Simplii GIC Interest Rate Changes | Page 2 | Simplii Financial | Discussion forum

hotmony said
I think fs brokers get a bit automatically for retention wrap or not.
The theory maybe like a credit card ur more likely to spend/invest "silly" at a full serve house.  

The deposit/investment brokerage business doesn't quite work that way. There is no trailer fee on a GIC. So, if the brokerage house doesn't receive any net commission, then the firm isn't going to pay the individual broker anything either.

At best, the individual broker with a large book of non-commission generating accounts will be given extra time to generate commissions, should the individual fail to meet their commission quota.

Simplii also lowered GIC rates as of yesterday.

I think I am going to love the GIC rate history page

2of3aintbad said

Not sure what you mean about the rate history. This drop could be anticipated once Tangerine dropped their rates and Oaken announced the same.  

https://www.highinterestsaving.....e-history/

Vatox said
GIC rates lowered today. Below Tang now.

https://www.highinterestsaving.....story/  

Not too surprising - they've done pretty well and retaining their existing business and likely even growing it a bit. Looking at the "Big 5" bank annual reports, Scotiabank (including Tangerine Bank) had the lowest CET1 and Total Capital Ratios of the group.

Cheers,
Doug