Simplii vs Tangerine 5 yr GIC rate | GIC discussions | Discussion forum

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Simplii vs Tangerine 5 yr GIC rate
April 16, 2019
6:37 am
Nav66
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June 24, 2015
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Is the yield on a Simplii 5 year GIC's (2.6%) equal to the 5 year GIC at Tangerine (also shown as 2.6%)?

April 16, 2019
9:24 am
ireojimayo
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April 13, 2019
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Yes, the overall yields should be identical.
The 2.6% given on Tangerine's website is compounded (or paid) annually, which is equivalent to the APY% given on Simplii's. The normal rate on Simplii (2.570%) is compounded (or paid) monthly. This may cause small rounding differences.
I quickly calculated the difference if they round down to the nearest cent, this is a total difference of 2c @ $1000, where Simplii comes out on top

Math
(1+0.02570/12)=1.026004

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