Sign up & start saving!
Our monthly newsletter is launching soon with the latest in money news, credit card offers + more ways to save
ou won’t ever lose your initial investment and you’ll get a guaranteed return on interest.
If you want to lock your funds into a Guaranteed Investment Certificate with competitive interest rates, a Simplii Financial GIC could be the right fit for you. Simplii offers some of the best fixed rates on the market for long-term non-redeemable GICs. The deposits you hold are automatically insured up to $100,000 and you can start investing with as little as $100.
A Simplii Guaranteed Investment Certificate (or GIC for short) is a low-risk investment option if you’re looking to balance out your portfolio. These GICs offer a guaranteed return of your principal along with a competitive return on interest for long-term investments.
You will only be able to purchase non-redeemable GICs through Simplii, with terms ranging from 1-5 years. This means you’ll need to lock your investment in over a specific period of time, with no option to cash it in if you need the money.
All of Simplii’s interest rates are also fixed, so you won’t be able to take advantage of fluctuations in the stock-market. That said, the rates that Simplii gives are higher than those on offer from most ‘big five’ Canadian banks.
Simplii offers a fairly limited range of GICs which are all long-term, fixed-rate and non-redeemable. Most products can only be held in non-registered accounts or RRSPs, but they won’t be eligible for other registered accounts.
Simplii has a range of long-term GICs available, with contracts lasting between one and five years. These GICs tend to offer better interest rates than most competitors.
You might benefit from this kind of GIC if you have a lump sum of money you know you won’t need to access for a while. But you should avoid them if you might need to take your money out in case of an emergency.
All of Simplii’s GICs offer fixed rates so that you get a predictable and reliable return on interest. This means that no matter what the stock market is doing, you’ll take home a set rate that won’t fluctuate based on market conditions.
The only downside is that you won’t be able to take advantage of variable rates when the stock market is performing well.
If you don’t want to lock all of your money away over the long-term, you can also invest with a laddering strategy to maximize your return. For this, you’ll need to divide the total amount you want to invest by five.
Then you take the smaller amounts and invest them into five different GIC terms (maturing at one, two, three, four and five years). When each term matures, you can either re-invest the money or cash it in.
If you think a long-term fixed-rate GIC is the right fit for you, then investing with Simplii could be a suitable choice. You can apply online once you’ve checked that you fulfill the eligibility requirements and have all the relevant information on hand.
To apply for a Simplii GIC, you will need to meet the following criteria:
You will also need to provide the following documents and information:
It’s easy to buy a GIC directly from Simplii by applying online. You’ll just need to make sure that you have an account with them, and can access your internet banking.
Feel free to check out the table above to see the rates on offer for Simplii’s products. If you like what you see, you can click through to Simplii’s website to get started. Just remember that most GICs require a minimum investment of $100.
Simplii is an online-only bank that mainly competes with similar banks like Tangerine, EQ Bank and Motusbank. It has a smaller selection of GICs than most of its competitors, but it offers higher interest rates than many of the ‘big five’ Canadian banks. Simplii is known to be trustworthy and reliable, in part because it’s owned by CIBC (which is one of Canada’s biggest banks).
Simplii has low ratings on trusted review sites like Trustpilot, but so do the ‘big five’ banks and many competitors. Customers who have left feedback seem to appreciate the ease of mobile banking and the high interest rates. But some voice concerns over long response times and inadequate customer service.
Simplii offers a number of non-redeemable fixed-rate GICs with competitive rates. You can learn more about these products by speaking to a Simplii advisor or by clicking through to their website on the table above.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.