RBC is Canada's largest bank by assets and offers GICs across every term, with the country's biggest branch network if you prefer in-person service. Posted rates are typically 85–125 bps below online competitors depending on term, but RBC will sometimes match a competing offer if you ask in branch.
| Term | Posted rate | $10,000 earns (term) |
|---|---|---|
| 1 Year | 2.45% | $245 |
| 2 Year | 2.55% | $517 |
| 3 Year | 2.55% | $785 |
| 5 Year | 2.75% | $1,453 |
Compound interest assumed annually. Always confirm posted rates directly with RBC.
RBC GICs can be booked three ways — in branch, by phone with a Royal Bank advisor, or through RBC Online Banking once you have an existing chequing or savings relationship. The online flow takes about five minutes for a non-registered GIC and is the fastest path if you already bank with RBC. For first-time customers, opening a chequing account is usually a prerequisite, which is one reason EQ Bank and Oaken are often easier for a single one-off deposit. RBC's full GIC line-up includes Non-Redeemable GICs (highest rates, locked for the full term), Cashable GICs (accessible after 30 days at a much lower rate), Redeemable GICs (early access at penalty rates), Equity-Linked GICs tied to the S&P/TSX 60, and US-Dollar GICs for cross-border savers. Where RBC genuinely shines is on $25,000+ deposits — branch managers have discretion to match or beat posted rates, and rate matching against EQ Bank or Oaken is common if you ask explicitly. Without that ask, you'll typically pay an opportunity cost of roughly $85 per $10,000 per year vs. EQ Bank on a 1-year term, or about $625 over a 5-year hold. RBC's RBC Direct Investing platform also accepts third-party GICs from issuers like Equitable Bank and Home Trust at the issuer's posted rate — a useful workaround for keeping registered GIC paperwork inside one brokerage account while still capturing online-bank yields.
If pure rate is your priority, two CDIC-insured issuers post higher 1-year non-cashable rates than RBC right now: EQ Bank at 3.30% (gap: +0.85%) and Oaken at 3.35% (gap: +0.90%). On a $25,000 5-year deposit, the difference vs. EQ Bank compounds to roughly $1,784 of extra interest.
RBC's 1-year rate is 0.90 percentage points below the highest in our comparison (Oaken at 3.35%). Over a 5-year term on $10,000, you'd earn roughly $1,453 in interest at RBC'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 RBC, a $25,000 ladder ($5,000 per rung) produces roughly $515 in annual interest once fully built (using current 1-, 2-, 3-, and 5-year rates as a proxy).
Hold RBC 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 2.45%, a 30% marginal rate costs roughly $74 per year in tax.
Rates as of 2026-04-21 · Non-registered, non-cashable terms · Confirm directly with RBC Royal Bank.
Last reviewed: April 2026