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Simplii Financial GICs review

Best for: Savers who want 1- to 5-year GICs with monthly compounding and an RRSP option, starting from $100.

By the CreditLab research team · Checked October 15, 2026

GIC
Simplii Financial GICs

#14 in our gics ranking. See how we rank

Visit site On the official site

The bottom line

Simplii Financial publishes non-redeemable GICs from 1 to 5 years, at 2.90% for 1 year and 3.65% for 5 years when expressed as an annual percentage yield with monthly compounding. You can start with $100 and hold the same rates in an RRSP GIC. The limits are no cashable or short-term GICs, no TFSA GIC on the pages we read, and CDIC coverage shared with any CIBC deposits.

Pros & cons

Pros

  • Interest can compound monthly, and both simple rate and APY are shown
  • $100 minimum to start
  • RRSP GICs earn the same rates as non-registered GICs
  • Buy online or by phone

Cons

  • Non-redeemable only; no cashable GIC
  • Terms of 1 to 5 years only, nothing shorter
  • No TFSA GIC listed on the pages we reviewed
  • CDIC coverage is shared with your CIBC deposits
LAB REPORT

A short, simple GIC menu from CIBC’s online brand, with monthly compounding and an RRSP option. The narrow term range and missing TFSA and cashable choices limit who it fits.

Suits you if

  • You want monthly compounding on a GIC.
  • You plan to hold an RRSP GIC for 1 to 5 years.
  • You already bank with Simplii online.

Look elsewhere if

  • You want a GIC inside your TFSA.
  • You bank heavily with CIBC and are near CDIC limits.

Credit Lab Expert

Our detailed review

Simplii GIC rates by term

We checked Simplii Financial’s GIC rates on October 15, 2026. The rates page loads its numbers from Simplii’s own rate feed, which showed rates effective June 15, 2026. Rates change often, so confirm them on Simplii’s site before you buy.

Simplii shows two figures for each term: a simple annual rate and an annual percentage yield (APY), which reflects monthly compounding. We quote the APY as the headline rate. These rates apply to deposits up to $99,999.99; we didn’t capture current rates for deposits of $100,000 or more.

  • 1 year: 2.90% APY (2.863% simple)
  • 2 years: 3.00% APY (2.96% simple)
  • 3 years: 3.20% APY (3.155% simple)
  • 4 years: 3.55% APY (3.494% simple)
  • 5 years: 3.65% APY (3.591% simple)

Cashable and other GICs

Simplii doesn’t publish a cashable GIC. Its GICs and RRSP GICs (RGICs) must be held for the entire term, so only put in money you won’t need until maturity. Terms run from 1 to 5 years, and we didn’t see short-term GICs under 1 year on the pages we reviewed.

Rates step up with each term, from 2.90% APY on 1 year to 3.65% APY on 5 years. The APY assumes you let interest compound monthly; if you take interest out each month, you earn the simple rate instead, such as 3.591% on the 5-year term.

Simplii also runs an International Student GIC Program for students coming to study in Canada. We didn’t review its rates or terms.

Registered plans and how interest is paid

Simplii offers RRSP GICs at the same rates as non-registered GICs. We didn’t find TFSA GICs listed on the pages we reviewed, so ask Simplii before planning a TFSA purchase there.

Interest is calculated on each day’s closing balance using the simple annual rate. Depending on the interest option you choose, it’s paid out or compounded at the end of each month. The APY Simplii publishes shows the effect of that monthly compounding.

Deposit insurance and safety

Simplii Financial is a trade name of CIBC, a CDIC member. Simplii deposits are added together with any CIBC deposits for CDIC coverage, with no separate coverage. If you hold GICs or savings at both, count them together when you check the CDIC limits that apply to each category.

How to buy a Simplii GIC

You can buy a GIC by signing on to Simplii online banking, or by phone at 1-888-723-8881. The minimum is $100, and Simplii doesn’t state a maximum per GIC on the pages we read.

Other gics we review

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Frequently Asked Questions

What is the difference between Simplii’s simple rate and its APY?

The simple rate is the annual rate used to calculate daily interest, such as 2.863% on a 1-year GIC. The APY, 2.90% on the same term, shows the effect of compounding monthly. If you take interest out each month instead of compounding, the simple rate is the better guide to what you earn.

Is a Simplii GIC covered separately from CIBC under CDIC?

No. Simplii Financial is a trade name of CIBC, and Simplii deposits are aggregated with CIBC deposits for CDIC coverage. There is no separate coverage for Simplii.

Can I hold a Simplii GIC in a TFSA?

We didn’t find TFSA GICs listed on the Simplii pages we reviewed. Simplii does offer RRSP GICs at the same rates as its non-registered GICs. Ask Simplii directly if a TFSA GIC is what you need.

Does Simplii have GICs shorter than 1 year?

Not on the pages we reviewed. Simplii lists terms of 1 to 5 years only, all non-redeemable.

What rate does Simplii pay on a GIC of $100,000 or more?

We didn’t capture current rates for that tier. The rates we quote apply to deposits up to $99,999.99, so ask Simplii for the larger-deposit rate.

Can I open a Simplii GIC by phone?

Yes. Simplii says you can buy a GIC by phone at 1-888-723-8881, or online by signing on to Simplii online banking.

How often does a Simplii GIC pay interest?

Simplii calculates interest on each day’s closing balance and pays or compounds it at the end of each month, depending on the interest option you choose.

Sources

Rates come from Simplii Financial GICs’s own site, checked October 15, 2026. GIC rates change often and can differ for registered accounts or larger deposits, so confirm the rate before you buy. See our methodology.