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 they 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 offers short- and long-term GICs — with terms ranging from 3 months to 10 years — that 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:
EQ Bank TFSA GIC
EQ Bank RSP GIC
EQ Bank FHSA GIC
How does a GIC from EQ Bank work?
When you invest in a EQ Bank GIC, you agree to deposit your money for a predetermined period, and in return EQ Bank pays a specific rate of interest on your investment. You also get back the initial amount you deposited when the term ends.
There are many different types of GICs on the market, but EQ Bank GICs are non-redeemable. This means your funds are locked in and you will not be able to access them money until the GIC matures.
GICs from EQ Bank pay a fixed interest rate depending on the term length. You can buy a maximum of 20 GICs 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.
What is the best EQ Bank GIC rate?
The best EQ Bank GIC rate currently available is 4% with the 1-year non-registered GIC. You can get the same rate with a registered (TFSA, RSP or FHSA) GIC form EQ Bank too.
Does EQ Bank offer a TFSA GIC?
Yes, EQ Bank does offer TFSA GICs.
You can choose a term ranging from 3 months through to 10 years, with interest rates ranging from 3.1% to 3.7% depending on the length of the term. The minimum deposit amount is $100.
Unlike a regular GIC, you don’t have to pay tax on the interest you earn from a TFSA GIC. The downside is that annual TFSA contribution limits apply, so there are restrictions on how much you can invest in a TFSA GIC. Learn more about how tax-free savings accounts work in our TFSA guide.
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 either paid annually (simple interest) or at maturity (interest compounded annually).
The term you choose also affects the rate you get. EQ Bank’s highest rate (3.7%) is available on 6-month and 9-month GICs, while the lowest (3.1%) is available on 6-, 7- and 10-year GICs.
Are EQ Bank GICs cashable?
No, EQ Bank GICs are non-redeemable. This means that once you open a GIC, and once 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.
What is the 1-year rate for EQ Bank GIC?
The 1-year rate for the EQ Bank GIC is currently 4%. You can get this rate whether you open for a non-registered, TFSA, RSP or FHSA account.
The EQ Bank 1-year GIC pays 4% interest on the money you deposit. Available as a registered or non-registered GIC, this investment product pays simple interest at maturity. It's easy to open an EQ Bank GIC online, while you also get the security of CDIC protection.
Earn 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
4%
Term
1 year
Min. Investment
$100
Min. Deposit to open
$100
EQ Bank historical GIC rates
EQ Bank GIC rates have fluctuated quite a bit in the past few years. From a rate of 1.30% in July 2021, rates climbed steadily over the next couple of years, where we saw rates like 5.75% in October 2023. Rates have fallen slightly since then.
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, so this makes EQ Bank GICs easier to access for people who are just starting their savings journey.
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 3.75%, you may decide that the 4% interest rate 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:
Visit the EQ Bank GIC website and choose the GIC type, term and rate you want. Click on “Get Rate”.
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 confirming your identity.
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 get the security of getting your principal back as well as 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 to 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 so you can take advantage of any interest rate rises, 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.
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, while you also get free e-Transfers and no fees on ATM withdrawals across Canada. But at the same time you earn 2.25% on your account balance — and this climbs to 4% if you get your pay direct 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
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 4% interest, or choose a 30 Day Notice Savings Account and earn 4.25%. 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
$0
Other EQ Bank products
EQ Bank also offers the following products and services:
How do EQ Bank GICs compare to other banks 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 to those offered by other financial institutions.
For example, EQ Bank’s 1-year non-registered GIC rate of 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:
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 cover 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
Yes, Quebec residents can invest in EQ Bank GICs. However, EQ Bank's RSP GICs are not available in Quebec.
No, EQ Bank does not offer a USD GIC. However, it does offer a US Dollar Account that has no monthly fees and pays 2.75% interest.
Yes, EQ Bank offers FHSA GICs as well as other registered GICs like TFSA and RSP GICs. Available terms range from 3 months to 10 years.
Yes. EQ Bank is a member of the Canada Deposit Insurance Corporation (CDIC), so up to $100,000 of eligible deposits you make in EQ Bank GICs is covered by CDIC insurance.
No, EQ Bank does not offer special GIC rates for seniors. The rate you can qualify for is not affected by your age.
Banking scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Finder scores, in blue, are based on our expert analysis. We assess multiple key categories broken down into over 30 different data points across both chequing and savings accounts.
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
Looking for a low-risk, tax-free way to grow your money for retirement? Find out how an RRSP GIC works.
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