Frequently asked questions

As part of the Government of Canada’s anti-money-laundering and finance of criminal activities law (FINTRAC), all financial institutions are required to identify the individual at time of account opening. If the identification of the account holder is not made ‘face to face’ with a GIC Simple, then “non-face to face” alternatives are permitted which include the “credit-file method” which is a three year credit check that does not affect your credit rating and/or the “dual-process method”, where again your identity (name, address, date of birth etc.) are verified via providing original copies of specific documents issued by a Canadian government body, financial account or other Canadian sources such as specific billings – ie utility or telecommunications billings.

(see FinTrac).

All of your personal on-line information is kept only for the transaction record with the Financial Institution. Your data is stored using the latest encryption techniques used by financial institutions.

GICs can offer higher yields than traditional cash equivalent products – chequing and savings accounts as well as bonds and money market alternatives. You can earn more than equivalent GIC terms with any of the big 5 Canadian banks. GIC Simple is connected to many of the GIC premium rates offered by Financial Institutions across Canada and you can create a customized portfolio of GICs based on your personal preferences and time horizons while optimizing yield.

GIC Simple offers the best GIC rates from many of the insured financial institutions across Canada. You have full flexibility to build your GIC portfolio of your choice within our extensive roster of Financial Institutions.

Most GICs are non-redeemable thereby locking your money into a term deposit investment from 1 to 5 years. This allows the financial institutions to pay you a better rate than most high interest savings accounts. There are redeemable GICs that offer attractive rates however they are slightly less than the non-redeemable rates.

GIC Simple provides you with the digital tools to construct an insured portfolio of GICs that meets your cash surplus or future cash needs so that you maximize the interest earned on your cash.

There are no commissions or additional fees** charged to you by GIC Simple when you purchase a GIC. (**excluding bank service charges for electronic funds transfer). The Financial Institution issuers pay GIC Simple for assisting them with meeting their funding requirements.

There are no commissions or additional fees charged by GIC Simple to reimburse, however GIC Simple may provide clients with a bonus interest premium based on the amount of GICs purchased within a 12 month period. Contact GIC Simple for further information regarding our Rate Incentive Program or Introducing a Friend to GIC Simple.

GIC Simple only serves Canadian residents and accounts at the moment.

You can easily link your personal savings or chequing account at any of the major Canadian banks with GIC Simple. You will then be able to quickly fund your GIC purchase(s) electronically via an electronic funds transfer (EFT) from your existing bank account. Proceeds from your GIC maturity will be automatically deposited electronically back into the same existing bank account.

Once you know the amount of funds you would like to invest and your maturity objectives, using the GIC Simple platform, you can construct a GIC portfolio for you that meets your cash flow needs while ensuring there is insurance coverage provided under the various government programs available. You would simply electronically input the “buy” purchases and create your basket using GIC Simple, and GIC Simple will execute the transactions.

GIC Simple will allow you to pay for your GIC investments electronically, directly from your bank account to the Financial Institution issuers of your choice, via EFT. GIC Simple never touches your funds.

You will be able to quickly view your consolidated GIC portfolio on your simple single secure web portal – including principal and monthly cash flow.

So you can open your new GIC Simple account, construct a model portfolio, purchase and view your complete GIC portfolio via our secure fully digital platform, anytime, on your home computer or mobile phone.

In addition, all of your GIC certificates provided by the Financial Institutions including confirmations are available at any time, available in your web based account. You can also print or download them and store them on your personal drive if you like.

GIC Simple will automatically inform you when a GIC maturity is approaching so that you can plan ahead and ensure that your cash never sleeps and is earning you the maximum at all times.