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EQ Bank is a popular online-only bank with limited fees and competitive interest rates on savings accounts, investment accounts, mortgages, and guaranteed investment certificates (GICs).
EQ Bank’s non-redeemable GICs offer a guaranteed rate of return and are available in a wide range of terms. These low-risk investment options are eligible for RRSPs and TFSAs and can be opened with as little as $100.
- EQ Bank’s current GIC rates
- What to know about EQ Bank GICs
- Alternatives to EQ Bank GICs
EQ Bank’s current GIC rates
EQ offers non-redeemable, fixed-rate GICs available as regular, non-registered or as registered investments (RSP GIC and TFSA GIC options).
| Term | Regular GIC | RSP GIC | TFSA GIC |
|---|---|---|---|
| 3 Month Apply Now | 3.75% | 4.00% | 4.00% |
| 6 Month Apply Now | 4.50% | 4.75% | 4.75% |
| 9 Month Apply Now | 4.75% | 5.00% | 5.00% |
| 1 Year Apply Now | 5.50% | 5.50% | 5.50% |
| 15 Month Apply Now | 5.20% | 5.20% | 5.20% |
| 2 Year Apply Now | 5.00% | 5.00% | 5.00% |
| 27 Month Apply Now | 4.95% | 4.95% | 4.95% |
| 3 Year Apply Now | 4.75% | 4.75% | 4.75% |
| 4 Year Apply Now | 4.55% | 4.55% | 4.55% |
| 5 Year Apply Now | 4.45% | 4.45% | 4.45% |
| 6 Year Apply Now | 3.80% | 3.80% | 3.80% |
| 7 Year Apply Now | 3.80% | 3.80% | 3.80% |
| 10 Year Apply Now | 3.80% | 3.80% | 3.80% |
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EQ Bank Non-registered 1 Year GIC
Term Length
1 Year
Interest Rate
5.50%
As of March 6, 2024
Min. Deposit
$100
Bonus Offer
N/A
Apply Now
Our Take
- Each EQ Bank GIC starts with a minimum deposit of $100, making it convenient for a new investor to explore these GICs at a competitive fixed rate.
- EQ Bank, a trademark of Equitable Bank, is an online bank based in Toronto that offers chequing and savings accounts, GICs and registered plans. Read our review of EQ Bank for more information.
Product Details
- Non-registered and non-redeemable.
- Must have an EQ savings account in order to get an EQ GIC.
- When the term ends and your GIC reaches the maturity date, the funds will be placed in your Savings Plus Account (the one from which your initial investment was funded). You will receive an email or SMS alert notifying you of the GIC maturity.
- Term options range from 3-months to 10-years. You’re the one in charge of your savings, that includes choosing whether short or long term GICs are right for you.
- RSP and TFSA GICs are also available. Before you buy, you’ll need to open an RSP Savings Account or TFSA Savings Account.
- GIC options let you lock in any of our amazing rates, so no matter what happens, that rate is yours.
- Low minimum deposit. So you can start investing in GICs with as little as $100.
- You choose how your interest is paid out, either at maturity or annually.
- A GIC in seconds. As long as you have available funds in your Savings Plus Account, you can literally buy a GIC in seconds.
- You can buy up to 20 GICs. Each GIC purchase must be for at least $100, and can be up to a maximum of $100,000. Customers can hold up to $500,000 in GICs, excluding interest earned.
- *EQ Bank GICs are non-redeemable.
- For GIC terms of less than one year, simple interest is calculated on a per diem basis and paid at maturity. For GIC terms equal to one year, simple interest is calculated on a per annum basis and paid at maturity. For GIC terms of over one year, not including 15 and 27 month terms, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually).
- For GIC terms of 15 and 27 months, interest is calculated on a per annum basis, compounded annually and paid solely at maturity. In all cases, interest is accrued for the entire GIC term.
- Maximum 20 GICs per customer. Per GIC investment limit of $100,000. Aggregate GIC investment limit of $500,000.
- Rates are calculated on a per annum basis and are subject to change at any time.
- Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank.
EQ Bank Non-registered 3 Year GIC
Term Length
3 Years
Interest Rate
4.75%
As of March 6, 2024
Min. Deposit
$100
Bonus Offer
N/A
Apply Now
Our Take
- Each EQ Bank GIC starts with a minimum deposit of $100, making it convenient for a new investor to explore these GICs at a competitive fixed rate.
- EQ Bank, a trademark of Equitable Bank, is an online bank based in Toronto that offers chequing and savings accounts, GICs and registered plans. Read our review of EQ Bank for more information.
Product Details
- Non-registered and non-redeemable.
