Compare the best GIC rates in Canada 2023

Learn how to invest safely in GICs and take control of your financial future. Learn about the top GICs rates in Canada in this article. Continue reading.

There are many things to consider when building or improving an investment. From the time you get the idea for the investment, to how the investment is run, to protecting your investments from fraud, to how to track your investments, you’ll want to make sure that you know what you’re doing. Improving your investments can be difficult, but with the right knowledge and experience, it can be done.

However, if you don’t understand how different rates work, you could end up losing your money. Now, “Compounded interest,” which is the interest that you earn on top of the interest that you already earned, is the best interest rate. Another interest rate is “simple interest,” which is the interest that you earn on the original investment that you made.

Overview

An investment certificate is a financial instrument that guarantees a fixed return over a specified time period. The rate of return is usually determined by the market rate for that particular asset. For example, a certificate for U.S. Treasury notes might promise a return of 4% per year. Because the market rate for such notes is usually higher, you might get a higher return than 4% on your investment. 

The question is, are certificates that promise a higher rate of return worth the investment? In many cases, they are. 

You might be willing to accept a lower return if you know that you’re guaranteed to get a higher return.

Now, in case you want a guaranteed return on investment, make sure to get invest your money in Guaranteed Investment Certificate from banks. And to help you get started with it, this article is set to provide you the best banks that offers high interest rates on their GICs or Guaranteed Investment Certificates. 

What is a Guaranteed Investment Certificate?

A Guaranteed Investment Certificate, or GIC, is an investment product that provides a fixed interest rate. The rate is guaranteed by the issuer, which is typically a bank. GICs are often used as a source of capital by other companies because they are low-risk, as the interest rate is guaranteed. A GIC is purchased with money that is deposited with the issuer. The GIC is then invested in a product that is typically chosen by the buyer in consultation with the issuer. GICs are typically a short-term investment, meaning that the investor receives the interest rate within a few months.

These certificates promise a fixed cash value that is calculated based on the certificate’s terms, and they are designed to provide regular income. These are valuable products in the world of investing, even though they are not such a piece of cake to use. In order to use a Guaranteed Investment Certificate, you need to know what type of certificate you want to buy, what the income will be, and what the rate of return is.

Banks that offers the best Guaranteed Investment Certificate with high interest rates

1. Scotiabank

Scotiabank and is a new way of investing your money. The certificate is a fixed-term investment that will mature on the maturity date, which is based on the term of the certificate. With Scotiabank, you can get a guaranteed return of at least 4% with a GIC. These are some of the best GICs available, and they are offered by some of the top banks that is Scotiabank. 

Scotiabank Guaranteed Investment Certificate interest rates

• 1-year: 2.00% 
• 2-year: 2.50% 
• 3-year: 2.75% 
• 4-year: 3.00% 
• 5-year: 3.25%

2. ICICI Bank Canada

ICICI Bank Canada is a leading Indian bank which provides the best returns on investments. With their guaranteed investment certificate, you will be able to invest in a range of fixed income investments, equity investments, or international funds. 

The investment certificate is designed to offer a reliable, steady and safe investment. The certificate is offered with a risk-free guarantee and is a long-term investment that will work for the investor. As long as the market shows good returns, the investor will be able to earn a high return on their investment.

ICICI Bank Canada Guaranteed Investment Certificate interest rates

• 1-year: 4.70% 
• 2-year: 4.70% 
• 3-year: 4.40% 
• 4-year: 4.40% 
• 5-year: 4.40%

3. Motive Financial

Motive Financial is one of the banks that offers the best Guaranteed Investment Certificate. They have a lot of different options to choose from and are one of the most popular banks in the finance industry, according to financial websites. They have a great interest rate and are a bank that offers a lot of different services.

