GIC returns are narrowing the gap with mortgage rates
Recent updates in GIC rates show a narrowing gap with mortgage rates, particularly in the two to five-year categories. Oaken Financial leads with competitive rates, especially for two-year and five-year GICs. Savers are now faced with decisions based on timing and commitment rather than just the highest rates available.
- ▪Oaken Financial offers the top two-year GIC rate at 3.85 percent, ahead of Achieva Financial at 3.80 percent.
- ▪The best three-year GIC is 3.93 percent from HomeEquity Bank, while the best five-year GIC is 4.05 percent, shared by WealthONE and Oaken Financial.
- ▪The top three-year GIC is only 11 basis points below the best three-year fixed mortgage rate, indicating a close competition between GICs and mortgages.
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| Original publisher | The Globe and Mail |
| Canonical URL | https://www.theglobeandmail.com/investing/personal-finance/article-gic-returns-mortgage-rates/ |
| Publication time | Wed, 27 May 2026 22:53:25 +0000 |
| Retrieval time | 2026-05-27T23:03:06.166Z |
| Last seen | 2026-05-27T23:03:06.166Z |
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Opening excerpt (first ~120 words) tap to expand
Open this photo in gallery:A real estate sign outside a home in Pointe-Claire in Montreal's West Island in May, 2024.Christinne Muschi/The Canadian PressShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountFor savers, this week’s rate update is less about a broad increase in deposit returns and more about where competition is appearing. The best savings accounts are largely unchanged, while several GIC rate categories have shifted enough to change the leaderboard. Investors locking in for two to five years are seeing the more meaningful moves.The biggest change is in the two-year term. Oaken Financial now offers the top two-year GIC rate at 3.85 per cent, ahead of Achieva Financial at 3.80 per cent.
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