- Must have an EQ savings account in order to get an EQ GIC.
- When the term ends and your GIC reaches the maturity date, the funds will be placed in your Savings Plus Account (the one from which your initial investment was funded). You will receive an email or SMS alert notifying you of the GIC maturity.
- Term options range from 3-months to 10-years. You’re the one in charge of your savings, that includes choosing whether short or long term GICs are right for you.
- RSP and TFSA GICs are also available. Before you buy, you’ll need to open an RSP Savings Account or TFSA Savings Account.
- GIC options let you lock in any of our amazing rates, so no matter what happens, that rate is yours.
- Low minimum deposit. So you can start investing in GICs with as little as $100.
- You choose how your interest is paid out, either at maturity or annually.
- A GIC in seconds. As long as you have available funds in your Savings Plus Account, you can literally buy a GIC in seconds.
- You can buy up to 20 GICs. Each GIC purchase must be for at least $100, and can be up to a maximum of $100,000. Customers can hold up to $500,000 in GICs, excluding interest earned.
- *EQ Bank GICs are non-redeemable.
- For GIC terms of less than one year, simple interest is calculated on a per diem basis and paid at maturity. For GIC terms equal to one year, simple interest is calculated on a per annum basis and paid at maturity. For GIC terms of over one year, not including 15 and 27 month terms, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually).
- For GIC terms of 15 and 27 months, interest is calculated on a per annum basis, compounded annually and paid solely at maturity. In all cases, interest is accrued for the entire GIC term.
- Maximum 20 GICs per customer. Per GIC investment limit of $100,000. Aggregate GIC investment limit of $500,000.
- Rates are calculated on a per annum basis and are subject to change at any time.
- Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank.
EQ Bank Non-registered 5 Year GIC
Term Length
5 Years
Interest Rate
4.45%
As of March 6, 2024
Min. Deposit
$100
Bonus Offer
N/A
Apply Now
Our Take
- Each EQ Bank GIC starts with a minimum deposit of $100, making it convenient for a new investor to explore these GICs at a competitive fixed rate.
- EQ Bank, a trademark of Equitable Bank, is an online bank based in Toronto that offers chequing and savings accounts, GICs and registered plans. Read our review of EQ Bank for more information.
Product Details
- Non-registered and non-redeemable.
- Must have an EQ savings account in order to get an EQ GIC.
- When the term ends and your GIC reaches the maturity date, the funds will be placed in your Savings Plus Account (the one from which your initial investment was funded). You will receive an email or SMS alert notifying you of the GIC maturity.
- Term options range from 3-months to 10-years. You’re the one in charge of your savings, that includes choosing whether short or long term GICs are right for you.
- RSP and TFSA GICs are also available. Before you buy, you’ll need to open an RSP Savings Account or TFSA Savings Account.
- GIC options let you lock in any of our amazing rates, so no matter what happens, that rate is yours.
- Low minimum deposit. So you can start investing in GICs with as little as $100.
- You choose how your interest is paid out, either at maturity or annually.
- A GIC in seconds. As long as you have available funds in your Savings Plus Account, you can literally buy a GIC in seconds.
- You can buy up to 20 GICs. Each GIC purchase must be for at least $100, and can be up to a maximum of $100,000. Customers can hold up to $500,000 in GICs, excluding interest earned.
- *EQ Bank GICs are non-redeemable.
- For GIC terms of less than one year, simple interest is calculated on a per diem basis and paid at maturity. For GIC terms equal to one year, simple interest is calculated on a per annum basis and paid at maturity. For GIC terms of over one year, not including 15 and 27 month terms, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually).
- For GIC terms of 15 and 27 months, interest is calculated on a per annum basis, compounded annually and paid solely at maturity. In all cases, interest is accrued for the entire GIC term.
- Maximum 20 GICs per customer. Per GIC investment limit of $100,000. Aggregate GIC investment limit of $500,000.
- Rates are calculated on a per annum basis and are subject to change at any time.
- Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank.
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What to know about EQ Bank GICs
EQ Bank was launched by its parent company, Equitable Bank, in 2016 as a low-cost digital alternative to traditional banking. Its competitive interest rates and lack of monthly fees have attracted more than $7 billion in customer deposits.
EQ Bank’s GICs options are easy to open, have no fees, and are available in a variety of types and terms. Plus, your investments are protected — deposits are covered by the Canadian Deposit Insurance Corporation (CDIC) protection and, in the event of a bank failure, guaranteed up to $100,000.
How to choose an EQ Bank GIC
To choose the best EQ Bank GIC option for you, think about your investment goals and how you can make a GIC worthwhile.
