Rate Watch: Best GIC, Savings and Mortgage Rates in Canada (Nov 13, 2026)
The Bank of Canada raised its policy rate to 2.50% on October 28. Savers saw very little of it: GIC rates barely moved, and big-bank savings accounts still pay next to nothing. Borrowers saw more of it: the lowest 5-year fixed mortgage rate crept up from 4.34% to 4.44% after bond yields jumped. Here is where the best rates sit today.
Best GIC Rates
| Term | Best rate | Provider | Runner-up |
|---|---|---|---|
| 1 year | 4.05% | WealthONE Bank of Canada | Achieva Financial 3.95% |
| 2 years | 4.30% | WealthONE Bank of Canada | Achieva Financial 4.10% |
| 3 years | 4.40% | WealthONE Bank of Canada | MCAN, Oaken, Saven 4.30% |
| 5 years | 4.55% | WealthONE Bank of Canada | Oaken Financial 4.50% |
| Big banks, 1 year | 2.00%–3.00% | CIBC 2.00%, Scotiabank 2.45%, BMO 3.00% | — |
Non-registered rates unless noted. Registered (TFSA/RRSP) rates can run higher at some issuers: Ratehub lists Haventree Bank at 4.25% for a registered 1-year GIC. Always check deposit insurance (CDIC, provincial credit union coverage, or none) before you commit.
Best High-Interest Savings Accounts
| Provider | Rate | Fine print |
|---|---|---|
| WealthONE Bank of Canada | 2.85% | Not available in Quebec; some sites list up to 3.25% in registered accounts |
| Saven Financial | 2.85% | Ontario only |
| Oaken Financial | 2.80% | No promo period |
| EQ Bank Personal Account | up to 3.00% | 1.50% base; 3.00% needs qualifying direct deposit |
| Hubert Financial | 2.50% | Not available in Quebec |
| Canadian Tire Bank | 2.40% | Not available in Quebec |
| Most big-bank savings accounts | under 1% | Check the fine print on bonus tiers |
Intro promo rates (some above 4%) are excluded because they drop sharply after a few months.
Lowest Mortgage Rates
| Term | Lowest rate (insured) | Change |
|---|---|---|
| 5-year fixed | 4.44% | Up from 4.34% before the Oct 28 BoC decision |
| 5-year variable | 3.60%–3.65% | Moves with lender prime (4.70% at the big banks) |
| 3-year fixed | 4.39% | — |
| 3-year variable | 3.75% | — |
Lowest rates are for insured (high-ratio) mortgages. Uninsured mortgages, refinances and many rental-property mortgages are usually priced higher.
Savers: on $10,000 for one year, a 4.05% GIC earns about $405. A big-bank GIC at 2.45% earns about $245. That is roughly $160 a year for moving your money. A 2.85% HISA earns about $285 and keeps your cash accessible, which matters if rates rise again.
Borrowers: on a $500,000 mortgage with a 25-year amortization, 4.44% fixed is about $2,751 a month and 3.65% variable is about $2,536. That is a gap of roughly $215 a month, but a variable payment can rise if the Bank hikes again. Both figures are estimates using Canadian semi-annual compounding.
What to Watch
Canada's October CPI lands Monday, Nov 16, and the next Bank of Canada decision is Dec 9. Fixed mortgage rates follow Government of Canada bond yields, so they can move before the Bank does. Variable rates and prime only move on a Bank decision.
Sources and method: rates compiled Nov 13, 2026 from Ratehub, WOWA, Nesto, Forbes Advisor Canada, Savvy New Canadians, Lifeannuities.com and GICcalculator.ca, with cross-checks across sources. Rates change daily and vary by province and account type. Confirm with the lender before you apply. This is general information, not financial advice.
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