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Simplii Financial is a digital bank backed by the Canadian Imperial Bank of Commerce (CIBC). The bank was known as PC Financial before rebranding in 2017.

Simplii serves nearly two million clients with its suite of no-fee, online and phone-based banking, borrowing and investment options — including non-redeemable guaranteed investment certificates (GICs) for various term and interest payment options.

Simplii Financial’s current GIC rates

Simplii Financial GIC rates for registered and non-registered deposit terms, as of Dec. 18, 2024.

Note: Some Simplii GICs offer interest payment options, and your GIC interest rate may depend on the term and payment option you choose.

Term	Regular GIC	RRSP GIC
1 Year	3.65%	3.65%
2 Year	3.45%	3.45%
3 Year	3.45%	3.45%
4 Year	3.50%	3.50%
5 Year	3.65%	3.65%

Simplii Financial Non-registered 1 Year GIC

Term Length

1 Year
Interest Rate

3.65%

As of December 11, 2024
Minimum Deposit

$100
Bonus Offer

N/A

Simplii Financial GICs consistently offer attractive regular interest rates on RRSP and non-registered plans investments, starting at $100.
Simplii Financial is an online bank owned by CIBC that offers savings and chequing accounts, credit cards, mortgages, loans, lines of credit, registered plans, GICs, and mutual fund accounts. Read our review of Simplii Financial for more information.

GICs come with compounding interest options.
Simple annual interest rate is fixed for the duration of the investment and is calculated daily.
Interest is paid or compounded monthly for non-registered GICs and compounded monthly and paid at maturity for RRSP GICs.
Both non-registered and RRSP GICs are non-redeemable and must be held to maturity.
You can redeem registered GICs before maturity to contribute to a Home Buyers’ Plan, pay towards a Lifelong Learning Plan, or in case of extreme financial hardship (subject to approval).
GICs can be cancelled within 10 business days of renewal. A transfer fee applies if you transfer funds to another financial institution.
Eligible for CDIC deposit insurance up to $100,000.

Simplii Financial Non-registered 2 Year GIC

Term Length

2 Years
Interest Rate

3.45%

As of December 11, 2024
Minimum Deposit

$100
Bonus Offer

N/A

Simplii Financial GICs consistently offer attractive regular interest rates on RRSP and non-registered plans investments, starting at $100.
Simplii Financial is an online bank owned by CIBC that offers savings and chequing accounts, credit cards, mortgages, loans, lines of credit, registered plans, GICs, and mutual fund accounts. Read our review of Simplii Financial for more information.

GICs come with compounding interest options.
Simple annual interest rate is fixed for the duration of the investment and is calculated daily.
Interest is paid or compounded monthly for non-registered GICs and compounded monthly and paid at maturity for RRSP GICs.
Both non-registered and RRSP GICs are non-redeemable and must be held to maturity.
You can redeem registered GICs before maturity to contribute to a Home Buyers’ Plan, pay towards a Lifelong Learning Plan, or in case of extreme financial hardship (subject to approval).
GICs can be cancelled within 10 business days of renewal. A transfer fee applies if you transfer funds to another financial institution.
Eligible for CDIC deposit insurance up to $100,000.

Simplii Financial Registered 5 Year GIC

Term Length

5 Years
Interest Rate

3.65%

As of December 11, 2024
Minimum Deposit

$100
Bonus Offer

N/A

Simplii Financial GICs consistently offer attractive regular interest rates on RRSP and non-registered plans investments, starting at $100.
Simplii Financial is an online bank owned by CIBC that offers savings and chequing accounts, credit cards, mortgages, loans, lines of credit, registered plans, GICs, and mutual fund accounts. Read our review of Simplii Financial for more information.

GICs come with compounding interest options.
Simple annual interest rate is fixed for the duration of the investment and is calculated daily.
Interest is paid or compounded monthly for non-registered GICs and compounded monthly and paid at maturity for RRSP GICs.
Both non-registered and RRSP GICs are non-redeemable and must be held to maturity.
You can redeem registered GICs before maturity to contribute to a Home Buyers’ Plan, pay towards a Lifelong Learning Plan, or in case of extreme financial hardship (subject to approval).
GICs can be cancelled within 10 business days of renewal. A transfer fee applies if you transfer funds to another financial institution.
Eligible for CDIC deposit insurance up to $100,000.

What to know about Simplii Financial GICs

Simplii’s non-redeemable GICs offer a fixed rate of return and are available from terms ranging from one to five years.

You can purchase Simplii GICs to include in a registered retirement savings plan (RRSP) or as a non-registered investment.

Similar to other Simplii Financial products, these term investments are issued by CIBC in all Canadian provinces, excluding Quebec.

Deposits of up to $100,000 in Simplii GICs are also covered by the Canada Deposit Insurance Corporation (CDIC) against bank failure.

How to choose a Simplii Financial GIC

Choosing a Simplii Financial GIC that works best for you will depend on factors like your investment goals and time horizon. Are you looking to earn interest while you save for a short-term objective? Or are you hoping to include the GIC in your RRSP to gain medium-term growth toward your retirement goals?

As with many GIC products, with a Simplii GIC your principal investment is protected and you get a guaranteed amount of interest for your term — giving you a safer way to grow their wealth. So you can rest assured and choose a Simplii Financial GIC based on your financial plans, considering factors like:

Types of GICs available.
Variety of terms.
Interest rates.

