Best Simplii Financial GIC Rates for January 2025
Jan 15, 2025Simplii Financial GICs consistently offer attractive regular interest rates on RRSP and non-registered plans investments, starting at $100.
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 Jan. 15, 2025.
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 | 3.55% | 3.55% |
2 Year | 3.40% | 3.40% |
3 Year | 3.45% | 3.45% |
4 Year | 3.55% | 3.55% |
5 Year | 3.65% | 3.65% |
The best Simplii GIC rates
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Product detailsWhat 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 2025.
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.
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