Are you looking for the best GIC rates in Canada? This article helps you determine whether Home Trust GIC rates are worth it.
Hope Trust is a popular independent trust company that has been in existence for over 4 decades.
The company serves both individuals and corporate institutions with banking, investing, credit, and mortgage solutions.
Home Trust has distinguished itself on several grounds from the competition making it one of the largest independent trusts in Canada.
Before investing with Home Trust GIC, it’s critical to know its interest rates and how they compare with the interest of other GIC providers. That’s exactly what this article helps you achieve.
Without further ado, let’s get started!
Table of Contents
Home Trust GIC Rates 2023
Home Trust offers a wide range of GIC rates that cut across annual, semi-annual, and monthly rates.
You can invest in registered and non-registered GIC accounts with Home Trust. The GIC terms range from 30-364 days for short terms and 1 year to 5 years for long terms. All these are non-redeemable.
In addition, it offers a 1-year cashable GIC that’s redeemable after 30 or 90 days of investing.
With this, we can categorize Home Trust GICs into redeemable and non-redeemable GICs.
That being said, the following is a comprehensive breakdown of rates that came into effect on April 25, 2023.
Home Trust Non-Registered GIC Rates
Below are the current non-registered or taxable GIC rates:
| Term | Annual Pay or Annual Compound Rate | Semi-Annual Rate | Monthly Rate |
| 1 year | 4.75% | 4.7% | 4.65% |
| 18 months | 4.7% | 4.65% | 4.6% |
| 2 years | 4.58% | 4.53% | 4.48% |
| 3 years | 4.55% | 4.5% | 4.45% |
| 4 years | 4.25% | 4.2% | 4.15% |
| 5 years | 4.21% | 4.16% | 4.11% |
Note that all the GIC terms require a $1,000 minimum deposit, which is the same with several GIC providers.
RSP GIC Rates
The following are the current Home Trust Retirement Savings Plan (RSP) GIC rates:
| Term | Annual Compound Rate |
| 1 year | 4.75% |
| 18 months | 4.7% |
| 2 years | 4.58% |
| 3 years | 4.55% |
| 4 years | 4.25% |
| 5 years | 4.21% |
Note that the Home Trust RSP GIC rates have only annual compound rates. However, the minimum deposit remains $1,000.
Home Trust TFSA GIC Rates
If you’re looking to invest in Tax-Free Savings Account (TFSA) GIC account, the following are the current rates of the account:
| Term | Annual Pay or Annual Compound Rate |
| 1 year | 4.75% |
| 18 months | 4.7% |
| 2 years | 4.58% |
| 3 years | 4.55% |
| 4 years | 4.25% |
| 5 years | 4.21% |
As with the above accounts, the Home Trust TFSA GIC account also requires a $1,000 minimum investment.
Home Trust RIF GIC Rates
A day before you clock 72, you’re expected to convert your RRSP account to a Retirement Income Fund (RIF). The following are the current GIC rates for RIF:
| Term | Annual Compound Rate |
| 1 year | 4.75% |
| 2 years | 4.58% |
| 3 years | 4.55% |
| 4 years | 4.25% |
| 5 years | 4.21% |
The Home Trust RIF GIC account doesn’t have an 18-month term, unlike the RRSP and TFSA accounts. The account also has a higher minimum investment requirement of $10,000.
Note: From the above review of Home Trust’s long-term GIC rates, we can see that the rates are the same on 1-5-year terms.
Short-Term Deposit GIC Rates
As noted earlier, Home Trust also offers short-term GIC rates with 30-364 terms. Although the RSP GIC term starts from 90 days (not 30).
That being said, the following are the current GIC rates on short-term deposit accounts.
| Term | Rate Paid at Maturity |
| 30-59 Days | 4.25% |
| 60-89 Days | 4.25% |
| 90-119 Days | 4.25% |
| 120-179 Days | 4.25% |
| 180-269 Days | 4.3% |
| 270-364 Days | 4.5% |
Note that the Home Trust short-term GICs require a minimum deposit of $1,000.
In addition, Home Trust short-term GICs are available only on RSP and non-registered accounts.
1-Year Cashable GIC Rates
If you’re looking to invest in a redeemable GIC account, you are covered with a 1-year cashable GIC. Below are the current rates of this account.
| Withdrawal Period | Rate |
| After 30 Days | 4.05% |
| After 90 Days | 4.15% |
This account also requires a minimum deposit of $1,000. Also, you can only invest in this GIC through a non-registered account.
Note: As with the rates of other GIC providers, Home Trust GIC rates are subject to change without notice. You should always visit the Home Trust GIC rates page to get the updated rates.
About Home Trust GICs
From the above review, you can see that Home Trust offers access to different GIC terms, rates, and accounts.
This makes the company more accessible to investors with different needs than other GIC providers.
Security-wise, you don’t have to bother with anything as deposits and interest earned in Home Trust accounts are insured up to $100,000 by the Canada Deposit Insurance Corporation (CDIC).
