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Email this7:23 am
September 15, 2017
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Simplii raised their 1 yr. rate to 4.50% for non-registered and registered GICs.
2:27 pm
September 30, 2017
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The 1-yr term is, for the moment, a heated battle ground 
Generally 1-yr rate at the expense of other terms.
6:45 am
September 5, 2022
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Stupid question but isn't the interest rate actually 4.41% and the 4.5% is after compounding the interest?
7:50 am
September 11, 2013
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Yes, my understanding is because the 4.41% is compounded monthly your $100 becomes $104.50 after the year.
9:20 am
September 5, 2022
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Thanks, so when comparing interest rates do all the banks do the same? As a second question, how long after the BoC rate change does it take for banks to change their rates?
11:06 am
March 15, 2019
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Bill said
Yes, my understanding is because the 4.41% is compounded monthly your $100 becomes $104.50 after the year.
Miracles never cease, a one year non-redeemable GIC that compounds monthly. What am I missing?
1:42 pm
September 7, 2018
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Bill said
Yes, my understanding is because the 4.41% is compounded monthly your $100 becomes $104.50 after the year.
I was unaware that one could buy a ONE year GIC that compounds monthly.
I was aware that one could buy a GIC with a monthly payout.
3:19 pm
September 11, 2013
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The link in the initial post explains it all, i.e. choice of monthly compounding or monthly payout of interest.
6:25 pm
September 30, 2017
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Just tried their online GIC application steps. It is quite a learning experience 
6:07 am
November 18, 2017
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Well, glory be! They really do have monthly compounding! Way to further confuse the GIC purchaser!
RetirEd
(A mathematician who can actually understand the math involved, remembering the lamented Ally 5-year.)
RetirEd
10:23 am
March 3, 2022
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Is purchasing a Simplii GIC as easy as EQ or Tang's?
(EQ has the simplest process I think: just set amount and hit buy button. On Tang, adding a new GIC account type thing (just one more step than EQ.)
(I ask because I found the CIBC GIC purchasing process quite convoluted and confusing.)
2:54 pm
March 15, 2019
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"EQ has the simplest process I think: just set amount and hit buy button."
Not sure if still true to-day, but I deposited some money with EQ a few years ago and they made me wait something like 8 days before they would buy the GIC.
4:49 pm
September 29, 2017
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COIN said
"EQ has the simplest process I think: just set amount and hit buy button."Not sure if still true to-day, but I deposited some money with EQ a few years ago and they made me wait something like 8 days before they would buy the GIC.
That is still true BUT they also will honour a missed promotional rate if the money was there at the time of the promo. You simply buy the GIC at the market rate then call them and they will honour the promo rate, at least they have in the past.
9:36 am
November 16, 2018
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Bill said
The link in the initial post explains it all, i.e. choice of monthly compounding or monthly payout of interest.
Glad I saw this thread - it alleviated my concerns when applying for a Simplii 1yr GIC - thanks to all who posted!
The part of the Simplii GIC application process where it asks if you want the interest to be paid into an account or re-invested is a bit ambiguous. At that point in the application process, Simplii does not indicate that the interest is paid out monthly. The first time I started to apply for their 1 yr GIC , I mistakenly thought they were talking about re-investing the interest into a new GIC at the end of the 1 year term. I cancelled my first application mid-way as I was unsure which interest rate (4.41% or 4.5%), I would be earning. I later re-applied after realising they were talking about re-investing monthly interest payments - I chose to reinvest them back into the GIC to earn the higher compounded APY rate. The Simplii link in the initial post mentions the monthly interest payments briefly (before you get into the application itself), but I don't think they stress that enough. In the application itself, it would definitely help if Simplii indicated very clearly that interest payments for re-investment they were asking you about are monthly (they do not).
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