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Best TD Bank GICs In Canada For May 2024

Zack Fenech
Contributor

Updated: May 3, 2024, 12:53pm

Aaron Broverman
editor

Fact Checked

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In 1955, the Bank of Toronto and The Dominion Bank incorporated to form what is known today as Toronto-Dominion (TD) Bank.

Since the merger, TD Bank has become one of Canada’s “Big Six” banks and even places itself among the world’s largest financial institutions.

TD offers a vast catalogue of banking and investing products, which includes Guaranteed Investment certificates (GICs). While GICs issued by major banks aren’t known for yielding the highest returns, TD offers unique investment products with competitive rates, making them a popular option among Canadians seeking low-risk investment vehicles from a reputable and trusted financial brand.

Learn more about TD GICs in this article, where we’ll compare our top five picks for the major bank’s best GICs and provide additional information about how their GICs work.

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Best TD GICs in Canada for May 2024*

These are the best TD GIC rates in Canada:

  • TD International Student 2-year – 4.90%
  • TD Special Offer GICs (cashable and non-cashable) 14 months – 4.90%
  • TD Guaranteed Investment Certificate (Long Term Simple Interest) 1-year – 4.90%
  • TD Guaranteed Investment Certificate (Long Term Compound Interest) 1-year -4.75%
  • U.S. Dollar GIC (Long-Term and Simple Interest)  Non-Cashable 1-year – 4.75%

*Rates current as of May 3, 2024.

Best TD GICs in Canada for May 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.

FEATURED PARTNER OFFER

TD GIC Long-Term and Simple Interest

TD GIC Long-Term and Simple Interest
5.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

APY

4.90%

Minimum Deposit Requirement

$1,000

Terms

one-year

TD GIC Long-Term and Simple Interest

APY

4.90%

Minimum Deposit Requirement

$1,000

Terms

one-year

Why We Picked It

Available as both non-registered and registered investments, the TD GIC Long-Term and Simple Interest GIC allows customers to invest their money for a year. The GIC requires a minimum deposit requirement of $1,000 for the non-registered and TFSA GIC options and $500 for a Registered Saving Plan (RSP), Retirement Income Fund (RIF), Registered Education Savings Plan (RESP) and First-time Homebuyers Savings Account (FHSA) GICs.

Pros & Cons
  • Non-registered and registered investing options
  • High interest rate on a one-year term
  • High minimum deposit for non-registered and TFSA GIC
  • Not cashable before maturity
Details
  • Minimum deposit of $500 or $1,000
  • CDIC-insured investment up to $100,000
  • Registered, non-registered, and US dollar account options
FEATURED PARTNER OFFER

TD U.S. Dollar GIC (Long-Term and Simple Interest) – Non-Cashable

TD U.S. Dollar GIC (Long-Term and Simple Interest) – Non-Cashable
5.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

APY

4.75%

Minimum Deposit Requirement

$1,000 USD

Terms

one-year

TD U.S. Dollar GIC (Long-Term and Simple Interest) – Non-Cashable

APY

4.75%

Minimum Deposit Requirement

$1,000 USD

Terms

one-year

Why We Picked It

The TD U.S. GIC Long-Term and Simple Interest Non-Cashable GIC is ideal for investors purchasing a GIC using US currency. It earns a rate of 3% interest and, while non-cashable, offers TD customers an opportunity to foresee interest calculation by the end of the term, making it an advantageous investing vehicle option for planned expenses across the border, with cost-free CDIC insurance coverage.

