Best 1-Year GIC Rates May 2024

Once you sign up as a Tangerine Client, you can open a GIC in a matter of minutes. By investing in an RRSP, you can deduct your contributions from your taxable income, and you won’t pay taxes until you make a withdrawal. With Tangerine Bank’s RSP Guaranteed Investment, you can earn a competitive interest rate of 5.20% and pay no monthly fees.

• No minimum deposit
• No fees or service charges
• All deposits are CDIC-eligible
• RSP contributions can be deducted from taxable income
• RSP contribution is tax-sheltered
• Only pay taxes when you withdraw from your RRSP
• You can use a Spousal RSP to split income with your partner

With Tangerine’s Tax-Free Guaranteed Investment, you can grow your savings tax-free. There are no monthly fees, and you can earn an interest rate of 5.25%. With the Tax-Free Guaranteed Investment, you can contribute up to $7,000 annually (as of 2024), across all TFSAs at all institutions.

• No minimum deposit
• No fees or service charges
• All deposits are CDIC-eligible
• If you’ve never invested in a TFSA and were eligible to start contributing in 2009, you can contribute up to $95,000, as of January 2024
• Can contribute up to $7,000 annually (as of 2024), across all TFSAs at all institutions

You can use Tangerine Bank’s RIF GIC to draw money for retirement income when you need it. Tangerine’s RIF Guaranteed Investment offers a rate of 5.25% and comes with no monthly fees. You can earn income tax-free and only pay income taxes on the mandatory minimum RIF Payment Amounts you receive annually.

• No minimum deposit
• No fees or service charges
• All deposits are CDIC-eligible
• Income on RIF isn’t taxed
• You have to pay taxes on mandatory minimum RIF Payment Amounts received each year
• Can make withdrawals on top of minimum RIF Payment Amounts which are subject to government withholding taxes as well as income taxes

Take advantage of Tangerine Bank’s Guaranteed Investments GIC which offers a competitive rate of 5.20% and the peace of mind that your investment is guaranteed. Enjoy no monthly fees and no minimum deposit.

• No minimum deposit
• No fees or service charges
• All deposits are CDIC-eligible
• Open a GIC in minutes once you’re a Tangerine client

EQ Bank’s Non-Registered one-year GIC offers earnings at a 5.35% interest rate. Simple interest is calculated annually for a one-year GIC and paid at maturity. You can start investing for as little as $100, and all deposits at EQ bank are eligible for Canada Deposit Insurance Corporation (CDIC) protection.

• Low minimum investment of $100
• All deposits are CDIC-eligible
• Interest calculated annually
• Interest is paid at maturity
• Registered and non-registered GICs
• Registered GICs require a TFSA or RSP Savings Account
• Featured GIC rate of 5.35% on non-registered one-year GICs

EQ Bank’s RSP one-year term GIC guarantees your principal investment, plus offers a competitive interest rate of 5.35%. To purchase a GIC, all you have to do is open an RSP Savings Account, select the term option and start investing with a minimum deposit as low as $100. There are no fees associated with EQ’s GICs.

• Low minimum investment of $100
• All deposits are CDIC-eligible
• Interest calculated annually
• Interest is paid at maturity
• Registered and non-registered GICs
• Registered GICs require a TFSA or RSP Savings Account

With EQ Banks TFSA one-year GIC, you can grow your investment tax-free and you pay no taxes when you withdraw your money. You must have a TFSA Savings Account to invest in a TFSA GIC. A one-year GIC comes with a rate of 5.35% and a low minimum deposit of $100.

• Low minimum investment of $100
• All deposits are CDIC-eligible
• Interest calculated annually
• Interest is paid at maturity
• Registered and non-registered GICs
• Registered GICs require a TFSA or RRSP Savings Account

With TD Bank’s Long-Term and Simple Interest GIC, you can hold your investment in a non-registered or registered account. A one-year GIC earns a rate of 4.90%, and both your principal investment and interest payments are guaranteed.

• Minimum deposit of $1,000 for non-registered and TFSA; $500 for RSP, RIF, RESP, FHSA
• CDIC deposit insurance
• Can earn interest on your money while holding U.S. dollars until you’re ready to convert
• Non-registered and registered (TFSA, RSP, RIF, RESP, FHSA)

If you want to add a foreign currency GIC to your investment portfolio, you might consider TD Bank’s US Dollar GIC. Earn a competitive interest rate of 3%. If you hold U.S. Dollars, you can earn interest on your money until you convert it.

• Minimum deposit of $1,000 USD
• CDIC deposit insurance
• Can earn interest on your money while holding U.S. dollars until you’re ready to convert
• Subject to foreign exchange risk
• Not offered within an RSP
• Fully guaranteed by TD bank
• Simple interest is calculated on the principal and paid at maturity

With Motus Bank’s Long-term Non-Redeemable RRSP one-year GICs, you can earn 4.25% interest. Interest is calculated and accrued daily and paid on maturity. With the Long-Term Non Redeemable GIC housed in an RRSP, your money can grow tax free until you make a withdrawal.

• Minimum deposit of $100
• One-year fixed rate GIC 4.25%
• Interest calculated and accrued daily
• Interest paid on maturity
• Redemption is only permitted within the first 30-days and no interest is payable
• Deposits eligible for CDIC deposit insurance
• Registered (TFSA, RRSP) and non-registered plans