EQ Bank offers Guaranteed Investment Certificates (GICs) with competitive fixed rates for terms from 30 days to 10 years. Rates are typically among the highest available from a CDIC-insured Canadian institution. There are no GIC fees. GICs are available in registered (TFSA, RRSP) and non-registered accounts.
Quick answer: EQ Bank GIC rates: competitive fixed rates for 30-day to 10-year terms. No fee. Available in TFSA and RRSP. CDIC insured. Check eqbank.ca for today’s rates — they change frequently.
GIC rates change regularly based on the Bank of Canada rate environment. Always verify current rates at eqbank.ca before locking in.
EQ Bank GIC Rates 2026: Overview
| Term | Rate Range | Notes |
|---|---|---|
| 30–90 days | Check eqbank.ca | Short-term fixed |
| 6 months | Check eqbank.ca | Popular for tax deadlines |
| 1 year | Check eqbank.ca | Most popular term |
| 2 years | Check eqbank.ca | Rate often exceeds 1-year |
| 3 years | Check eqbank.ca | Mid-term planning |
| 5 years | Check eqbank.ca | Long-term lock |
EQ Bank’s GIC rates are generally in the top tier among Canadian banks and online-first institutions. Rates update frequently — the rate you see today may differ from next week’s rate.
GIC vs. HISA at EQ Bank: Which Should You Choose?
| Factor | EQ Bank GIC | EQ Bank HISA (Personal Account) |
|---|---|---|
| Rate | Fixed — typically higher | Variable — moves with BoC |
| Flexibility | Locked until maturity | Withdraw anytime |
| Rate risk | None — guaranteed | Rate can drop |
| Best for | Money you won’t need for the term | Emergency fund, flexible savings |
The core trade-off: GICs offer a higher, guaranteed rate in exchange for locking your money. HISA gives you full flexibility but variable interest. For savings you’re confident you won’t need for at least 6–12 months, a GIC typically earns more.
Worked example — $10,000 for 1 year:
| Option | Rate (Illustrative) | Guaranteed Interest |
|---|---|---|
| EQ Bank 1-year GIC | 4.50% (example) | $450 |
| EQ Bank HISA (ongoing) | 3.75% (example) | $375 (may vary) |
| Big 5 bank GIC | 2.00% (example) | $200 |
| Big 5 bank HISA | 0.75% (example) | $75 |
Rates are illustrative only — always check eqbank.ca for current rates
On $10,000, the GIC earns $75 more than the HISA in this example. On $50,000, that gap widens to $375.
Registered GICs: TFSA and RRSP
EQ Bank GICs are available inside registered accounts:
TFSA GIC: Interest earned is completely tax-free. You don’t pay income tax on it when earned or when you withdraw. Ideal for medium-term savings goals where you want a guaranteed rate.
RRSP GIC: Contributions reduce your taxable income today. Interest grows tax-deferred. At withdrawal (typically in retirement), you pay tax at your then-current marginal rate — which is usually lower than your working-years rate. Ideal for retirement savings you won’t touch before maturity.
2026 contribution limits:
- TFSA: $7,000 (plus unused room from prior years)
- RRSP: 18% of 2025 earned income (up to ~$32,490) — check your CRA Notice of Assessment
Are EQ Bank GICs CDIC Insured?
Yes. EQ Bank is operated by Equitable Bank, a Schedule I chartered bank and full CDIC member. GIC deposits are eligible for CDIC coverage up to $100,000 per category — the same protection as the Big 5 banks.
CDIC covers both non-registered and registered (TFSA, RRSP) GIC deposits separately, each up to $100,000.
How to Open an EQ Bank GIC
- Open the EQ Bank app or log in at eqbank.ca
- Tap Savings & GICs → Open a GIC
- Select the term that fits your timeline
- Review the current fixed rate (confirmed at time of purchase)
- Choose the account type: non-registered, TFSA, or RRSP
- Confirm the amount and tap Open
Your money is transferred from your EQ Bank savings account (or funded via external EFT) and locked at the confirmed rate.
What Happens at GIC Maturity?
When a GIC matures, EQ Bank typically rolls it over automatically into a new GIC at the prevailing rate at that time — unless you instruct otherwise. You will receive a notice before maturity reminding you to:
- Withdraw the funds to your EQ Bank savings account
- Renew at the new rate for the same or a different term
- Transfer to a registered account if you haven’t maxed your TFSA/RRSP room
Important: If you want to withdraw rather than renew, set a reminder before maturity. An automatic rollover at a lower rate could lock your money at worse terms.
EQ Bank GICs vs. Competitors
| Institution | GIC Rate (1 year, example) | CDIC | Min. Investment | Registered |
|---|---|---|---|---|
| EQ Bank | Check eqbank.ca | Yes | $100 | Yes (TFSA/RRSP) |
| Tangerine | Check tangerine.ca | Yes | $1 | Yes |
| Simplii | Not offered | — | — | — |
| Oaken Financial | Check oaken.com | Yes | $1,000 | Yes |
| Big 5 banks | Lower (check each site) | Yes | $500–$1,000 | Yes |
EQ Bank’s low minimum ($100 in some terms) makes it accessible for smaller GIC investments. Simplii does not offer GICs, making EQ Bank a stronger choice for savers who want both a high-rate HISA and GIC access under one institution.
Tips for EQ Bank GIC Investors
- Lock in early in a rising rate environment — once you buy a GIC, the rate is guaranteed for the full term regardless of future Bank of Canada changes
- Ladder your GICs — split $30,000 into three $10,000 GICs maturing at 1, 2, and 3 years. This gives you partial access each year while averaging your rate
- Use your TFSA for GICs if possible — tax-free interest is always more valuable than taxable
- Set a maturity reminder — don’t let your GIC auto-renew at a bad rate
- Compare to your HISA rate — if the GIC premium over HISA is small (< 0.50%), flexibility of the HISA may be worth more
Related Articles
- EQ Bank Savings Rate 2026
- EQ Bank Fees 2026
- GIC vs HISA Canada 2026
- GIC Guide Canada 2026
- Best GIC Rates Canada 2026
- EQ Bank e-Transfer Limit 2026
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy