Featured Partner Offer
1
EQ Bank Registered GIC
APY:
3.75% (3 month) to 4.60% (1 year)
Minimum Deposit Requirement:
$0
Term:
3 months to 10 years
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The Royal Bank of Canada (RBC) is Canada’s largest and most reputable bank. A member of Canada’s “Big Six” and operating since 1864, RBC is notable for having a wide range of investing products, with Guaranteed Investment Certificates (GICs) among the safest and most popular.
While major Canadian banks aren’t usually known for offering the highest returns, especially when compared to other Schedule 1 banks, RBC has recently offered competitive rates for those looking to purchase GICs, with flexible deposit terms.
Learn more about the best RBC GICs in Canada in this article with more information about investment details and frequently asked questions.
Featured Partner Offer
1
EQ Bank Registered GIC
On EQ Bank’s Website
APY:
3.75% (3 month) to 4.60% (1 year)
Minimum Deposit Requirement:
$0
Term:
3 months to 10 years
There are the best RBC GICs in Canada:
We compared 504 GICs at 43 financial institutions to find some of the best options available. Learn more about why we picked each GIC, the pros and cons and the rate details.
Variable return with 100% principal guarantee
$1,000
Four and six years
Variable return with 100% principal guarantee
$1,000
Four and six years
The RBC ESG Market-Linked GIC is a stock market-linked GIC that grants investors the opportunity to invest in environmentally, socially and governance-conscious companies that align with progressive values.
It is a stock market-linked GIC, which allows investors to capitalize on a variable return that can be higher than that of a fixed-rate GIC, without the market volatility of traditional stock investing.
The principal investment in an RBC ESG Market-Linked GIC is guaranteed and offers a variable return that is paid at maturity. While early access to funds is unavailable before maturity, investors can invest with peace of mind, as this GIC is also insured by the Canada Deposit Insurance Corporation (CDIC).
Variable return with 100% principal guarantee
$1,000
Three-year
Variable return with 100% principal guarantee
$1,000
Three-year
The RBC Canadian Market-Linked GIC is another market-linked GIC that allows Canadians to invest in the S&P/TSX 60 Index while securing their principal investment and sheltering the money from market volatility.
Available exclusively as a three-year term investment, the RBC Canadian Market-Linked GIC has the potential to outperform traditional GICs, with a guaranteed return on the principal investment. Additionally, like many RBC products banking and investing products, the RBC Canadian Market Linked GIC is insured by the CDIC.
This GIC is non-cashable before maturity. Interest is paid at maturity or on the second purchasing anniversary.
3.950% to 4.000%
$500
One-year to 10 years
3.950% to 4.000%
$500
One-year to 10 years
The RBC Non-Redeemable Annual Compound Interest GIC is a guaranteed investing option that compounds interest annually and pays at maturity.
The minimum investment requirement for a non-redeemable GIC starts at $500, placing it among the lower purchase requirements. It also has a lower minimum term requirement, starting at one year and ranging as high as 10 years in length.
As its name implies, interest is paid annually, with 4.000% for term lengths less than five years. GICs with terms longer will earn a reduced interest rate of 3.950%.
Principal deposits and interest earned are guaranteed, with CDIC insurance up to $100,000 included.
3.950% to 4.000%
$500
30 days to 10 years
3.950% to 4.000%
$500
30 days to 10 years
The RBC Non-Redeemable Annual Pay Non-Compounding Interest GIC comes with a variety of term options, starting at one year and going as high as 10 years, with options to invest from one to five years, five years, seven years and 10 years.
Interest is paid annually on the investment, and a minimum investment requirement of $500 is applicable to the RBC Non-Redeemable Annual Pay Non-Compounding Interest GIC and CDIC-insured up to $100,000.
3.450%
$500
30 days to 10 years
3.450%
$500
30 days to 10 years
The RBC Redeemable Semi-Annual Compound Interest GIC guarantees the principal investment and any interest earned, which is available to be paid semi-annually. The interest rate for this investment is 3.450%, though one drawback is that interest rates are redeemable at a lower rate. Terms range from 30 days to 10 years.
The minimum deposit requirement for the RBC Redeemable Semi-Annual Compound Interest GIC starts at $500. The investment is eligible for CDIC insurance, and interest is redeemable at a reduced rate.
Up to 4%
$1,000
Up to 10 years
Up to 4%
$1,000
Up to 10 years
The RBC Non-Redeemable GIC is a traditional GIC for those familiar with the investing vehicle.
The non-redeemable GIC from RBC locks in the principal investment, available in terms ranging from one to 364 days, or one to five, seven or 10 years.
Minimum investment requirements start at $1,000 for investments over one year in length, $5,000 for terms between 30 days to 364 days, or $100,000 for investments 30 days or less.
The RBC Non-redeemable Annual Compound Interest GIC pays interest at maturity if the investment is less than one year, monthly, semi-annually, annually, and at maturity, with interest compounded annually.
As a non-redeemable GIC, access to funds before maturity is not permitted before maturity. However, the principal investment and interest are guaranteed and come with included CDIC insurance.
Up to 3.450%
$1,000
Up to 10 Years
Up to 3.450%
$1,000
Up to 10 Years
Unlike the non-redeemable GIC, the RBC Redeemable GIC offers access to funds invested before maturity. However, one drawback is that funds are available at a reduced rate.
Rates on RBC Redeemable GICs can reach as high as 3.450%, and term options range from one day to 10 years.
Terms are payable at maturity if the contract is less than one year in length or monthly, semi-annually, annually, or at maturity if the contract is greater than one year.
Minimum investments for this GIC are tiered, starting at $1,000 for investments greater than one year, or $5,000 for terms between 30 and 364 days, or $100,000 for less than 30 days.
