Quebec is dominated by Desjardins, the largest financial co-operative in North America with over $400 billion in assets. Desjardins GICs (called Term Savings) are AMF-insured, while every other major bank in Quebec carries CDIC coverage. EQ Bank, Oaken, and the Big Five all serve Quebec residents online or in-branch.
| Institution | Type | 1-Year Rate |
|---|---|---|
| ★Caisse populaire Acadienne | Quebec credit union | 3.85% |
| Desjardins (Caisse populaire) | Quebec credit union | 3.65% |
| Oaken | trust company | 3.35% |
| EQ Bank | online bank | 3.30% |
| Tangerine | online bank | 3.15% |
| TD | Big Five bank | 2.70% |
| RBC | Big Five bank | 2.45% |
| CIBC | Big Five bank | 2.45% |
| Scotiabank | Big Five bank | 2.45% |
| BMO | Big Five bank | 2.45% |
Rates are 1-year posted non-cashable. Verify directly with each institution before depositing.
Quebec is unique in Canadian banking: Desjardins, the Mouvement Desjardins, is by far the dominant deposit-taking institution in the province with 5+ million members and over $400 billion in assets — more than any individual Big Five bank's Quebec footprint. Desjardins GICs (sold as Épargne à terme or Term Savings) are insured by the Autorité des marchés financiers (AMF), which provides the same $100,000 per category coverage as CDIC. Desjardins rates are typically 50–80 bps below EQ Bank and Oaken — the trade-off you make for the integrated French-language service, the largest Quebec branch network, and access to the Desjardins ecosystem (DesjardinsCard, Disnat brokerage, Desjardins Insurance). Every CDIC member also serves Quebec: RBC, TD, CIBC, Scotia, BMO, National Bank (NBC — headquartered in Montreal and meaningfully more Quebec-focused than the other Big Five), EQ Bank, Oaken, and Tangerine. National Bank GICs are particularly popular with Quebec retail savers because of the strong Quebec brand recognition, though rates trail EQ Bank by 60–80 bps. Outside Desjardins, Quebec also has a small number of caisses populaires acadiennes and Indigenous-owned credit unions, all AMF-insured. Quebec's combined top marginal tax rate of 53.31% is the highest in Canada, which makes registered shelter for GIC interest mathematically essential — non-registered GIC interest at the top rate gives back only $46.69 of every $100 earned. Use TFSA, REER, and CELIAPP (the Quebec name for FHSA) before non-registered. Quebec residents file both a federal tax return and a separate Quebec TP-1 return — GIC issuers report interest to both Revenue Canada and Revenu Québec via T5 / Relevé 3 slips.
National banks post the same GIC rate everywhere — RBC offers the same 1-year rate to a Toronto saver as to a Winnipeg saver. What changes between provinces is the credit union option. Quebec's credit unions offer rates that are typically 50–80 bps above the Big Five and competitive with EQ Bank and Oaken.
The other province-level variable is deposit insurance. Quebec credit union deposits at Desjardins are covered by the Autorité des marchés financiers (AMF) — registered deposits are insured up to $100,000 per category and non-registered up to $100,000, matching CDIC limits.
All institutions listed above are available to residents of Montreal and the broader Quebec region. Online banks (EQ Bank, Oaken, Tangerine) require no branch visit — you open and fund accounts entirely online. Quebec credit unions typically have branches in Montreal plus regional offices.
Rates as of 2026-04-21 · 1-year non-cashable · Confirm directly with each institution.
Last reviewed: April 2026