Best EQ Bank GIC Rates for October 2025

MySense

Oct 1, 2025Siddhi Bagwe

EQ Bank is a popular online-only bank with limited fees and competitive interest rates on savings accounts, investment accounts, mortgages, and guaranteed investment certificates (GICs).

EQ Bank’s non-redeemable GICs offer a guaranteed rate of return and are available in a wide range of terms. These low-risk investment options are eligible for RRSPs and TFSAs and can be opened with as little as $100.

EQ Bank’s current GIC rates

EQ offers non-redeemable, fixed-rate GICs available as regular, non-registered or as registered investments (RSP GIC and TFSA GIC options).

Term	Regular GIC	RSP GIC	TFSA GIC
3 Month	2.70%	2.70%	2.70%
6 Month	2.80%	2.80%	2.80%
9 Month	2.85%	2.85%	2.85%
1 Year	3.15%	3.15%	3.15%
15 Month	3.15%	3.15%	3.15%
2 Year	3.20%	3.20%	3.20%
27 Month	3.30%	3.30%	3.30%
3 Year	3.30%	3.30%	3.30%
4 Year	3.40%	3.40%	3.40%
5 Year	3.45%	3.45%	3.45%
6 Year	2.35%	2.35%	2.35%
7 Year	2.35%	2.35%	2.35%
10 Year	2.35%	2.35%	2.35%

The best EQ GIC rates

Account	NerdWallet rating	Minimum deposit	Interest rate	Apply Now
EQ Bank Non-registered 1 Year GIC				on EQ Bank's website
	5.0/5	$100	3.15% As of September 30, 2025
EQ Bank Non-registered 3 Year GIC				on EQ Bank's website
	5.0/5	$100	3.30% As of September 30, 2025
EQ Bank Non-registered 5 Year GIC				on EQ Bank's website
	5.0/5	$100	3.45% As of September 30, 2025

What to know about EQ Bank GICs

EQ Bank was launched by its parent company, Equitable Bank, in 2016 as a low-cost digital alternative to traditional banking. Its competitive interest rates and lack of monthly fees have attracted more than $7 billion in customer deposits.

EQ Bank’s GICs options are easy to open, have no fees, and are available in a variety of types and terms. Plus, your investments are protected — deposits are covered by the Canadian Deposit Insurance Corporation (CDIC) protection and, in the event of a bank failure, guaranteed up to $100,000.

How to choose an EQ Bank GIC

To choose the best EQ Bank GIC option for you, think about your investment goals and how you can make a GIC worthwhile.

Are you a beginner investor saving for the near future? Are you looking for somewhere to park your money for a few years? Or, would you like to boost your TFSA or RRSP with a decade’s worth of compounding interest?

To make the best decision for you, consider how the following might help you achieve your goals:

• EQ Bank GIC types.
• Available terms.
• Interest rates.
  
  

Types of EQ Bank GICs

EQ offers non-redeemable, fixed-rate GICs available as non-registered or registered investments.

Registered offerings include

• RSP GICs, which can be held in a registered retirement savings plan (RRSP), and
• TFSA GICs, which can be held in a tax-free savings account (TFSA).
  
  

EQ Bank does not offer joint GICs — you can only buy a GIC for yourself, not with, or on behalf of, someone else.

EQ Bank GIC terms

EQ’s GICs are available in a wide range of terms, including

• Short terms (3 months, 6 months and 9 months)
• Mid-length terms (1 year, 15 months, 2 years, 27 months, 3 years and 4 years), and
• Long terms (5 years, 6 years, 7 years and 10 years).
  
  

Since EQ Bank’s GICs are non-redeemable, you won’t earn interest on your deposit unless you wait until the end of the term to withdraw your funds, so picking the right term is important.

Typically, GICs with longer terms earn higher rates of interest, and this is generally true with EQ’s GICs.

EQ Bank GIC interest rates

An EQ Bank GIC interest rate reflects how the interest earned from EQ GICs is calculated, which differs depending on the term length.

For GICs with terms up to one year, simple interest is calculated on a per diem basis and paid at maturity.

For GICs with terms over one year:

• If interest is paid at maturity, interest is calculated on a per annum basis and compounded annually.
• If interest is paid annually on a non-registered GIC, simple interest is calculated on a per annum basis.