Best GIC Rates in Canada This October 2025
With rising interest rates and economic uncertainty, many Canadians are looking for safe investment options to grow their savings. Guaranteed Investment Certificates (GICs) remain a popular choice, offering guaranteed returns and security, though it's worth comparing them against high-interest savings accounts for shorter-term goals. This month's GIC rates show particularly competitive offerings across multiple financial institutions.
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Summary Table for Best GIC Rates in Canada This October 2025
| Institution | 1-Year Rate | 2-Year Rate | 3-Year Rate | 4-Year Rate | 5-Year Rate | Min Deposit |
|---|---|---|---|---|---|---|
|
Hubert's Happy Savings (WealthONE Bank of Canada) Guaranteed Investment |
3.75% | 3.75% | 3.65% | N/A | 3.95% | N/A |
|
MCAN Wealth Guaranteed Investment |
3.65% | 3.75% | 3.70% | 3.70% | N/A | N/A |
|
Achieva Financial Guaranteed Investment |
3.50% | 3.50% | 3.70% | 3.55% | N/A | N/A |
|
WealthONE Bank of Canada Guaranteed Investment |
3.75% | 3.75% | 3.70% | 3.70% | 3.70% | N/A |
|
Oaken Financial Guaranteed Investment |
3.40% | 3.50% | 3.60% | 3.60% | N/A | $1,000 |
|
EQ Bank Guaranteed Investment |
N/A | N/A | 3.30% | 3.40% | 3.45% | N/A |
|
Tangerine Bank Guaranteed Investment |
3.00% | 3.05% | 3.20% | 3.25% | 3.35% | N/A |
|
Saven Financial Guaranteed Investment |
3.55% | 3.55% | 3.60% | 3.65% | 3.75% | N/A |
|
RBC Royal Bank Guaranteed Investment |
2.70% | 2.75% | 2.80% | 2.85% | 3.00% | N/A |
|
BMO Bank of Montreal Guaranteed Investment |
2.55% | N/A | 2.80% | N/A | N/A | N/A |
|
Scotiabank Guaranteed Investment |
2.70% | 3.10% | N/A | 3.35% | N/A | N/A |
|
TD Bank Guaranteed Investment |
2.75% | N/A | N/A | N/A | 0.55% | $10,000 |
1. Hubert's Happy Savings (WealthONE Bank of Canada)
Hubert's Happy Savings offers competitive GIC rates with the unique flexibility of early redemption options, backed by 100% guarantee from the Deposit Guarantee Corporation of Manitoba.
Hubert's Happy Savings (WealthONE Bank of Canada)
- Online-only financial institution accessible anytime, anywhere
- Quarterly one-year term options available
- Early redemption flexibility on term deposits
- 100% deposit guarantee protection
Pros
- 100% deposit guarantee protection
- Fully online banking access
- Competitive interest rates
- Early redemption flexibility
Cons
- Online-only services may not suit all customers
- Limited product offerings compared to traditional banks
- No physical branch locations
Why is it Our Top Pick?
Hubert's Happy Savings stands out for offering some of the highest GIC rates in Canada, including a competitive 3.95% for 5-year terms and 3.75% for 1-year terms, while providing the flexibility of online banking and early redemption options.
2. MCAN Wealth
MCAN Wealth offers CDIC-insured, low-risk GICs with guaranteed interest rates, providing secure investment options backed by their status as a regulated Mortgage Investment Corporation.
MCAN Wealth
- CDIC-insured deposits
- Non-redeemable term deposits
- Multiple term length options
- Secure, low-risk investment options
Pros
- CDIC-insured protection
- Competitive GIC rates
- Regulated financial institution
- Multiple term options
Cons
- Non-redeemable term deposits
- Limited product flexibility
- Rates below historical highs of 5%
3. Achieva Financial
Achieva Financial offers consistently high savings rates with a complete range of GIC products backed by unlimited deposit insurance through their parent company, making them a trusted choice for Canadian investors seeking competitive returns.
Achieva Financial
- Full range of savings options including RRSP, TFSA, RRIF, and non-registered GICs
- Unlimited deposit insurance protection
- 20-year track record of competitive rates
- LIRA and LIF products available
Pros
- Among Canada's highest rates for 20 years
- Complete range of investment products
- Unlimited deposit insurance
- Simple, transparent rate structure
Cons
- Digital-only banking platform
- Limited product information available
- No branch locations mentioned
4. WealthONE Bank of Canada
WealthONE Bank of Canada is a federally chartered Schedule 1 digital bank offering innovative financial products with some of the highest GIC interest rates in Canada, providing secure investment options for growth-focused investors.
WealthONE Bank of Canada
- Federally chartered Schedule I digital bank
- High-interest savings account options
- Comprehensive GIC product lineup
- Digital banking platform
Pros
- Canadian-owned institution
- Innovative financial solutions
- Strong digital banking platform
- Recently acquired by Globalive-led consortium
Cons
- Relatively new bank (founded in 2016)
- Limited physical presence
- Digital-only banking may not suit all customers
5. Oaken Financial
Oaken Financial is a direct-to-consumer deposit business backed by Home Trust Company, Canada's largest independent trust company, offering some of the highest GIC rates in Canada with full CDIC coverage.
