GIC Interest rates

Rates are provided for information purposes only and are subject to change at any time.

The following rates apply to Canadian dollar deposits made in Canada.

GIC Investment Campaign Offer T&Cs

The Scotiabank GIC Bonus Scene+ Points Offer (the “Offer”) is available to individuals who purchase a Canadian Dollar Non-Redeemable GIC with a term of at least 2 years (“Eligible GIC”) between December 1, 2022, and March 31, 2023 (the “Offer Period”) and meet all other Offer conditions.

All other Scotiabank GICs, including non-redeemable GICs with terms less than 2 years, Market Linked GICs, Personal Redeemable GICs, Cashable GICs, and Guaranteed Income Optimizers are not eligible for the Offer. Eligible GICs can be purchased within either non-registered account or registered plans such as RRSP, TFSA, etc.

To qualify for a Scene+ point bonus (the “Points Bonus”):

1. Purchase a new or renew an existing investment into an Eligible GIC during the Offer Period.
2. The sum of Eligible GIC principal amounts purchased during the Offer Period must be equal to or greater than $5,000.
3. By or on May 1, 2023, hold a Scotiabank debit or credit card that earns Scene+ Rewards (click here for eligible products) in good standing. 

The Points Bonus you qualify for (Tier 1-4) will depend on the sum of Eligible GIC principal amounts purchased during the Offer Period under step 2 above, as follows:

The Points Bonus will be credited to the Scene+ membership account connected to your Scotiabank debit or credit card by July 31, 2023, provided all Offer conditions outlined above have been satisfied.  Your Eligible GIC(s) must be open at the time of the Points Bonus payout. If more than one (1) Eligible GIC is purchased and each qualifies for the Offer, the Points Bonus will be credited based on the sum of the Eligible GIC principal amounts purchased during the Offer Period. If the Eligible GIC(s) is purchased in a joint investment plan, only the primary joint account holder will be eligible to receive the Points Bonus. If an eligible customer has multiple Scene+ membership accounts, only one account will be credited. All other terms and conditions of the Eligible GIC(s) purchased/renewed continue to apply, including any minimum amounts.

This Offer is non-transferable, non-saleable, may not be exchanged for cash and may not be duplicated. Limit of one (1) Points Bonus per customer, regardless of the number of Eligible GICs opened. Offer may be changed, cancelled, or extended at any time and cannot be combined with any other offers except as otherwise permitted.

SCENE LP in its sole discretion, reserves the right to revoke any Scene+ points issued in connection with this Offer and/or cancel Scene+ membership accounts, if SCENE LP feels the Scene+ points were issued or used fraudulently or not in accordance with these Terms and Conditions. Any discrepancies with Scene+ points must be addressed with the SCENE Help Centre at support@sceneplus.ca.

™ Scene+ and the Icon Design are trademarks of Scene Plus IP Corporation, used under license.

Interest is accrued daily on your GIC from the issue date up to, but not including the maturity date. Also, interest will be paid/compounded for the leap day in a leap year. These GICs are available within registered and non-registered accounts. For Scotiabank GICs that pay interest during their term (monthly, semi-annually or annually) the last interest payment is paid at maturity. If the maturity date falls on a Sunday, then the term of the GIC will be extended to the following Monday and interest will be paid to that day. Where an actual interest rate is disclosed, it is an annual interest rate if held to maturity.

The Bank of Nova Scotia, Scotia Mortgage Corporation, Montreal Trust Company, and National Trust Company each issue these Featured GIC Rates. We reserve the right to change, extend or cancel these offers at any time without prior notice. A $500 minimum investment is required. A maximum investment of $5,000,000 per customer.

Market Linked GICs    

^    "Interim Interest Rate” means the regular non-redeemable GIC posted rate per annum with the same term as your Scotiabank Market Linked GIC as set out in your Investment Directions.

 *     "Annual Guaranteed Minimum Interest Rate” is an annualized return of the Minimum Guaranteed Return (defined below), expressed as a percentage rate. The Annual Guaranteed Minimum Interest Rate is specified in your Investment Directions.

**   “Minimum Guaranteed Return” means the minimum return, expressed as a percentage rate, you will be guaranteed to earn on your Scotiabank Market Linked GIC. It is not an annual rate but a minimum return over the term of your Scotiabank Market Linked GIC. The Minimum Guaranteed Return is calculated and compounded annually at the Annual Guaranteed Minimum Interest Rate.    

