Terms and conditions apply; rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. Non-Registered rates are tiered and based on your balance. 3.25% applies to deposits of $25,000 or more. See WealthONE website for current rates and applicable balance tiers. Highest rate in Canada for non-promotional HISA accounts, as confirmed by WOWA.ca as of October 29, 2026.
Best 2-Year GIC Rates in Canada
| Provider | Rate | Insurance Coverage |
|---|---|---|
WealthONE | 4.30% | $100,000 per categoryInsured by CDIC |
Saven Financial Create a free account to see moreCreate a free account | 4.25% 2-Year | $250,000 per depositorInsured by FSRA (DIRF) |
MCAN Financial | 4.20% | $100,000 per categoryInsured by CDIC |
Oaken Create a free account to see moreCreate a free account | 4.20% 2-Year | $100,000 per categoryInsured by CDIC |
Achieva Financial | 4.10% | UnlimitedInsured by DGCM |
MAXA Financial Create a free account to see moreCreate a free account | 4.05% 2-Year | UnlimitedInsured by DGCM |
Outlook Financial Create a free account to see moreCreate a free account | 4.05% 2-Year | UnlimitedInsured by DGCM |
4.00% | $100,000 per categoryInsured by CDIC | |
Haventree Bank | 4.00% | $100,000 per categoryInsured by CDIC |
Equitable Create a free account to see moreCreate a free account | 3.97% 2-Year | $100,000 per categoryInsured by CDIC |
Hubert Create a free account to see moreCreate a free account | 3.95% 2-Year | UnlimitedInsured by DGCM |
General Bank of Canada Create a free account to see moreCreate a free account | 3.92% 2-Year | $100,000 per categoryInsured by CDIC |
Pathwise Credit Union | 3.90% | $250,000 per depositorInsured by FSRA (DIRF) |
Steinbach Credit Union Create a free account to see moreCreate a free account | 3.90% 2-Year | UnlimitedInsured by DGCM |
3.85% 2-Year | $100,000 per categoryInsured by CDIC | |
HomeEquity Bank Create a free account to see moreCreate a free account | 3.85% 2-Year | $100,000 per categoryInsured by CDIC |
LBC Digital Create a free account to see moreCreate a free account | 3.80% 2-Year | $100,000 per categoryInsured by CDIC |
Meridian Create a free account to see moreCreate a free account | 3.80% 2-Year | — |
Laurentian Create a free account to see moreCreate a free account | 3.80% 2-Year | $100,000 per categoryInsured by CDIC |
Manulife Create a free account to see moreCreate a free account | 3.70% 2-Year | $100,000 per categoryInsured by CDIC |
DUCA Financial Create a free account to see moreCreate a free account | 3.70% 2-Year | $250,000 per depositorInsured by FSRA (DIRF) |
Bridgewater Bank Create a free account to see moreCreate a free account | 3.70% 2-Year | $100,000 per categoryInsured by CDIC |
Your Neighbourhood Credit Union Create a free account to see moreCreate a free account | 3.70% 2-Year | $250,000 per depositorInsured by FSRA (DIRF) |
FirstOntario Credit Union Create a free account to see moreCreate a free account | 3.60% 2-Year | $250,000 per depositorInsured by FSRA (DIRF) |
ICICI Create a free account to see moreCreate a free account | 3.60% 2-Year | $100,000 per categoryInsured by CDIC |
Northern Credit Union Create a free account to see moreCreate a free account | 3.55% 2-Year | $250,000 per depositorInsured by FSRA (DIRF) |
National Bank Create a free account to see moreCreate a free account | 3.55% 2-Year | $100,000 per categoryInsured by CDIC |
Simplii Financial Create a free account to see moreCreate a free account | *3.54%* 2-Year | $100,000 per categoryInsured by CDIC |
Sun Life Create a free account to see moreCreate a free account | 3.45% 2-Year | $100,000 per categoryInsured by CDIC |
Desjardins Create a free account to see moreCreate a free account | 3.40% 2-Year | $100,000 per categoryInsured by AMF |
Libro Credit Union Create a free account to see moreCreate a free account | 3.35% 2-Year | $250,000 per depositorInsured by FSRA (DIRF) |
Kawartha Credit Union Create a free account to see moreCreate a free account | 3.35% 2-Year | $250,000 per depositorInsured by FSRA (DIRF) |
Kindred Credit Union Create a free account to see moreCreate a free account | 3.30% 2-Year | $250,000 per depositorInsured by FSRA (DIRF) |
Northern Birch Credit Union Create a free account to see moreCreate a free account | 3.25% 2-Year | $250,000 per depositorInsured by FSRA (DIRF) |
3.20% 2-Year | $100,000 per categoryInsured by CDIC | |
3.20% 2-Year | $100,000 per categoryInsured by CDIC | |
Peoples Bank Create a free account to see moreCreate a free account | 3.00% 2-Year | $100,000 per categoryInsured by CDIC |
WFCU | 2.95% | $250,000 per depositorInsured by FSRA (DIRF) |
Alterna Bank Create a free account to see moreCreate a free account | 2.85% 2-Year | $100,000 per categoryInsured by CDIC |
Caisse Populaire Alliance Create a free account to see moreCreate a free account | 2.70% 2-Year | $250,000 per depositorInsured by FSRA (DIRF) |
2.55% 2-Year | $100,000 per categoryInsured by CDIC | |
2.55% 2-Year | $100,000 per categoryInsured by CDIC | |
2.50% 2-Year | $100,000 per categoryInsured by CDIC | |
Canadian Tire Create a free account to see moreCreate a free account | 2.40% 2-Year | $100,000 per categoryInsured by CDIC |
Note: Rates shown are annual interest rates for non-redeemable GICs. Unless marked, interest is compounded annually or paid out annually.