Types of Simplii Financial GICs

Simplii’s GIC options are non-redeemable, offered at fixed rates and are eligible for both:

Non-registered and;
Registered plans — which offer the option to hold the GIC within your RRSP for tax-deferred growth.

Simplii Financial GIC terms

Simplii offers mid- to longer term GICs for 1, 2, 3, 4 and 5 years in length.

At the moment, Simplii’s GICs offer higher standard rates of interest, with no bonus offers.

A fixed interest rate is calculated daily based on the simple annual interest rate. Simplii pays or compounds the interest on a monthly basis for non-registered GICs and compounds the interest monthly and pays it at maturity for the RRSP GICs.

How to open a Simplii Financial GIC

Simplii Financial GICs are available to existing clients and can be opened online or by phone.

To open a new account, the bank will ask for proof of identification via a secure email, including:

Government photo ID with signature, such as your provincial driver’s licence or Canadian passport.
Another piece of ID verifying your name and Canadian address.
Proof of your date of birth.
Information to confirm a bank or mortgage account (must come from an institution other than Simplii or CIBC).
A photo of your Simplii credit or debit card.
As with all banks, Simplii will also collect your Social Insurance Number for any interest-paying accounts, including GICs.

Finally, you will need to make a minimum deposit of $100 to set up your Simplii GIC.

How to close a Simplii Financial GIC

The non-registered and RRSP GICs offered by Simplii are non-redeemable, which means you have to hold your investment for the entire term.

In most cases, GIC funds can only be withdrawn when the full term is complete, also known as the date of maturity. However, Simplii allows investors to redeem registered GICs before maturity for a few specific reasons, including contribution to the Home Buyers’ Plan, the Lifelong Learning Plan or in case of extreme financial difficulties, subject to the bank’s approval.

Simplii will repay your principal at maturity and interest according to your instructions. Options for repayment include:

Depositing your GIC funds into your Simplii Financial deposit account; or
Issuing you a bank draft.

When your RRSP GIC matures, you can choose to:

Deposit your RRSP GIC funds into a Simplii Financial RRSP savings account,
Receive a bank draft, or;
Transfer your funds to an RRSP at another financial institution.

If you don’t provide any instructions, Simplii Financial will automatically renew your GIC (including principal and accrued interest) at maturity.

Alternatives to Simplii Financial GICs

If Simplii Financial’s GIC offerings aren’t quite what you’re looking for, consider whether GICs from other Canadian digital banks might be a better fit.:

EQ Bank offers similar rates and a variety of GIC terms, ranging from 90 days to 10 years, available as non-registered investments or eligible to be held in RRSPs or TFSAs.

Motive Financial also offers non-registered, TFSA and RRSP GICs for 1- to 10-year terms, but at a higher minimum deposit requirement than many online banks.

Tangerine Bank is another online bank that offers numerous no-fee GIC options with various terms and rates, including several registered offerings and a US dollar GIC.

If you want a GIC from a different bank

Canada’s big six banks may also offer compelling alternatives to Simplii GICs, including a wider range of terms, variable rate GICs, and options that allow you to cash out your GIC before maturity.

	Minimum deposit	Are deposits insured?
Best RBC GICs	Starting at $500	Yes, by the Canada Deposit Insurance Corporation.
Best National Bank GICs	Starting at $500	Yes, by the Canada Deposit Insurance Corporation.
Best TD GICs	Starting at $500	Yes, by the Canada Deposit Insurance Corporation.
Best BMO GICs	Starting at $1,000	Yes, by the Canada Deposit Insurance Corporation.
Best CIBC GICs	Starting at $500	Yes, by the Canada Deposit Insurance Corporation.
Best Scotiabank GICs	Starting at $500	Yes, by the Canada Deposit Insurance Corporation.

For more GIC options, check out our list of the Best GIC Rates in Canada for 2024.

If you want a different Simplii Financial product

If you’d like to stay with Simplii Financial but are looking for an alternative to GICs, consider other offerings that provide access to features like guaranteed rates of return, higher interest rate or tax-free growth, but without the need to lock in your funds.

Simplii Financial™ High Interest Savings Account

Interest Rate

4.60%*

Earn a special 4.60% interest rate on eligible deposits for 5 months. Terms apply. Offer ends February 28, 2025.

Promotional rate
Bonus Offer

N/A
Monthly Fee

$0

Apply Now

Simplii’s no-fee HISA gives account holders access to CIBC ATMs in Canada.
Simplii Financial is an online bank owned by CIBC that offers savings and chequing accounts, credit cards, mortgages, loans, lines of credit, registered plans, GICs, and mutual fund accounts. Read our review of Simplii Financial for more information.

Earn a special 4.60% interest rate on eligible deposits for 5 months. Terms apply. Offer ends February 28, 2025.
0.30% to 2.00% interest rate depending on account balance.
No monthly fee.
Manage your money through online banking and a mobile app.
Easily set up automatic deposits.
HISA account holders can open a no-fee chequing account to access money from any CIBC ATM in Canada without a fee.
No transaction or service fees.
No minimum balance.
Immediate access to your money through withdrawals, Interac e-Transfer, transfers to linked accounts, and more.
Eligible for CDIC deposit insurance.