GIC Calculator — Canada
Calculate your fixed-deposit maturity value and interest in CAD at current rates. No signup, no account needed.
Enter a deposit amount, a rate between 0% and 100%, and a term above zero (up to 50 years) to see results.
Fixed deposit rates in Canada (2026)
GIC rates ≈ 3.5–4.25% p.a. for 1-5 year terms. Top rates at EQ Bank, Oaken, Tangerine. Tax-free inside a TFSA.
At around 3.25%, the fixed-deposit rate in Canada is around the typical range for developed-market deposits.
Reference figures, ~2026. FD interest is often taxable and rates vary by bank and tenure - verify the current rate before depositing.
Worked example
For every $30,000 deposited at 3.25% for 5 years (quarterly compounding):
- Maturity value: $35,270
- Interest earned: $5,270
Scale to your deposit amount. Longer tenures and higher rates grow the maturity value; compare banks before locking in.
How to get the best fixed-deposit return in Canada
- Compare several banks - smaller and digital banks often pay more than the big high-street names.
- Ladder your deposits across different tenures so some matures regularly and you can reinvest at new rates.
- Check how often interest compounds; more frequent compounding grows the maturity value.
- Factor in tax on the interest, and compare against short-term government bills or bonds.
A named-bank rate check: EQ Bank's GIC rate (2026)
As of September 2026, EQ Bank's posted 1-year (12-month) Guaranteed Investment Certificate rate is 3.25%, per its official rates page. For comparison, RBC Royal Bank's posted 1-year non-redeemable "Special GIC Rate" is 2.70% over the same period — both well below this calculator's previous 4% default, reflecting the Bank of Canada's policy rate of 2.25% as of its 2 September 2026 announcement.
GIC rates vary by institution, term length, and whether the certificate is redeemable or non-redeemable. Online-only banks such as EQ Bank often post higher GIC rates than traditional Big Five branches because they carry lower overhead.
A more realistic example: depositing CAD 10,000 into a 1-year GIC at EQ Bank's 3.25% rate, compounded annually, grows to CAD 10,325.00 after one year. Held for 3 years at the same rate (compounded annually), the same CAD 10,000 deposit would grow to approximately CAD 11,007.03 — about CAD 1,007.03 in total interest.
Frequently Asked Questions
How is FD maturity calculated in Canada?
Maturity = P × (1 + r/4)^(4n) for quarterly compounding, where P is the deposit, r the annual rate and n the years. fin·calc uses this standard method.
What is the current FD rate in Canada?
As a 2026 reference, fixed-deposit rates are around 3.25% per year, varying by bank and tenure. GIC rates ≈ 3.5–4.25% p.a. for 1-5 year terms. Top rates at EQ Bank, Oaken, Tangerine. Tax-free inside a TFSA.
Is FD interest taxable in Canada?
In Canada, GIC interest is fully taxable as income by the CRA at your marginal rate — unlike capital gains, which receive more favourable tax treatment — unless held inside a registered account like a TFSA or RRSP.
Is a fixed deposit safe in Canada?
Fixed deposits carry no market risk. In Canada, eligible deposits are protected by the CDIC up to C$100,000 per insured category, per member institution. They trade higher safety for lower long-term returns than equities.
Should I choose a fixed deposit or invest instead in Canada?
A fixed deposit gives a guaranteed return and suits money you cannot afford to risk. Investing targets higher long-term growth but can fall in value. Many people keep an FD for safety and invest separately for growth.
What GIC rate does EQ Bank currently offer for a 1-year term?
As of September 2026, EQ Bank's posted 1-year GIC rate is 3.25%, according to EQ Bank's official rates page. Always check the current posted rate before investing, since rates change frequently.
How does EQ Bank's GIC rate compare to a bank like RBC?
As of September 2026, EQ Bank's 1-year GIC rate (3.25%) is higher than RBC Royal Bank's posted 1-year non-redeemable Special GIC Rate (2.70%). Online banks often offer higher GIC rates than traditional banks because of lower overhead costs.
Is the calculator's rate realistic for a Canadian GIC today?
Yes, as of September 2026 named-bank 1-year GIC rates range from about 2.70% (RBC) to 3.25% (EQ Bank), and this calculator uses 3.25% to reflect that range. Use the calculator's rate field to enter the actual rate quoted by your bank for an accurate projection.
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Sources
Deposit rates are compiled from each country's central-bank publications and the typical offerings of its major banks, reviewed for 2026 and subject to change — always confirm the current rate with your bank before depositing. See our methodology and editorial policy for how we source and update this data.
Additional sources for this page
EQ Bank (accessed 17 September 2026): EQ Bank Rates and Accounts. RBC Royal Bank (accessed 17 September 2026): View GIC Rates at RBC Royal Bank. See our methodology and editorial policy for how we source and update this data.