Anyone else can't resist bank acct switchover promos? | General financial discussion | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Anyone else can't resist bank acct switchover promos?
June 15, 2022
2:53 pm
NCC1701Z
Member
Members
Forum Posts: 42
Member Since:
May 26, 2022
sp_UserOfflineSmall Offline

I stopped doing this a few yrs back but Simplii's $350 promo popped up on my screen and I just couldn't help myself 🙂

That's $700 for the 2 of us for 10 mins work, well maybe 20 lol

June 15, 2022
4:22 pm
HermanH
Member
Members
Forum Posts: 456
Member Since:
April 14, 2021
sp_UserOfflineSmall Offline

I did the same with HSBC, a few years ago. I suggest that you read the fine print closely to ensure that Simplii does try to pull a fast one on you, the way HSBC did to me.

HSBC had some silly term about the bonus being paid after 6 months and that you then had to keep the account open for a year after it was paid or else the bonus was clawed back. This kind of crap is why I no longer bother with such sham offers.

June 15, 2022
4:47 pm
savemoresaveoften
Member
Members
Forum Posts: 1333
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

I stopped doing it last year as the condition they put in place to earn new account promo is getting harder.
On the other hand, CC churning is still very easy.

June 15, 2022
5:29 pm
Alexandre
Member
Members
Forum Posts: 657
Member Since:
November 8, 2018
sp_UserOfflineSmall Offline

If I were eligible, I would have taken that offer. I am not, so less paperwork for me (and no free money, too).

June 15, 2022
7:36 pm
Loonie
Member
Members
Forum Posts: 8249
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

My threshold is now about $500. And it mustn't be too complicated. My threshold used to be $300-350.

Today I had to arrange for burial of cremated remains. The fee for digging the hole and filling it up again for something smaller than a shoebox was $500. Four years ago, it was $350. It's a rural cemetery and the person who keeps track of the plots, does the bookkeeping/banking, arranges for the gravedigger and makes sure the paper work is in order is a volunteer.

I try to keep my standards as high as those who want my money.

June 16, 2022
9:26 am
cgouimet
Member
Members
Forum Posts: 491
Member Since:
February 7, 2019
sp_UserOnlineSmall Online

Constantly switching Checking Accounts and Credit Cards is too much hassle for us. My wife has had the same BMO Checking and MC from the time she was in a Montréal CEGEP in the mid 70's. I've had the same TD Checking and Visa since my first year at Queen's, also in the mid 70's.

We have our numbers ingrained and only need to memorize new CC PIN's every 2-3 years. We have numerous monthly auto incomes and billings that never need changing/updating.

I got a TNG MC CC when they first came out with elevated point categories but while my CC usage pattern didn't change, that TNG MC was hijacked 3 times in less than 6 months. I closed it.

We now have a PC MC for groceries points at Loblaws/NoFrills/Shoppers properties and Costco. That has been a profitable move with $850+/Yr in points on mostly (90+%) groceries since 2018.

But we do treat Savings/GICs differently like investments ... Go where the money is ...

CGO
June 16, 2022
11:44 am
NCC1701Z
Member
Members
Forum Posts: 42
Member Since:
May 26, 2022
sp_UserOfflineSmall Offline

Loonie said
My threshold is now about $500. And it mustn't be too complicated. My threshold used to be $300-350.

Today I had to arrange for burial of cremated remains. The fee for digging the hole and filling it up again for something smaller than a shoebox was $500. Four years ago, it was $350. It's a rural cemetery and the person who keeps track of the plots, does the bookkeeping/banking, arranges for the gravedigger and makes sure the paper work is in order is a volunteer.

I try to keep my standards as high as those who want my money.  

Sorry for your loss but I'd be digging my own tiny hole when no one was around before paying them $500! I own a quadruple plot in Vancouver, I bet it's worth more than my 1st house!

June 16, 2022
11:52 am
NCC1701Z
Member
Members
Forum Posts: 42
Member Since:
May 26, 2022
sp_UserOfflineSmall Offline

cgouimet said
Constantly switching Checking Accounts and Credit Cards is too much hassle for us. My wife has had the same BMO Checking and MC from the time she was in a Montréal CEGEP in the mid 70's. I've had the same TD Checking and Visa since my first year at Queen's, also in the mid 70's.

We have our numbers ingrained and only need to memorize new CC PIN's every 2-3 years. We have numerous monthly auto incomes and billings that never need changing/updating.

I got a TNG MC CC when they first came out with elevated point categories but while my CC usage pattern didn't change, that TNG MC was hijacked 3 times in less than 6 months. I closed it.

We now have a PC MC for groceries points at Loblaws/NoFrills/Shoppers properties and Costco. That has been a profitable move with $850+/Yr in points on mostly (90+%) groceries since 2018.

But we do treat Savings/GICs differently like investments ... Go where the money is ...  

It's no trouble for me being retired, And the Simplii promo is very easy, only need to change my CPP DD info for 3 mos, wait 2-3 more, collect and close. All done electronically. I do tend to forget to close as I have about 8 accounts still open 🙂

We too have the same "homebase" acct from the 70's. Sadly the physical branch is closing this year but I have rarely visited the last 10+ years. I used to walk in and they all greeted me but since the teller format disappeared it has been impersonal.

Ditto on the PC MC, Costco points/deals!

Please write your comments in the forum.