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Email this12:54 pm
April 4, 2018
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Simplii is offering a 1 year GIC at 2.5%. Eligible for RRSP but no TFSA option.
1:31 pm
September 11, 2013
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Posted rate is 2.472% but as you can choose interest either paid out monthly or else compounded monthly then 2.5% is the effective annual rate. If it's paid out I guess your return for the year will depend a bit on what you get on the interest for the rest of the year. Gotta love Simplii's calculation idiosyncrasies.
They've been quiet lately, maybe they're on the down-low because a lot of the money they harvested at 3% a few months back is still sitting there now earning 1.1%.
8:58 am
September 11, 2013
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Is there a reason Simplii's GICs are not on the GIC rates chart? Not only the 1-year 2.5% rate but at the 2 - 5 year terms they beat the last 4 or 5 on the existing chart.
9:06 am
December 17, 2016
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I've asked what the attraction is to keeping both ICICI Bank and Zag Bank, on both comparison charts, and no reason has been given. Both these entities have long past their best before dates, if in fact they ever had them. I have been purchasing GICs through the broker channel for my RRSP for like, I don't know 20-25 years, and have never seen either of these offered competitively.
E D I T: And just as I say that about ICICI Bank GICs - there appears to be a magnitude of difference between, ICICI's website, the GIC Comparison Chart, and RBCDS's latest GIC offerings
http://www.rbcds.com/gic-rates.html
I'm thinking it's more than likely a typo on RBCDSs part.
8:24 pm
March 11, 2018
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Tried to purchase the Simplii GIC. It will not let me do it. It give an error everytime, and Simplii tells me everything is working fine. Anyone have issues?
1:36 pm
September 11, 2013
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Peter, can you disclose the reason Simplii GIC rates are omitted from the chart?
1:48 pm
May 15, 2007
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Bill said
Peter, can you disclose the reason Simplii GIC rates are omitted from the chart?
Same reason why Tangerine had been omitted: https://www.highinterestsavings.ca/forum/tangerine-bank/higher-gic-rates-1/#p29880. But I can add it if there is demand.
5:37 am
September 11, 2013
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Just doesn't make sense to me to list Zag's paltry GIC rates but not Simplii's just because Zag's HISA rate is higher than Simplii's.
Means the GIC chart is different from the HISA listing (which you do post as a disclaimer), it's not complete re the best GIC rates available to Canadians, it's just a sample, so that limits its utility.
The HISA listing is a reliable, complete resource re all the top HISAs out there.
No big deal to me, I don't need to consult the chart as I keep my own listing, mainly from the info shared here - thanks!
12:19 pm
April 4, 2018
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This is the first time Simplii /PC Financial's rates have been worth mentioning in a long while.
6:17 pm
October 11, 2015
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I now that no one has a crystal ball but would love some opinions!
We seem to be in an increasing interest environment. Would you lock in at 2.5% for a 2 yr GIC or go for a 1 yr @ 2.5% and hope that the rates will increase by next year?
Thanking everyone in advance.
p.s. I know that you're supposed to ladder for this reason.
7:08 pm
November 21, 2015
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Dentgal, I am staying away from anything that does not start with a 3 for daily or one year. In Greater Toronto Area it is First Ontario CU @3.25%/4mos, DUCA @3.15%/end-of-May, Meridian CU @3.00%/daily-4mos, Omnia Direct @3.00%/1Y. When Ganaraska CU was last month offering @4.00%/5Y, I took it. ALWAYS SOMETHING COMES UP! From the above, I would not recommend you go for a 2.
9:34 pm
October 21, 2013
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I wouldn't lock in for two years at 2.5%, period.
There are any number of places where you can do better.
Here is my personal list for best deals on two year rates, with the date when it was last checked by me. Rates may have changed in some cases. I only list the ones I personally consider significant. You can also check the Comparison Chart.
Accelerate 2.60% [07 May 2018]
Achieva 2.60% [19 Jan 2018]
EQ 2.95% [08 May 2018]
Hubert 2.75% [13 Feb 2018]
Implicity 2.76% [18 April 2018]
Motive Financial 3.00% [18 May 2018]
Oaken 3.10% [18 May 2018]
Outlook 2.60% [19 Jan 2018]
Peoples 2.75% [07 May 2018]
Tangerine 2.60% [27 April 2018]
I would choose one or two years based on my personal needs and investment strategy, not on rates per se.
As julio said, Omnia offers one year at 3%. Oaken has 18 months at 3%. The issue is how long you want to put the money away for and which institutions you want to patronize.
10:40 am
September 11, 2013
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Pipersierra, same for both me and wife too today, get to end and message says no can process online, no reason given. A phone call to one of the super-friendly indifferent youngsters working there was equally unilluminating, they offered to do it by phone so I took the opportunity to be as casually breezy as they were, oh, no worries, man, don't exert yourselves, we're quite happy to move the money back out to another of the many options out there, have a super long weekend, work/life balance is SO important you know.
Peter, I've changed my mind, keep Simplii off the GIC chart.
9:42 pm
February 20, 2018
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Whats goin on here is simplii payin 3.05 or 3.10 on the 1yr? Look at the footnotes
1yr gic
3.057 Rate (%)2
3.1 APY (%)3
² Simple annual interest rate.
³ Annual percentage yield (APY) - the effective interest rate, illustrating the effect of compounding, or earning of interest on interest.
11:01 pm
August 4, 2010
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This is compound interest at work. They are paying a "simple" interest rate of 3.057%. But they are calculating that daily, and paying it out monthly. You could take that interest away and buy coffee with it at the end of each month. But if it is added back to your principal and allowed to compound, the daily interest calculation is on a slightly higher amount now. This repeats each month. At the end of the year, the effective interest rate is as if they had paid 3.1% on your original principal amount. You are getting interest on your interest.
https://www.ratehub.ca/blog/simple-vs-compound-interest-lets-break-it-down/
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