What is the minimum deposit for a GIC in Canada?

GIC minimums vary significantly by institution. Online banks like EQ Bank and Oaken Financial have no minimum (you can invest as little as $1). The Big 5 banks (RBC, TD, BMO, Scotiabank, CIBC) typically require a minimum of $500 to $1,000 for personal GICs. Some promotional GICs or high-interest GICs at credit unions and trust companies require $5,000 or more.

Can I buy a GIC with $500 in Canada?

Yes. Most major Canadian banks offer GICs with a $500 minimum. Online banks and some credit unions have no minimum at all. For the best rates with smaller amounts, consider EQ Bank, Oaken Financial, or a credit union in your province — they often offer competitive rates with low or no minimums.

Is there a maximum amount for a GIC in Canada?

There is no regulatory maximum for GIC investments. However, CDIC deposit insurance covers a maximum of $100,000 per depositor per category (e.g., $100,000 in non-registered deposits, $100,000 in RRSP deposits). If you invest more than $100,000 in GICs at a single CDIC member institution, the excess is not insured. To maintain full insurance coverage on large GIC investments, spread them across multiple CDIC member institutions.

What is the minimum GIC term in Canada?

GIC terms start at 30 days at some institutions and 90 days at most others. Common short-term GICs are 30, 60, 90, and 180 days. Standard terms are 1, 2, 3, 4, and 5 years. Some institutions offer non-standard terms (e.g., 15 months, 18 months) that may qualify for promotional rates.

GIC Minimum Deposit by Bank in Canada 2026

How much you need to open a GIC in Canada depends entirely on which institution you choose. Online banks have become very competitive on both rates and minimums, making GICs accessible to investors at almost any starting balance.

GIC Minimum Deposits by Institution (2026)

EQ Bank

Minimum deposit: No minimum (any amount)
Best for: Any investor wanting competitive GIC rates with no minimum
Notes: EQ Bank consistently offers some of the highest GIC rates among Canadian institutions; GICs available in registered and non-registered accounts

Oaken Financial

Minimum deposit: $1,000
Best for: Investors seeking top-tier GIC rates with a reasonable minimum
Notes: Oaken is the retail brand of Home Trust Company, a CDIC member; consistently competitive rates especially on 1–5 year terms

Tangerine

Minimum deposit: $0 (no stated minimum for registered GICs; $1 minimum for non-registered)
Best for: Existing Tangerine customers wanting convenience
Notes: Rates are generally competitive but not always the highest; accessible through Tangerine’s app

Simplii Financial

Minimum deposit: $100
Best for: CIBC/Simplii customers adding GICs alongside existing accounts
Notes: Simplii periodically offers promotional GIC rates higher than its standard rates

RBC Royal Bank

Minimum deposit: $500
Best for: Existing RBC customers who prioritize convenience over rate
Notes: Standard rates at RBC are typically lower than online banks; GICs available in all registered accounts

TD Canada Trust

Minimum deposit: $500
Best for: Existing TD customers or those who want in-branch GIC advice
Notes: TD GICalc rates can be found online but visiting a branch often yields the same rates as posted online

BMO (Bank of Montreal)

Minimum deposit: $500 (some products require $1,000)
Best for: Existing BMO customers
Notes: BMO’s Smart GIC allows for some term flexibility; standard rates are below online bank rates

Scotiabank

Minimum deposit: $500
Best for: Existing Scotiabank customers
Notes: Scotia’s “Power GIC” products have varying minimums; non-cashable GICs typically have higher rates

CIBC

Minimum deposit: $500
Best for: Existing CIBC customers
Notes: CIBC’s “Bonus Rate GICs” may have different minimums and require specific account types

National Bank

Minimum deposit: $500
Best for: Existing National Bank customers, especially Quebec residents
Notes: National Bank’s GIC products include fixed and variable rate options

Desjardins

Minimum deposit: Varies by product; typically $500–$1,000
Best for: Quebec residents and Desjardins members
Notes: Desjardins offers a range of GIC products including market-linked options; rates vary by term

Credit Unions (Province-Specific)

Credit unions often offer competitive GIC rates with lower minimums than major banks. Minimums vary by institution — many start at $500 or $1,000. Notable credit unions for GICs include:

Meridian Credit Union (Ontario)
Servus Credit Union (Alberta)
Steinbach Credit Union (Manitoba)
Coastal Community Credit Union (BC)

Credit union deposits are covered by provincial deposit insurance rather than CDIC — coverage amounts vary by province but are often unlimited.

How Minimum Deposits Affect Your Strategy

If you have less than $1,000: EQ Bank and Tangerine are your best options — no or near-zero minimums with competitive rates.

If you have $1,000–$5,000: Oaken Financial, Simplii, or a credit union in your province typically offer better rates than the Big 5 at this balance range.

If you have over $100,000: You need to consider CDIC insurance limits. Spread GIC investments across multiple CDIC member institutions (or use different CDIC coverage categories like RRSP vs. non-registered) to maintain full deposit insurance.

Registered vs. Non-Registered GIC Minimums

GICs can be held in both registered (TFSA, RRSP, RRIF, RESP, FHSA) and non-registered accounts. Minimums are generally the same for both account types at most institutions, though some registered account minimums differ.

Holding GICs in a TFSA or RRSP shelters interest from tax — this is significantly more tax-efficient for investors in higher tax brackets. If you haven’t maximized your TFSA or RRSP room, prioritize registered GICs before non-registered ones.