*Compounded monthly. The rate shown is Simplii Financial’s annual interest rate. Monthly compounding gives a slightly higher effective annual yield than the same rate compounded annually.
Terms and conditions apply. Rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. See WealthONE's website for current rates and applicable balance tiers. Highest rate in Canada for RRSP HISA accounts, as confirmed by WOWA as of July 24 2026
What Are 2-Year GICs?
The content below, excluding GIC rates, was last updated on: October 27th, 2026
Guaranteed Investment Certificates (GICs) are one of the most popular forms of investment in Canada, especially for risk-averse investors. As their name suggests, GICs offer guaranteed returns on investments. When you invest in a non-redeemable GIC, your money is locked in for the term you choose, and you earn interest on it for that period. With a 2-year non-redeemable GIC, your money is locked in for 2 years. Redeemable and cashable GICs let you withdraw early, subject to restrictions.
2-year GICs and all GICs with a term length longer than 1 year fall under the category of long-term GICs. Usually, interest rates increase with the term, but the gap between terms changes over time. As of November 3, 2026, the highest GIC rates on WOWA are 4.05% for 1 year, 4.30% for 2 years and 4.40% for 3 years.
Sometimes shorter-term rates are higher than longer-term rates. In the bond market, this is called an inverted yield curve. An inverted Government of Canada bond yield curve reflects market expectations that interest rates may fall, and it can be associated with slower economic growth, but it doesn’t guarantee either outcome. GIC rates for different terms are also set by each bank or credit union based on its own funding needs and promotions, so they don’t always follow the bond yield curve.
How Much Does a 2-Year GIC Earn?
Here’s how $10,000 grows in a 2-year GIC at 4.30%, the highest 2-year rate on WOWA as of November 3, 2026, with interest compounded annually and paid at maturity:
| Year | Interest earned | Balance at year end |
|---|---|---|
| 1 | $430.00 | $10,430.00 |
| 2 | $448.49 | $10,878.49 |
You’d earn $878.49 in interest before taxes. If the interest were paid out to you each year instead of compounded, you’d receive $430 a year, or $860 in total. Try different amounts and terms with our GIC Calculator.
1-Year vs. 2-Year vs. 3-Year GIC Rates
As of November 3, 2026, the best 2-year GIC paid 0.25 percentage points more a year than the best 1-year GIC, and the best 3-year GIC paid 0.10 percentage points more than the best 2-year GIC. Here’s what $10,000 earns at the highest rate for each term on WOWA, compounded annually:
| Term | Highest rate | Interest in the first year | Value at maturity | Total interest |
|---|---|---|---|---|
| 1-year GIC | 4.05% | $405.00 | $10,405.00 | $405.00 |
| 2-year GIC | 4.30% | $430.00 | $10,878.49 | $878.49 |
| 3-year GIC | 4.40% | $440.00 | $11,378.93 | $1,378.93 |
A longer term pays a higher rate in exchange for locking in your money for longer. A 1-year GIC gives you access to your money sooner, while a 2- or 3-year GIC protects you from a drop in rates for longer. Compare rates for every term on our GIC rates page.
Should You Choose a 2-Year GIC or Two 1-Year GICs?
A 2-year GIC locks in your rate for both years. If you buy a 1-year GIC and then reinvest in another 1-year GIC when it matures, the second year’s rate isn’t known in advance. This is called reinvestment risk.
For example, as of November 3, 2026, $10,000 in the best 2-year GIC at 4.30% grows to $10,878.49. The same amount in a 1-year GIC at 4.05% grows to $10,405. If 1-year rates are still 4.05% when you reinvest, you’ll end up with $10,826.40, or $52.09 less. The second 1-year GIC would need to pay about 4.55% to match the 2-year GIC.
