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 5-Year GIC Rates in Canada
| Provider | Rate | Insurance Coverage |
|---|---|---|
WealthONE | 4.55% | $100,000 per categoryInsured by CDIC |
Oaken Create a free account to see moreCreate a free account | 4.50% 5-Year | $100,000 per categoryInsured by CDIC |
Saven Financial Create a free account to see moreCreate a free account | 4.50% 5-Year | $250,000 per depositorInsured by FSRA (DIRF) |
MCAN Financial | 4.35% | $100,000 per categoryInsured by CDIC |
Achieva Financial | 4.35% | UnlimitedInsured by DGCM |
Outlook Financial Create a free account to see moreCreate a free account | 4.35% 5-Year | UnlimitedInsured by DGCM |
MAXA Financial Create a free account to see moreCreate a free account | 4.35% 5-Year | UnlimitedInsured by DGCM |
4.30% | $100,000 per categoryInsured by CDIC | |
Haventree Bank | 4.30% | $100,000 per categoryInsured by CDIC |
Hubert Create a free account to see moreCreate a free account | 4.25% 5-Year | UnlimitedInsured by DGCM |
4.25% 5-Year | $100,000 per categoryInsured by CDIC | |
Your Neighbourhood Credit Union Create a free account to see moreCreate a free account | 4.25% 5-Year | $250,000 per depositorInsured by FSRA (DIRF) |
Meridian Create a free account to see moreCreate a free account | 4.20% 5-Year | — |
Steinbach Credit Union Create a free account to see moreCreate a free account | 4.20% 5-Year | UnlimitedInsured by DGCM |
Simplii Financial Create a free account to see moreCreate a free account | *4.17%* 5-Year | $100,000 per categoryInsured by CDIC |
HomeEquity Bank Create a free account to see moreCreate a free account | 4.17% 5-Year | $100,000 per categoryInsured by CDIC |
LBC Digital Create a free account to see moreCreate a free account | 4.10% 5-Year | $100,000 per categoryInsured by CDIC |
Northern Credit Union Create a free account to see moreCreate a free account | 4.10% 5-Year | $250,000 per depositorInsured by FSRA (DIRF) |
Desjardins Create a free account to see moreCreate a free account | 4.10% 5-Year | $100,000 per categoryInsured by AMF |
Laurentian Create a free account to see moreCreate a free account | 4.10% 5-Year | $100,000 per categoryInsured by CDIC |
Equitable Create a free account to see moreCreate a free account | 4.07% 5-Year | $100,000 per categoryInsured by CDIC |
Manulife Create a free account to see moreCreate a free account | 4.05% 5-Year | $100,000 per categoryInsured by CDIC |
Canadian Tire Create a free account to see moreCreate a free account | 4.03% 5-Year | $100,000 per categoryInsured by CDIC |
General Bank of Canada Create a free account to see moreCreate a free account | 4.01% 5-Year | $100,000 per categoryInsured by CDIC |
ICICI Create a free account to see moreCreate a free account | 4.00% 5-Year | $100,000 per categoryInsured by CDIC |
Kindred Credit Union Create a free account to see moreCreate a free account | 4.00% 5-Year | $250,000 per depositorInsured by FSRA (DIRF) |
National Bank Create a free account to see moreCreate a free account | 4.00% 5-Year | $100,000 per categoryInsured by CDIC |
DUCA Financial Create a free account to see moreCreate a free account | 3.85% 5-Year | $250,000 per depositorInsured by FSRA (DIRF) |
FirstOntario Credit Union Create a free account to see moreCreate a free account | 3.80% 5-Year | $250,000 per depositorInsured by FSRA (DIRF) |
Kawartha Credit Union Create a free account to see moreCreate a free account | 3.75% 5-Year | $250,000 per depositorInsured by FSRA (DIRF) |
Libro Credit Union Create a free account to see moreCreate a free account | 3.75% 5-Year | $250,000 per depositorInsured by FSRA (DIRF) |
Pathwise Credit Union | 3.70% | $250,000 per depositorInsured by FSRA (DIRF) |
