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Best Scotiabank GICs in Canada

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Best Scotiabank GICs In Canada For November 2024

Jordan Lavin

Contributor

Updated: Nov 7, 2024, 6:39am

Aaron Broverman

editor

Fact Checked

Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.

Scotiabank is one of Canada’s largest banks and a provider of guaranteed investment certificates (GICs), an investment that protects your money while helping it grow faster than it can in a traditional savings account.

You don’t have to be an existing Scotiabank customer or have a Scotiabank savings account to get competitive GIC rates from this “Big Six” Bank. Whether you want to invest for a few months or several years, Scotiabank has an option for you. Let’s take a look at the Best Scotiabank GICs for November 2024.

Find The Best GIC

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Why You Can Trust Forbes Advisor Canada

Our editors are committed to bringing you unbiased ratings and information. Advertisers do not influence our editorial content. We use data-driven methodologies to evaluate financial, small business and insurance products or companies so that all are measured equally. You can read more about our editorial guidelines on our ‘About Us’ page and what informs our rating system in the methodology section of the article below.

Featured Partner Offer

EQ Bank Registered GIC

Learn More

On EQ Bank’s Website

APY:

3.55% (3 month) to 3.85% (1 year)

Minimum Deposit Requirement:

Term:

3 months to 10 years

Best Scotiabank GICs in Canada for November 2024

The following are the best Scotiabank GIC rates as of November 4, 2024:

3.40% (1-year)
3.30% (18 months)
3.25% (2-year)
3.15% (3-year)
3.10% (4-year)
3.05% (5-year)

* Non-redeemable, non-registered, compounded annually.

Best Scotiabank GICs in Canada for November 2024

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.

Scotiabank Long-Term Non-Redeemable GICs (Non-Customers, Compounded Semi-Annually)

APY

3.87% to 4.42%

Minimum Deposit Requirement

$500

Terms

One to five years

APY

3.87% to 4.42%

Minimum Deposit Requirement

$500

Terms

One to five years

Why We Picked It

Scotiabank’s long-term non-redeemable GICs offer some of the best GIC rates among major banks in Canada. With these GICs, you can earn as much as 4.42% interest for a one-year term, and the minimum deposit of $500 is affordable for most GIC investors. Because the interest is compounded semi-annually, you may get a higher overall rate of return than with other GICs that compound interest annually.

Pros & Cons

Good interest rates as high as 4.42% for a one-year term
Earn interest faster with semi-annual compounding
Choose terms from one to five years
Low minimum deposit of $500

Not redeemable before maturity
Lower interest rates than Scotiabank’s annually compounded GICs
No 18-month GIC term is available

Details

Scotiabank long-term non-redeemable GICs are non-redeemable and non-cashable
All Scotiabank GICs are insured by the Canada Deposit Insurance Corporation (CDIC) for up to $100,000
Interest compounded and paid semi-annually
Guaranteed rate of return with principal protection

Scotiabank Long-Term Non-Redeemable GICs (Non-Customers, Compounded Annually)

APY

3.95% to 4.50%

Minimum Deposit Requirement

$500

Terms

One to five years

APY

3.95% to 4.50%

Minimum Deposit Requirement

$500

Terms

One to five years

Why We Picked It

Scotiabank’s long-term non-redeemable GICs offer a safe, flexible investment vehicle to help your money grow faster than a traditional savings account. With Scotiabank’s annually compounded long-term GICs, you can select terms from one to five years and earn interest rates of up to 4.50%. As with all Scotiabank GICs, your investment is protected by CDIC insurance.