Two 1-year GICs can make sense if you might need the money after one year or expect rates to rise. A 2-year GIC makes sense if you want a guaranteed return for both years.
2-Year GIC Rates vs Bond Yields
2-Year GIC Rate 4.30%* as of November 2, 2026 | 2-Year Government of Canada Bond Yield 3.26%** as of November 2, 2026 |
*Highest rate offered by providers listed on WOWA.ca
**Government of Canada 2-year benchmark bond yield from the Bank of Canada
GICs and bonds work differently. A fixed-rate GIC pays a contractual rate of interest, and its value doesn’t change before maturity. A bond pays interest (its coupon), but its market price changes with interest rates. Bond prices move in the opposite direction to yields: when yields rise, the prices of existing bonds fall.
In 2022, when the Bank of Canada raised its policy rate quickly, bond yields rose and the prices of existing bonds fell sharply. These price drops mainly affected investors who sold their bonds before maturity or who track their bonds’ market value, such as through a bond fund. Investors who held a bond to maturity still received its face value. Meanwhile, GIC rates rose. Learn more in GIC vs. Bonds.
Types of 2-Year GICs
Registered and Non-Registered
2-year GICs in Canada can be held in non-registered accounts as well as registered accounts, such as Tax-Free Savings Accounts (TFSA), Registered Retirement Savings Plans (RRSP), Registered Education Savings Plans (RESP) and more. Investing in GICs through registered accounts can have potential tax benefits. Therefore, if you have a TFSA contribution room or RRSP contribution room available, you may consider investing in 2-year GIC options through these accounts. If you are saving up for the purchase of your first home, you may also consider investing in GICs through a First Home Savings Account (FHSA) to grow your savings tax-free.
How Is 2-Year GIC Interest Taxed?
Interest from a GIC in a non-registered account is taxed as income at your marginal tax rate. With a 2-year GIC that pays interest only at maturity, you still have to report the interest each year as it’s earned, not just when you receive it. Your GIC provider usually sends a T5 slip, but you must report the interest even if you don’t get one.
For example, with $10,000 at 4.30% compounded annually, you’d report $430 of interest for the GIC’s first year and $448.49 for its second year.
GICs held in registered accounts are taxed differently:
- TFSA: Interest isn’t taxed, and withdrawals are tax-free.
- RRSP: Interest isn’t taxed while it stays in the plan, but withdrawals are taxed as income.
- FHSA: Interest isn’t taxed, and qualifying withdrawals to buy your first home are tax-free.
Redeemable, Non-Redeemable and Cashable GICs
Another basis for the classification of 2-year GICs is their redemption. Non-redeemable GICs can’t be cashed in before the end of the 2-year term. Redeemable GICs can be redeemed early, usually at a reduced interest rate set when you buy the GIC. Cashable GICs also pay lower rates than non-redeemable GICs.
The rules for cashing in early vary by lender. Some cashable GICs require you to hold them for a minimum period, such as 30 days, and pay no interest if you cash out sooner. After that, some pay the full rate, while others pay a lower rate that depends on how long you held the GIC. For example, Scotiabank’s 1-year cashable GIC can be cashed in after 30 days with no interest penalty, while TD’s 1-year cashable GIC pays tiered, lower rates if you cash out early.
Most cashable GICs have a 1-year term. You could renew a 1-year cashable GIC for a second year, but the second year’s rate isn’t guaranteed in advance. It will be whatever rate the bank offers when the first year ends, which could be lower. A 2-year fixed-rate GIC locks in the rate for both years.
2-Year GIC Insurance
Most GIC investments are eligible for either CDIC (Canada Deposit Insurance Corporation) insurance or provincial deposit insurance. This means your money is protected up to the insurer’s limits if the financial institution fails.
CDIC covers GICs issued by its member institutions, such as banks and trust companies. It insures eligible deposits up to $100,000 per depositor, per insurance category, per member institution, including principal and interest. Categories include deposits in your name, joint deposits, and deposits in a TFSA, RRSP, RRIF, RESP, RDSP or FHSA.
Most credit unions are covered by provincial deposit insurance instead:
- Ontario: FSRA covers eligible non-registered deposits up to $250,000 and eligible registered deposits (such as TFSAs, RRSPs and FHSAs) without a limit.
- Manitoba: The Deposit Guarantee Corporation of Manitoba (DGCM) guarantees all deposits at Manitoba credit unions without a limit.
- Quebec: The AMF insures eligible deposits at Desjardins caisses up to $100,000 per depositor, per category.
Is a 2-Year GIC Worth It in 2026?
A 2-year GIC makes sense if you want two years of rate certainty but don’t want to commit to a 3- or 5-year term. As of November 3, 2026, the best 2-year rate (4.30%) was 0.25 percentage points higher than the best 1-year rate (4.05%) and only 0.10 percentage points lower than the best 3-year rate (4.40%).