Sun Life Create a free account to see moreCreate a free account | 3.65% 5-Year | $100,000 per categoryInsured by CDIC |
Northern Birch Credit Union Create a free account to see moreCreate a free account | 3.60% 5-Year | $250,000 per depositorInsured by FSRA (DIRF) |
3.55% 5-Year | $100,000 per categoryInsured by CDIC | |
3.55% 5-Year | $100,000 per categoryInsured by CDIC | |
Peoples Bank Create a free account to see moreCreate a free account | 3.45% 5-Year | $100,000 per categoryInsured by CDIC |
Alterna Bank Create a free account to see moreCreate a free account | 3.30% 5-Year | $100,000 per categoryInsured by CDIC |
Bridgewater Bank Create a free account to see moreCreate a free account | 3.15% 5-Year | $100,000 per categoryInsured by CDIC |
WFCU | 3.05% | $250,000 per depositorInsured by FSRA (DIRF) |
Caisse Populaire Alliance Create a free account to see moreCreate a free account | 2.90% 5-Year | $250,000 per depositorInsured by FSRA (DIRF) |
2.75% 5-Year | $100,000 per categoryInsured by CDIC | |
2.75% 5-Year | $100,000 per categoryInsured by CDIC | |
2.75% 5-Year | $100,000 per categoryInsured by CDIC |
Note: Rates shown are annual interest rates for non-redeemable GICs, with interest compounded annually unless marked otherwise.
*Compounded monthly. 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
5-Year GIC Rates vs Bond Yields
5-Year GIC Rate 4.55%* as of October 30, 2026 | 5-Year Government of Canada Bond Yield 3.51%** as of October 30, 2026 |
*5-Year GIC Rate: highest rate offered by providers listed on WOWA.ca
**5-Year Government of Canada Bond Yield: Government of Canada 5-year benchmark bond yield from the Bank of Canada
5-Year GIC Rates* vs Bond Yields (2007 - Present)
5-Year GIC vs. 5-Year Government of Canada Bond
On October 30, 2026, the highest 5-year GIC rate on WOWA was 4.55%, and the 5-year Government of Canada benchmark bond yield was 3.51%, according to the Bank of Canada. That puts the best 5-year GIC about 1.04 percentage points above the bond yield.
GICs and bonds work differently:
| 5-year GIC | 5-year Government of Canada bond | |
|---|---|---|
| Access before maturity | Non-redeemable GICs lock in your money until maturity | You can sell the bond at any time |
| Value before maturity | Doesn’t change | Rises when yields fall and drops when yields rise |
| Return if held to maturity | The fixed rate set when you buy | The yield to maturity when you buy |
| Protection | CDIC or provincial deposit insurance, up to the applicable limits | Backed by the Government of Canada |
If you might need the money before five years, a bond lets you sell early, but you could get less than you paid if yields have risen. If you plan to hold for the full five years, a GIC usually pays more. Learn more in GIC vs. Bonds.
How Do 5-Year GICs Work?
The content below, excluding GIC rates, was last updated on: October 26th, 2026
A 5-year GIC is an investment that pays a fixed rate of interest over five years. Your money stays invested for the full term. At the end of five years, you receive your original investment plus the interest it earned, unless you chose to have interest paid out annually, semi-annually or monthly.
Your original investment is “guaranteed,” meaning your GIC provider promises to return your principal at maturity. GICs from banks and trust companies may be eligible for CDIC insurance, while credit union GICs are covered by provincial deposit insurance. CDIC insures eligible deposits up to $100,000 per depositor, per insured category, per member institution, including principal and interest. Before April 30, 2020, CDIC only covered term deposits of five years or less. CDIC now also covers eligible GICs with terms longer than five years, and some banks offer terms of up to 10 years.
How Much Does a 5-Year GIC Earn?
