Skip To Content

Will you save more with High Interest Savings or a GIC?

Trying to decide which savings option will work best for your saving goals? Here are some of the key features to consider as you choose between our High Interest Savings or GICs.

High Interest Savings


Access your savings when and how you need.

With a minimum $500 deposit, earn a guaranteed rate of return.

  • Earn interest right from dollar one

  • Tiered rates starting at $100K

  • Deposits guaranteed 100% by the Deposit Guarantee Corporation of Manitoba*

  • Generally higher rates than a variable account

  • Convenient 1 to 5-year terms

  • Deposits guaranteed 100% by the Deposit Guarantee Corporation of Manitoba*

Ideal for:

  • A rainy day fund

  • Everyday savings

  • Saving for a large purchase

Ideal for:

  • Long-term investments

  • Creating a diverse portfolio

  • Saving for a large purchase

*Includes all savings and chequing accounts, RRSPs, RRIFs, TFSAs, and GICs.

Things to consider
  • Are you comfortable locking funds into a term?

If there is a chance you may need to withdraw early, consider either a High Interest Savings Account or a GIC with a shorter term.

  • Do you prefer a fixed or variable interest rate?

Variable interest rates change depending on the market, while fixed rates guarantee a set rate of return for the term length.

  • Why not choose a combination of both?

While you set aside your rainy day fund in a High Interest Savings Account, you may also want to open a GIC for longer-term investments.

  • What about an RRSP or TFSA?

Whether you choose High Interest Savings or a GIC, consider saving in your RRSP or TFSA, both of which offer distinct tax advantages. Learn more about these accounts.

Use our savings calculator to see how much you can set aside over time:

Related articles

Couple sitting in a kitchen talking
Investing, Saving

HISA and GIC: A great savings combo

Read More
Couple sitting on a couch looking at a laptop
Mortgage, Saving

Ways to save for your down payment faster

Read More
Man and woman sitting at kitchen table looking at a computer
Investing, Saving

Advice from an expert: Planning your retirement

Read More

Cookie Consent

We use cookies on our site to improve your experience.