A 2-year GIC can be a good fit if:
- You’ll need the money in about two years, such as for a home down payment, a car or tuition.
- You want to know exactly what you’ll earn, even if interest rates fall.
- You don’t want your money locked in for three years or more.
Keep in mind:
- Most 2-year GICs are non-redeemable, so you can’t take your money out early.
- If rates rise after you buy, you’ll keep your lower rate until maturity.
Best 2-Year GICs in Canada
RBC 2-Year GIC Rates
- Minimum Investment: $1,000 for non-registered accounts, RRIFs and LIFs; $500 for RRSPs, TFSAs, RESPs and RDSPs
- Eligible for: Non-registered accounts, RRSPs, TFSAs, RESPs, RRIFs, LIFs and RDSPs
Current RBC Non-Redeemable GIC Rates as of November 3, 2026
TD 2-Year GIC Rates
- Minimum Investment: $1,000 for non-registered accounts and TFSAs; $500 for RRSPs, RRIFs, RESPs and FHSAs
- Eligible for: Non-registered accounts, RRSPs, TFSAs, FHSAs, RESPs and RRIFs
Current TD Non-Redeemable GIC Rates as of November 3, 2026
Scotiabank 2-Year GIC Rates
- Minimum Investment: $500 ($5,000 for monthly interest payments)
- Eligible for: Non-registered accounts, RRSPs, RESPs, TFSAs, FHSAs, RDSPs, RIFs, LIFs, LRIFs and RLIFs
Current Scotiabank Non-Redeemable GIC Rates as of November 3, 2026
BMO 2-Year GIC Rates
- Minimum Investment: $1,000 ($5,000 for monthly interest payments in a non-registered account)
- Eligible for: Non-registered accounts, RRSPs, TFSAs, FHSAs, RESPs, RIFs and RDSPs
Current BMO Non-Redeemable GIC Rates as of November 3, 2026
CIBC 2-Year GIC Rates
- Minimum Investment: $1,000
- Eligible for: Non-registered accounts, RRSPs, TFSAs, RRIFs and LIFs at this rate. CIBC also offers 2-year GICs in FHSAs, RESPs and RDSPs at different rates.
Current CIBC Non-Redeemable GIC Rates as of November 3, 2026
National Bank 2-Year GIC Rates
- Minimum Investment: $500
- Eligible for: Non-registered accounts and all registered plans except RESPs, including RRSPs, RRIFs, TFSAs and FHSAs
Current National Bank Non-Redeemable GIC Rates as of November 3, 2026
How to Choose a 2-Year GIC
| What to check | What to look for |
|---|---|
| Rate | Compare the annual rate with the highest rates in the table above |
| Minimum investment | Ranges from $100 to $1,000 or more, depending on the provider and account type |
| Interest compounding | Whether interest is compounded annually or monthly, or paid out to you |
| Redemption rules | Most 2-year GICs are non-redeemable. Cashable and redeemable GICs may have a waiting period and pay reduced interest if you redeem early. |
| Deposit insurance | Whether the GIC is covered by CDIC or provincial deposit insurance, and how much you already hold at that institution |
| Account eligibility | Whether the provider offers the GIC in the account you want, such as a TFSA, RRSP, FHSA or RRIF |
| What happens at maturity | Whether the GIC renews automatically at the rate in effect then, and how and when you can change your maturity instructions |
2-Year GIC FAQ
What is the best 2-year GIC rate in Canada?
As of November 3, 2026, the highest 2-year GIC rate on WOWA is 4.30%, offered by WealthONE. Rates change often, so check the rate table at the top of this page for the latest rates.
Are 2-year GICs worth it?
A 2-year GIC is worth considering if you want a guaranteed return for two years without locking in your money for longer. As of November 3, 2026, the best 2-year rate was 4.30%, compared with 4.05% for 1 year and 4.40% for 3 years.
Can you withdraw from a 2-year GIC early?
Most 2-year GICs are non-redeemable, so you can't withdraw your money before maturity except in limited cases, such as the death of the owner. Redeemable and cashable GICs allow early withdrawals, but they pay lower rates and may pay reduced or no interest if you cash out early.
How much interest will $10,000 earn in a 2-year GIC?
At 4.30%, the highest 2-year rate on WOWA as of November 3, 2026, $10,000 grows to $10,878.49 after two years with annual compounding. That's $878.49 in interest before taxes.
Is a 2-year GIC better than a 1-year GIC?
A 2-year GIC usually pays a higher rate and locks it in for both years. As of November 3, 2026, the best 2-year rate was 4.30%, compared with 4.05% for 1 year. A 1-year GIC gives you access to your money sooner, but if you reinvest, the second year's rate isn't guaranteed.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA® does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.