EQ Bank GIC rates

We've rounded up the latest and best EQ Bank GIC rates to help you get the return on your investment that you want.

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Tim Falk

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EQ Bank

GICs (guaranteed investment certificates) offer a low-risk way to grow your money. EQ Bank GICs come with terms ranging from 3 months to 10 years and provide a guaranteed rate of return on your investment.

So, if you’re searching for the best GIC interest rates, compare the latest EQ Bank GIC rates below.

EQ Bank GIC rates

TermNon-registered GICTFSA GICRSP GICFHSA GIC
3 months3.05%3.05%3.05%3.05%
6 months3%3%3%3%
9 months3.05%3.05%3.05%3.05%
1 year3.4%3.4%3.4%3.4%
15 months3.4%3.4%3.4%3.4%
2 years3.45%3.45%3.45%3.45%
27 months3.45%3.45%3.45%3.45%
3 years3.45%3.45%3.45%3.45%
4 years3.4%3.4%3.4%3.4%
5 years3.6%3.6%3.6%3.6%
6 years2.6%2.6%2.6%2.6%
7 years2.6%2.6%2.6%2.6%
10 years2.6%2.6%2.6%2.6%

Open an EQ Bank GIC

Lock in a 3.4% interest rate on a 1 year GIC. To fund your high interest GIC, you’ll need to open an EQ Bank Savings Plus Account first.
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What types of GICs does EQ Bank offer?

EQ Bank offers short- and long-term GICs with terms ranging from 3 months to 10 years. GIC accounts can be either registered or non-registered.

If you want to take advantage of potential tax benefits with a registered GIC, you can choose from the following:

  • EQ Bank TFSA GIC
  • EQ Bank RSP GIC
  • EQ Bank FHSA GIC

What is the best EQ Bank GIC rate?

The best EQ Bank GIC rate currently available is 3.4% with a 1-year term or 3.4% with a 15-month non-registered GIC. You can also get the same rate with a 1-year or 15-month registered (TFSA, RSP or FHSA) GIC form EQ Bank.

How does a GIC from EQ Bank work?

When you invest in an EQ Bank GIC, you agree to deposit money for a predetermined period. In return, EQ Bank pays a specific rate of interest on your investment. When the term ends, you also get back the initial amount you deposited.

There are many different types of GICs on the market, but EQ Bank GICs are non-redeemable. This means that your funds are locked in and you will not be able to access the money until the GIC matures.

GICs from EQ Bank pay a fixed interest rate that depends on the term length. You can buy a maximum of 20 certificates per customer, the maximum you can deposit per GIC is $100,000 and the maximum aggregate amount you can invest in EQ Bank GICs is $500,000.

Are EQ Bank GICs cashable?

No, EQ Bank GICs are non-redeemable. This means that once you open a GIC and the one-day cancellation period has passed, you can’t access your money until the end of the GIC term.

Is there a penalty for withdrawing money early from an EQ Bank GIC?

The funds in your EQ Bank GIC cannot be accessed before the GIC reaches its maturity date. So if you want to be able to have instant access to your savings in case of an unexpected financial emergency, you may want to consider a high interest savings account instead.

Do EQ Bank GICs have a minimum deposit requirement?

Yes. The minimum amount you can invest in an EQ Bank GIC is $100. Many banks have a minimum GIC investment requirement of $500, making EQ Bank GICs easier to access for people who are just starting their savings journey.

Does EQ Bank offer a TFSA GIC?

Yes, EQ Bank does offer TFSA GICs. Unlike a regular GIC, you don’t have to pay tax on the interest you earn from a TFSA GIC.

EQ Bank offers TFSA GICs with terms ranging from 3 months to 10 years and interest rates ranging from 2.6% to 3.4%, depending on the length of the term. The minimum deposit amount is $100.

While avoiding tax on your GIC interest is a solid perk, the downside of a EQ Bank TFSA GIC is that annual TFSA contribution limits will appl. That means there are restrictions on how much you can invest in your TFSA GIC per year.

You can learn more about how tax-free savings accounts work in our full TFSA guide here.

What is the 1-year rate for an EQ Bank GIC?

The 1-year rate for an EQ Bank GIC is currently 3.4%. You can get this rate whether you open for a non-registered, TFSA, RSP or FHSA account.

EQ Bank GIC
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EQ Bank GIC

3.4%
Interest Rate
1 year
Term
$100
Min. Investment
The EQ Bank 1-year GIC pays 3.4% interest on the money you deposit. Available in a registered or non-registered account, this investment product pays simple interest at maturity. It's easy to open an EQ Bank GIC online, and you also get the security of CDIC protection.
  • Earn 3.4% interest
  • CDIC insured
  • Easy to buy online
  • Can be registered or non registered
  • You can't access your funds before maturity
  • No physical branches for in-person service
  • You may find a higher rate elsewhere
Interest rate 3.4%
Term 1 year
Min. Investment $100
Min. Deposit to open $100

How are EQ Bank’s GIC rates calculated?

EQ Bank GICs accrue interest for the entire term, but the way it works depends on the length of the term.

For example, if the term is less than 1 year, the terms and conditions state that simple interest is calculated on a per diem basis and paid at maturity.

But if the term is over 1 year (except for 15- and 27-month terms), interest is calculated on a per annum basis and then paid either annually (simple interest) or at maturity (interest compounded annually).

The term you choose also affects the rate you get. EQ Bank’s highest rate (3%) is available with 6-month and 9-month GICs, while the lowest (2.6%) is available on 6-, 7- and 10-year GICs.

EQ Bank historical GIC rates

EQ Bank GIC rates have fluctuated quite a bit in the past few years. Over the last several years, rates have climbed steadily from 1.30% in July 2021 to October 2023, where we saw a rate of 5.75%. Rates have fallen slightly since then.

