As one of Canada’s oldest and most trusted online banks, Tangerine offers a range of no-fee GICs to help you reach your long-term savings goals. Currently, Tangerine GIC rates range from 3.50% to 5.15% and each GIC offers benefits that work with your particular savings account.
You’ll also get to pocket the full interest gained from high-earning Tangerine Bank GIC rates, as there are no service charges to open and maintain a certificate. To learn more about the terms and features of the best Tangerine GICs in Canada, read the full review below.
*Rates current as of June 14, 2024.
We compared 504 GICs at 43 financial institutions to find some of the best options available. Learn more about why we picked each GIC, the pros and cons and the rate details.
To create this list, Forbes Advisor Canada analyzed 504 guaranteed investment certificates (GICs) across 43 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on nine data points that included annual percentage yield, minimum deposit requirements, (low, medium and high) customer service, compound interest schedule, available terms and availability.
The following is the weighting assigned to each category:
GIC with higher APYs rose to the top of the list. Minimum deposit requirements of $10,000 or higher affected scores negatively. Investments with daily compounding interest schedules were scored higher than those with monthly or quarterly schedules. To appear on this list, the GIC must be nationally available.
All Tangerine Bank GICs offer nine terms, and interest is only paid out at maturity. You can hold your GIC in a registered, tax-sheltered account or a non-registered account with no contribution limit. Available currencies include Canadian and U.S. dollars. The Canada Deposit Insurance Corporation (CDIC) protects Tangerine GICs against a potential bank default of up to $100,000.
When you factor in the nine available term lengths and five types of GICs, Tangerine has 45 different GIC combinations.
Non-cashable GICs: All Tangerine’s GICs fall under this category, which means you can’t access the money until the GIC reaches maturity.
Registered GICs are not taxed within the account and include:
Non-registered GICs are taxed and include:
Tangerine outlines its account terms clearly, but the key conditions to note include:
To invest in a Tangerine GIC, you can start by reviewing all of their GIC options to see which is best for you in your stage of life and your financial goals. If you already have a savings account set up with Tangerine that suits a particular GIC the most, for example, a tax-free GIC for a TFSA, that may be one place to start. But even if you don’t have an account with Tangerine, you can still open a GIC and have your principal and interest sent back to you at maturity via a bank draft.
Once you choose which GIC is best for you, do the following:
If you want to close a Tangerine GIC, you can:
1. Contact Tangerine within 30 days or less of opening the account to have them close it.
2. Wait until your GIC term ends and have Tangerine repay your principal and interest earned to your desired account.
3. Wait until your GIC term ends and have Tangerine automatically reinvest your principal and interest earned for the same term length at the current interest rate at the time of the maturity date.
Featured Partner Offer
1
Tangerine GIC
APY:
3.50% to 5.00%
Minimum Deposit Requirement:
Not Specified
Terms:
90 days to 5 years
2
EQ Bank Registered GIC
APY:
3.75% (3 month) to 5.05% (1 year)
Minimum Deposit Requirement:
$0
Term:
3 months to 10 years
Tangerine consistently offers high GIC rates with various worthwhile terms for a guaranteed investment. If you’re looking for a safe, secure way to grow your savings, Tangerine GICs are a good option.
Right now, Tangerine doesn’t advertise cashable GICs. All of its GICs are fixed-rate GICs, which means the rates are locked in until the account’s maturity date. According to the bank’s account terms, there may be select circumstances where cashing a GIC before maturity is permitted, but that would be determined with the assistance of a Tangerine representative.
Related: Best Cashable and Redeemable GICs
Tangerine GIC rates range from 3.30% to 5.00%.
Tangerine does not have branches; it’s an online-only bank. You can speak to a representative over the phone and access more than 3,500 Scotiabank ABMs in Canada. (Tangerine is a wholly-owned subsidiary of Scotiabank.)