Are you a beginner investor saving for the near future? Are you looking for somewhere to park your money for a few years? Or, would you like to boost your TFSA or RRSP with a decade’s worth of compounding interest?
To make the best decision for you, consider how the following might help you achieve your goals:
- EQ Bank GIC types.
- Available terms.
- Interest rates.
Types of EQ Bank GICs
EQ offers non-redeemable, fixed-rate GICs available as non-registered or registered investments.
Registered offerings include
- RSP GICs, which can be held in a registered retirement savings plan (RRSP), and
- TFSA GICs, which can be held in a tax-free savings account (TFSA).
EQ Bank does not offer joint GICs — you can only buy a GIC for yourself, not with, or on behalf of, someone else.
EQ Bank GIC terms
EQ’s GICs are available in a wide range of terms, including
- Short terms (3 months, 6 months and 9 months)
- Mid-length terms (1 year, 15 months, 2 years, 27 months, 3 years and 4 years), and
- Long terms (5 years, 6 years, 7 years and 10 years).
Since EQ Bank’s GICs are non-redeemable, you won’t earn interest on your deposit unless you wait until the end of the term to withdraw your funds, so picking the right term is important.
Typically, GICs with longer terms earn higher rates of interest, and this is generally true with EQ’s GICs.
EQ Bank GIC interest rates
An EQ Bank GIC interest rate reflects how the interest earned from EQ GICs is calculated, which differs depending on the term length.
For GICs with terms up to one year, simple interest is calculated on a per diem basis and paid at maturity.
For GICs with terms over one year:
- If interest is paid at maturity, interest is calculated on a per annum basis and compounded annually.
- If interest is paid annually on a non-registered GIC, simple interest is calculated on a per annum basis.
How to open an EQ Bank GIC
To open an EQ Bank GIC, you must:
- Be a Canadian resident with a permanent Canadian address.
- Be the age of majority in your province or territory of residence.
- Have a Personal Account with EQ Bank to fund your investment.
As of December 2022, residents of Quebec are eligible for EQ Bank services, including its GICs.
GICs can be purchased with a minimum deposit of $100, up to a maximum of $100,000 per GIC. You can hold up to 20 EQ GICs at a time, but can only hold $500,000 in GICs overall.
How to close an EQ Bank GIC
EQ GICs are non-redeemable, so there’s no redemption allowed prior to maturity. However, you can cancel your purchase within one day to receive a refund of your principal deposit.
At maturity, your principal deposit and any interest earned will be deposited into the applicable savings account: an EQ Personal Account, an EQ Bank TFSA, or an EQ Bank RSP Plan.
Alternatives to EQ Bank GICs
If EQ Bank GICs aren’t the right fit for you, there are plenty of other alternatives available.
If you want a GIC from a different bank
If you would like to stay with a digital bank, consider
- Tangerine Bank, which offers non-registered, TFSA, RSP, TFSA, RIF and US$ guaranteed investments with terms ranging from 90-days to 5 years.
- Simplii Financial, which offers non-registered and RRSP GICs for 1-, 2-, 3-, 4- and 5-year terms.
- Motive Financial, which offers non-registered, TFSA and RRSP GICs with terms ranging from 12 months (1 year) to 120 months (10 years).
Alternatively, you can consider buying a GIC from one of Canada’s Big Six Banks, which generally offer a wider range of types and terms.
| Minimum deposit | Are deposits insured? | |
|---|---|---|
| Best RBC GICs | Starting at $500 | Yes, by the Canada Deposit Insurance Corporation. |
| Best National Bank GICs | Starting at $500 | Yes, by the Canada Deposit Insurance Corporation. |
| Best TD GICs | Starting at $500 | Yes, by the Canada Deposit Insurance Corporation. |
| Best BMO GICs | Starting at $1,000 | Yes, by the Canada Deposit Insurance Corporation. |
| Best CIBC GICs | Starting at $500 | Yes, by the Canada Deposit Insurance Corporation. |
| Best Scotiabank GICs | Starting at $500 | Yes, by the Canada Deposit Insurance Corporation. |
For more options, see our hand-picked favourites of the best GIC rates in Canada.
If you want a different EQ Bank product
GICs aren’t the only way to earn competitive interest with EQ Bank — the digital bank also offers high rates on other popular banking products to help you achieve your financial goals.
EQ Bank Personal Account
Interest Rate
4.00%*
Customers who set up direct deposit on their EQ Bank account will also get a bonus interest on recurring pre-authorized debits. Here’s how to get the bonus interest: (a) Set up $500/month or more in either direct deposit for your pay or recurring pre-authorized debits. (b) Applies to your Personal Account, Joint Account and EQ Bank Card¹ balance. (c) Once set it up, they’ll be eligible for the increased rate of 4.00%* for 12 months! (d) Those who already set up the above automatically qualify for bonus interest!
