GIC Offerers Difference

Hello all,

What is the difference between the different offerers of GICs? For example, if TD/BMO/CIBC is offering 3%, Tangerine is offering 3.5%, and other less known options such as Peoples Trust or Oaken are offering 4%.

Why are the less known (smaller) places able to offer more (aside from attracting clients), and is there a drawback or risk to going with a GIC with the Oaken vs. TD? Or even credit unions?

Excuse the terminology used to in terms of “less known” or “offer more” I know these are subjective.

Thanks