Categories
Personal Finance

Highest Paying GIC Rate in Canada as of February 2024

In the realm of secure, low-risk investment products, the Guaranteed Investment Certificate (GIC) stands tall as a beacon of financial stability.

We bring you an exclusive insight into the best GIC rates in Canada, unveiling the lucrative opportunities that lie within these fixed-rate, non-redeemable treasures.

Understanding the GIC Landscape

What is a GIC?

A Guaranteed Investment Certificate (GIC) is a financial instrument that guarantees the safety of your principal amount while earning interest over a predetermined time frame.

The key to maximizing returns lies in choosing the right term length, as interest rates fluctuate accordingly.

Types of GICs

While the GIC market boasts numerous options, we focus on the most prevalent type – the fixed-rate, non-redeemable GIC.

These steadfast term deposits require a commitment to locking away funds for a specific period in exchange for a fixed interest rate.

Current Best GIC Rates in Canada

Term1-Year2-Year3-Year4-Year5-Year
Hubert’s5.50%5.40%
Ideal5.50%5.40%
WealthONE5.50%5.40%5.10%4.80%
Achieva5.10%4.90%4.80%
Outlook4.90%

Highest Paying GIC Rates in Canada

1-year GIC Rates

  1. WealthONE Bank of Canada
    • Interest Rate: 5.70%
    • Term Length: 1 Year
    • Minimum Deposit: $1,000
  2. Hubert’s Happy Savings
    • Interest Rate: 5.50%
    • Term Length: 1 Year
    • Minimum Deposit: $1,000
    • Bonus Offer: Available
  3. Ideal Savings
    • Interest Rate: 5.50%
    • Term Length: 1 Year
    • Minimum Deposit: $1,000
    • Bonus Offer: Available
  4. Peoples Bank Long Term
    • Interest Rate: 5.40%
    • Term Length: 1 Year
    • Minimum Deposit: $1,000
    • Bonus Offer: Available
  5. Achieva Financial
    • Interest Rate: 5.40%
    • Term Length: 1 Year
    • Minimum Deposit: $1,000
    • Bonus Offer: Available
  6. Outlook Financial
    • Interest Rate: 5.40%
    • Term Length: 1 Year
    • Minimum Deposit: $1,000
    • Bonus Offer: Available

WealthONE Bank GIC Rates 1-Year

WealthONE Bank of Canada emerges as a frontrunner, offering a remarkable 5.70% interest rate.

Positioned as a Canadian Schedule 1 bank with a robust online presence, WealthONE Bank extends its services to all Canadians, including newcomers.

Key Features:

  • Term Length: Options ranging from 6 months to 5 years.
  • Redemption: Non-redeemable before maturity date.
  • Flexibility: Inclusion in registered TFSA, RSP, or RIF, as well as non-registered products.
  • Security: Eligible for Canada Deposit Insurance Corporation (CDIC) Insurance.

Early Redemption Consideration:

While the WealthONE GICs promise financial security, it’s essential to note that an early redemption fee of $20.00, plus foregone interest, applies.

For detailed information, refer to the Account Terms and Conditions for Savings Accounts and GIC Investments.

Hubert’s Happy Savings GIC Rates 1-Year

Hubert’s Happy Savings offers a competitive 5.50% interest rate.

As the online division of Sunova Credit Union, Hubert Financial provides not only high-interest savings deposits but also a range of financial services.

Key Features:

  • Term Length: Available in one to five-year terms.
  • Redemption: One-year terms are redeemable quarterly, while two-year to five-year terms are non-redeemable.
  • Transaction Fees: Zero transaction fees.
  • Guarantee: 100% guaranteed by the Deposit Guarantee Corporation of Manitoba.

Flexible Terms for RRSP and TFSA:

Hubert’s commitment to flexibility is evident in the availability of TFSA, RRSP, and RRIF terms. This ensures a tailored approach to meeting your investment goals.

Ideal Savings 1-Year GIC Rates

Ideal Savings joins the league with a 5.50% interest rate. As an online division of Carpathia Credit Union Limited, Ideal Savings offers competitive rates and a diverse range of financial products.

Key Features:

  • Term Length: Fixed terms available from one through five years.
  • Redemption: Non-redeemable before maturity date.
  • Rate Guarantee: 14-day rate guarantee from the date of application.
  • Automatic Renewal: GICs are automatically renewed for the same term upon maturity unless instructed otherwise.
  • Security: 100% guaranteed without limit by the Deposit Guarantee Corporation of Manitoba.

Ideal Savings provides not only a wide range of term options but also tax-free term savings for added financial flexibility.

Peoples Bank 1-Year GIC Rates

Peoples Bank offers a competitive 5.40% interest rate. As subsidiaries of the Peoples Group, Peoples Trust and Peoples Bank of Canada present transferable and assignable GICs with no additional fees.

Key Features:

  • Term Range: Short-term investments of 30 to 270 days or long-term investments of 1-5 years.
  • Transferability: GICs are transferable and assignable.
  • Fee Structure: No transfer, setup, or service fees.
  • Interest Options: Competitive rates for short-term and long-term investments.

Hassle-Free Management:

Peoples Bank ensures a hassle-free investment experience by providing electronic monthly statements and a transparent fee structure.

Achieva Financial 1-Year GIC Rates

Achieva Financial stands strong with a 5.40% interest rate. As an online division of Manitoba’s Cambrian Credit Union, Achieva Financial offers various financial products, including savings accounts, GICs, TFSAs, RRSPs, and RRIFs.

Key Features:

  • Term Range: GIC terms are available from 1 year to 5 years.
  • Renewal Convenience: Easily renew your GIC online.
  • Interest Options: Choose between compound interest or annual interest payment.
  • Security: The Deposit Guarantee Corporation of Manitoba guarantees all deposits without limit.