Promotional rate
Bonus Offer
N/A
Monthly Fee
$0
Apply Now
Our Take
Why we like it
- EQ Bank’s Personal Account is the digital-first bank’s flexible hybrid chequing and savings account. It features a high interest rate, no monthly fees, and free and unlimited transfers.
- The bank also offers joint accounts, US dollar accounts, TFSAs, RRSPs, and GICs.
Product Details
- Customers who set up direct deposit on their EQ Bank account will also get a bonus interest on recurring pre-authorized debits.
- Here’s how to get the bonus interest: (a) Set up $500/month or more in either direct deposit for your pay or recurring pre-authorized debits. (b) Applies to your Personal Account, Joint Account and EQ Bank Card¹ balance. (c) Once set it up, they’ll be eligible for the increased rate of 4.00%* for 12 months! (d) Those who already set up the above automatically qualify for bonus interest!
- 4.00% interest rate*.
- No monthly fee.
- This hybrid account gives you the benefits of savings with the flexibility of chequing.
- Mobile Cheque Deposit is available through the EQ Bank mobile app.
- Zero monthly banking fees.
- No transaction or service fees. EQ Bank does not charge account fees, fees for sending or receiving Interac e-Transfers®, fees for bill payments, overdraft fees, or dormant account fees.
- No minimum balance, but a $200,000 maximum balance.
- Access your money immediately through the mobile app and online banking website, where you can deposit or transfer funds using Interac e-Transfers® or Electronic Funds Transfer (EFT) to linked accounts.
- Eligible for CDIC deposit insurance.
- As of December 2022, EQ Bank is available to Québec residents.
- *Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
EQ Bank RSP Savings Account
Interest Rate
3.00%*
*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
No minimum balance required
Bonus Offer
N/A
Monthly Fee
$0
Apply Now
Apply for EQ Bank’s Personal Account first.
Our Take
- EQ Bank’s RSP is an easy-to-use, no-fee online savings account that becomes registered once money is added.
- EQ Bank, a trademark of Equitable Bank, is an online bank based in Toronto that offers chequing and savings accounts, GICs and registered plans. Read our review of EQ Bank for more information.
Product Details
- 3.00%* variable interest rate.
- No monthly fee.
- Must have EQ Bank’s Personal Account in order to get an EQ RSP Savings Account.
- Your EQ Bank RSP becomes registered once you add money to your account — which means you get the tax advantages of an RRSP.
- Ability to set up recurring contributions.
- Manage your money by phone, through online banking and a mobile app.
- When it is time to do your taxes, EQ will notify you when your downloadable PDF tax slips are ready.
- Other EQ RRSP investment options include RSP GICs, available in three-month to 10-year terms.
- TFSAs are also available.
- Service fees are listed online.
- No fee to transfer your RRSP to another financial institution. No fee for transfers from another financial institution, but EQ Bank will not reimburse the transfer fees charged by other financial institutions.
- No minimum balance is required. An EQ Bank RSP can hold up to $1 million, combining an RSP Savings Account and RSP GICs.
- Eligible for CDIC deposit insurance.
- As of December 2022, EQ Bank is available to Québec residents.
- *Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
EQ Bank TFSA Savings Account
Interest Rate
3.00%*
*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
No minimum balance required
Bonus Offer
N/A
Monthly Fee
$0
Apply Now
Apply for EQ Bank’s Personal Account first.
Our Take
Why we like it
- This online-only high-interest TFSA has no fees, including no charge to transfer your TFSA to or from another financial institution.
- EQ is a digital bank that offers chequing and savings accounts, GICs and registered plans.
Product Details
- 3.00%* variable interest rate.
- No monthly fee.
- Ability to set up recurring contributions.
- Manage your money by phone, through online banking and a mobile app.
- Must have EQ Bank’s Personal Account in order to get an EQ TFSA account.
- Other EQ TFSA investment options include TFSA GICs, available in three-month to 10-year terms.
- Service fees are listed online.
- Deposits and withdrawals are free.
- No fee to transfer TFSAs to or from another financial institution.
- No minimum balance is required, but there is a $200,000 maximum balance.
- Eligible for CDIC deposit insurance.
- As of December 2022, EQ Bank is available to Québec residents.
- *Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
About the Author
Athena Cocoves
Athena is an assistant assigning editor for NerdWallet. Athena joined NerdWallet’s International Expansion team in September 2020 and has focused her efforts on content strategy and planning in the United…
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