RBC GIC Rates: Explore RBC’s GIC Rates and Interest Offerings

Updated on February 21, 2024

Discover RBC GIC Rates and Interest Details in this article, covering all you need to know about the rates and other important information.

RBC GIC Rates

GICs provide a secure return over a fixed timeframe, and different banks offer various types at varying rates. Despite lower returns, many opt for GICs due to their low-risk nature. The return rate depends on the term length and prevailing interest rates.

RBC Bank features three GIC types, each offering distinct terms and benefits. Keep in mind that GIC rates may fluctuate over time. Individuals can conveniently select a suitable GIC either online or by visiting the nearest RBC Bank branch.

What are the GIC rates at RBC?

Presently, RBC Bank extends exclusive GIC Rates for eligible citizens. It’s crucial to remember that these prices could alter at any time without notice.

Check the Special RBC GIC Rates –

Type of GIC Term Special Rate Posted Rate
Cashable GIC 1 Year 3% 2.25%
Non-Redeemable GIC 1 Year 5.35% 4.05%
Non-Redeemable GIC 2 Year 5.30% 4.25%
Non-Redeemable GIC 5 Year 5% 3.95%

For a comprehensive understanding of the conditions and additional details needed to avail these special GIC Rates, individuals should visit the official website of RBC Royal Bank. It’s crucial to grasp the rate of return, term duration, and other pertinent information linked to the GIC before deciding to invest.

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Moreover, comparing GIC types and rates from different financial institutions and banks is advisable. There’s a possibility that alternative banks or financial institutions may present more favorable rates.

RBC Bank provides tools and calculators to assist individuals in determining the potential returns from a specific GIC over a designated period.

What is the Interest Rate at RBC?

As of November 7, 2023, the prime rate stands at 7.2%, effective since July 13, 2023. RBC Royal Bank offers various interest rates for GIC, Personal Rates, RBC Funds, and more. It’s important to note that these rates are subject to change without prior notice. Therefore, individuals should closely monitor RBC Royal Bank’s interest rates, as they can significantly impact factors like mortgages and returns.

For Cash Balances (Debit), a 21% rate applies to all balances. Regarding Margin Balances (Debit), there is an 8.75% rate if the margin exceeds $25,000 and the same rate applies if the margin is $24,999 or below. (These rates pertain to the Investment Account, Non-Registered).

Mortgage Rates

  • Fixed and Variable Closed:
Term Special Offer APR
Fixed – 2 Year 7.090% 7.150%
Fixed – 5 Year 6.490% 6.520%
Variable – 5 Year 7.150% 7.180%
  • High Ratio Mortgages:
Term Special Offer APR
Fixed – 5 Year (High Ratio) 5.890% 5.920%
Variable – 5 Year (High Ratio) 6.950% 6.980%

The special offer is only for a limited time period. Check all the conditions associated with the special offer before getting a mortgage.

Savings Account

  • RBC High-Interest eSavings:
Balance Interest Rate
All balances 1.7%
  • RBC Enhanced Savings
Balance Interest Rate (%)
250,000 dollars or more 0.010 P
between 150,000 dollars and 249,999.99 dollars 0.010 P
between 100,000 dollars and 149,999.99 dollars 0.010 P
between 60,000 dollars and 99,999.99 dollars 0.010 P
between 25,000 dollars and 59,999.99 dollars 0.010
between 10,000 dollars and 24,999.99 dollars 0.005
between 5,000 dollars and 9,999.99 dollars 0.001
  • RBC Day-to-Day Savings
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Balance Interest Rate (%)
5,000 dollars or more 0.010 P
between 3,000 dollars and 4,999.99 dollars 0.010 P
between 1,000 dollars and 2,999.99 dollars 0.010
below 999.99 dollars 0.005
  • Find & Save
Balance Interest Rate
All balances 0.7%

Check the website of the RBC Royal Bank to learn more about other types of GIC and interest rates.

All We Know GIC Rate and Interest Rate

RBC provides three primary types of GICs:

  1. Guaranteed-Return GIC:
    • Includes Redeemable, Non-Redeemable, Rate Advantage, One-Year Cashable, and US $ Term Deposit Rates.
  2. Interest-Linked GIC:
    • Features a prime-linked cashable GIC.
  3. RBC Equity-Linked GIC:
    • Offers security and higher return potential through an equity investment.

GICs offer safety, security, competitive rates, and flexible terms/payment options. They provide a secure means to protect and grow funds, with both shorter and longer-term options available based on individual requirements.

Numerous GICs are eligible for TFSA, RESP, RRSP, and other registered plans. Additionally, individuals can effortlessly purchase and manage a GIC online through RBC Royal Bank. For added convenience, they can also update GIC maturity instructions online, particularly if held within a TFSA or RRSP.

 

 

 

 

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