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RBC GIC Rates as of February 2024

When it comes to securing your financial future, the Royal Bank of Canada (RBC) stands out as a premier choice.

RBC offers a diverse range of Guaranteed Investment Certificates (GICs), catering to investors with varying needs and preferences.

In this comprehensive guide, we delve into the intricacies of RBC GICs, exploring their types, terms, interest rates, and how to make the most of these investment opportunities.

RBC GICs Overview

RBC GICs provide a spectrum of options, including cashable, non-redeemable, market-linked, US Dollar, redeemable, and registered investments.

Established in 1864, RBC is a stalwart among the Canadian Big Six banks, offering a plethora of banking, lending, and investment products tailored to individual and business requirements.

Non-Redeemable GICs

RBC’s non-redeemable GICs boast a range of terms from 30 days to 10 years, with a minimum deposit of $500. These GICs offer attractive interest rates, providing a secure avenue for long-term investment.

RBC GIC Rates Special Offer

1 Year Non-Redeemable GIC – Special Offer:

Interest RateMin. Deposit
4.90%$500

Seizing this special offer presents an enticing opportunity for investors looking to maximize returns within a one-year timeframe.

2-Year Canadian Banking MarketSmart GIC:

Interest Rate RangeMin. Deposit
6.00% to 18.00%$500

Harness the potential of stock market growth with 100% principal protection, ensuring a balanced and rewarding investment experience.

Cashable GICs

RBC also offers flexible cashable GICs, allowing investors to access funds when needed.

1-Year Cashable GIC – Special Offer:

Interest RateMin. Deposit
3.00%$1,000

This special offer combines competitive returns with the convenience of liquidity, catering to those seeking a balance between returns and accessibility.

Current RBC GIC Rates

RBC Non-Redeemable GIC Rates

TERMINTEREST RATEGIC TYPE
30 – 59 days2.80%RBC Non-Redeemable GIC
60 – 89 days3.05%RBC Non-Redeemable GIC
90 – 179 days3.30%RBC Non-Redeemable GIC
180 – 269 days3.55%RBC Non-Redeemable GIC
270 – 364 days3.70%RBC Non-Redeemable GIC
1 year4.00%RBC Non-Redeemable GIC
1.5 years4.00%RBC Non-Redeemable GIC
2 years4.00%RBC Non-Redeemable GIC
2 years4.60% (Special Offer)RBC Non-Redeemable GIC
3 years4.00%RBC Non-Redeemable GIC
4 years4.00%RBC Non-Redeemable GIC
5 years4.25% (Special Offer)RBC Non-Redeemable GIC
7 years3.95%RBC Non-Redeemable GIC
10 years3.95%RBC Non-Redeemable GIC

RBC Cashable GIC Rates

TERMINTEREST RATEGIC TYPE
1 year3.00% (Special Offer)RBC Cashable GIC
1 year2.25%RBC One-Year Cashable GIC

RBC MarketSmart GIC Rates

TERMINTEREST RATEGIC TYPE
2 years6.00% – 18.00%RBC Canadian Banking MarketSmart GIC
2 years6.00% – 18.00%RBC North American MarketSmart GIC
2 years5.00% – 17.50%RBC Canadian Utilities MarketSmart GIC
3 years9.50% – 25.00%RBC North American MarketSmart GIC
3 years8.00% – 25.00%RBC Canadian Utilities MarketSmart GIC
3 years9.50% – 25.00%RBC Canadian Banking MarketSmart GIC
3 years6.00% – 20.00%RBC U.S. MarketSmart GIC
5 years18.00% – 35.00%RBC Canadian Banking MarketSmart GIC
5 years18.00% – 35.00%RBC North American MarketSmart GIC
5 years17.00% – 35.00%RBC Canadian Utilities MarketSmart GIC
5 years10.00% – 25.00%RBC U.S. MarketSmart GIC

Alternatives to RBC GIC Rates

While RBC GICs present a compelling investment option, exploring alternatives is a prudent strategy. Consider the following alternatives based on your unique preferences:

Understanding RBC GIC Terms

RBC GICs span terms from 1 day to 20 years, accommodating diverse investment goals. It is crucial to align your GIC term with your financial objectives, considering short-term, mid-term, or long-term preferences.

How to Open an RBC GIC Account

Opening an RBC GIC is a seamless process, ensuring accessibility for investors across Canada. To initiate the process, ensure you meet the following requirements:

  • Have a Social Insurance Number.
  • Reside in Canada with a Canadian address.
  • Have reached the age of majority in your province or territory.
  • Maintain an RBC chequing or savings account.
  • Meet the minimum investment requirement.

Once these prerequisites are met, purchasing an RBC GIC can be efficiently accomplished online through the RBC website or by contacting RBC directly.

Managing Your RBC GIC

Understanding how to navigate your RBC GIC is essential for maximizing returns and ensuring a smooth investment journey.

Interest Payment Frequencies

For terms greater than or equal to one year, interest payment frequencies include monthly, semi-annually, annually, or at maturity (with interest compounded annually).

CDIC Deposit Insurance

Rest assured, RBC GICs are eligible for Canada Deposit Insurance Corporation (CDIC) coverage, providing added security to your investment.

Alternatives to RBC GIC Rates

While RBC GICs present a compelling investment option, exploring alternatives is a prudent strategy. Consider the following alternatives based on your unique preferences:

In conclusion, RBC GICs present a robust avenue for investors seeking stability, flexibility, and competitive returns.

By understanding the nuances of each GIC type, navigating terms, and exploring alternatives, you can make informed decisions to propel your financial growth.

Harness the power of RBC GICs today and embark on a journey towards a secure and prosperous financial future.