Investments are insured by the CDIC up to $100,000 and the principal investment as well as interest earned are guaranteed.
Clients who want to receive interest monthly will be required to make a minimum deposit of $5,000 for terms greater than one year in length.
3.825% to 3.875%
$5,000
One year to five years, five years, seven years, and 10 years
3.825% to 3.875%
$5,000
One year to five years, five years, seven years, and 10 years
The RBC Non-redeemable GIC is available with the option to collect interest paid monthly, with terms ranging from a minimum of one year, as well as one year to five years, seven years, and 10 years in term length. A minimum deposit requirement of $5,000 is required for the purchase of this GIC.
Rates currently range from 3.825% to 3.875% for all terms and deposit amounts.
Interest in an RBC Non-redeemable GIC is guaranteed and the principal amount invested is as well.
3.325%
$5,000
one year to five years, five years, seven years, and 10 years
3.325%
$5,000
one year to five years, five years, seven years, and 10 years
The RBC Redeemable GIC is available with the option to receive interest payments monthly.
With a rate of 3.325% for all terms and deposits, the RBC Redeemable GIC ranges from one year to five years in length, with options for seven and 10-year terms available, with the minimum deposit requirement starting at $5,000.
The principal investment and interest earned are guaranteed and insured by the CDIC.
5% to 32%
$1,000
Two, three or five years
5% to 32%
$1,000
Two, three or five years
RBC’s Canadian Banking MarketSmart GIC is a market-linked GIC that is tied to the performance of the Canadian equity index, allowing investors to invest and take advantage of the stability of Canadian stocks while utilizing CDIC insurance.
This GIC guarantees your principal investment as well as a minimum return, with the potential to earn up to 32% and variable return linked to the S&P/TSX Banks Index
With a minimum investment requirement of $1,000 and terms available in three years, the Canadian Banking MarketSmart GIC does not offer access to funds before maturity with returns paid at maturity.
Returns for two-year investments range between a minimum of 5.00% and a maximum of 15.00%. Three-year terms range from a minimum of 9.00% to a maximum of 22.000%. Five-year returns range from a minimum of 17.000% to a maximum of 32.000%.
COMPANY | FORBES ADVISOR RATING | APY | MINIMUM DEPOSIT REQUIREMENT | TERMS |
---|---|---|---|---|
RBC ESG Market-Linked GIC | ![]() |
Variable return with 100% principal guarantee | $1,000 | Four and six years (non-redeemable, non-transferable) |
RBC Canadian Market-Linked GIC | ![]() |
Variable return with 100% principal guarantee | $1,000 | Three-year (non-redeemable) |
RBC Non-Redeemable Annual Compound Interest GIC | ![]() |
3.950% – 4.000% | $500 | One-year to 10 years (non-redeemable) |
RBC Non-Redeemable Annual Pay Non-Compounding Interest GIC | ![]() |
3.950% – 4.000% | $500 | One-year to 10 years (non-redeemable) |
RBC Redeemable Semi-Annual Compound Interest GIC | ![]() |
3.450% | $500 | One-year to 10 years (redeemable) |
RBC Non-Redeemable GIC | ![]() |
Up to 4% | $1,000 | One-day to 10 years (non-redeemable) |
RBC Redeemable GIC | ![]() |
Up to 3.450% | $500 | One-day to 10 years (redeemable) |
RBC Non-Redeemable GIC (interest Paid, Monthly) | ![]() |
3.825% to 3.875% | $5,000 | One-year to 10 years (non-redeemable) |
RBC Redeemable GIC (Interest Paid Monthly) | ![]() |
3.450% | $5,000 | One-day to 10 years (redeemable) |
RBC Canadian Banking MarketSmart GIC | ![]() |
Variable return with 100% principal guarantee | $1,000 | Two years, three years, or five years (non-redeemable) |
To create this list, Forbes Advisor Canada analyzed 504 guaranteed investment certificates (GICs) across 43 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on nine data points that included annual percentage yield, minimum deposit requirements, (low, medium and high) customer service, compound interest schedule, available terms and availability.
The following is the weighting assigned to each category:
GIC with higher APYs rose to the top of the list. Minimum deposit requirements of $10,000 or higher affected scores negatively. Investments with daily compounding interest schedules were scored higher than those with monthly or quarterly schedules. To appear on this list, the GIC must be nationally available.
Featured Partner Offer
1
EQ Bank Registered GIC
On EQ Bank’s Website
APY:
3.75% (3 month) to 4.60% (1 year)
Minimum Deposit Requirement:
$0
Term:
3 months to 10 years
The best GIC rate at RBC is currently 4.50% on a one-year term, non-redeemable GIC. It should be noted that the rate is one of RBC’s promotional Special GIC Rates.
Related: Best GIC Rates In Canada
As of August 2024, Equitable Bank’s online banking branch, EQ Bank offers the highest rate on a GIC, at 5.05% on a one-year term.
Purchasing a GIC is a very specific investment decision based on the investor’s personal goals. That said, interest rates have been high in recent years, which may make purchasing a GIC at this moment a suitable investing method.
Related: What To Expect From GICs In 2024
What defines a good GIC rate depends on the investing purpose of the investor. However, 5% is a good GIC rate compared to average GIC rates.
Whether an RBC GIC rate will go down depends on the type of GIC purchased. Fixed-rate GICs will maintain the same rate for the duration of the investment, while variable GIC rates can fluctuate, usually because they perform according to the stock market.
Zack Fenech is a professional finance writer from Toronto. He is passionate about demystifying complex finance topics and making them digestible and easy to follow for the average Canadian. Zack has previous experience writing for various Canadian fintech companies and financial publications, including Ratehub.ca, MoneySense.ca, and WealthRocket, the latter of which he served as editor-in-chief.