Here’s how $10,000 grows in a 5-year GIC at 4.55%, the highest 5-year rate on WOWA as of November 2, 2026, with interest compounded annually and paid at maturity:
| Year | Interest earned | Balance at year end |
|---|---|---|
| 1 | $455.00 | $10,455.00 |
| 2 | $475.70 | $10,930.70 |
| 3 | $497.35 | $11,428.05 |
| 4 | $519.98 | $11,948.03 |
| 5 | $543.64 | $12,491.66 |
You’d earn about $2,492 in interest before taxes. How interest is paid changes the total:
- Interest paid out each year: $455 a year, or $2,275 over five years, because the interest isn’t reinvested.
- Interest compounded monthly at 4.55%: about $2,549, an effective annual yield of about 4.65%.
When comparing GICs, check whether interest is compounded annually, semi-annually or monthly, and whether it’s paid out or reinvested. A quoted rate of 4.55% compounded monthly earns more than 4.55% compounded annually. Try different amounts and terms with our GIC Calculator.
Redeemable and Non-Redeemable GICs
Canadian 5-year GICs can be cashable, redeemable or non-redeemable. A non-redeemable GIC locks in your money until maturity and usually pays the highest rate. A cashable or redeemable GIC lets you take out some or all of your money before maturity, but pays a lower rate.
Banks use the terms cashable and redeemable in different ways, so check each product’s early redemption rules. Some GICs can be cashed in at any time, while others require you to hold them for a minimum period first, such as 30 or 90 days. If you redeem early, you may earn a reduced interest rate set when you buy the GIC, or no interest at all. For example, the TD 3-Year Premium Rate Cashable GIC pays no interest if you redeem it within 91 days and pays tiered rates after that.
If you’re certain you won’t need the money for five years, a non-redeemable GIC rewards you with a higher rate.
Registered and Non-Registered GICs
Most banks and credit unions offer 5-year GICs that can be held in registered or non-registered accounts. Registered accounts include RRSPs, RRIFs, TFSAs, FHSAs and RESPs, which offer tax benefits. Not every provider offers GICs in every type of registered account, so check before you buy. See TFSA GIC rates for GICs you can hold in a TFSA.
How Is 5-Year GIC Interest Taxed?
Interest from a GIC in a non-registered account is taxed as income at your marginal tax rate. With a 5-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 4.55% compounded annually, you’d report $455 of interest for the GIC’s first year and $543.64 for its fifth year, even though you receive all $2,491.66 at maturity.
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.
Fixed and Variable Rate GICs
Most 5-year GICs in Canada have a fixed rate of interest, meaning you earn interest at the same rate as when you purchased the GIC for every year of the term. However, banks also offer variable-rate GIC products, the most common of which are prime-linked GICs. The interest rate for such GICs is linked to the bank’s prime rate. Thus, the interest you earn on such a GIC changes based on the changes in the prime rate.
Market-Linked GICs
Market-linked GICs, also called equity-linked or index-linked GICs, pay a return based on the performance of a stock index or a basket of stocks. Your principal is protected if you hold the GIC to maturity, but your return isn’t guaranteed. If the index falls or stays flat, you may earn only a small guaranteed minimum return, or nothing at all. Gains are usually limited by a maximum return, a participation rate or other conditions, and the return is often paid only at maturity.
Five-year market-linked GICs in Canada include the Scotiabank Canadian Top 60, the TD U.S. Top 500 GIC and the RBC U.S. MarketSmart GIC. For example, the five-year Scotiabank Canadian Top 60 GIC issued on October 20, 2026 guarantees a minimum return of 2% over the full term (0.40% a year) and caps the return at 42% over the term.
Do 5-Year GICs Offer The Best Rate?
Longer terms usually pay higher rates because you give up access to your money for longer. But the gap between terms isn’t fixed. It depends on where markets expect interest rates to go and how much each bank or credit union wants to raise long-term deposits.
In 2023 and 2024, after the Bank of Canada raised rates quickly, 1-year and 2-year GICs often paid more than 5-year GICs. This is known as an inverted yield curve. That is no longer the case. As of November 2, 2026, the highest GIC rates on WOWA rise with each term, but only slightly after three years: 4.40% for 3 years, 4.45% for 4 years and 4.55% for 5 years.
