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Simplii GIC Interest Rate Changes
September 17, 2018
7:06 am
GR
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New rates for GICs:

1 yr 2.60
2 yrs 2.65
3 yrs 2.70
4 yrs 2.75
5 yrs 3.10

September 28, 2018
9:22 pm
Vatox
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They have increased even higher. 1yr is now 2.75%. Bill has suggested Simpli be added to the GIC chart. I agree, very good rates.

September 28, 2018
9:54 pm
Peter
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I've now added Simplii to the chart 🙂

https://www.highinterestsavings.ca/gic-rates/

September 28, 2018
10:20 pm
Vatox
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Thx Peter.

October 27, 2018
6:38 am
KB
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I think that these rates are incorrect. Same for the new rates posted today.
These rates are the "APY" rates which include compound interest.
I am new here but don't you want the actual rates?
1 year 2.716
2 year 2.765
3 year 2.863
4 year 2.960
5 year 3.057

Update: Even the CANNEX website shows the APY rate.

KB

GR said
New rates for GICs:

1 yr 2.60
2 yrs 2.65
3 yrs 2.70
4 yrs 2.75
5 yrs 3.10  

October 27, 2018
9:50 am
hotmony
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5 years is too long i find i prefer the 1 2 3, 4 unnecessary

October 28, 2018
10:22 am
Save2Retire@55
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hotmony said
5 years is too long i find i prefer the 1 2 3, 4 unnecessary  

I don't mind 5 years as I don't open any 5 years with a big amount. My RRSP is always 5 years but I don't have any single 5 years with an amount bigger than $21K but I understand this depends on the age and wealth.

October 29, 2018
6:13 am
savemoresaveoften
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Those rates still lagging other players out there. Dont think just because its Simplii its "credit worthiness" means it can offer lower rates, esp with esavings offer 3% right now and rates are going up or down over the next month, zero reason to lock in to any GIC that pays less than 3% for any term IMHO

November 8, 2018
7:08 am
GR
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Simplii increases match Tangerine GIC rates:

Interest Rates
GIC/RGIC term

1 year 3.10
2 year 3.20
3 year 3.30
4 year 3.35
5 year 3.50

November 8, 2018
8:43 am
SG
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One thing that I don't understand is why they don't offer TFSA GICs...

November 27, 2018
6:26 am
hotmony
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Has anyone had luck gettin simplii to up their 1yr 3.1 offer will they match 3.25 tangerine at least?

November 27, 2018
5:46 pm
Jim Sherat
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SG said
One thing that I don't understand is why they don't offer TFSA GICs...  

I questioned them directly on this ... they have no answer ... so I pulled all but a few dollars out of my (and spouce's) TFSA's over to TD Webbroker, where at least we can get 3%+ for GIC's, from a number of CDIC insured Banks.

November 27, 2018
6:03 pm
Joe
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Jim Sherat said

TD Webbroker, where at least we can get 3%+ for GIC's, from a number of CDIC insured Banks.  

How do you buy GIC's at Webbroker....I'm assuming you have to call in?

November 27, 2018
7:42 pm
NorthernRaven
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Joe said

How do you buy GIC's at Webbroker....I'm assuming you have to call in?  

Yes, you have to call in to TD to buy GICs through Webbroker.

The GIC rates are displayed on a page in stupid (non-sortable) tables. To view it, in Webbroker go to the Research menu at the top of the page, and choose "GICs" from the Investments column.

November 27, 2018
9:07 pm
Loonie
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The TD GIC rates are by far the lowest among those they sell.

November 28, 2018
7:36 am
hotmony
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standard third party sheet
http://www.rbcds.com/gic-rates.html
i get 25bps extra on all third party gics i buy from a ds fs broker
i read their commission is 25bps per year does that mean they get 1.25% on the 5yr?

November 28, 2018
8:10 am
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hotmony said
…i read their commission is 25bps per year does that mean they get 1.25% on the 5yr? 

Yes, that means the broker could get 5 x 0.25% = 1.25% selling a five-year GIC.

The 25 bps is the customary commission. The broker can ask the financial institution to give some of it to the client. For a large purchase, broker could, for example, ask the financial institution to give them a lower 20 bps per annum commission in return for an extra 0.05% on the GIC yield to the client.

November 28, 2018
6:24 pm
Joe
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NorthernRaven said

Yes, you have to call in to TD to buy GICs through Webbroker.

The GIC rates are displayed on a page in stupid (non-sortable) tables. To view it, in Webbroker go to the Research menu at the top of the page, and choose "GICs" from the Investments column.  

Thanks NR....I've never actually bought a GIC, and have no intention to do so. When parking $$$$ for my TD web USD I just buy the Money Market fund, and when parking CAD I just move it to Tang/Simplii/Hubert....whoever's paying the most. I see that TD is taking there pound of flesh off those rates.

November 28, 2018
10:02 pm
hotmony
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Norman1 said

hotmony said
…i read their commission is 25bps per year does that mean they get 1.25% on the 5yr? 

Yes, that means the broker could get 5 x 0.25% = 1.25% selling a five-year GIC.

The 25 bps is the customary commission. The broker can ask the financial institution to give some of it to the client. For a large purchase, broker could, for example, ask the financial institution to give them a lower 20 bps per annum commission in return for an extra 0.05% on the GIC yield to the client.  

How does that translate for me say a 5yr gic at my broker is yielding 3.5% and he gives me an extra 25bps per year bringing the yield up to 3.75% what commission is my broker left with I'm gettin an extra 1.25% in total over the 5yrs? Is there room to ask for more or he take even less..

November 29, 2018
8:25 am
Norman1
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hotmony said

How does that translate for me say a 5yr gic at my broker is yielding 3.5% and he gives me an extra 25bps per year bringing the yield up to 3.75% what commission is my broker left with I'm gettin an extra 1.25% in total over the 5yrs? Is there room to ask for more or he take even less..  

I don't think your broker will be left with any commission. He has given up his customary 25 bps per year commission on the GIC.

Usually, the brokers don't do transactions for zero commission, unless they are compensated some other way. For example, if one has a wrap account with a negotiated annual fee based on assets under management, then the broker will have no problem rebating any GIC brokerage commissions and any mutual fund trailer fees he receives to the client.

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