Scotiabank's standard posted GIC rates currently sit at the bottom of the Big Five table, but it runs frequent promotions through its Momentum and Plus series that can close much of the gap. Check the current promo grid before booking at the standard rate.
| Term | Posted rate | $10,000 earns (term) |
|---|---|---|
| 1 Year | 2.45% | $245 |
| 2 Year | 2.50% | $506 |
| 3 Year | 2.60% | $800 |
| 5 Year | 2.75% | $1,453 |
Compound interest assumed annually. Always confirm posted rates directly with Scotiabank.
Scotiabank runs the most aggressive promotional calendar of the Big Five even though its standard posted rates currently trail the group — Momentum GIC, Plus series, and short-term bonus offers cycle through the year, so it's worth checking the current promo grid (in branch or via the Scotia app) before booking at the standard rate. Scotia also owns Tangerine, which sits in the same CDIC umbrella but pays roughly 70–90 bps more for the same term — the same Simplii/CIBC dynamic, with the same caveat that depositing at both does NOT double your CDIC coverage. Scotia's GIC product lineup is the broadest of the Big Five: Long-Term Non-Redeemable GICs (1–10 year terms, the long end is unusual), Cashable GICs (after 30 days at a discounted rate), Mutual Fund-Linked GICs (principal-protected, returns tied to a basket of Scotia mutual funds), Market-Linked GICs (tied to the S&P/TSX 60 or S&P 500), and US-dollar GICs. The 7- and 10-year non-redeemable terms are genuinely useful for retirement-bucket planning — no other Big Five offers them. Scotia iTRADE integration is the cleanest path for registered GICs (TFSA, RRSP, FHSA): you can book Scotia GICs alongside third-party GICs from Equitable Bank and Home Trust inside the same iTRADE account, with each issuer carrying its own CDIC coverage. For larger deposits, Scotia branch managers regularly rate-match against EQ Bank, Oaken, and Tangerine — the discretion runs deeper than at RBC or TD because Scotia's commission structure rewards retention. On a $25,000 5-year deposit, even a 30 bp match is worth $375. Without that conversation, the standard-rate gap to EQ Bank costs roughly $85 per $10,000 per year on a 1-year term.
If pure rate is your priority, two CDIC-insured issuers post higher 1-year non-cashable rates than Scotiabank 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.
Scotiabank'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 Scotiabank'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 Scotiabank, 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 Scotiabank 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 Scotiabank.
Last reviewed: April 2026