Every rate in this post comes from Ratehunter’s own database: the same observations that rank the rate boards, current to our August 6 data. No press releases were harmed in the making of this roundup.
The backdrop: policy is parked
The Bank of Canada’s overnight target has been 2.25% since October 30, 2025, and every announcement since has left it there. Prime sits at 4.45%. When the policy rate is parked, GIC moves tell you something more interesting than “the Bank moved” — they tell you which institutions are hungry for deposits right now.
What moved this month
Across the GIC rates we track, increases clearly outnumbered cuts over the past month. The notable moves:
Up:
- BMO lifted 16 GIC rates by 0.25 points on July 28, the largest broad increase from any Big Six bank this month.
- Tangerine raised roughly 30 rates by up to 0.20 points.
- Meridian Credit Union and Manulife Bank each moved about 20 rates up by 0.05–0.20 points.
- Oaken Financial and Hubert Financial, regulars near the top of our boards, nudged large parts of their books up 0.05–0.15 points.
- President’s Choice Bank raised 25 rates by up to 0.15 points.
Down:
- Laurentian Bank cut three rates by 0.45 points on July 31, the sharpest cut of the month.
- Santander Consumer Bank trimmed 10 rates by up to 0.27 points.
Where the best rates sit now
The best non-registered GIC rates on our boards, against the Bank of Canada’s published averages of the big banks’ posted rates:
| Term | Best rate on our boards | Big-bank posted average | Gap |
|---|---|---|---|
| 1 year | 3.85% (Hubert Financial) | 2.70% | +1.15 |
| 3 year | 3.92% (Community Trust) | 2.55% | +1.37 |
| 5 year | 4.10% (Oaken Financial) | 2.75% | +1.35 |
Two things worth noticing. First, the gap: a five-year deposit earns 1.35 percentage points more at the top of our boards than at a big-bank posted rate. On $50,000, that’s roughly $675 more interest per year. Second, the big banks’ own curve is nearly flat and dips in the middle: their 3-year posted average (2.55%) is below their 1-year (2.70%). The competitive market pays you to commit; the posted market barely distinguishes.
What to do with this
If you hold a GIC maturing this month, the renewal letter from your own bank is the one number you shouldn’t accept without looking. Check the current boards for your term, and if you’d rather not keep checking, set a rate alert — we watch the moves so you don’t have to.
Rates referenced in this article were checked against Ratehunter's data on the publication date shown above and may have changed since — the rate boards always carry the current numbers. See our editorial standards andadvertiser disclosure.