EQ Bank GIC rates are consistently among the highest available in Canada for each term from 90 days to 5 years. The minimum investment is $100 — lower than most institutions — and GICs can be held in non-registered accounts or within TFSA, RRSP, FHSA, and RRIF accounts. All EQ Bank GICs are non-redeemable: funds are locked for the full term.
Rates change with Bank of Canada policy decisions and market conditions. Always check the EQ Bank website for current posted rates before purchasing — the figures below illustrate the range and structure, not necessarily the current rate.
EQ Bank GIC Terms and Rate Structure
| Term | Rate Category | Notes |
|---|---|---|
| 90 days | Short-term | Useful for rate-shopping flexibility |
| 180 days | Short-term | |
| 270 days | Short-term | |
| 1 year | Medium-term | Most popular; competitive vs HISA |
| 2 years | Medium-term | Rate premium over 1-year typically modest |
| 3 years | Medium-term | Rate lock useful in declining-rate environment |
| 4 years | Long-term | |
| 5 years | Long-term | Maximum CDIC-eligible term |
Current rates are posted at EQ Bank’s GIC page. Verify before purchasing — GIC rates fluctuate monthly.
EQ Bank GICs in Registered Accounts
EQ Bank registered account GICs carry the same competitive rates as non-registered GICs, with the added advantage of tax sheltering.
| Account | Tax Treatment | CDIC Coverage |
|---|---|---|
| Non-registered (Savings Plus) | Interest taxed as income in year earned | Up to $100,000 |
| TFSA | Interest tax-free | Up to $100,000 (separate) |
| RRSP | Interest tax-deferred until withdrawal | Up to $100,000 (separate) |
| FHSA | Interest tax-free if used for qualifying home purchase | Up to $100,000 (separate) |
| RRIF | Interest tax-deferred; mandatory annual minimums apply | Up to $100,000 (separate) |
A single depositor with a non-registered GIC, a TFSA GIC, and an RRSP GIC at EQ Bank — each at $100,000 — has all $300,000 insured under three separate CDIC categories.
How EQ Bank GIC Rates Compare
EQ Bank GICs consistently outperform the Big 5 across all terms. The comparison below uses approximate ranges.
| Institution Type | 1-Year GIC Rate (Approximate) | 5-Year GIC Rate (Approximate) |
|---|---|---|
| EQ Bank | High end of market | High end of market |
| Oaken Financial (Home Trust) | High end of market | High end of market |
| Credit unions (varies) | Mid to high | Mid to high |
| Tangerine | Mid | Mid |
| Simplii Financial | Mid | Mid |
| Big 5 banks | Low | Low |
For the most current GIC rate comparison across Canadian institutions, see the Best GIC Rates Canada guide.
Building a GIC Ladder at EQ Bank
A GIC ladder staggers your investments across multiple terms so a portion matures each year, giving you flexibility without sacrificing the rate advantage of longer terms.
Example: $50,000 laddered across 5 years at EQ Bank
| GIC | Amount | Term | What Happens at Maturity |
|---|---|---|---|
| GIC 1 | $10,000 | 1 year | Renew at 5-year rate (or spend if needed) |
| GIC 2 | $10,000 | 2 years | Renew at 5-year rate |
| GIC 3 | $10,000 | 3 years | Renew at 5-year rate |
| GIC 4 | $10,000 | 4 years | Renew at 5-year rate |
| GIC 5 | $10,000 | 5 years | Renew at 5-year rate |
After year 1, all five GICs are at different stages and one matures annually. Each maturing GIC is reinvested at the then-current 5-year rate. This structure gives you annual liquidity while capturing the long-term rate premium.
The $100 minimum at EQ Bank makes GIC laddering accessible even at smaller amounts — a $1,000 ladder with five $200 GICs at different terms is feasible.
Registered Account GIC Ladder Strategy
For RRSP and TFSA GIC ladders at EQ Bank, the same logic applies with added tax efficiency:
- TFSA ladder: All interest earned is tax-free. A $95,000 TFSA GIC ladder (based on 2026 cumulative room) earning 4% generates $3,800/year tax-free.
- RRSP GIC: Useful for near-retirement investors who want rate certainty on their fixed-income allocation. Interest accrues tax-deferred.
- FHSA GIC: For first-time home buyers with a defined purchase timeline — match GIC terms to your expected purchase date to maximise the locked rate and ensure liquidity when needed.
What to Watch: Auto-Renewal Risk
EQ Bank GICs auto-renew at maturity if no instructions are given. If the rate environment has changed significantly since you purchased, auto-renewal at the same term could lock you in at a lower rate.
Best practice:
- Note your maturity date when purchasing the GIC
- Log in to EQ Bank Online Banking 30 days before maturity
- Compare the current posted rate for your term against the Savings Plus Account rate
- Decide: renew at the same term, switch to a different term, or redirect to Savings Plus
EQ Bank will email you approaching maturity, but do not rely solely on that notification.
GIC vs Savings Plus Account: When to Lock In
| Scenario | Better Option |
|---|---|
| Need access to funds within 3 months | Savings Plus Account |
| Funds not needed for 6+ months | GIC (better rate) |
| Rate declining environment expected | Longer-term GIC (lock in now) |
| Rate increasing environment expected | Short-term GIC or Savings Plus (stay flexible) |
| Known expense date (e.g., home purchase, tuition) | GIC maturing just before that date |
| Emergency fund | Savings Plus Account (liquid) |