Oaken GIC rates by term

These are Oaken’s long-term GIC rates, effective July 20, 2026. Note the three columns — Oaken lets you choose how often interest is paid, and the choice changes your rate:

Source: Oaken Financial’s official GIC rates page, effective July 20, 2026. Long-term GICs are non-redeemable with a $1,000 minimum. Shorter terms are far less generous: 30–179 days pays 1.00%, 180–269 days 2.25%, and 270–364 days 2.70%. A cashable 1-year GIC pays just 2.25%.

Unlike some competitors, the curve here is clean — every longer term pays more than the one before it, with no dips to trip over, and Oaken simply does not offer the 6-to-10-year terms where other banks post unattractive rates.

The payout choice that costs 10 basis points

That three-column table is easy to skim past, but it is a real decision. On a 5-year GIC you can take 4.05% paid annually or 3.95% paid monthly — the bank charges you 10 basis points for the convenience of regular income.

The rule of thumb: if you do not need the cash flow, take the annual option. On a $50,000 five-year GIC, that 0.10% difference is roughly $250 of interest you keep. Choose monthly only if you are actually living on the income, which is a legitimate reason retirees pick it.

Oaken vs EQ Bank right now

These two trade the top spot back and forth. As of July 21, 2026, after Oaken’s rate increase, Oaken leads across the board:

EQ Bank rates effective June 11, 2026; Oaken effective July 20, 2026. Both verified July 21, 2026.

Be careful about how much weight you put on this. Oaken moved yesterday, and EQ has not responded yet — a week from now the ranking could flip back. The practical lesson is not “Oaken wins,” it is check both on the day you buy. In dollar terms the gap is modest anyway: $10,000 in a 5-year GIC earns $2,195 at Oaken versus $2,167 at EQ, a difference of about $29 over five years.

Where the two genuinely differ is everything else: EQ’s minimum is $100 against Oaken’s $1,000, and EQ pairs its GICs with a well-regarded everyday banking app. Our EQ Bank GIC rates guide covers that side, including a rate-table quirk worth knowing. For the whole market, see our best GIC rates in Canada guide.

The double CDIC coverage most savers miss

This is unusual and it is worth real money if you have significant cash. It is also the exact opposite of the situation at EQ Bank, where EQ Bank and its parent Equitable Bank are a single CDIC member whose deposits are aggregated — a trap for anyone assuming two brands means two lots of coverage.

Two things to keep straight. First, coverage is also per insured category, so non-registered, TFSA and RRSP deposits each get their own limit on top of this. Second, if you want both institutions’ coverage you need to make sure your deposits are actually issued through both — ask Oaken when you apply rather than assuming. Confirm the current rules at CDIC.

Oaken is the direct-to-consumer brand of Home Trust, a long-established Canadian lender. There are no branches to speak of and the experience is deliberately plain: you are buying a rate, not a banking app.

How much more than a Big Five bank?

The comparison that decides most of the money is not Oaken versus EQ — it is Oaken versus the bank you already use. Big Five posted GIC rates have been sitting around 2.45% for one year and 3.10% for five, so Oaken’s 3.40% and 4.05% represent roughly 95 basis points more at both ends.

On $50,000 locked for five years, that gap is worth well over $2,500 in extra interest. The reason it exists is structural rather than promotional: the Big Five 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 the same CDIC insurance either way. We work through the full market picture in our GIC rates hub.

One caveat worth repeating: a Big Five bank’s advertised rate is usually a limited-time promotional rate with conditions attached, not its standard posted rate. Compare Oaken’s everyday rate against the promo and the gap narrows; compare it against the posted rate and it is close to a full point. Oaken publishes the details of each product on its GIC product page.

Registered GICs: TFSA, RSP and RIF

All Oaken GICs can be held in registered accounts — RSP, TFSA and RIF, per Oaken’s registered GIC page. This matters more than most people realise, because GIC interest is fully taxable as ordinary income, the least favourable treatment there is.

At a 40% marginal rate, a 4.05% GIC in a taxable account nets you about 2.43%. In a TFSA it nets the full 4.05%. If you have TFSA room and you are buying a GIC, that is where it belongs.

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 alternative pays 2.25% against 3.40% locked — a steep price for flexibility. A high-interest savings account may fit better; see our GIC vs HISA guide.
• You want everyday banking in the same place. Oaken is a deposit shop, not a bank you run your life through.
• You are parking money for under six months. Short-term Oaken rates fall to 1.00%, which is poor.
• You want the branch experience. Oaken has a handful of physical locations at most; this is an online-first proposition.

For the broader picture of where GICs fit alongside savings accounts, start at our Canadian savings rates page.

Frequently asked questions