Buying a GIC takes three things: a place that sells them, money to fund the purchase, and a few minutes to pick a term. You can buy one directly from a bank, credit union, or online bank; through an investment brokerage; or through a deposit broker — and if you already bank somewhere, the purchase itself is a few minutes in online banking.
Still deciding whether the product suits you at all? Start with what a GIC is, or the fuller tour in how GICs work in Canada. Otherwise, the first choice is which door to walk through.
Three ways to buy, at a glance
Every channel ends in the same place: a deposit at an issuing institution with a fixed rate and a fixed term. What changes is how many issuers you can reach from one account, and how much of the shopping someone else does for you.
| Channel | How it works | The fine print |
|---|---|---|
| Directly from the issuer | Open an account with the bank, credit union, or online bank and buy from its own shelf | The simplest route, but you only see that one institution’s rates |
| Investment brokerage | Buy GICs from many issuers inside a single investment account | Held in nominee name (the brokerage holds the GIC on your behalf) |
| Deposit broker | An independent firm places your deposit with an issuing institution | The deposit sits in your own name at the issuer; the broker is paid by the institution, not by you |
Buying directly from a bank or credit union
If you already have an account, this is the ten-minute version. Log in, find GICs (usually filed under “investments” or “save”), choose a term and an amount, fund it from your chequing or savings, and confirm. The rate on screen at purchase is the rate you keep to maturity.
If you’re new to the institution, you open an account first. Expect to provide government-issued ID, your date of birth and address, and your Social Insurance Number, which institutions must collect for interest-bearing accounts because the interest is taxable. Credit unions add one small step: you become a member by buying a membership share, typically a token amount, before you can hold products there.
Online-only institutions have no branch to visit, so everything happens electronically. You open a savings account, verify your identity (usually against your credit file, sometimes with a small test deposit into your existing chequing account), link that external account, and transfer money in. The transfer can take a business day or two, which raises a question worth asking before you commit: is your rate guaranteed when you apply, or only when the money lands? Institutions differ, and while rates are moving, that difference is real money.
Buying through a brokerage or deposit broker
An investment brokerage sells GICs the way it sells everything else: from a menu, settled with cash already sitting in your account. These are nominee GICs, which means the brokerage appears as the holder on the issuer’s books while you remain the beneficial owner. The practical draw is reach. One account gets you dozens of issuers, and one tax slip covers the lot. Spreading a large amount across institutions for insurance purposes becomes a few clicks instead of a season of account-opening. Deposits placed this way stay eligible for CDIC protection in your name so long as the brokerage follows the nominee-broker rules — how that coverage works is laid out in our deposit insurance guide, and CDIC’s own page on what’s covered is the authoritative list of eligible deposit types.
The trade-off is selection. A brokerage shelf doesn’t always carry the sharpest promotional rates, particularly from online banks that sell only direct, and each issue sets its own minimum.
A deposit broker is a different animal: an independent firm that shops issuing institutions on your behalf and places your deposit with the one you choose. The GIC is registered in your own name at the issuer, and the broker is paid a finder’s fee by the institution rather than by you. Deposit brokers tend to suit larger sums being spread across several issuers, and many belong to the Registered Deposit Brokers Association.
Compare before you commit
Wherever you buy, the order of operations is the same: know the going rate before anyone quotes you one. Pull up the board for your term on the GIC rate boards and keep it open while you shop.
Then check three things on the specific offer in front of you. First, redeemability: a non-redeemable GIC locks your money to maturity and usually pays more, while a cashable or redeemable one gives you an exit at a lower rate. Make sure the offer you’re comparing is the type you intend to buy, because the two can sit a long way apart on the same term. Second, the minimum deposit, which varies by institution and channel. Third, the wrapper: if the money belongs in a registered account, compare on the registered boards (the TFSA boards are the place to start) rather than assuming the non-registered rate carries over.
One quieter detail: interest payout frequency. A GIC that compounds annually and pays at maturity typically posts a slightly higher rate than the same term paying interest monthly. Neither is wrong; they’re different products, and comparing one against the other flatters the wrong number.
The buying process is the easy part; the part that pays is knowing what a good rate looks like before you click confirm. Set up rate alerts and the next better offer comes looking for you instead.
The table below is a live head start: the current leaders from our boards, minimums included.
Frequently asked questions
Do I need a SIN to buy a GIC?
Yes. GIC interest is taxable, institutions report it to the CRA, and they’re required to collect your Social Insurance Number for interest-bearing accounts. Have it ready when you open the account; you won’t get far without it.
Can I buy a GIC entirely online?
At most institutions, yes. Online banks are built for it, and the big banks and many credit unions let existing customers buy from online banking in a few minutes. The slow part is never the purchase; it’s opening and funding a new account, which can add a few business days.
How long does it take to buy a GIC?
Minutes, if you’re already a customer with money in the account. A few business days, if you need to open an account, verify your identity, and move money in from another institution. The rate typically locks when the GIC is issued, so ask how your institution handles the gap.
Is a GIC bought through a brokerage still protected?
The GIC is held in nominee name, but you remain the beneficial owner, and deposit protection can flow through to you when the brokerage follows the insurer’s nominee rules. The coverage details, including who insures what, are covered in our deposit insurance guide.