TFSA 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.

TFSA GIC rates

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TFSA 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

Can I hold a GIC in a TFSA?

Yes. Most banks and credit unions offer TFSA GICs. The interest is tax-free, but the amount you put in counts against your TFSA contribution room.

Can I withdraw from a TFSA GIC early?

A non-redeemable GIC usually cannot be cashed before maturity, even inside a TFSA. Cashable GICs and TFSA savings accounts let you withdraw, at lower rates.

Does a TFSA withdrawal give me room back?

Yes, but not until January 1 of the next year. Re-contributing in the same year can cause an over-contribution.

Are TFSA deposits insured separately?

At CDIC members, eligible deposits in a TFSA are a separate insured 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 · RRSP rates · FHSA rates