Hassle-Free Management:

Achieva Financial ensures a smooth investment journey, allowing you to seamlessly reinvest funds or have them deposited to a Daily Interest Savings Account upon maturity.

Outlook Financial 1-Year GIC Rates

Outlook Financial takes its place among the top contenders with a 5.40% interest rate. As an online division of Assiniboine Credit Union, Outlook Financial offers a diverse portfolio of financial products.

Key Features:

  • Term Options: Choose from a 1 to 5-year term.
  • Interest Management: Decide whether to reinvest compound interest or receive annual payments.
  • Eligibility: Fixed GICs are eligible for both non-registered investments and registered plans.
  • Security: 100% guaranteed without limit by the Deposit Guarantee Corporation of Manitoba.

WealthONE Bank of Canada 3-Year GIC

WealthONE Bank of Canada remains a stalwart choice for a 3-year GIC, offering a competitive 5.30% interest rate.

With a commitment to serving all Canadians, WealthONE Bank provides non-redeemable GICs that can be included in registered TFSA, RSP, or RIF, as well as non-registered products.

Key Features:

  • Term Range: Options from 6 months to 5 years.
  • Non-redeemable: GICs are non-redeemable before the Maturity Date.
  • Flexibility: Inclusion in registered and non-registered products.
  • Security: Eligible for Canada Deposit Insurance Corporation (CDIC) Insurance.

Early Redemption Consideration:

As with their 1-year GICs, WealthONE Bank imposes an Early Redemption fee of $20.00, plus foregone interest.

Investors are advised to refer to the Account Terms and Conditions for Savings Accounts and GIC Investments for a comprehensive understanding.

Achieva Financial 3-Year GIC

Achieva Financial maintains its standing with a 5.10% interest rate offering GICs that can be seamlessly included in registered plans, including TFSAs, RRSPs, and RRIFs.

Key Features:

  • Term Range: GIC terms are available from 1 year to 5 years.
  • Renewal Convenience: Easily renew your GIC online.
  • Interest Options: Choose between compound interest or annual interest payment.
  • Security: The Deposit Guarantee Corporation of Manitoba guarantees all deposits without limit.

Hassle-Free Management:

Achieva Financial ensures a smooth investment journey, allowing you to seamlessly reinvest funds or have them deposited to a Daily Interest Savings Account upon maturity.

Hubert’s Happy Savings 3-Year GIC

Hubert’s Happy Savings remains a formidable option with a 5.05% interest rate. As the online division of Sunova Credit Union, Hubert Financial provides not only high-interest savings deposits but also a range of financial services.

Key Features:

  • Term Length: Available in one to five-year terms.
  • Redemption: One-year terms are redeemable quarterly, while two-year to five-year terms are non-redeemable.
  • Transaction Fees: Zero transaction fees.
  • Guarantee: 100% guaranteed by the Deposit Guarantee Corporation of Manitoba.

Flexible Terms for RRSP and TFSA:

Hubert’s commitment to flexibility is evident in the availability of TFSA, RRSP, and RRIF terms. This ensures a tailored approach to meeting your investment goals.

Ideal Savings 3-Year GIC

Ideal Savings extends its competitive offerings into the 3-year GIC category with a 5.05% interest rate.

As an online division of Carpathia Credit Union Limited, Ideal Savings continues to provide a range of financial products.

Key Features:

  • Term Length: Fixed terms available from one through five years.
  • Redemption: Non-redeemable before maturity date.
  • Rate Guarantee: 14-day rate guarantee from the date of application.
  • Automatic Renewal: GICs are automatically renewed for the same GIC term upon maturity unless instructed otherwise.
  • Security: 100% guaranteed without limit by the Deposit Guarantee Corporation of Manitoba.

Comprehensive Options:

Ideal Savings provides not only a wide range of term options but also tax-free term savings for added financial flexibility.

Outlook Financial 3-Year GIC

Outlook Financial maintains its strong presence in the 3-year GIC category with a 5.00% interest rate. As an online division of Assiniboine Credit Union, Outlook Financial continues to offer diverse financial products.

Key Features:

  • Term Options: Choose from a 1 to 5-year term.
  • Interest Management: Decide whether to reinvest compound interest or receive annual payments.
  • Eligibility: Fixed GICs are eligible for both non-registered investments and registered plans.
  • Security: 100% guaranteed without limit by the Deposit Guarantee Corporation of Manitoba.

Commitment to Stability:

Outlook Financial commits to stability by offering fixed GICs that must remain invested until the expiry of the selected term. This ensures a reliable and secure investment option.

MAXA Financial 3-Year GIC Rates

MAXA Financial rounds off our exploration of 3-year GICs with a competitive 4.70% interest rate. MAXA Financial positions itself as a reliable choice for investors seeking stability and consistent returns.

Key Features:

  • Term Length: Fixed 3-year term.
  • Interest Rate: Competitive 4.70%.
  • Minimum Deposit: Specified minimum deposit requirements.
  • Security: 100% guaranteed without limit by the Deposit Guarantee Corporation of Manitoba.

Tailored Stability:

MAXA Financial offers a stable and secure investment option with a fixed 3-year term, ensuring consistent returns for investors.

In the intricate world of financial investments, GICs stand as a beacon of reliability and security.

The comprehensive insights provided into the top 1-year and 3-year GICs in Canada offer investors a roadmap to navigate this landscape with confidence.

As you embark on your journey toward financial growth, consider the unique features and offerings of each institution.

Whether you seek short-term gains or are committed to a more extended investment horizon, the GIC market in Canada provides a diverse array of options to suit your needs.

GIC Calculator

GIC Calculator