This article was sponsored by EQ Bank.
As one of Canada’s leading online banks, EQ Bank offers lots of options for growing your money in a safe, secure, and sustainable way.
EQ Bank is a trade name of commercial and real estate lender Equitable Bank. This online-only bank provides a whole host of personal banking products, including GICs, with competitive rates.
These days, the best interest rates are often found outside of the Big Six Canadian banks, and EQ Bank is no exception. EQ Bank GIC rates are some of the best rates in the market. These GICs range from three months to 10 years, don’t come with any fees, and can be bought without ever setting foot inside a bank.
If you’re curious about GICs and think EQ Bank may be a good fit, keep reading to learn about the most up-to-date rates, including certain terms and conditions, and how to open an account.
- Account Options Hybrid Savings/Chequing, Investment Accounts
- Countries Served Canada Only
- Branches in Canada Online only
- Savings accounts offered
- Savings Plus Account
- Joint Savings Plus Account
- U.S. Dollar Account
- Reloadable EQ Bank Card
- Registered and non-registered GICs
- Send international money transfers with Wise
- Fixed and variable mortgages
- No monthly fees
- Free bill payments
- Free EQ to EQ transfers
Current EQ Bank non-registered GIC rates
EQ Bank’s registered GIC options (TFSA or RSP) are below.
Current EQ Bank TFSA GIC rates
Current EQ Bank RSP GIC rates
To learn more about EQ Bank GIC rates for different term lengths, visit EQ Bank’s GIC page.
EQ Bank GIC terms
Once you open an EQ Bank GIC, you will receive your “effective date,” or the day the clock starts ticking on your new GIC. The term you buy determines your maturity date, which is when funds are re-deposited into the account from which the GIC was purchased. According to EQ Bank, you cannot withdraw cash between those dates for any reason.
EQ Bank calculates your maturity date as the day after your GIC term is up.
Once the maturity date arrives, the principal and any unpaid interest is deposited into the EQ Bank account from which you bought your GIC with. At that point, you can access your money immediately through EQ Bank’s online banking or mobile banking programs.
That said, there are a few other restrictions on EQ Bank GICs. For example, you cannot assign or transfer your GIC to anyone other than the original account holder. And, if you end up with any outstanding debts to EQ Bank, it has the right to use GIC funds to settle them. Only GICs in an RSP Plan are immune from this rule.
How to sign up for a GIC at EQ Bank
If you aren’t currently an EQ Bank customer, you’ll need to create a profile through the bank’s website or the EQ Bank mobile app. You’ll need your SIN and photo ID handy so EQ Bank can ensure you’re a Canadian resident above the age of majority. You may also need to visit a Canada Post location to verify your identity before opening an EQ Bank account.
Eligibility requirements for EQ Bank's GICs
In order to purchase an EQ Bank GIC, you’ll first need to open an account with EQ Bank. To do so, you must be a Canadian resident with a permanent residence in the country.
According to EQ Bank’s terms and conditions, anyone who fails to maintain their eligibility may have their GIC terminated by EQ Bank. That means the bank will pay the principal amount owed, without any interest. Any interest amounts that have already been paid out will be deducted from the GIC’s principal balance. Losing out on months or years of accumulated interest is a serious setback to any GIC customer, so always be sure you’re in line with the bank’s terms and conditions.
How do EQ Bank GIC rates compare to other banks?
EQ Bank has some of the best rates in the market. That said, Alterna Bank and Achieva Financial tend to outpace EQ Bank on maturity dates beyond three years, while Saven Financial offers slightly higher rates than EQ Bank on one-year terms.
Rates are current as of November 20, 2023. 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. Rates are calculated on a per annum basis and are subject to change at any time. RSP GICs and the RSP Savings Account are not available in Quebec.
Frequently asked questions
Yes. Unlike stocks or a high-interest savings account, a GIC guarantees a rate of return for its entire life cycle. If an EQ Bank customer buys a six-year GIC today, they can rest easy knowing they’ll have EQ Bank’s promised interest sitting in their account in 2029.
EQ Bank GICs are eligible for coverage under the Canada Deposit Insurance Corporation (CDIC), which exists to protect Canadians’ deposits in the event of a bank failure. Deposits made under EQ Bank are eligible for CDIC protection up to $100,000, per insured category, per depositor, provided such deposits are payable in Canada.
An EQ Bank customer’s aggregate GIC investment limit for non-registered GICs is $500,000 across up to 20 different GICs. Each GIC can hold a maximum of $100,000. That said, any accumulated interest doesn’t count toward these totals. Registered GIC limits are based on the individual’s contribution limit and availability.
Customers must invest at least $100 to open a GIC at EQ Bank.