already use. Big Six standard GIC rates sit well below Oaken’s, and even their limited-time specials have stayed below Oaken’s standard rates in our checks so far. Our weekly GIC updates show the gap term by term, with a “Big Six best” line for every term.

The reason is structural rather than promotional. The big banks already hold most Canadians’ chequing accounts and everyday deposits, so they have little need to compete for your savings. Institutions like Oaken have no branch network and far less brand pull, so they buy your deposit with a higher rate, and you are protected by CDIC insurance either way.

Oaken registered GICs: TFSA, RSP and RIF

Oaken offers its long-term GICs in an RSP, TFSA or RIF at the same rates as its non-registered GICs, per Oaken’s registered GIC page. Registered GICs compound annually and pay at maturity, except that a TFSA GIC can pay interest annually. A RIF GIC needs at least $10,000, and the 18-month term is not available in a RIF.

Where you hold the GIC matters because GIC interest is fully taxable as ordinary income. At a 40% marginal tax rate you keep only 60% of a non-registered GIC’s interest; in a TFSA you keep all of it. If you have TFSA room and you are buying a GIC, that is usually where it belongs. Our TFSA GICs guide covers the details.

When Oaken is the wrong choice

• You have less than $1,000 to invest. The minimum rules Oaken out; EQ Bank starts at $100.
• You may need the money early. Long-term Oaken GICs are non-redeemable, and the cashable 1-year GIC pays far less than the locked-in version. A high-interest savings account may fit better; see our GIC vs HISA guide.
• You are parking money for under six months. Oaken’s shortest terms pay a small fraction of its long-term rates.
• You want everyday banking in the same place. Oaken is a deposit shop, not a bank you run your life through.
• You want a branch. Oaken is an online-first business.

For the wider picture of where GICs fit alongside savings accounts, start at our Canadian savings rates page, or compare every bank on the weekly GIC rate updates.

Frequently asked questions