Simpliii Targeted Offer 5% for 120 days on TFSA opened by 3/31/25 | Simplii Financial | Discussion forum

Sounds all nice and shiny, but after the 120 days you will only earn their regular rate, which is .4% currently. Only way to get out of that before year end is to pay a transfer out fee to move to another FI.

I doubt they will do any more offers in their TFSA's for the rest of the year, they know the money is kind of stuck there... can always withdraw, but the TFSA shelter is lost until 2026.

Assuming the .4% rate holds for the rest of the year... if my math is right it gives a weighted average of ~1.9% for the year. Buying a GIC in a TFSA (currently in the 3.5-4% range) will easily beat that.

I am on a Simplii 4.25% promo now (before last rate cut), and Tangerine just offered me 3.85% promo... (both non-registered). With another 25-50bps cut expected in a couple of weeks, and predictions of them lowering to the 2% range later this year, the promos aren't going to get any better, and the interest from them is taxable income. Knowing I don't need access to these funds for the year, that is why I have locked in this year's $7k to a TFSA GIC in this interest rate environment.