3.80%
1 year
N/A
CA$1,000
WealthONE Bank of Canada stands out as the top choice because it offers a competitive 1-year GIC rate of 3.80%, making it an attractive option for savers looking for solid returns. With a minimum deposit of CA$1,000, it provides a reliable investment avenue for those willing to commit their funds for a year.
Pros:
- Competitive rate
- Strong reputation
Cons:
- Higher minimum deposit
3.55%
1 year
N/A
CA$1,000
What sets Oaken Financial apart is its commitment to providing CDIC-insured GICs with a solid interest rate of 3.55%. This provider is ideal for those who prioritize security and flexibility in their investment options.
Pros:
- Flexible terms
- CDIC insured
Cons:
- Lower rate compared to top provider
3.43%
1 year
N/A
CA$1,000
Equitable Bank shines for its competitive 1-year GIC rate of 3.43%, making it a solid choice for investors looking for reliable returns. This provider also offers flexibility with account types, catering to a wide range of investment needs.
Pros:
- Good interest rate
- Available for various accounts
Cons:
- Not the highest rate
3.50%
1 year
N/A
CA$1,000
The Laurentian Bank offers a stable 1-year GIC rate of 3.50%, making it a reliable option for conservative investors. With a minimum deposit of CA$1,000, it provides a trustworthy investment avenue backed by a well-established institution.
Pros:
- Stable interest rate
- Long-standing institution
Cons:
- Higher minimum deposit
5.BMO
2.70%
1 year
N/A
CA$1,000
BMO offers a 1-year GIC at a rate of 2.70%, which is lower compared to other providers. However, its reputation as a well-known bank and the variety of account options available make it a viable choice for those who value brand trust.
Pros:
- Well-known bank
- Multiple account options
Cons:
- Lowest rate among competitors
Did you know?
One-year GIC rates fit near-term savings goals. Compare issuers, CDIC membership, and redemption rules on this list.
Final Words
In summary, as of October 2026, WealthONE Bank of Canada stands out with a competitive 1-year GIC rate of 3.80%, alongside other notable providers like EQ Bank, Oaken Financial, and Tangerine, which also offer attractive rates. Be sure to compare these options to find the best fit for your financial goals and maximize your returns on investment.
Frequently Asked Questions
The best 1-year GIC rate available in Canada this October 2026 is 3.80%, offered by WealthONE Bank of Canada.
The minimum deposit required for a 1-year GIC with WealthONE Bank of Canada is CA$1,000.
In addition to WealthONE Bank of Canada, other providers offering competitive 1-year GIC rates include Oaken Financial at 3.55% and Equitable Bank at 3.43%, both with a minimum deposit of CA$1,000.
GICs, or Guaranteed Investment Certificates, are fixed-term investments that offer a guaranteed rate of interest over a specified period, typically ranging from a few months to several years. At maturity, the investor receives their principal back along with the interest earned.
Yes, in Canada, GICs issued by banks and credit unions are typically insured by the Canada Deposit Insurance Corporation (CDIC) or provincial deposit insurance, which protects deposits up to specified limits.
Withdrawing money from a GIC before its maturity date usually results in penalties, which may include losing some or all of the interest earned. Policies vary by provider, so it's essential to check the specific terms.
Yes, many financial institutions in Canada offer the option to purchase GICs online, making it convenient to invest from anywhere.
When choosing a GIC provider, consider the interest rates offered, the minimum deposit requirements, the insurance coverage for your investment, and the flexibility of withdrawal options.
Compare GIC Rates
Summary of all rates from our gic rate pages. Click column headers to sort.
| Provider ↕ | Rate ↓ | Term ↕ | Min Deposit | |
|---|---|---|---|---|
| Oaken Financial | 4.40% | 5 years | CA$1,000 | Learn more |
| WealthOne Bank | 4.40% | 5 years | CA$1,000 | Learn more |
| WealthONE | 4.40% | 5 years | CA$1,000 | Learn more |
| B2B Bank | 4.38% | 5 years | CA$1,000 | Learn more |
| Canadian Tire Bank | 4.35% | 5 years | CA$1,000 | Learn more |
| Saven Financial | 4.30% | 5 years | CA$1,000 | Learn more |
| EQ Bank | 4.25% | 5 years | CA$100 | — |
| Haventree Bank | 4.20% | 5 years | CA$5,000 | — |
| General Bank of Canada | 4.17% | 5 years | CA$5,000 | Learn more |
| Achieva Financial | 4.10% | 5 years | — | — |
| MCAN Wealth | 4.05% | 5 years | CA$100 | — |
| WealthONE Bank of Canada | 3.80% | 1 year | CA$1,000 | Learn more |
| Laurentian Bank | 3.50% | 1 year | CA$1,000 | Learn more |
| Equitable Bank | 3.43% | 1 year | CA$1,000 | Learn more |
| Tangerine | 2.75% | 6 months | CA$10 | Learn more |
| BMO | 2.70% | 1 year | CA$1,000 | Learn more |
| CIBC Bonus Rate | 2.50% | 6 months | CA$1,000 | Learn more |
| SBI Canada Bank Non-Redeemable | 2.45% | 6 months | CA$1,000 | Learn more |
| RBC | 2.40% | 6 months | CA$1,000 | Learn more |
| ICICI Bank Canada Non-Redeemable | 2.35% | 6 months | CA$1,000 | Learn more |
