Keep Your Money Safe
Stock market lows won't impact your starting balance.
Earn Cash Rewards1
Earn profit-sharing cash for having a GIC with us.1
Find Great Rates
Discover competitive rates for any GIC type and term length.
Pay No Monthly Fees
There’s no charge for investing in a GIC.
GIC Rates and Options
(Rates as of October 7, 2026)
3-Year Convertible
If there's a rate increase, convert into a higher rate investment once over the term.
Current Rate: 3.15%2
Redeemable GIC
Enjoy easy access to your money. Withdrawals are free.
Current Rate: 2.00%2
Non-Redeemable GICs
Earn cash rewards. Enjoy competitive rates in 1 to 5 year terms.
Current Rates: 3.15%2 to 3.40%2
GIC Requirements
Identification
You'll need a Social Insurance Number (SIN), and one of these documents:
- Canadian Driver's License
- Indian Status Card
- Provincial Photo ID (not including Quebec)
Unexpired Passport from:
- Canada
- Australia
- China
- India
- Mexico
- Philippines
- Singapore
- Taiwan
- United States
Eligibility
You are eligible if you are:
- A Canadian resident (not including Quebec), and
- 18 years of age or older
Member Share
You'll need to purchase a $5 membership share (new members only).
How to Apply for a GIC
Digital Banking
If you're already a member, you can apply through digital banking.
- Login
- Choose Open Account from your home screen > GICs/Term Deposits
- Select the GIC type and term length of your choosing
Apply Online
Complete our short GIC form and you'll hear from us soon about opening your investment.
GIC Investments
1-Year Redeemable2
Enjoy flexible access to your money!
- Interest paid annually and/or at maturity to your GIC or chequing account
- See current rates
- No redemption penalty
- Additional deposits are permitted in any amount at any time during the investment length
- Minimum deposit - $1,000
- Minimum partial withdrawal - $1,000
- Minimum balance of $1,000 must be maintained
1 to 5-Year Non-Redeemable2
Lock in to earn more!
- Interest paid annually and/or at maturity to your GIC or chequing account
- See current rates
- Minimum deposit - $1,000
1-Year Easy Start Non-Redeemable2
Save for your $1,000 minimum!
- Interest paid annually and/or at maturity to GIC or chequing account
- See current rates
- Pre-authorized transfers are required and may be set up at any frequency and for any amount
- Additional deposits are permitted in any amount at any time during the investment length
- Minimum initial deposit - $5.00
- Minimum balance by maturity - $1,000
3-Year Convertible Non-Redeemable2
Take advantage of rate increases!
- Interest paid annually and/or at maturity to your GIC or chequing account
- See current rates
- Convertible option only available once during the originating investment length
- Convert into a non-redeemable investment of equal or greater than the remaining investment length
- Minimum deposit - $1,000
Laddering Strategy2
Earn more PLUS easily access your funds. It's a win-win!
- 1 year, 2 year, 3 year, 4 year, and 5 year (must have minimum of $1,000 in each investment length)
- Interest paid annually and/or at maturity to your GIC or chequing account
- See current rates
- Minimum deposit – $5,000
- You can access 20% of your deposit annually since 1/5 of your deposit matures in 1 year
Which savings product is best for you: a GIC, TFSA, or Savings Account?
| GIC | TFSA | Savings Account | |
|---|---|---|---|
| Rate | Higher than a Savings Account rate Non-redeemable GICs offer higher rates than redeemable GICs | Higher than a Savings Account rate Non-redeemable TFSAs offer higher rates than redeemable TFSAs | Lower than GIC or TFSA rates |
| Is the interest you earn taxed? | Yes | No | Yes |
| Can you easily access your money? | Yes for redeemable GICs and Easy-Start GICs No for non-redeemable GICs | Yes for redeemable TFSAs and TFSA Savings Accounts No for non-redeemable TFSAs | Yes |
Helpful Savings Tools
Calculator
Try a savings calculator to see in seconds how much you can save.