Pros & Cons

Interest rates as high as 4.50% for a one-year term
Choose terms from one to five years
Low minimum deposit of $500
18-month GIC term available

Not redeemable before maturity
No 18-month GIC term is available

Details

Scotiabank long-term non-redeemable GICs are non-redeemable and non-cashableAll Scotiabank GICs are insured by the CDIC for up to $100,000
Interest is compounded and paid annually
For 18-month GIC, interest is compounded annually and paid at maturity
Guaranteed rate of return with principal protection

Scotiabank Long-Term Non-Redeemable GICs (Ultimate Package Customers)

APY

3.95% to 4.50%

Minimum Deposit Requirement

$500

Terms

One to five years

APY

3.95% to 4.50%

Minimum Deposit Requirement

$500

Terms

One to five years

Why We Picked It

Scotiabank customers with the Ultimate Package chequing account can get a special interest rate of 4.29% on a three-year non-redeemable GIC, compared with the standard rate of 4.00% for non-customers. This boost could be worth it if you’re already a client.

Pros & Cons

Interest rates as high as 4.50% for a one-year term
Special 4.29% rate on three-year GICs
Choose terms from one to five years
Low minimum deposit of $500

Not redeemable before maturity
No special rates on GIC terms other than three years
Interest compounded and paid annually only

Details

Scotiabank long-term non-redeemable GICs are non-redeemable and non-cashable
All Scotiabank GICs are insured by the CDIC for up to $100,000
Interest compounded and paid annually
For 18-month GIC, interest is compounded annually and paid at maturity
Guaranteed rate of return with principal protection

Scotiabank Long-Term Non-Redeemable GICs (Preferred Package Customers)

APY

3.95% to 4.50%

Minimum Deposit Requirement

$500

Terms

One to five years

APY

3.95% to 4.50%

Minimum Deposit Requirement

$500

Terms

One to five years

Why We Picked It

If you have Scotiabank’s Preferred Package chequing account, you can get a special rate of 4.19% on a three-year GIC, slightly higher than the bank’s rate of 4.00% for non-customers.

Pros & Cons

Interest rates as high as 4.50% for a one-year term
Special 4.19% rate on three-year GICs
Choose terms from one to five years
Low minimum deposit of $500

Not redeemable before maturity
No special rates on GIC terms other than three years
Interest compounded and paid annually only

Details

Scotiabank long-term non-redeemable GICs are non-redeemable and non-cashable
All Scotiabank GICs are insured by the CDIC up to $100,000
Interest is compounded and paid annually
For 18-month GIC, interest is compounded annually and paid at maturity
Guaranteed rate of return with principal protection

Scotiabank Canadian Low Volatility Index

APY

Market-linked with minimum APY of 1.98% to 2.38%

Minimum Deposit Requirement

$500

Terms

two, three or five years.

APY

Market-linked with minimum APY of 1.98% to 2.38%

Minimum Deposit Requirement

$500

Terms

two, three or five years.

Why We Picked It

Scotiabank’s Canadian Low Volatility Index market-linked GIC is a good investment for those who want to combine the security of a GIC with the higher returns that can be had from investing in higher-risk securities. This GIC tracks the 50 least volatile stocks within the S&P/TSX Composite, giving you a minimum guaranteed return of at least 1.98% APY and the potential to earn up to 30% total return on your investment.

Pros & Cons

Market-linked GIC has the potential to earn more than traditional GICs
Interest rate based on low-volatility stocks traded on the TSX
Overall return on investment is as high as 30%
Two-year, three-year and five-year terms available

Maximum return limit could yield lower earnings than traditional investments
Low guaranteed return of 1.98% APY
No one-year or four-year terms are available

Details

Scotiabank market-linked GICs are non-redeemable and non-cashable
All Scotiabank GICs are insured by the CDIC for up to $100,000
Interest is compounded and paid annually
Two-year GIC: Minimum APY 1.98%; Minimum return 4.00%; Maximum return 14.00%
Three-year GIC: Minimum APY 2.44%; Minimum return 7.50%; Maximum return 18.00%
Five-year GIC: Minimum APY 3.95%; Minimum return 12.50%; Maximum return 30%