How to decide which EQ Bank GIC is right for you

There are two main factors to consider when choosing an EQ Bank GIC:

  • How long you are happy to lock away your money
  • The interest rate you can get

Think about your investment timeframe. How long are you comfortable locking away your money? Will you have enough savings to cover any financial emergencies that occur before your GIC matures? Do you have a specific savings goal in mind?

Once you have a goal in mind, compare EQ Bank GIC rates across different terms to find the highest available rate. For example, while you may be considering investing in a 2-year GIC at 3.45%, you may decide that earning 3.4% interest on a 1-year GIC makes it a better choice.

How to open an EQ Bank GIC

You can invest in an EQ Bank GIC by completing the following steps:

  1. Visit the EQ Bank GIC website and choose the GIC type, term and rate you want. Select Get Rate.
  2. If you’re a new customer, you’ll need to open an EQ Bank Personal Account. You can do this by entering your name, email address and Social Insurance Number and then confirming your identity.
  3. Deposit the money you want to invest into your GIC.

Pros and cons of getting a GIC from EQ Bank

Pros

  • Wide range of terms. With terms ranging from 3 months to 10 years, EQ Bank GICs suit a variety of investment timeframes.
  • Competitive rates. You can get a competitive EQ Bank GIC interest rate on the money you deposit.
  • Low minimum deposit. You can buy an EQ Bank GIC and get started with as little as $100.
  • Guaranteed return. You have the security of getting back your principal plus a fixed rate of return on your investment.
  • Registered and non-registered GICs available. Choose a regular GIC or opt for a TFSA, RSP or FHSA.
  • No fees. You won’t have to pay any fees on an EQ Bank GIC.
  • CDIC protection. EQ Bank is a CDIC member, so eligible GIC deposits of up to $100,000 are insured by the CDIC.

Cons

  • Non-redeemable. Your funds are locked in an EQ Bank GIC, and you can’t redeem your GIC before it matures.
  • No variable rate options. If you want a variable rate GIC to take advantage of any interest rate hikes, you’ll need to consider other providers.
  • No physical branches. EQ Bank doesn’t have any physical branches if you want in-person customer service.
  • You’ll need to shop around. Depending on the GIC term you want, you may be able to get a better rate elsewhere.

What other bank accounts does EQ Bank offer?

EQ Bank doesn’t offer the same full range of products and services as a Big Five bank, but it does offer a variety of accounts and investments. Two of its most popular offerings are the EQ Bank Personal Account and the Notice Savings Account.

EQ Bank Personal Account

EQ Bank Personal Account
9.3 Excellent
Go to site Read review

EQ Bank Personal Account

Earn 4.00%
Bonus Offer
$0
Monthly Account Fee
unlimited
Free Transactions
The Personal Account is a hybrid bank account that combines the best features of chequing and savings accounts. It supports unlimited monthly transactions with no fee or minimum balance requirement, and you also get free e-Transfers and no fees on ATM withdrawals across Canada. But at the same time, you earn 1.5% on your account balance—this climbs to 4% if you have your pay directly deposited into your account.
  • Unlimited transactions
  • No monthly fee or minimum balance requirement
  • Fee-free ATM withdrawals across Canada
  • Earn up to 4% interest
  • No physical branches for in-person service
  • You need to meet terms and conditions to earn the maximum interest rate
  • Some features not available to customers in Quebec
Min. Age 18
Account Fee $0
Overdraft Fee $0

EQ Bank Notice Savings Account

EQ Bank Notice Savings Account
9.3 Excellent
Go to site Read review

EQ Bank Notice Savings Account

3.00% - 3.05%
Interest Rate
$0
Account Fee
$0
Transaction Fee
The Notice Savings Account pays a high rate of interest on your balance, but it doesn't provide instant access to your funds. You'll need to provide advance notice to EQ Bank when you want to make a withdrawal—choose a 10-Day Notice Savings Account and you earn 3% interest, or choose a 30-Day Notice Savings Account and earn 3.05%. Best of all, there are no account fees or balance requirements to worry about.
  • High interest rate
  • No fees or minimum balance requirements
  • Easy to open online
  • CDIC insured
  • You can't access your money straight away
  • No physical branches for in-person service
  • Not available in Quebec
Min. Age N/A
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee unavailable

Other EQ Bank products

EQ Bank also offers the following products and services:

  • TFSA savings account
  • FHSA savings account
  • RSP savings account
  • US Dollar Account
  • EQ Bank Card
  • International money transfers
  • Mortgage Marketplace
  • Business Account
  • Business GICs

How do EQ Bank GICs compare to other bank GICs in Canada?

EQ Bank GIC rates are quite competitive and tend to be higher than those offered by the Big Five banks. However, it’s important to shop around to see how EQ Bank’s rates compare with those offered by other financial institutions.

For example, EQ Bank’s 1-year non-registered GIC rate of 3.4% is higher than what’s available from major banks, which usually range from 3.40% to 3.75%. But higher rates are available from other providers, such as:

  • Achieva Financial: 3.7% (1-year, non-redeemable GIC)
  • ICICI Bank Canada: 1.75% (1-year, CAD non-redeemable GIC)
  • Motive Financial: 3.55% (1-year, non-registered GIC)
  • Saven Financial: 3.8% (1-year, non-redeemable GIC)
  • Tangerine: 3.7% (1-year GIC)

Bottom line

EQ Bank is well worth checking out if you’re searching for safe and secure GIC investments. It offers competitive rates, terms to suit a wide range of investment timeframes, CDIC insurance coverage and an easy online application process. Compare EQ Bank GICs with GICs from a wide range of other banks before deciding where to invest your money.

Frequently asked questions about EQ Bank GICs

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Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

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