Before automatically renewing with your current financial institution, compare fixed-term GIC options that may be available elsewhere. You may find a more competitive option.
Last updated: August 18, 2026 · Reviewed by GICRateCompare editorial team
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GICRateCompare.com compares fixed-term, non-redeemable GIC options only. Cashable and redeemable GICs exist in the wider Canadian market but are not offered through this service.
Last verified August 18, 2026
Last verified August 18, 2026
Last verified August 18, 2026
Last verified August 18, 2026
Last verified August 18, 2026
Automatic renewal is convenient, but the renewal rate is set by your existing institution on the maturity date. It is not necessarily the most competitive rate available in the wider Canadian market for the same term.
Comparing before the deadline gives you a choice about term length, provider and account structure rather than defaulting into a new fixed term.
On the maturity date the principal and any interest owed become payable under the terms of your contract. Your institution will either pay the funds out, hold them in a linked account, or roll them into a new term.
The instructions you give — and the deadline for giving them — are set out in your original GIC agreement and renewal notice.
A longer term fixes your rate for longer but commits the funds for longer. A shorter term returns flexibility sooner but exposes you to whatever rates apply at the next renewal.
Some savers split a maturing balance across several terms so that a portion matures each year. This is general information rather than personal advice.
Moving funds to a different institution changes which deposit-protection arrangement applies. Eligible deposits at a CDIC member institution may be protected within applicable coverage categories and limits, while credit-union deposits fall under provincial arrangements.
Check how any coverage applies to your specific deposit before moving funds.
Many GICs renew automatically into a new term at whatever rate the institution is offering on the maturity date, unless you give other instructions within the notice window set out in your agreement.
Starting roughly 30 to 60 days before maturity usually leaves enough time to compare options, complete identity and account paperwork, and give renewal instructions before the deadline.
Not necessarily. You may find a more competitive option, but rates change constantly and eligibility varies by province, deposit amount and account type. Any rate must be confirmed with the provider before funds are placed.
Registered funds are normally moved by a direct transfer between institutions rather than a withdrawal. Transfers take time, so start the process before the maturity date.
Where a suitable option is identified, a participating provider, deposit broker or licensed representative may contact you to discuss available GIC options.
Rates are subject to change and may depend on deposit amount, province, account type, eligibility and provider availability. Displayed rates are indicative and must be confirmed before any funds are placed.