Compare Best GIC Interest Rates.
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Today's GIC Rates
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Getting The Best GIC Interest Rates For Your Term Deposits
When thinking of buying guaranteed investment certificates, most people think about the GIC interest rate as the most important factor. Its important to compare GIC interest rates in light of the deposit insurance as well as your goals.
How Do I Choose The Right Type of GIC in Canada?
Blue Alpha Wealth gives you access to different types of GICs that are always CDIC or provincially insured. Maximizing your savings return is the obvious reason why you look for the highest GIC interest rates to simplify your search. However, you may also want to find GICs that provide you with the most deposit insurance guarantee.
Once you figure out what you need to ensure you stay within the insurance limits, here are some rules of thumb.
Who Has The Best GIC Interest Rates in Canada?
In general, a registered deposit broker has the best GIC interest rates in Canada. On average, you can expect to get 1 to 2% higher than the top 5 major banks. Blue Alpha Wealth is an independent registered deposit broker giving you access to banks, credit unions and trust companies. You can also buy life insurance company GICs that give you the added estate planning protection to avoid taxes at your death. Here are some reasons why buying your GICs through a registered deposit insurance broker will give you the highest and best GIC interest rates:
Are My GIC Interest Rates Locked-In?
Just like regular bank savings rates, GIC interest rates change based on the prevailing interest rates set by the Bank of Canada, which then informs how banks and other financial institutions set interest rates for GICs, mortgages and savings products. As a result, when looking at GIC interest rates on a daily or weekly basis when thinking of buying GICs, these rates aren't locked-in. The interest rates for your GICs are locked-in for the term and type of GIC you buy and are in contract for with the financial institution you buy it from.
Ultimately, here are the considerations:
Click on the dropdown to compare GIC rates for 1 Year, 3 Year or 5 Year GICs to major bank rates and see how as a deposit broker we get you higher GIC interest rates.
Main Features & Limitations of GICs:
GIC Deposit Insurance
Some issuers provide up to $250,000 coverage for non-registered funds and unlimited insurance for registered.
Special GIC Rates
Some issuers have special rates providing higher rates than listed. Speak to your broker to find out.
Cashable GICs are a great way to buy GICs without having to incur a penalty for early withdrawal.
Redeemable GICs can be attractive due to their flexibility, however they provide smaller GIC interest rates compared to non-redeemable GICs.
GIC ladders are a great way to get flexibility in building your GIC portfolio. Rather than commit all your money to one term you can buy different GICs with different terms.
Blue Alpha Wealth is a no-fee registered deposit broker. You don't pay any fees for buying GICs through Blue Alpha Wealth.
GIC Interest Rates
You get higher GIC interest rates for longer terms than those with shorter terms.
Non-redeemable GICs commit you to the issuer for a period without being able to withdraw. The trade-off is higher GIC interest rates.
Short term GICs range from 30 to 270 days and longer term GICs range from 1 year to 10 years. 5 year GICs tend to be the more popular longer term GICs.
Different issuers require certain deposit minimums for GICs to qualify for GIC interest rates. Inquire with Blue Alpha Wealth for rates.
Financial Institutions Providing Best GIC Interest Rates To Buy GICs Online
Create Account & Buy GICs Online
Complete the form with general information about what you're looking for. We'll get back to you right away to answer your questions and walk you through to complete the process. You are not obligated to purchase GICs right away. This is just to setup your profile so when you're ready you can buy and view your GIC portfolio all in one place. This is a 3-5 minute one-time setup. We'll send you a secure email to begin the process securely online. Alternatively, call us at (416)966-0606.
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