Savings Selector
Try our Savings Selector Tool for personalized recommendations.
Blogs
Check out our savings blogs like our "What is a GIC?" article.
GIC Frequently Asked Questions
What is a GIC?
A GIC is an investment that offers a guaranteed rate of return on your deposit. Canadian banks and credit unions offer Guaranteed Investment Certificates because of their benefits:
- Investment safety: They offer a guaranteed rate of return.
- Higher interest: GICs earn you higher interest than a regular savings account.
- Secured principal investment: You can enjoy a secured principal investment.
Am I eligible for a GIC?
GICs are available to any Canadian resident age 18 and older with a Social Insurance Number.
What is the minimum investment for a GIC?
The initial deposit must be $1,000 or more.
What is the difference between a redeemable and non-redeemable investment?
A redeemable investment gives you more flexibility because you may be able to withdraw or transfer the funds before the maturity date, subject to the product’s terms.
A non-redeemable investment is designed to stay invested until the end of the term. In exchange for locking in the funds, non-redeemable investments may offer a higher rate than redeemable options.
Both types of investments require a $1,000 minimum investment.
What is the difference between a GIC and a TFSA?
A GIC investment has a fixed term (1 to 5 years) and a fixed rate. It is not held inside a government-registered plan, so interest is taxable.
GICs do not have contribution limits. You can deposit any amount above $1,000.
A TFSA investment also has a fixed term and fixed rate. However, the interest you earn on a TFSA investment is not taxable.
TFSAs have annual contribution limits and withdrawal rules that you should understand before investing.
How does the Innovation laddering GIC work?
Your initial investment is split equally into 1-year, 2-year, 3-year, 4-year, and 5-year investments. You’ll be able to access your shorter-term investments should you need the money while your longer-term investments continue to earn interest. It combines the benefit of access to cash without penalty and getting the most interest on your investment.
Which GIC is right for me?
When choosing the right type of a GIC Canadian investment product, you have to ask yourself what you’re looking for. Are you looking for access to funds or a competitive rate?
Here are some GIC features to help with your investment decision.:
| Product Type | Redeemable GICs | Non-Redeemable GICs | Laddering GICs |
|---|---|---|---|
| Fixed and Guaranteed Rates | Yes | Yes | Yes |
| Guaranteed Rate of Returns | Yes | Yes | Yes |
| Accessibility | Yes | No | Yes |
| Higher Returns | No | Yes | Yes |
Are deposits in a credit union savings account insured?
Eligible deposits in your Savings Account are insured by CDIC.3
Terms & Conditions
1Member Share & Member Rewards
All Member Reward distributions are not guaranteed and are at the full discretion of Innovation Federal Credit Union's (Innovation) Board of Directors and the Office of the Superintendent of Financial Institutions (OSFI).
Redemptions of Membership Shares for any reason are not guaranteed and are at the full discretion of Innovation's Board of Directors and the Office of the Superintendent of Financial Institutions (OSFI).
Membership Shares are capped at $5,000 (personal members) and $10,000 (business members). All balances held in the Member Rewards account exceeding these amounts are fully accessible to members and are not treated as capital to Innovation.
Dividend rates, allocation rates or any other factors impacting distribution of Member Rewards are subject to change without notice.
2GIC, RRSP, and TFSA Investments
Investments require a minimum deposit of $1,000. Interest is earned in the currency of the account and calculated on a per annum basis. Rates are subject to change without notice. Interest rates are annual interest rates. Interest is calculated daily on the closing credit balance. If term is withdrawn in full, the accrued interest is paid in full based on prior day's amount. If partial withdrawals are processed, there is no payment of accrued interest as it's paid according to the original terms. Interest for products can either be paid to a separate account or added to the principal on each anniversary date and at maturity.
3Canada Deposit Insurance Corporation (CDIC)
Eligible deposits may be protected by CDIC, subject to applicable coverage limits and categories. Visit CDIC's website to view disclaimers and Governing law: What's covered — CDIC