Compared to other brick-and-mortar GIC providers, Home Trust has competitive rates. But you can get better rates from some of the best online banks out there.
The bottom line is, you can’t go wrong if you’re looking to invest through a brick-and-mortar institution rather than an online bank.
But if you prioritize high-interest rates above anything, jump to the comparison section to know about some of the providers of the high GIC rates at the moment.
How to Buy
Home Trust is a brick-and-mortar financial institution without online banking access. As such, you can only invest in its GIC by visiting any of its offices at:
| Location | Address | Contact Information |
| Vancouver | 200 Granville St.Suite 1288Vancouver, BCV6C 1S4 | Toll-Free Telephone: 1-866-235-3080Toll-Free Fax: 1-866-564-3524Email: [email protected] |
| Toronto | 145 King Street West, Suite 2300Toronto, OntarioM5H 1J8 Click for parking directions Click for public transit | Toll-Free Telephone: 1-877-903-2133Toll-Free Fax: 1-888-470-2092Email: [email protected] |
| Calgary | 517 – 10th Avenue S.W.,Mailbox #14Calgary, ABT2R 0A8 | Toll-Free Telephone: 1-866-235-3081Fax: 403-244-6542Email: [email protected] |
| Montréal | 2020 Boulevard Robert-BourassaSuite 2420Montreal, QCH3A 2A5 | Toll Free Telephone: 1-866-542-0129Toll Free Fax: 1-866-620-7620 |
If you want to make an inquiry before applying, you can call 1-877-903-2133 or 416-775-5000 on the phone. You can also contact them by fax at 1-888-470-2092 or 416-363-7611.
However, if you want to invest online, you can visit the Home Trust digital subsidiary known as Oaken Financial.
How Home Trust GIC Rates compare
As a brick-and-mortar company, Home Trust GIC rates are not among the lowest or highest.
The following table shows how Home Trust GIC rates compare with the rates of other financial institutions starting from a 5-year to a 1-year term.
| Financial Institution | 5 years | 4 years | 3 years | 2 years | 1 year |
| Motive Financial | 4.72% | 4.72% | 4.75% | 4.85% | 5.12% |
| Wealth One Bank of Canada | 4.70% | 4.80% | 4.80% | 5.05% | 5.15% |
| Hubert Financial | 4.60% | 4.65% | 4.65% | 4.75% | 4.70% |
| Ideal Savings | 4.60% | 4.65% | 4.65% | 4.75% | 4.65% |
| AcceleRate Financial | 4.60% | 4.65% | 4.65% | 4.75% | 4.70% |
| Achieva Financial | 4.60% | 4.60% | 4.65% | 4.75% | |
| Outlook Financial | 4.60% | 4.60% | 4.65% | 4.75% | 4.75% |
| MAXA Financial | 4.60% | 4.60% | 4.60% | 4.70% | 4.65% |
| Saven Financial | 4.55% | 4.65% | 4.65% | 4.90% | 5.15% |
| Meridian Credit Union | 4.50% | 4.50% | 4.50% | 4.60% | 4.65% |
| Peoples Trust | 4.50% | 4.65% | 4.85% | 5.00% | 5.00% |
| LBC Digital | 4.50% | 4.30% | 4.30% | 4.70% | 5.00% |
| Alterna Bank | 4.50% | 4.50% | 4.50% | 4.60% | 4.75% |
| Canadian Tire Bank | 4.48% | 4.40% | 4.53% | 4.53% | 4.53% |
| ICICI Bank | 4.40% | 4.40% | 4.40% | 4.70% | 4.70% |
| Home Trust | 4.21% | 4.25% | 4.55% | 4.58% | 4.75% |
| EQ Bank | 4.20% | 4.25% | 4.55% | 4.55% | 5.00% |
| Oaken Financial | 4.15% | 4.25% | 4.30% | 4.70% | 5.05% |
| Tangerine Bank | 4.05% | 4.15% | 4.20% | 4.30% | 4.65% |
Rates are valid as of April 27, 2023
Based on a 5-year GIC rate, you can see that Home Trust only outshines EQ Bank, Oaken Financial, and Tangerine.
The interesting thing here is that Home Trust GIC rates compete significantly with the rates of its online arm (Oaken Financial) which is supposed to offer higher rates due to its low operational cost.
However, the overall comparison underlines the fact that Home Trust doesn’t provide the lowest nor the highest GIC rates.
Some FAQs on Home Trust GICs
Is Home Trust Company GIC safe?
Home Trust’s GIC is safe because deposits and interest on the account are insured up to $100,000 by the Canada Deposit Insurance Corporation (CDIC). Home Trust is also a reputable company that has been in existence since 1977.
Is Home Trust CDIC insured?
Yes. Home Trust is a member of the CDIC. As such, deposits and interest held by it are insured by the CDIC up to $100,000 per category.
Is Home Trust a good company?
With a 2.1/5 stars rating on Trust Pilot and a 2.6/5 stars rating on InsurEye, it’s safe to say that Home Trust needs to improve its offerings and customer service.
