Most online banks now pay more interest then GIC's. Just transferred all my money to a 2.5% high interest bank account. The article at the bottom lists the bank with the highest interest rate. In this volatile market 2% is a safe bet.
http://www.theglobeandmail.com/globe-investor/personal-finance/rob-carrick/skimpy-gic-rates-try-an-online-bank-instead/article2149153/