As one of Canada’s largest banks, the Bank of Montreal (BMO) offers a wide selection of financial products, including a full range of Guaranteed Investment Certificates (GICs). You’ll find options for nearly every type of GIC—even one that earns Air Miles.
Keep scrolling for a complete list of the best BMO GICs in Canada, their interest rates and term lengths, and some key features to consider before investing your hard-earned money.
*All rates are current as of May 3, 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.
Rates current as of May 3, 2024.
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.
BMO offers a variety of registered and non-registered GICs that are a insured by the CDIC up to $100,000. GIC terms range between 30 days and 10 years, and you can typically choose to receive interest payments every month, twice a year, or once annually.
BMO GIC rates are on par with Canada’s other “Big Six” banks, but they fall a bit behind popular online-only banks like EQ Bank. That said, BMO’s lineup includes some step-rate (or “elevator”) GICs that can help increase your returns each year. For example, The BMO RateRiser Max GIC guarantees a higher interest rate every year you are invested. Another option is the BMO RateOptimizer Max GIC which reinvests 20% of your initial deposit each year at current interest rates.
BMO has a large selection of cashable, non-cashable, market-linked and U.S. dollar GICs.
Terms and conditions vary for BMO GICs, but here are some general guidelines to keep in mind:
Before buying a GIC, you’ll have to open a BMO investment account. To do this, you’ll need:
Make sure you consider how long you can wait to withdraw your investment before choosing a GIC. Also, decide if you prefer the predictable returns of regular fixed-rate GICs or the potential to earn more interest according to the performance of the linked shares with market-linked GICs.
A GIC is generally set up to automatically renew at the end of its term unless you tell the bank otherwise. This means you won’t need to close it and open a new one to keep your investment going. If you want to withdraw your money instead of reinvesting it into the GIC again, you’ll need to let the bank know before the maturity date.
Featured Partner Offer
1
Tangerine GIC
APY:
3.25% to 5.25%
Minimum Deposit Requirement:
Not Specified
Terms:
90 days to 5 years
2
EQ Bank Registered GIC
APY:
4.00% (3 month) to 5.35% (1 year)
Minimum Deposit Requirement:
$0
Term:
3 months to 10 years
To close a BMO GIC, you will need to contact BMO before the GIC’s maturity date. If you do not notify the bank in time, your GIC will likely renew automatically for the same term at the current interest rate. If this happens, you may still be able to close your GIC, but there could be penalties or fees for closing it before the new maturity date.
BMO GIC rates vary depending on the type of GIC, term length and payment option you choose. Currently, BMO GIC rates range between 2.25% and 54%.
Yes, you can buy a BMO GIC online. You will need a BMO account to complete the transaction. Alternatively, you can visit a BMO branch or call customer service to buy a GIC.