Summary of the Best Scotiabank GICs in Canada

Guaranteed Investment Certificate (GIC)	Annual Percentage Yield (APY)	Minimum Deposit	Terms	Learn More CTA text
Scotiabank Long-Term Non-Redeemable GICs (Non-Customers, Compounded Semi-Annually)	2.97% to 3.32%	$500	one to five years	View More
Scotiabank Long-Term Non-Redeemable GICs (Non-Customers, Compounded Annually)	3.05% to 3.40%	$500	one to five years	View More
Scotiabank Long-term Non-Redeemable GICs (Ultimate Package Customers)	3.39%	$500	3 years	View More
Scotiabank Long-term Non-Redeemable GICs (Preferred Package Customers)	3.29%	$500	3 years	View More
Scotiabank Canadian Low Volatility Index	Market-linked with minimum APY of 1.73% to 1.80%	$500	two, three or five years	View More
Rates as of November 4, 2024

Methodology

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:

APY: 50.68%
Minimum Deposit Requirement: 13.15%
Minimum Deposit Requirement Low: 4.67%
Minimum Deposit Requirement Medium: 3.67%
Minimum Deposit Requirement High: 2.67%
Customer Service: 5.67%
Compound Interest Schedule: 8.15%
Available Terms: 5.67%
Availability: 5.67%

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.

Current GIC rates at Scotiabank*

Term	GIC Type	Rate
30 to 59 days	Short-term non-redeemable	2.25%
60 to 89 days	Short-term non-redeemable	2.50%
90 to 119 days	Short-term non-redeemable	2.75%
120 to 149 days	Short-term non-redeemable	2.80%
150 to 179 days	Short-term non-redeemable	2.85%
180 to 269 days	Short-term non-redeemable	3.10%
270 to 364 days	Short-term non-redeemable	3.25%
1 year	Regular cashable	2.75%
1 year	Long-term non-redeemable compounded annually	3.40%
1 year	Long-term non-redeemable compounded semi-annually	3.32%
18 months	Long-term non-redeemable compounded annually	3.30%
2 years	Long-term non-redeemable compounded annually	3.25%
2 years	Long-term non-redeemable compounded semi-annually	3.17%
2 years	U.S. Top 500 market-linked	1.00% to 8.0%
2 years	Canadian Low Volatility Index market-linked	1.73% to 10.0%
2 years	Canadian Utilities market-linked	1.24% to 15.0%
3 years	Long-term non-redeemable for Ultimate Package customers	3.39%
3 years	Long-term non-redeemable for Preferred Package customers	3.76%
3 years	Long-term non-redeemable compounded annually	3.15%
3 years	Long-term non-redeemable for Preferred Package customers	3.29%
3 years	Long-term non-redeemable compounded semi-annually	3.07%
3 years	Canadian Top 60 market-linked	1.23% to 25%
3 years	U.S. Top 500 market-linked	0.83% to 15%
3 years	Canadian Utilities market-linked	1.56% to 25%
3 years	Canadian Low Volatility Index market-linked	1.80% to 15%
4 years	Long-term non-redeemable compounded annually	3.10%
4 years	Long-term non-redeemable compounded semi-annually	3.02%
5 years	Long-term non-redeemable compounded annually	3.05%
5 years	Long-term non-redeemable compounded semi-annually	2.97%
5 years	U.S. Top 500 market-linked	1.50% to 25%
5 years	Canadian Top 60 market-linked	1.83% to 40%
5 years	Canadian Low Volatility Index market-linked	1.92% to 25%
5 years	Canadian Utilities market-linked	2.29% to 50%
*Rates current as of November 4, 2024.

Scotiabank GICs: A Primer

Scotiabank GICs are safe investments that let you grow your savings faster than with a traditional savings account. Your initial investment is guaranteed, as is the rate of return you’ll receive. The bank offers terms ranging from 30 days to five years and has non-redeemable, redeemable, and market-linked GIC options.

Scotiabank GICs can be held in your registered accounts, including your RRSP, TFSA, RESP, FHSA, and more. If you choose not to hold your Scotiabank GICs in a registered account, you’ll pay income tax on the money you earn.

Because Scotiabank is a member of the CDIC, your GIC investments are protected up to $100,000.

