If you want to earn a great GIC rate in an RESP then try one of the many institutions that sell GICs as term deposits at Questrade. Here is a current list of what interest rate you can earn on 1 to 5 year deposits from the 'bonds bulletin'.
|Institution||1 year||2 year||3 year||4 year||5 year|
|Bank of Nova Scotia Ag||1.43||1.56||1.86||2.16||2.46|
|HSBC Bank Canada Agt. S||1.15||1.45||1.65||1.9||2.05|
|HSBC Mortgage Corp. Agt||1.15||1.45||1.65||1.9||2.05|
|HSBC Trust Agent Servic||1.15||1.45||1.65||1.9||2.05|
|Hollis Canadian Bank||1.43||1.56||1.86||2.16||2.46|
|Home Trust Company||1.65||1.85||2.1||2.35||2.6|
|ICICI Bank Canada||1.3||1.51||1.82||2.08||2.37|
|MCAN Mortgage Corp.||1.45||1.65||2.05||2.35||2.4|
|Montreal Trust Agt. Ser||1.43||1.56||1.86||2.16||2.46|
|NatCan Trust Agent Ser.||1.4||1.55||1.8||2.15||2.45|
|National Bank Agent Ser||1.4||1.55||1.8||2.15||2.45|
|National Trust Agent S.||1.43||1.56||1.86||2.16||2.46|
These are annually compounding, non-redeemable deposits with interest payable at maturity. Annual compounding options with lower rates are also available. Cashable after 30 day GICs with 1 year terms options are available from 6 institutions.
Orders are made over the phone with a $1000 minimum. These are purchased just like bonds are, so you will be talking to the bond trading desk.
Shorter terms are also available. Home Trust offers these best short term rates:
30 day deposit 1.25 %
60 day deposit 1.3 %
90 day deposit 1.35 %
120 day deposit 1.5 %
180 day deposit 1.6 %
270 day deposit 1.66 %