Investing with an RBC GIC is an easy way to get guaranteed return on the money you want to put aside. Though the return tends to be quite low, they’re still a decent way to make your money work for you – thanks to the low risk involved. RBC offers Canadians GICs backed by a well-known big bank, plus has industry-standard minimum investments of $1,000 for most options.
The RBC GIC rates are also pretty standard – don’t expect to get rich off a GIC. But if you’re looking for a stable place to put your cash, an RBC GIC is an interesting place to start.
RBC GICs features
Here’s an overview of what you can expect from RBC GICs.
Why You Want It
Plenty of cashable options + Get personalized advice with MyAdvisor.
Special Features
- Special offers on cashable and non-cashable rates
- Convenient GIC-laddering tool available
Provinces
ALL
GICs
Cashable
1 Year
2.75%
Non-Cashable
1 Year
2.45%
2 Years
2.55%
3 Years
2.55%
4 Years
2.7%
5 Years
2.75%
7 Years
2.75%
10 Years
2.75%
Features
Minimum Investment
$1,000
Available As FHSA
Minimum Cashable GIC Term (Days)
30
Available As RRSP
Maximum Cashable GIC Term (Days)
3,650
Available As TFSA
Minimum Non-Cashable GIC Term (Days)
30
Available As RRIF
Maximum Non-Cashable GIC Term (Days)
3,650
Minimum Market Linked GIC Term (Days)
730
Maximum Market Linked GIC Term (Days)
2,190
Minimum U.S. Dollar GIC Term (Days)
1
Maximum U.S. Dollar GIC Term (Days)
1,825
Please note that GIC rates change often – the numbers you see here are for illustrative purposes only. Please visit the bank’s website for the most up-to-date information.
RBC GICs product rating: 4.7 stars
RBC GICs are fairly standard when it comes to GICs offered by the big banks in Canada – but that’s not necessarily a bad thing. You get plenty of choices, including a selection of cashable, non-cashable, and market linked GICs. You even get the option to invest with US dollars, if you have a pile kicking around that you’re not sure what to do with.
Unfortunately, RBC has standard rates and minimum investments on their GICs.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of RBC GICs
Here’s what there is to love about RBC GICs.
Pros
Plenty of cashable GIC options
If you’re interested in keeping your money relatively liquid with cashable GICs, RBC has 4 different types for you to invest in. One of these is even connected to the prime rate, which means your return could increase if RBC’s prime rate is raised during your term.
Some non-redeemable GICs with slightly higher rates
If you’re not worried about needing to access the cash you invested in GICs, then the non-redeemable GIC options could give you a slightly higher guaranteed rate.
Relatively low minimum investments
RBC has industry standard minimum investments which vary depending on the GIC. In most cases, you’ll see $1,000 minimum. On the flip side, some options can be around the $5,000 mark – and the under 30 day GIC has a $100,000 minimum.
Several different market linked GICs for higher potential return
If you’re interested in a GIC that has a guaranteed return, but is also linked to the market for the potential of higher return if things go well – then one of RBC’s several market linked GICs could be right up your alley.
Available with registered accounts
If you want tax savings, you can also use RBC GICs as part of these registered accounts – TFSA, RRSP, RRIF, RESP or RDSP.
The cons of RBC GICs
And here’s what you may want to keep in mind.
Cons
Only a handful of non-redeemable GIC types available
If you like non-redeemable GICs because of the higher returns they tend to offer, you only get a couple of options with RBC – and the overall return range is only slightly better than cashable options.
Your RBC GIC calculator
If you want to calculate how much your investment would be worth after your RBC GIC term, plug in your numbers to our calculator below for an instant result. Just make sure to set the contributions to $0, since you can’t contribute to a GIC once it’s been bought.
Savings Info
RBC GICs alternatives
Here’s how the RBC GICs compare to other big competitors on the market.
 |  |  |  | |
|---|---|---|---|---|
| Account | RBC GICs | Tangerine GICs | Scotiabank GICs | TD GICs |
| Genius Rating | ||||
| Why You Want It | Plenty of cashable options + Get personalized advice with MyAdvisor. | Ultra competitive rates + No minimum investment to get started. | Get flexible terms and interest rates + 100% guaranteed return. | Competitive rates with an impressive selection + Low minimum investment. |
| GICs | Cashable
Non-Cashable
| Non-Cashable
| Cashable
Non-Cashable
| Cashable
Non-Cashable
|
| Minimum Investment | $1,000 | $1 | $500 | $500 |
| Available As FHSA | |  | | |
| Minimum Cashable GIC Term (Days) | 30 | N/A | 365 | 1 |
| Available As RRSP | | | | |
| Maximum Cashable GIC Term (Days) | 3,650 | N/A | 365 | 1,825 |
Show More | ||||
| Open an account See more RBC products Compare | Open an account See more Tangerine products Compare | Open an account See more Scotiabank products Compare | Learn More See more TD products Compare |
Please note that GIC rates change often – the numbers you see here are for illustrative purposes only. Please visit the bank’s website for the most up-to-date information.
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FAQ
What’s a RBC GIC?
An RBC GIC is a Guaranteed Investment Certificate. This is a low-risk type of investment that usually lists a guaranteed return that you’re locked in to when you buy it. Most of the time, you’re not able to withdraw your money until the term you agreed to is up. Generally speaking, the longer the term, the more return you get – but you’ll never get a huge return with a GIC.
What’s a RBC Cashable GIC?
When a GIC is cashable, that means you can access your money before your term is up – usually only at pre-specified intervals. Though these give your investments more liquidity, you also tend to get lower returns. Click here to see what RBC offers for cashable GICs.
What’s a RBC Non-Cashable GIC?
A non-cashable GIC means you won’t be able to access the funds at all until your term is up. These usually come with higher returns in exchange for the lower flexibility. RBC has only a handful of non-cashable GICs available.
What’s a RBC Market Smart GIC?
With a market linked GIC, you still usually get a low guaranteed return – but your investment has the potential to grow much higher thanks to it being traded on the stock market.
Should I invest in GICs?
If you’re looking for a low-risk way to make some of your extra cash work for you, a GIC could be a good choice. The returns are similar to a high interest savings account, except you don’t have to worry about the rates being cut unexpectedly. Just don’t expect to become rich off of GICs – since the low risk means low return.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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