Motive Financial Guaranteed Investment Certificate interest rates

• 1-year: 5.05% 
• 2-year: 4.80% 
• 3-year: 4.55% 
• 4-year: 4.45% 
• 5-year: 4.40%

4. Oaken Financial

Oaken Financial offers a unique Guaranteed Investment Certificate (GIC) that can be used as a savings account or high-yield savings account. The GIC is a fixed-term investment that is guaranteed to generate a minimum rate of return. The funds are invested in the bank’s portfolio of liquid assets, which are assets that can be converted easily into cash and are secured by the bank.

Oaken Financial Guaranteed Investment Certificate interest rates

• 1-year: 5.25% 
• 2-year: 5.00% 
• 3-year: 4.85% 
• 4-year: 4.65% 
• 5-year: 4.50%

5. LBC Digital (Laurentian Bank)

LBC Digital (Laurentian Bank) is a highly rated bank with a long history of providing high-quality customer service and competitive rates. Laurentian Bank Offers Guaranteed Investment Certificates that are guaranteed to be worth at least the amount you invest. The certificates are also guaranteed to pay a dividend every year. They are also guaranteed not to be worth less than they were purchased at.

LBC Digital (Laurentian Bank) Guaranteed Investment Certificate interest rates

• 1-year: 5.15% 
• 2-year: 4.75% 
• 3-year: 4.50% 
• 4-year: 4.40% 
• 5-year: 4.35%

6. People’s Trust

In the world of personal finance, there are many options for people to invest their money and grow their portfolios. However, the question remains: what are the best options? 

One bank that has been recognized for providing the best investment opportunities is People’s Trust. Not only do they offer a great portfolio of investments, but they also offer a Guaranteed Investment Certificate that is backed by CDIC. 

People’s Trust Guaranteed Investment Certificate interest rates

• 1-year: 5.10% 
• 2-year: 5.30% 
• 3-year: 4.85% 
• 4-year: 4.65% 
• 5-year: 4.50%

7. Achieva Financial

The world of investing can be complicated, but it doesn’t have to be. Achieva Financial offers a Guaranteed Investment Certificate that has a simple and easy way to invest in a diversified portfolio of stocks and bonds. It is a great way to get started if you are new to investing.

All of the funds in the certificate are FDIC insured, with a $100,000 limit for each certificate. The certificate comes with up to 5-year term and the interest is compounded daily.

Achieva Financial Guaranteed Investment Certificate interest rates

• 1-year: 4.80% 
• 2-year: 4.85% 
• 3-year: 4.90% 
• 4-year: 4.95% 
• 5-year: 5.00%

8. Hubert Financial

Hubert Financial is one of the banks that offers the best Guaranteed Investment Certificate. The Guaranteed Investment Certificate is a certificate that is purchased by investors who want to invest in the long-term. The investments can be made in a lot of different ways, including stocks, bonds, and more. The idea is that the certificate will always be a certain amount of money that investors are guaranteed to make – particularly backed by Deposit Guarantee Corporation of Manitoba.

Hubert Financial Guaranteed Investment Certificate interest rates

• 1-year: 4.60% 
• 2-year: 4.60% 
• 3-year: 4.70% 
• 4-year: 4.80% 
• 5-year: 4.90%

How to choose the bank with the best Guaranteed Investment Certificate interest rates?

Guaranteed Investment Certificate rates can be found all over the financial world – especially in Canada. But how do you know what bank has the best Guaranteed Investment Certificate interest rates? You can look up the interest rates on the bank’s website, but they will all be different. You can also compare Guaranteed Investment Certificate interest rates by checking out the annual percentage yield (APY) on the bank’s website. Moreover, you may opt to use a GIC calculators as it can help you to find the best rates for the GICs that you want to purchase.

Final thoughts

There are so many options for you to choose from these days, but we believe that you should choose the best GIC rates for your needs. Through our blog post, we are hoping to help you find the best GIC rates for your needs and help you make an informed decision.

If you’re looking to invest in a GIC, then you should make sure to compare the specific terms to find the best GIC for your needs. We hope you found this blog post informative and decided to invest in a GIC with your bank.