| Savings account | GIC | |
|---|---|---|
| Take money out | Any time | Only at the end (unless it's redeemable) |
| Rate | Can change at any time | Fixed for the term |
| Rate level | Usually lower, except for promotions | Usually higher, especially for longer terms |
| Deposit insurance | Yes, at CDIC member banks1 | Yes, at CDIC member banks1 |
A simple way to choose
- Might need it soon? Savings account. A good home for an emergency fund.
- Won't need it for a year or more? A GIC usually pays more.
- Not sure? Split it: some in savings, some in a GIC ladder.
Compare. See today's savings rates and GIC rates.