The institution with the best rate for one term doesn’t always have the best rate for another, so compare each term separately. Some banks also offer terms longer than five years, but these don’t always pay more than a 5-year GIC.
3-Year vs. 4-Year vs. 5-Year GIC Rates
As of November 2, 2026, the best 5-year GIC paid only 0.15 percentage points more than the best 3-year GIC. Here’s what $10,000 earns at the highest rate for each term on WOWA, compounded annually:
| Term | Highest rate | Value at maturity | Total interest |
|---|---|---|---|
| 3-year GIC | 4.40% | $11,378.93 | $1,378.93 |
| 4-year GIC | 4.45% | $11,902.38 | $1,902.38 |
| 5-year GIC | 4.55% | $12,491.66 | $2,491.66 |
On $10,000, the extra 0.15 percentage points for a 5-year term over a 3-year term is worth about $15 a year. In exchange, your money is locked in for two more years. A 3-year GIC lets you reinvest sooner, which helps if rates rise but hurts if they fall. Compare rates for every term on our GIC rates page.
Is a 5-Year GIC Worth It in 2026?
A 5-year GIC can make sense if you won’t need the money for five years and want a guaranteed return. Weigh the trade-offs before you lock in.
Advantages:
- Guaranteed interest: Your rate is set for the full term, so you know exactly what you’ll earn.
- Protection from falling rates: If rates drop, your rate stays the same. With shorter GICs, you’d have to reinvest at whatever rates are available when each one matures. This is called reinvestment risk.
- Principal protection: You get your original investment back at maturity, and eligible deposits are covered by CDIC or provincial deposit insurance up to the applicable limits.
Disadvantages:
- Limited access: Most 5-year GICs are non-redeemable, so you can’t take your money out early if you need it.
- Rates may rise: If rates go up after you buy, you keep your lower rate until maturity.
- Small reward for a longer lock-in: As of November 2, 2026, the best 5-year rate was only 0.15 percentage points higher than the best 3-year rate.
If you’re unsure, you don’t have to put all your savings into one 5-year GIC. A GIC ladder, explained below, gives you access to part of your money each year while still earning long-term rates on the rest.
Best 5-Year GICs in Canada
RBC 5-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 2, 2026
TD 5-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 2, 2026
Scotiabank 5-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 2, 2026
BMO 5-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 2, 2026
CIBC 5-Year GIC Rates
- Minimum Investment: $1,000
- Eligible for: Non-registered accounts, RRSPs, TFSAs, RRIFs and LIFs at this rate. CIBC also offers 5-year GICs in FHSAs, RESPs and RDSPs at different rates.
Current CIBC Non-Redeemable GIC Rates as of November 2, 2026
National Bank 5-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 2, 2026
Cashable vs. Non-Redeemable 5-Year GICs
The main difference between cashable and non-redeemable GICs is access to your money. A cashable GIC lets you withdraw some or all of your money before maturity, although some require a minimum holding period first and pay reduced interest if you cash out early. A non-redeemable GIC can’t be cashed in before maturity, except in limited cases such as the death of the owner. In exchange for flexibility, cashable GICs pay lower rates.
The rate gap can be large. As of October 15, 2026, the TD 5-Year Stepper GIC, which you can cash in on each anniversary, had an effective annual yield of 0.88%. TD’s 5-year non-redeemable GIC paid 3.55%.
Most cashable GICs have a 1-year term that renews each year. Some major banks offer 5-year GICs with limited early access instead. The TD 5-Year Stepper GIC is made up of five 1-year terms that renew automatically, with a rate that rises each year. You can cash in all or part of it only on each anniversary date. This is different from an ordinary non-redeemable 5-year GIC, which locks in your money for the full term, and from a cashable GIC that you can redeem at any time.
If you want regular access to part of your savings while still earning long-term rates, consider a GIC ladder (see below). Before you buy, check the early redemption rules of the specific GIC you’re considering.
