GIC 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.

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. 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 Special Rate GICs. 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.

Special Rate GICs: GIC special rates apply only to non-redeemable GICs with the associated terms shown above and are not applicable to other GICs. This is the annual interest rate if held to maturity. These Special Rate GICs are available within registered, non-registered and TFSA portfolios. 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. 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 does not fall on a business day then the term of the GIC will be extended to the next business day and interest will be paid to that day. These Special Rate GIC offers are not to be used in conjunction with any other rate bonus or discretionary offers. 

For registered plans the interest payment frequency is at maturity, compounding annually.

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, if any, 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 Full Term 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 GICs – 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 Gr&owth, 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.

The Scotia Stock-Indexed GIC (SIGIC) is non-redeemable. The GIC issue amount (the principal amount initially invested plus any interim interest earned until the issue date) and interest, if any, will be paid on the maturity date. Changes to the S&P/TSX 60 Index will affect the amount of the potential interest payable. For SIGICs issued on or after January 13, 2009 and prior to November 20, 2007, potential interest is restricted by the applicable maximum return. For SIGICs issued from November 20, 2007 to January 12, 2009, potential interest is restricted by the applicable participation rate. For more information on this GIC, the S&P/TSX 60 Index, interest calculations and payments.

 The last issues of the US Market and G7 Scotia Stock-Indexed GICs were issued on January 12, 2009.

Note: Enquire at your local Scotiabank branch for Non-registered GIC interest rates on terms of 6 to 10 years.

^†††    Formerly Scotia Stock Indexed GIC