Types of Scotiabank GICs

Scotiabank offers several types of GICs:

Long-term non-redeemable GICs are available with terms ranging from one to five years, with interest paid monthly, semi-annually or annually.
Short-term non-redeemable GICs carry terms between 30 and 364 days, with interest paid at maturity.
Cashable GICs are available with a one-year term and are cashable with no interest penalty after 30 days.
Market-linked GICs pay a variable rate of return that’s linked to the performance of the linked stock market index. Terms range from two to five years and total returns range from 2.50% to 50%.
U.S. Dollar GICs have the same terms and rates as other GICs but are available in U.S. Dollars.

Terms and Conditions for Scotiabank GICs

As with all GICs, there are terms and conditions that apply at Scotiabank.

Minimum investments apply. Most of Scotiabank’s GICs require a minimum investment of $500.
Scotiabank allows a maximum investment of $5 million per customer.
Most Scotiabank GICs will automatically renew for the same type and term unless you specify alternative maturity instructions.
Non-redeemable GICs may only be redeemed prior to maturity in the event of the owner’s death. Cashable GICs may be redeemed at any time.

How to Invest in Scotiabank GICs

To invest in Scotiabank GICs, you can go online or visit a nearby Scotiabank location.

If you’re an existing Scotiabank customer, you can use their online banking tool, Scotia OnLine, to create a plan and purchase a GIC. Funds will be taken directly from your Scotiabank account and you can use the platform to specify what should happen to the GIC when it matures.

If you’re not a Scotiabank customer, or you’re not enrolled for online banking, you can visit a Scotiabank branch to invest in GICs. The branch will help you select the GIC type and term that’s right for you and fund the account.

How to close a Scotiabank GIC

To close a Scotiabank GIC, you’ll need to provide instructions for what should happen when the GIC matures.

In most cases, Scotiabank GICs automatically renew for the same type and term as the original. For example, if you had invested in a one-year non-redeemable GIC, it would automatically be reinvested in a new one-year non-redeemable GIC at the end of the term.

If you don’t want your GIC to be automatically reinvested, you can give the bank instructions to redeem the GIC when it matures. You can do this through your online banking portal or by visiting a Scotiabank branch.

Featured Partner Offer

EQ Bank Registered GIC

Learn More

On EQ Bank’s Website

APY:

3.55% (3 month) to 3.85% (1 year)

Minimum Deposit Requirement:

Term:

3 months to 10 years

Frequently Asked Questions (FAQs)

What is the best GIC rate at Scotiabank?

Scotiabank offers many GIC types and terms with interest rates changing based on market conditions. Longer-term GICs have historically carried better rates, but because of interest rate conditions, the best rate is currently for a one-year non-redeemable GIC.

What fees does Scotiabank charge on GICs?

Scotiabank doesn’t charge fees for its GICs, whether you’re a bank customer or not.

Which bank has the highest GIC rates?

The best GIC rates in Canada aren’t usually found at the “Big Six Banks.” The banks with the highest GIC rates include EQ Bank, Peoples Trust, Home Bank and Home Trust. Be sure to compare GIC rates online to find the highest rates right now.

Can you negotiate GIC rates?

Unfortunately, it’s not possible to negotiate GIC rates with your bank, but you can shop around for the best deal on a GIC. Compare GIC rates online to find the best interest rate for the GIC type and term you want to invest in.

Find The Best GIC

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Jordan Lavin Contributor

Jordan Lavin is a personal finance expert, marketing professional, content creator, and writer with an extensive history of working with leading media, financial, and technology companies. When he’s not writing, Jordan can be found at a campground or curling rink, depending on the weather.

Aaron Broverman Editor

Aaron Broverman is the lead editor of Forbes Advisor Canada. He has over a decade of experience writing in the personal finance space for outlets such as Creditcards.com, creditcardGenius.ca, Yahoo Finance Canada, Nerd Wallet Canada and Greedyrates.ca. He lives in Waterloo, Ontario with his wife and son.