Pros & Cons
  • Fixed investment returns
  • CDIC-insured
  • Not available as a registered investment
  • High minimum deposit requirement
  • Subject to foreign exchange risk
Details
  • Minimum deposit of $1,000 USD required
  • CDIC-insurance
  • Interest is guaranteed by TD Bank
FEATURED PARTNER OFFER

TD Canadian Banks GIC (RSP, RIF, RESP)

TD Canadian Banks GIC (RSP, RIF, RESP)
4.7
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

APY

Up to 35%

Minimum Deposit Requirement

$500

Terms

three-year and five-year

TD Canadian Banks GIC (RSP, RIF, RESP)

APY

Up to 35%

Minimum Deposit Requirement

$500

Terms

three-year and five-year

Why We Picked It

TD Canadian Bank GICs are non-redeemable investments such as an RSP, RIF, or RESP GIC. The investment allows the investor to earn tax-free earnings on Canadian bank stocks. This type of GIC is ideal for tax-deduction incentives and stability, with additional benefits under various government programs. Customers who invest in the TD Canadian Banks GIC can earn up to 35% over five years. However, this depends on the performance of the Canadian banks in which the investment is tied. Available in three-year and five-year terms, this GIC is an ideal option for long-term planning.

Pros & Cons
  • Ideal for retirement or education planning
  • Stable with potential for higher returns than traditional GICs
  • Lower minimum deposit requirement
  • Maximum interest not guaranteed
  • Non-cashable unless through RESP and RIF conditions
  • Not available for non-registered investments
Details
  • CDIC-insured
  • Registered investment with the Government of Canada
  • Non-cashable GIC
FEATURED PARTNER OFFER

TD Canadian Banking & Utilities GIC (Non-registered and TFSA)

TD Canadian Banking & Utilities GIC (Non-registered and TFSA)
4.2
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

APY

Up to 50%

Minimum Deposit Requirement

$1,000

Terms

three-year and five-year

TD Canadian Banking & Utilities GIC (Non-registered and TFSA)

APY

Up to 50%

Minimum Deposit Requirement

$1,000

Terms

three-year and five-year

Why We Picked It

As one of the highest-earning TD GICs, the TD Canadian Banking & Utilities GIC (Non-registered and TFSA) because of earning potential of up to 50% with a five-year term. This is because this GIC is tied to the S&P 500, which allows investors to invest in reputable Canadian banking and utilities companies, such as BMO and Hydro One. This GIC is a safe investment with a high potential for returns. Even if your return does not reach its peak of 50%, it still promises a minimum return potential of 15%, which is great when compared to non-market-linked GICs.

Pros & Cons
  • Guaranteed return of 15% over five years
  • Maximum earning potential of up to 50% over five years
  • Invested in stable Canadian companies
  • CDIC-eligible investment
  • Non-redeemable investment
  • Only available for non-registered and TFSA investment accounts
Details
  • Invested in stable Canadian companies, including RBC and Hydro One
  • Non-redeemable and non-cashable GIC
  • Available for non-registered and TFSA investment accounts
  • Interest-earning potential from 15% to 50%
FEATURED PARTNER OFFER

TD U.S. Top 500 GIC (RRSP, RRIF, RESP)

TD U.S. Top 500 GIC (RRSP, RRIF, RESP)
4.1
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

APY

Up to 32%

Minimum Deposit Requirement

$500

Terms

3-year, 5-year

TD U.S. Top 500 GIC (RRSP, RRIF, RESP)

APY

Up to 32%

Minimum Deposit Requirement

$500

Terms

3-year, 5-year

Why We Picked It

A unique GIC offer available to Canadians, the TD U.S. Top 500 GIC is available exclusively for retirement and education accounts, including the RRSP, RRIF, and RESP. Tied to the Stocks and Poors 500 Index, the TD U.S. Top 500 GIC is an excellent option if you value a non-cashable GIC with a higher return and long-term investing goals.

