RRSP GIC and savings rates

Highest regular GIC rates we found

• 1 yr: 3.75% at Oaken Financial
• 2 yr: 4.20% at Oaken Financial
• 3 yr: 4.30% at Oaken Financial
• 5 yr: 4.50% at Oaken Financial

Regular (non-promo) rates only, among the institutions listed below. Not every Canadian bank or credit union is included.

RRSP GIC rates

Show promo rates

RRSP savings account rates

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Things to know

Promo rates vs regular rates

Rows marked promo are special offers. They may be limited to new clients, new money, a short period or certain terms. A savings promo usually drops back to the much lower regular rate after a few months. A GIC rate is locked in for the whole term, so a "special" GIC rate is a real rate for that term. Read the offer conditions on the institution's page.

Deposit insurance

Banks listed here are members of the Canada Deposit Insurance Corporation (CDIC). CDIC covers eligible deposits, including GICs with terms of 5 years or less, up to $100,000 per insured category per member institution. TFSAs, RRSPs, RRIFs and FHSAs are each a separate category. Credit unions are covered by their own province instead: in Ontario by FSRA, in BC by CUDIC, which guarantees deposits without a limit. Check coverage for your own situation.

How registered GICs work

A TFSA, RRSP or FHSA is an account type, not an investment. Inside it you can hold cash savings or GICs. A "TFSA GIC" is simply a GIC held inside a TFSA. The interest is then tax-free (TFSA, and FHSA when used for a qualifying first home) or tax-deferred (RRSP). Your contribution limits still apply. A non-redeemable GIC locks your money until maturity, so you usually cannot withdraw early even inside a TFSA. If you need access, look at cashable GICs or registered savings accounts, which pay less.

Frequently asked questions

Is an RRSP GIC a good idea?

It can suit money you want to keep safe inside an RRSP, for example as you near retirement. It pays a guaranteed rate but will usually grow less than stocks over long periods.

What happens to my RRSP GIC when it matures?

Many institutions auto-renew it at their current rate. You can usually move it to another GIC or investment inside the RRSP instead.

Does my RRSP contribution limit change with a GIC?

No. The GIC is just what you hold. Your RRSP deduction limit is on your CRA notice of assessment.

Are RRSP deposits insured?

At CDIC members, eligible RRSP deposits are a separate category covered up to $100,000 per institution.

Related calculators

• Compound interest calculator: see what a GIC rate grows to over time
• FHSA calculator
• TFSA contribution room calculator
• RRSP contribution room calculator

Other rate pages

Non-registered GICs rates · TFSA rates · FHSA rates