†       “Maximum Full Term Return” means the maximum return, expressed as a percentage rate, you may earn on your Scotiabank Market Linked GIC. It is not an annual rate but a maximum return over the term of your Scotiabank Market Linked GIC. The Maximum Full-Term Return is indicated in your Investment Directions.    

The Scotiabank Market-Linked GICs

The Scotiabank Market Linked GIC is a non-redeemable, non-transferable guaranteed investment certificate whose Index Return, is based on the performance of the Underlying Index (S&P/TSX 60, S&P 500, S&P/TSX Composite Low Volatility Index or S&P/TSX Capped Utilities Index) up to a specified Maximum FullTerm Return. The Scotiabank Market Linked GIC is available as both a non-registered and registered deposit, subject to the terms of the particular plan.

Calculation of your return

 Your return, expressed as a percentage rate, will be equal to the Index Return (defined in the disclosure document available at https://www.scotiabank.com/content/dam/scotiabank/canada/en/documents/investing/MLGIC_Disclosure.pdf), unless: (a) the Index Return is greater than the Maximum Full Term Return, in which case your return will be equal to the Maximum Full Term Return; or (b) the Index Return is less than the Minimum Guaranteed Return, in which case your return will be equal to the Minimum Guaranteed Return. In each case, the return will be paid at maturity. The return, the Maximum Full Term Return and the Minimum Guaranteed Return, in each case, is a rate for the term and not an annual rate.

Interim interest is accrued daily at the Interim Interest Rate from the purchase date up to, but not including the Issue Date. The principal will include any interim interest earned.

The Minimum Guaranteed Return, which is applicable only if the Index Return is less than the Minimum Guaranteed Return, is accrued yearly at the Annual Guaranteed Minimum Interest Rate from the Issue Date up to, but not including, the Maturity Date.

The Interim Interest Rate, purchase date, Maximum Full Term Return and Annual Guaranteed Minimum Interest Rate for your Scotiabank Market Linked GIC will be based on the date that the funds are received by the Issuer, which is not necessarily the date on which you requested the transfer of such funds or deposited your cheque. 

For more information, please visit our product page

Scotiabank Equity Powered GIC – Canadian Income is a non-redeemable GIC. The GIC issue amount (the principal amount initially invested plus any interim interest earned until the issue date) will be paid on the maturity date.

Between the day you purchase the Scotiabank Equity Powered GIC and the issued date, you will earn interest. For more information please refer to the Fact Sheet.

The Minimum Guaranteed Interest Rate is an annual rate that is the minimum annual payment you will receive. The Minimum Guaranteed Interest Rate is compounded and paid at maturity for Scotiabank Equity Powered GIC - Canadian Guaranteed Return. The Minimum Guaranteed Interest Rate is not compounded for the Scotiabank Equity Powered GIC - Canadian Income and is paid annually.

This is the maximum potential cumulative interest rate over the entire term of the Canadian Growth Equity Powered GIC. At maturity, the interest rate to be earned is calculated and paid within certain predetermined ranges based on the price performance of the underlying basket of shares of Canadian companies. There is no minimum interest rate guarantee and actual interest rate could be as low as 0% over the 2-year term and 3-year term. Minimum investment is $500.These maximum potential interest rates are available from 13 March 2019 – 9 April 2019 and are subject for change. For full details, speak to a Scotiabank advisor or visit www.scotiabank.com/equitypowered. Scotiabank Equity Powered GICs are CDIC eligible.

For Scotiabank Equity Powered GICs - Canadian Income, this is the maximum potential return in any given year of your term available from the basket of underlying shares, if any. The actual return may be lower and it is not guaranteed. No return in excess of the Minimum Annual Guaranteed Interest Rate will be paid if the average of the share returns of the shares is the basket of shares is lower than the Minimum Annual Guaranteed Interest Rate. You will receive an annual payment which will be calculated using the maximum of The Minimum Annual Guaranteed Interest Rate and The annual average of the Share Returns of the Basket. For all other Scotiabank Equity Powered GICs, Maximum Return is the maximum return related to the basket of underlying shares and does not include the annual minimum guaranteed rate. For Scotiabank Equity Powered GIC - Canadian Guaranteed Return, Scotiabank Equity Powered GIC - Canadian Growth and Scotiabank Equity Powered GIC- American Growth, the maximum return is not a rate of return or an annual rate. For more information on Scotiabank Equity Powered GICs, the underlying basket of shares, return calculations and payments, please see the Scotiabank Equity Powered GIC Fact Sheet.