Highest1-YearGIC Ratesmaple leaf
Select GIC Term:
1-Year

3-Month GIC Rates in Canada

WOWA Trusted and Transparent
GIC Type
Provider
Non-Redeemable
Redeemable
3.75%
Non-Redeemable
-
Redeemable
3.50%
Non-Redeemable
-
Redeemable
3.50%
Non-Redeemable
0.05%
Redeemable
3.30%
Non-Redeemable
3.05%
Redeemable
2.75%
Non-Redeemable
2.25%
Redeemable
2.75%
Non-Redeemable
-
Redeemable
2.75%
Non-Redeemable
-
Redeemable
Highest1-YearGIC Ratesmaple leaf
Select GIC Term:
1-Year

What are 3-Month GICs?

The content below, excluding GIC rates, was last updated on: August 18th, 2023

Guaranteed Income Certificates (GICs) are an investment option provided by banks and financial institutions that offer a guaranteed rate of return over a specified period of time. GICs are considered low-risk investment options. A 3-month GIC or 90-day GIC requires you to invest your money for a 3-month period, after which you get your principal investment back, along with any interest earned on the investment. The GIC rates offered for 3-month GICs are usually fixed rates. This means you can calculate the exact returns you will receive on your GIC investment. If a bank offers a 3-month redeemable GIC, you may receive a lower rate of interest if you redeem earlier than 3 months.

3-month GICs offered by major banks (and other CDIC members) are eligible for CDIC (Canadian Deposit Insurance Corporation) insurance, while provincial regulators usually insure GICs offered by credit unions in their province. This means that in a situation where your financial institution fails, your investment will be protected. However, it must be noted that the coverage is usually limited. For example, the CDIC maximum coverage limit is $100,000, including principal and interest.

Notably, the interest is usually paid at maturity for GICs with a term length of one year or lower. For longer term lengths, banks may offer to pay interest monthly, semi-annually or annually as well.

Redeemable and Non-Redeemable 3-Month GICs

You may find both redeemable and non-redeemable options for a 3-month GIC. With non-redeemable GICs, your investment is locked in for the term of the investment, and you can't access the money before the end of the term. 3-month GICs can be redeemable, which means you can withdraw all or part of your investment before the 3-month period ends.

The 3 month GIC rates for non-redeemable GICs are usually higher than their redeemable counterparts. For example, as of August 2023, BMO’s 3-month GIC redeemable GIC has an interest rate of 2.25%, while the 3-month non-redeemable GIC has an interest rate of 2.75%. Furthermore, redeemable GICs typically have predetermined early redemption rates, which are significantly lower than the original GIC rate. Thus, if you redeem the GIC early, you will likely receive a very small interest.

However, a 3-month redeemable GIC may work well for someone who wants to park their money somewhere for a short time before investing it. This way, they will still receive some interest on their money while having the flexibility to withdraw it anytime.

Registered and Non-Registered 3-Month GICs

GICs can be held in a non-registered account or a registered account, such as a TFSA (Tax-Free Savings Account), an RRSP (Registered Retirement Savings Plan), RESP (Registered Education Savings Plan) and more. Investing in a GIC through a registered account may offer some tax benefits. If you have a registered account with a financial institution, you may look into GIC investment options provided by them.

Best 3-Month GICs in Canada

EQ Bank

EQ Bank 3-Month GIC Rates

3-Month: 3.75%
EQ Bank GIC Terms:
  • Minimum Investment: $100
  • Eligible for: RRSP, TFSA, FHSA (rates may vary)

Current EQ Bank Non-Redeemable GIC Rates as of July 23 2024

CIBC

CIBC 3-Month GIC Rates

3-Month: 3.50%
CIBC GIC Terms:
  • Minimum Investment: $1,000
  • Eligible for: RRSP, TFSA, RRIF, and LIF (rates and minimum investment may vary)

Current CIBC Non-Redeemable GIC Rates as of July 23 2024

TD

TD 3-Month GIC Rates

3-Month: 2.75%
TD GIC Terms:
  • Minimum Investment: $5,000
  • Eligible for: TFSA (min. $5,000); RSP, RIF, LIF, and RESP (min. $2,000)

Current TD Non-Redeemable GIC Rates as of July 23 2024

BMO

BMO 3-Month GIC Rates

3-Month: 2.75%
BMO GIC Terms:
  • Minimum Investment: $5,000
  • Eligible for: TFSA, RESP and RDSP (min. $1,000)

Current BMO Non-Redeemable GIC Rates as of July 23 2024

Scotiabank

Scotiabank 3-Month GIC Rates

3-Month: 2.75%
Scotiabank GIC Terms:
  • Minimum Investment: $500
  • Eligible for: RRSP, TFSA, RESP, RRIF, LIF, and RDSP (min. $500)

Current Scotiabank Non-Redeemable GIC Rates as of July 23 2024

RBC

RBC 3-Month GIC Rates

3-Month: 3.30%
RBC GIC Terms:
  • Minimum Investment: $5,000
  • Eligible for: RRSP, TFSA, RESP, RRIF, LIF, and RDSP (min. $500)

Current RBC Non-Redeemable GIC Rates as of July 23 2024

The calculators and content on this page are provided for general information purposes only. WOWA does not guarantee the accuracy of information shown and is not responsible for any consequences of the use of the calculator.