Pros & Cons
  • CDIC-insured investment
  • Low minimum investment requirement
  • Cashable for RESP and RRIF payments
  • Non-cashable for non-registered accounts
  • Relies on market performance for maximum returns
Details
  • The GIC’s return is tied to the S&P 500 Index.
  • $1,000 minimum investment for non-registered accounts and a $500 minimum investment for registered accounts.
  • The GIC is non-cashable unless for RESP or RIF payments.
  • The GIC is eligible for CDIC insurance up to $100,000.
  • For the three-year term, the guaranteed minimum interest return is 7% and the maximum return is 20%.
  • For the five-year term, the guaranteed minimum interest return is 12% and the maximum return is 32%.
  • The guaranteed minimum interest return is compounded annually and paid at maturity. Bonus interest, if any, is paid at maturity.

Summary of the Best TD GICs in Canada


Company Forbes Advisor Rating Products Annual Percentage Yield Terms LEARN MORE
TD Bank TD GIC Long-Term and Simple Interest 4.75% one-year View More
TD Bank TD U.S. Dollar GIC (Long-Term and Simple Interest) – Non-Cashable 4.75% one-year View More
TD Bank TD Canadian Banks GIC (RSP, RIF, RESP) Up to 35% three-year, five-year View More
TD Bank TD Canadian Banking & Utilities GIC (Non-registered and TFSA) Up to 50% three-year, five-year View More
TD Bank TD U.S. Top 500 GIC (RRSP, RRIF, RESP) Up to 32% three-year, five-year View More

Methodology

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:

  • APY: 50.68%
  • Minimum Deposit Requirement: 13.15%
  • Minimum Deposit Requirement Low: 4.67%
  • Minimum Deposit Requirement Medium: 3.67%
  • Minimum Deposit Requirement High: 2.67%
  • Customer Service: 5.67%
  • Compound Interest Schedule: 8.15%
  • Available Terms: 5.67%
  • Availability: 5.67%

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.

Best TD GIC Rates in Canada for May 2024

Investors will be happy to learn that TD GIC rates are competitive. In addition to good rates, TD GIC interest rates are available in various investments, with different options for purchasing TD GICs.

Current GIC Rates at TD Bank*

Here are some of the current TD Bank GIC rate offers available from the Canadian financial institution. 


GIC Type Interest Rate Term
TD 1 Year Cashable GIC 3% one-year
TD 1 Year U.S. Dollar Cashable GIC 3% one-year
TD 3-year Premium Rate Cashable GIC – Special Offer 3.50% one-year
TD Canadian Banking & Utilities GIC 6% to 30% three-year, five-year
TD Canadian Banks GIC 10% to 25% three-year
TD Cashable GIC – Special Offer 4% 100-days
TD Non-Cashable GIC – Special Offer 4.70% to 4.90% 14-month, 18-month
TD Non-Cashable Long-term GIC 4.25% to 4.75% one-year, two-year, three-year, four-year, five-year
TD Non-Cashable Short-term GIC 2.5% to 3.50% 30 day, 60 day, 90 day, 120 day, 180 day, 270 days
TD U.S. Dollar Long-term GIC – Non-Cashable 4.30% to 4.75% one-year, two-year, three-year, four-year, five-year
TD U.S. Dollar Term Deposit 2.85% to 3.55% Varies, 30 days to 369 days
TD U.S. Top 500 GIC 7% – 32% three-year, five-year

*Rates current as of May 3, 2024.

Types of TD GICs

TD offers a variety of types of GICs, including:

