EQ Bank consistently posts some of the highest non-promotional GIC rates in Canada across all terms, trading the top spot with Oaken from week to week. It's a fully digital bank owned by Equitable Bank with full CDIC insurance — meaning your $100,000 per insured category is protected the same as it would be at RBC or TD.
| Term | Posted rate | $10,000 earns (term) |
|---|---|---|
| 1 Year | 3.30% | $330 |
| 2 Year | 3.55% | $723 |
| 3 Year | 3.65% | $1,135 |
| 5 Year | 4.00% | $2,167 |
Compound interest assumed annually. Always confirm posted rates directly with EQ Bank.
EQ Bank is the retail-facing brand of Equitable Bank, a Schedule I federally regulated CDIC member with about $50 billion in assets. The pitch is straightforward: top-tier non-promotional GIC rates at every term, full CDIC coverage up to $100,000 per insured category, $100 minimum deposit. The booking process is entirely online — open the account in about 10 minutes (you'll need a piece of government ID and a Canadian funding bank), fund via electronic funds transfer or Interac e-Transfer, then book the GIC inside the EQ Bank app or web portal. Funds typically lock within 1 business day of arrival. EQ's GIC line-up covers all standard non-cashable terms (3, 6, 9, 12, 15, 18, 24, 27, 30, 36, 48, 60 months) plus FHSA, TFSA, and RRSP versions of the same terms. The FHSA GIC launched in late 2023 and is one of the cleanest FHSA GIC booking flows in Canada — important if FHSA is your priority. EQ does not offer cashable, redeemable, market-linked, or US-dollar GICs — the line-up is deliberately simple, which is part of why rates are so competitive (no expensive feature complexity to subsidize). The EQ Notice Savings Account (90-day notice for top-tier rate) and EQ Personal Account (no-fee chequing-style account) round out the deposit ecosystem and let you sweep maturing GIC funds into a higher-yielding holding spot before re-deploying. The one genuine limitation: no branches and no Interac debit network, so EQ is not a primary chequing replacement for most savers. Treat it as a dedicated savings vault. For larger deposits ($100k+ per category), pair EQ with Oaken (Home Trust + Home Bank) to stack coverage to $300k per category.
If pure rate is your priority, two CDIC-insured issuers post higher 1-year non-cashable rates than EQ Bank right now: Oaken at 3.35% (gap: +0.05%) and Tangerine at 3.15% (gap: +-0.15%). On a $25,000 5-year deposit, the difference vs. Oaken compounds to roughly $0 of extra interest.
EQ Bank's 1-year rate is 0.05 percentage points below the highest in our comparison (Oaken at 3.35%). Over a 5-year term on $10,000, you'd earn roughly $2,167 in interest at EQ Bank's posted rate. Use the full GIC rate comparison to see all 11 institutions side by side, or the compound interest calculator to model larger deposits.
The standard play is a GIC ladder: split your deposit across 1-, 2-, 3-, 4-, and 5-year terms so one matures every year. With EQ Bank, a $25,000 ladder ($5,000 per rung) produces roughly $725 in annual interest once fully built (using current 1-, 2-, 3-, and 5-year rates as a proxy).
Hold EQ Bank GICs inside a TFSA or RRSP whenever possible — GIC interest is taxed at your full marginal rate, making non-registered GICs one of the least tax-efficient holdings. On a $10,000 GIC at 3.30%, a 30% marginal rate costs roughly $99 per year in tax.
Rates as of 2026-04-21 · Non-registered, non-cashable terms · Confirm directly with EQ Bank.
Last reviewed: April 2026