The Big 6 Problem
A 1-year GIC at a Big 6 bank in early 2026 typically rates in the 3.0–3.5% range. A 1-year GIC at EQ Bank, Oaken Financial, or Hubert Financial tends to be in the 4.0–4.5% range. That's a 0.5–1.5% difference on money that's insured by the same CDIC framework either way.
On a $100,000 GIC held for one year, the difference is $500–$1,500 of additional interest for doing the same thing at a different institution. The only cost is the inconvenience of a bank account you don't already have.
Who Offers the Best GIC Rates
| Institution | Insurance | Rate Tier | Notes |
|---|---|---|---|
| EQ Bank | CDIC | Typically top-tier | Online-only bank. Consistently among the highest CDIC-insured GIC rates in Canada. Also offers TFSA and RRSP GICs. Easy online setup. |
| Oaken Financial (Home Trust) | CDIC | Typically top-tier | A division of Home Trust, CDIC member. Often matches or beats EQ Bank. Online-only. Good for GIC laddering — flexible term selection. |
| Hubert Financial | DGCM (Manitoba) | Typically top-tier | A division of Sunova Credit Union (Manitoba). Covered by Deposit Guarantee Corporation of Manitoba — 100% unlimited deposit insurance (vs CDIC's $100K limit per category). Worth knowing for large deposits. |
| AcceleRate Financial | DGCM (Manitoba) | Competitive | Another Manitoba-based credit union with unlimited provincial insurance. Competitive rates, particularly on non-redeemable GICs. |
| WealthONE Bank | CDIC | Competitive | Smaller CDIC-member bank. Competitive rates particularly on 1-2 year terms. |
| Credit unions (provincial) | Provincial (DICO/BCFSA/etc) | Variable | Provincial credit union deposit insurance applies. DICO (Ontario) covers $250K, BCFSA (BC) covers $250K. Many credit unions offer competitive rates, especially for members. |
| Big 6 Banks | CDIC | Below market | Convenience of existing relationship and branch access. Rates typically 1–2% below online bank equivalents. Only makes sense if you're not shopping for rate. |
Deposit Insurance: Staying Covered Above $100,000
CDIC insures eligible deposits up to $100,000 per depositor per institution per category. Categories include: deposits in your own name, joint deposits, RRSP deposits, TFSA deposits, RRIF deposits. A married couple with a joint GIC + individual GICs can have significantly more than $100,000 covered at one CDIC institution.
For deposits above CDIC limits, two strategies:
- Spread across multiple CDIC members: EQ Bank + Oaken are separate CDIC members — a $200,000 GIC can be split $100K at each, both fully covered.
- Use Manitoba institutions (Hubert, AcceleRate): DGCM provides unlimited insurance regardless of amount. No ceiling. This is the main reason some savers move large deposits to Manitoba credit unions.
GIC Types — What the Fine Print Means
Non-redeemable GICs offer the highest rates. Your money is locked until maturity — you cannot access it before the term ends. Best when you know you won't need the funds and want maximum rate.
Cashable GICs can be redeemed early (usually after 30–90 days), but at a lower rate than non-redeemable. The rate premium for non-cashable is typically 0.2–0.5%.
Market-linked GICs offer a return tied to a stock market index with principal protection. You can't lose your deposit, but returns are capped and often paid only at maturity. Not the same as a regular GIC — you're trading rate certainty for potential upside. Generally not recommended unless the floor return (guaranteed minimum) is competitive with regular GIC rates.
Step-up / bonus-rate GICs: Some institutions offer GICs with escalating rates (higher in years 2 and 3 than year 1). Read the full rate schedule — the "up to X%" marketing number is often the final year's rate, not the average. Calculate the true average annual return before comparing to a flat-rate GIC.
GICs Inside Registered Accounts
GICs can be held inside RRSPs, TFSAs, RRIFs, and FHSAs. The rules are the same as other GIC purchases — you're just holding the asset inside the registered wrapper. One consideration: non-redeemable GICs inside an RRSP near your planned conversion date to RRIF can cause a mismatch if the GIC matures after your required RRIF conversion. Plan terms to mature before your conversion year.
For RRIF holders, a GIC ladder — staggering maturities (1-year, 2-year, 3-year, 4-year, 5-year) so a portion comes due each year — provides annual reinvestment at whatever current rates are without committing all funds to today's rates. This is one of the more practical uses of GICs for retirement income planning. See the RRIF withdrawal guide for the full strategy.
How to Actually Buy a GIC
For EQ Bank and Oaken: open an account online (takes 15–20 minutes, requires SIN and Canadian bank account for funding). Fund the account, navigate to GIC products, select your term and amount, done. Government-issued photo ID required via ID verification.
For credit unions (Hubert, AcceleRate): same online process — they accept members from anywhere in Canada, not just Manitoba.