  • Cashable GICs: TD Cashable GICs are versatile investments, allowing investors to withdraw some or all of their funds with some rate terms and conditions relating. Investment terms for TD Cashable GICs range from 30 days to five years, are available in non-registered and registered accounts and come with competitive interest rates.
  • Non-Cashable GICs: TD Non-Cashable GICs are GICs that lock in your investment until the term reaches maturity, with deposit terms spanning from 30 days to five years. Non-cashable GICs are available as registered and non-registered investments.
  • Registered GICs: TD offers GICs held in tax-deferred accounts registered with the CRA, such as TFSA GICs and RRSP GICs. These types of accounts come with specific conditions and yearly contribution caps.
  • Non-Registered GICs: TD Non-registered GICs are not registered with the CRA and require investors to pay tax on any interest earned but have no contribution limits.
  • Market Growth GICs: TD’s Market Growth GICs are investments that grow depending on stock market performance. The principal invested in a TD Market Growth GIC is guaranteed. Often, Market Growth GICs yield a higher return with a minimum return rate guarantee, with return potentials going as high as 50%.
  • Special Offer GICs: A TD Special Offer GIC is a GIC that comes with fixed-rate and competitive rates available in various registered and non-registered accounts. TD Special Offer GICs guarantee the principal and the interest earned by the end of the term.
  • U.S. Dollar GICs: TD US Dollar GICs are GICs purchased using the United States Dollar while earning interest at a guaranteed rate. U.S. Dollar GICs at TD Bank are secure investments that offer terms of up to one-year.
  • Joint GIC: A Joint GIC from TD Bank allows two or more people to purchase the same GIC or add additional investors to an existing GIC.

Terms and Conditions for TD GICs

TD GICs come with a unique set of terms and conditions. Here are some of the most important terms and conditions for TD GICs:

  • Minimum Deposit Requirements: TD GICs require a minimum deposit of $500 or $1,000, depending on the type of GIC purchased.
  • Early Withdrawal Penalties: There are no early withdrawal penalties for TD GICs, as withdrawals on non-redeemable GICs are not permitted before the end of the term.
  • Renewal Options: TD offers automatic renewal options for their GICs. If the GIC is set for automatic renewal, TD’s terms and conditions outline that the investor automatically accepts the new terms and new confirmation.
  • Conditions for Maximizing Returns: TD offers various GICs with the potential to earn higher interest than other GICs. These GICs usually come with specific conditions which often require a minimum term, such as a three-year or five-year investment, which requires investors to commit to a specific minimum term length.

How to Invest in TD GICs

1. TD customers can purchase a GIC through its online banking platform TD EasyWeb via telephone through its telephobe banking platform TD EasyLine or by visiting a branch in person.
2. Investors must live in Canada and have a Canadian address. They must also be the age of majority in their province or territory.
3. Investors must provide their Social Insurance Number.
4. Open a TD personal deposit account if one doesn’t already exist
5. Register for online banking if you still need to do so.
6. Meet the minimum deposit requirement of $500 or $1,000 to open the GIC of your choice.

How to Close a TD GIC

Closing a TD GIC depends on the type of GIC you’ve purchased. Non-redeemable and non-cashable GICs do not permit customers to withdraw from or close the investment before it reaches maturity. In contrast, redeemable and cashable GICs allow customers to withdraw a portion or all of the investment.

If you are unsure whether or not you can close your TD GIC, contact TD Bank and speak with a representative. Discuss any fees or monetary penalties before deciding to close the investment.

Frequently Asked Questions (FAQs)

What is the special GIC rate of TD?

The TD Special GIC rate is currently around 4%.

What is a TD GIC and how does it work?

A TD GIC is a GIC offered by TD Bank and works similarly to GIC from other providers. Investors who purchase a GIC from TD must select a term and cannot use the funds invested until the investment matures, or reaches the end of the term.

How do I open a TD GIC account and start investing?

You can open a TD GIC online through the TD website, via telephone, or by visiting a TD Bank branch. New customers must be the age of majority in their province and provide their SIN while existing customers can reach out directly to the bank and add the investment to their portfolio.

Can I withdraw my money from a TD GIC before the maturity date?

You can only withdraw from a TD GIC if the investment is redeemable. Otherwise, non-redeemable GICs do not allow investors to withdraw their investments before maturity.

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Zack Fenech Contributor

Zack Fenech is a professional finance writer from Toronto. He is passionate about demystifying complex finance topics and making them digestible and easy to follow for the average Canadian. Zack has previous experience writing for various Canadian fintech companies and financial publications, including Ratehub.ca, MoneySense.ca, and WealthRocket, the latter of which he served as editor-in-chief.