A guaranteed investment certificate is a kind of investment that is provided by banks in Canada and some of the trusted companies. Trusted companies are those companies that provide a fixed rate of returns to the specified investors. The guaranteed investment certificates are mostly purchased by the person to save for their future as a retirement savings vehicle plan.
The GIC provides individuals with a fixed rate of return that is less risky and easily affordable by. The GIC can easily be insured by the Canadian government. If you read this article, you will get to know about the Best GIC Rates in Canada and Who has the Best GIC Rates in Canada as of Today.
Best GIC Rates in Canada
The insurance can be done with a guaranteed investment certificate by the government of Canada. The government of Canada has set some limits for individuals residing in Canada that they can take insurance for up to $100000 for each account. The awareness for such GIC is already rolled in the markets of Canada. The GIC interest can be short-term as well as long-term according to the investor’s aspiration.
GIC is a deposit account that provides interest with the help of financial institutions situated in Canada. GIC in Canada are same as in the USA. The investors deposit money for a fixed period in purchasing GIC and get their principal amount with interest when the maturity of the investment arises. The interest rates vary according to the period of commitment.
Guaranteed Investment Certificate- Overview
| Article on | Best GIC Rates in Canada |
| Country | Canada |
| Name of the certificate | Guaranteed investment certificate |
| Limit of the certificate | Up to $100000 |
| Beneficiary | Eligible investors of GIC |
| Official website | Canada.ca |
GIC Rates in Canada 2024 Right Now
The guaranteed investment certificate works like a bank in the USA and they are safe to invest in and have savings. GIC helps the applicants whenever they face uncertainty and they are one of the stable investments. The range of GIC is between one to five years. There are some GIC rates in Canada for 2024 and investors can easily earn up to 4.90%.
- The 1-year GIC rate is 4.90% is known as Hubert’s happy savings
- The 2-year GIC rate is 4.80% known as Hubert’s Happy savings
- The 3-year GIC rate is 4.50% known as Hubert’s Happy Savings and MAXA Financial
- The 4-year GIC rate is 4.45% known as Hubert’s Happy Savings
- 5-year GIC rate is 4.35% known as Hubert’s Happy Savings
Who has the Best GIC Rates in Canada in 2024?
The GIC rates are compared between non-redeemable and non-registered and these are:
Achieva Financial GICs with a minimum investment of $1000 provide:
- 1st-year GIC- 4.75%
- 2nd-year GIC- 4.60%
- 3rd-year GIC- 4.45%
- 4th-year GIC- 4.35%
- 5th-year GIC- 4.30%
Alterna Bank GICs with a minimum investment of $500 provide:
- 1st-year GIC- 4.25%
- 2nd-year GIC- 4.15%
- 3rd-year GIC- 3.95%
- 4th-year GIC- 3.95%
- 5th-year GIC- 3.95%
BMO GICs with a minimum investment of $1000 provide:
- 1st-year GIC- 4.50%
- 2nd-year GIC- 4.20%
- 3rd-year GIC- 4.00%
- 4th-year GIC- 4.00%
- 5th-year GIC- 4.00%
CIBC GICs with a minimum investment of $1000 provide:
- 1st-year GIC- 3.15%
- 2nd-year GIC- 3.20%
- 3rd-year GIC- 3.25%
- 4th-year GIC- 3.30%
- 5th-year GIC- 3.35%
EQ Bank GICs with a minimum investment of $100 provide:
- 1st-year GIC- 4.70%
- 2nd-year GIC- 4.40%
- 3rd-year GIC- 4.25%
- 4th-year GIC- 4.10%
- 5th-year GIC- 4.10%
Hubert Financial GICs with a minimum investment of $1000 provide:
- 1st-year GIC- 4.90%
- 2nd-year GIC- 4.80%
- 3rd-year GIC- 4.50%
- 4th-year GIC- 4.45%
- 5th-year GIC- 4.35%
ICICI Bank Canada GICs with a minimum investment of $1000 provide:
- 1st-year GIC- 5.00%
- 2nd-year GIC- 4.90%
- 3rd-year GIC- 4.65%
- 4th-year GIC- 4.65%
- 5th-year GIC- 4.60%
LBC Digital GICs with a minimum investment of $1000 provide:
- 1st-year GIC- 4.55%
- 2nd-year GIC- 4.25%
- 3rd-year GIC- 4.10%
- 4th-year GIC- 4.05%
- 5th-year GIC- 4.05%
MCAN Wealth GICs with a minimum investment of $100 provide:
- 1st-year GIC- 5.10%
- 2nd-year GIC- 5.10%
- 3rd-year GIC- 4.75%
- 4th-year GIC- 4.55%
- 5th-year GIC- 4.50%
Meridian Credit Union GICs with a minimum investment of $1000 provide:
- 1st-year GIC- 4.70%
- 2nd-year GIC- 4.35%
- 3rd-year GIC- 4.20%
- 4th-year GIC- 4.15%
- 5th-year GIC- 4.15%
Motive financial GICs with a minimum investment of $1000 provide:
- 1st-year GIC- 5.05%
- 2nd-year GIC- 4.80%
- 3rd-year GIC- 4.50%
- 4th-year GIC- 4.45%
- 5th-year GIC- 4.40%
TD Bank GICs with a minimum investment of $1000 provide:
- 1st-year GIC- 4.50%
- 2nd-year GIC- 4.10%
- 3rd-year GIC- 4.00%
- 4th-year GIC- 4.00%
- 5th-year GIC- 4.10%
GIC Rates Calculation
The interest on GIC is usually paid to the investors either monthly, annually, or biannually after their maturity period comes or on the date that was decided by the provider. The interest that is provided is based on the simple interest method or compound interest method. Simple interest is defined as interest that is only paid on the first principal amount and compound interest is paid on the principal amount and the interest paid.
Types of GICs Available in Canada
The types of GICs available in Canada are:
- Cashable GICs
- Registered GICs vs NON-registered GICs
- Redeemable GICs vs non-redeemable GICs
- GICs that are linked with the market
- Foreign currency GICs
Best situation of GIC in Canada 2024
Currently, the best GIC rates that are provided in Canada are from
- Oaken financial by 5.05% for 1st and 2nd year.
- Saven finances by 5.00% for 1st year
- ICICI bank by 5.00% for 1st year
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