u/Any_Government_1905

I’m looking to buy a 1-year fixed-rate, non-redeemable GIC in a non-registered account.

BMO’s posted rate appears to be around 2.4%, and after speaking with them, my understanding is that the best they can offer is 2.85%, even if I shop around at other BMO branches.

At the same time, I see higher 1-year rates elsewhere. For example, Achieva is posting around 3.60% for 1 year, and MCAN Wealth appears to offer a CDIC-covered 1-year GIC around 3.40%.

My question is:

Aside from convenience, is there any good reason to stay with a major bank like BMO for a much lower 1-year GIC rate, rather than using another insured/protected institution offering a higher rate?

I’m mainly looking for safety, simplicity, and a fair rate, not anything risky.