How a 5-Year GIC Ladder Works
A GIC ladder splits your savings among GICs with different maturity dates, so part of your money matures every year. It doesn’t let you withdraw early from any GIC. It just staggers when each one matures.
For example, you could split $25,000 into five $5,000 GICs using the highest rates on WOWA as of November 2, 2026, with interest compounded annually:
| GIC | Amount | Rate | Matures | Value at maturity |
|---|---|---|---|---|
| 1-year | $5,000 | 4.05% | November 2027 | $5,202.50 |
| 2-year | $5,000 | 4.30% | November 2028 | $5,439.24 |
| 3-year | $5,000 | 4.40% | November 2029 | $5,689.47 |
| 4-year | $5,000 | 4.45% | November 2030 | $5,951.19 |
| 5-year | $5,000 | 4.55% | November 2031 | $6,245.83 |
When the 1-year GIC matures, you can use the money or reinvest it in a new 5-year GIC. Do the same as each GIC matures. After four years, every GIC in the ladder is a 5-year GIC, and one matures every year. This gives you access to about a fifth of your savings each year without redeeming any GIC early.
What to Check Before Buying a 5-Year GIC
| What to check | What to look for |
|---|---|
| Minimum investment | Ranges from $100 at EQ Bank to $1,000 or more at many banks |
| Cashability | Most 5-year GICs are non-redeemable. If you might need the money, check whether you can redeem early and what rate you’d earn. |
| Interest compounding | At the same quoted rate, monthly compounding earns more than annual compounding |
| Interest payment frequency | Interest paid out monthly or annually isn’t reinvested, and some banks pay a lower rate for monthly payments |
| Deposit insurance | Whether the GIC is covered by CDIC or provincial deposit insurance, and how much you already hold at that institution |
| Registered account eligibility | Whether the provider offers the GIC in the account you want, such as a TFSA, RRSP, FHSA or RRIF |
| Automatic renewal | Many GICs renew automatically at maturity at the rate in effect then, which may be lower. Check how and when you can change your maturity instructions. |
5-Year GIC FAQ
What is the best 5-year GIC rate in Canada?
As of November 2, 2026, the highest 5-year GIC rate on WOWA is 4.55%, offered by WealthONE. Rates change often, so check the rate table at the top of this page for the latest rates.
Should I lock in a 5-year GIC now?
It depends on when you'll need the money and where you expect rates to go. A 5-year GIC protects your rate if rates fall, but you won't benefit if rates rise. As of November 2, 2026, the best 5-year rate was only 0.15 percentage points higher than the best 3-year rate, so a shorter term or a GIC ladder may give you more flexibility for little extra cost.
Can you withdraw from a 5-year GIC early?
Most 5-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. Some banks offer 5-year GICs with limited access, such as the TD 5-Year Stepper GIC, which can be cashed in on each anniversary date, but these pay lower rates.
Are 5-year GICs CDIC-insured?
5-year GICs from CDIC member banks and trust companies are covered up to $100,000 per depositor, per insured category, per member institution, including principal and interest. Since April 30, 2020, CDIC has also covered eligible GICs with terms longer than five years. Credit union GICs from provincially regulated credit unions are generally covered by provincial deposit insurance programs instead.
Can a 5-year GIC be held in a TFSA or FHSA?
Yes. Many providers, including TD, BMO, CIBC and EQ Bank, offer 5-year GICs in both TFSAs and FHSAs. Interest earned in either account isn’t taxed. Not every provider offers GICs in every account type, so check before you buy.
Is a 5-year GIC better than a 5-year bond?
If you hold to maturity, a 5-year GIC usually pays more. On October 30, 2026, the best 5-year GIC rate was 4.55%, while the 5-year Government of Canada bond yield was 3.51%. A bond can be sold before maturity, but you may get less than you paid if yields have risen. GICs are protected only up to deposit insurance limits, while Government of Canada bonds are backed by the federal government.
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.