Canada data study ยท rates as of October 9, 2026
Canada’s Big Six banks vs the best rates
How the posted GIC and savings rates at RBC, TD, Scotiabank, BMO, CIBC and National Bank compare with the best rates from Canada’s smaller banks, online banks and credit unions, measured on 1,709 rates from 151 institutions.
Key findings
3.30% vs 4.00%Best Big Six 1-year GIC vs the best open across Canada (Haventree Bank)
+$295Extra interest on $10,000 over 5 years at the best Canada-wide 5-year GIC
0.55%Highest Big Six savings rate once welcome promotions end (best without a promotion: 2.80%)
- 1-year GIC: best Big Six 3.30% (National Bank of Canada), Big Six median 3.00%, median of all 154 rates 3.02%, best Canada-wide 4.00% (Haventree Bank): a gap of 70 basis points.
- 2-year GIC: best Big Six 3.65% (National Bank of Canada), Big Six median 3.20%, median of all 151 rates 3.20%, best Canada-wide 4.25% (Oaken Financial): a gap of 60 basis points.
- 3-year GIC: best Big Six 3.75% (National Bank of Canada), Big Six median 3.30%, median of all 144 rates 3.35%, best Canada-wide 4.40% (WealthONE Bank of Canada): a gap of 65 basis points.
- 5-year GIC: best Big Six 4.00% (National Bank of Canada), Big Six median 3.55%, median of all 146 rates 3.50%, best Canada-wide 4.50% (Oaken Financial): a gap of 50 basis points.
- The Big Six sit in the middle of the GIC market, not at the bottom: their median is within a few basis points of the median across all 151 institutions. The gap is to the top of the market, where online banks such as Haventree Bank, Oaken Financial, WealthONE Bank of Canada post the highest rates.
- Savings is where the big banks fall furthest behind. Their high-interest savings accounts pay 0.55% or less once promotions end; with promotions, the best Big Six account works out to 1.97% over a new client’s first year (BMO Bank of Montreal), against 3.00% for the #1 account open across Canada (Manulife Bank of Canada).
GIC rates by term
| Term | Big Six median | Best Big Six | Median, all | Best Canada-wide | Gap | Interest on $10k: Big Six / best |
|---|---|---|---|---|---|---|
| 1-year GIC 154 rates | 3.00% | 3.30% | 3.02% | 4.00% Haventree Bank | 70 bps | $330 / $400 |
| 2-year GIC 151 rates | 3.20% | 3.65% | 3.20% | 4.25% Oaken Financial | 60 bps | $743 / $868 |
| 3-year GIC 144 rates | 3.30% | 3.75% | 3.35% | 4.40% WealthONE Bank of Canada | 65 bps | $1,168 / $1,379 |
| 5-year GIC 146 rates | 3.55% | 4.00% | 3.50% | 4.50% Oaken Financial | 50 bps | $2,167 / $2,462 |
Interest on a $10,000 deposit over the full term. Posted annual interest rates on non-redeemable GICs open to a regular (non-registered) deposit, the same lists as the YourBestSavings Canada GIC rankings. “Best Canada-wide” is the top rate open in every province; the #1 1-year rate overall is 4.05% at StellerVista Credit Union (BC only, new money). Interest assumes annual compounding. A median needs at least 5 rates; 1 basis point (bp) = 0.01 percentage point.