Oaken Financial
- Backed by Home Bank and Home Trust Company
- CDIC insurance coverage up to applicable limits
- Flexible deposit amounts starting at $1,000
- Online banking platform with direct-to-consumer model
Pros
- Among highest GIC rates in Canada
- Strong backing from established financial institution
- Low minimum deposit requirement
- CDIC protected investments
Cons
- Online-only banking platform
- Limited product selection compared to traditional banks
- No physical branch locations
6. EQ Bank
EQ Bank, Canada's first digital bank and the online banking arm of Equitable Bank, offers competitive GIC rates and high-interest savings products while managing over $35 billion in assets.
EQ Bank
- Digital-first banking platform
- CDIC protection up to $100,000 per category
- Multiple investment products available
- Serves over 578,000 customers across Canada
Pros
- Canada's ninth-largest Schedule I bank
- Full CDIC protection
- Strong digital banking platform
- Established since 1970
Cons
- No physical branch locations
- Digital-only service model
- Limited product range compared to traditional banks
7. Tangerine Bank
Tangerine Bank offers flexible, no-fee digital banking with competitive GIC rates and is backed by Scotiabank, providing CDIC protection up to $100,000 per eligible deposit category.
Tangerine Bank
- Multiple GIC types including registered (TFSA, RSP, RIF) and non-registered options
- Available in both Canadian and US dollars
- Mobile banking app for convenient account management
- CDIC member with deposit protection
Pros
- Comprehensive digital banking platform
- Flexible banking options
- Subsidiary of Scotiabank for added security
- No-fee daily banking
Cons
- No physical branches
- Must be comfortable with digital banking
- Lower rates compared to some competitors
8. Saven Financial
As a division of FirstOntario Credit Union, Saven Financial offers competitive GIC rates up to 3.85% and provides deposit insurance coverage up to $250,000, making it an attractive option for serious savers.
Saven Financial
- Online-only savings platform
- Multiple GIC options (TFSA, FHSA, RRSP)
- High-interest savings accounts available
- Deposit insurance up to $250,000
Pros
- Competitive GIC rates
- Strong deposit insurance protection
- Online banking convenience
- Division of established credit union
Cons
- Online-only institution
- Limited banking products compared to traditional banks
- Geographic restrictions may apply
9. RBC Royal Bank
RBC Royal Bank offers a comprehensive range of GIC options including non-redeemable, redeemable, and MarketSmart GICs with competitive rates and flexible terms, backed by one of Canada's largest banks.
RBC Royal Bank
- Multiple GIC types including non-redeemable, redeemable, and MarketSmart options
- Guaranteed principal protection
- Flexible interest payment options (at maturity or more frequent)
Pros
- Wide range of GIC terms and types
- Backed by one of Canada's largest banks
- 24/7 account access and customer service
- Guaranteed principal protection
Cons
- Lower rates compared to some competitors
- Limited flexibility with non-redeemable options
- Higher rates may require larger deposits
10. BMO Bank of Montreal
BMO offers competitive GIC rates with flexible investment terms, providing a secure investment option backed by one of Canada's major banks with rates that adjust to current market conditions.
BMO Bank of Montreal
- Multiple GIC term options available
- Online GIC purchasing capability
- Over 100 guaranteed income certificates to choose from
Pros
- Wide selection of GIC products
- Online account management
- Established banking institution
- Flexible investment options
Cons
- Rates tied to Bank of Canada decisions
- Limited rate information readily available
- May require appointment for best rates
11. Scotiabank
As Canada's third-largest bank, Scotiabank offers competitive GIC rates with flexible term options and 24/7 banking services for both personal and investment needs.
Scotiabank
- 24/7 customer service availability
- Online and mobile banking access
- Multiple GIC term options available
- Both redeemable and non-redeemable GIC options
Pros
- 24/7 customer service support
- Comprehensive online banking platform
- Part of Canada's "Big Five" banks
- Multiple GIC term choices
Cons
- Not all GIC terms available
- Minimum deposit information not readily accessible
- Lower rates on redeemable GICs
12. TD Bank
TD Bank provides a range of GIC options with competitive rates and 24/7 banking access through their EasyLine telephone banking service and online platforms.
TD Bank
- 24/7 EasyLine telephone banking service
- Online and mobile banking access
- Various GIC term options
- Special offer rates available
Pros
- 24/7 telephone banking access
- Multiple banking channel options
- Comprehensive online services
- Special rate offers available
Cons
- Lower 5-year GIC rate compared to competitors
- Limited rate information for some terms
- Higher minimum deposit requirements
Final Words
Selecting the ideal financial product ultimately depends on your individual goals, spending patterns, and financial situation. We recommend comparing the features and benefits of our top picks, then taking action to optimize your financial strategy for the current market conditions.
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Frequently Asked Questions: Best GIC Rates in Canada This October 2025
What are the best GIC rates in Canada October 2025?
WealthONE Bank of Canada offers the highest GIC rate at 5.75% for a 1-year term through their Hubert's Happy Savings division.
Which bank has the highest 1 year GIC rates Canada 2025?
MCAN Wealth leads competitive rates with their 5.70% return for 1-year GIC investments.
How do I compare GIC rates between Canadian banks October 2025?
Compare top providers like Oaken Financial (5.65%), Achieva Financial (5.60%), and WealthONE Bank (5.75%) through their direct websites or rate comparison tools.