Each Big Six bank
| Bank | Savings, ongoing | Savings, first 12 months | 1-year GIC | 2-year GIC | 3-year GIC | 5-year GIC |
|---|---|---|---|---|---|---|
| RBC RBC High Interest eSavings | 0.55% | 1.56% | 3.00% | 3.20% | 2.55% | 3.55% |
| TD TD ePremium Savings Account | 0.45% | no promo | 3.00% | 3.20% | 3.30% | 3.55% |
| Scotiabank Scotiabank MomentumPLUS Savings Account | 0.40% | 1.55% | 2.45% | 3.30% | 2.60% | 2.75% |
| BMO BMO Savings Amplifier Account | 0.45% | 1.97% | 3.00% | 3.20% | 3.30% | 3.55% |
| CIBC CIBC eAdvantage Savings Account | 0.30% | 1.38% | 3.00% | 3.20% | 3.30% | 3.60% |
| National Bank National Bank High Interest Savings Account | 0.55% | no promo | 3.30% | 3.65% | 3.75% | 4.00% |
| Best Canada-wide | 2.80% | 3.00% | 4.00% | 4.25% | 4.40% | 4.50% |
Each bank’s highest posted rate. “First 12 months” blends a welcome promotion with the rate after it ends, the way the YourBestSavings savings ranking compares accounts; promotions are usually for new clients or new deposits only. Savings rates are at a $10,000 balance.
Find today’s best rates
This study compares the market; the full rankings name every option. See the best GIC rates in Canada, the best high-interest savings accounts, the best TFSA, RRSP and FHSA rates, and how CDIC and provincial deposit insurance compare, all on YourBestSavings. The week’s top Canadian picks are also on best rates this week. For US rates, see the monthly US savings rate studies.
Methodology
- Data source
- The ByTheMath deposit database behind the YourBestSavings Canada rankings. Rates are read from each institution’s own website and re-checked daily; rates we can’t read automatically are checked by hand. This page uses 1,709 ranked rates from 151 institutions (115 credit unions), as of October 9, 2026.
- What is compared
- GICs: non-redeemable (or type not stated) GICs open to a regular, non-registered deposit, at the exact term. Savings: high-interest savings accounts open to a non-registered deposit without a paid plan or direct-deposit condition. Tiered rates are taken at $10,000. The Big Six are RBC Royal Bank, TD Canada Trust, Scotiabank, BMO, CIBC and National Bank; each bank’s best posted rate is used, before any rate a branch may negotiate.
- Best Canada-wide
- The top rate from an institution that takes deposits from every province, so it is available to anyone in Canada. Many credit unions pay as much or more but only to members in their province; they are counted in the medians.
- Limits
- Posted rates only: special offers at a branch, relationship pricing and broker-sold GICs are not included. This is a live snapshot, recalculated when the site is rebuilt, so the figures change as rates change. Confirm any rate with the institution before you invest.
FAQ
- Do the Big Six banks pay good GIC rates?
- Not the best ones. On October 9, 2026 the best posted 1-year non-redeemable GIC at a Big Six bank was 3.30% (National Bank of Canada), against 4.00% at Haventree Bank, the best rate open across Canada. The Big Six median of 3.00% is close to the median of all 154 1-year GICs we track (3.02%): the big banks sit in the middle of the market, not at the top.
- How much more would I earn outside the big banks?
- On $10,000 for 5 years, the best Canada-wide 5-year GIC (4.50%) earns about $2,462 in interest, compounded annually, against $2,167 at the best Big Six rate (4.00%): $295 more. For 1 year the difference is $70.
- What do Big Six savings accounts pay?
- Their high-interest savings accounts pay 0.55% or less once any welcome promotion ends. Counting promotions over a new client's first 12 months, the best Big Six account works out to 1.97% (BMO Bank of Montreal BMO Savings Amplifier Account). The best Canada-wide rate without a promotion is 2.80% at Oaken Financial.
- Are smaller banks and credit unions as safe?
- Deposits at CDIC member banks, including the online banks in this study, are insured up to $100,000 per insured category, the same protection as at the Big Six. Credit unions are covered by their province's deposit insurer, with limits that vary by province (several cover deposits in full). Credit union rates usually require membership in that province.
- Where does the data come from?
- From the ByTheMath deposit database behind the YourBestSavings Canada rankings: 1,709 ranked rates from 151 banks, credit unions and online lenders (115 credit unions), read from each institution's own website and re-checked daily. Rates are posted annual interest rates in Canadian dollars.
- Can I use these numbers?
- Yes. Cite "ByTheMath" and link to this page. The figures are also available as JSON at bythemath.com/studies/data/canada-big-banks-vs-best-rates.json.
Data: JSON. All studies: studies page.