Scotiabank Momentum Plus Savings Account - 3 % Interest Rate - Up to March 10, 2019 | Page 3 | Scotiabank | Discussion forum

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Scotiabank Momentum Plus Savings Account - 3 % Interest Rate - Up to March 10, 2019
December 26, 2018
9:13 am
fabafter50
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https://simplii.intelliresponse.com/?requestType=NormalRequest&source=3&id=2190&sessionId=fd94a4c7-c852-11e7-a37b-bf70b671ed7e&question=Will+my+deposits+be+insured+with+Simplii+Financial
Will my deposits be insured with Simplii Financial?
Yes. There will be no change to Canada Deposit Insurance Corporation (CDIC)
I did find this however:
Be Careful Of the Insurance Maximums If You Have Money at CIBC and Money at Simplii Financial
First, deposits at Simplii Financial are insured by the Canada Deposit Insurance Corporation, CDIC.

HOWEVER, the limit of $100 000 we’re all so used to reading applies to any money you have in that type of account at both CIBC and Simplii Financial, because they are both insured under one policy.
I have no account with CIBC so I don't care, but those who do would need to consider.

December 26, 2018
9:19 am
Top It Up
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That's curious BECAUSE when you tap on the CDIC Insurance link at the bottom of this page

https://www.simplii.com/en/investments/gic.html

you are forwarded to a CIBC website and not a distinct Simplii website page ... hmmm!

POST # 41 edited since this comment was posted

December 26, 2018
9:21 am
fabafter50
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Top It Up said
That's curious BECAUSE when you tap on the CDIC Insurance link at the bottom of this page

https://www.simplii.com/en/investments/gic.html

you are forward to a CIBC website and not a distinct Simplii website page ... hmmm!  

You're right, I posted too fast but further investigation shows this to be the case. They do not make it clear, you have to dig for it.

December 26, 2018
9:58 am
Norman1
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"Simplii Financial" is just a name used by CIBC. All the Simplii-branded deposit accounts and GIC's are actually deposits with CIBC.

CIBC includes the Simplii-branded products, along with their CIBC-branded ones, on their CDIC information page:

Simplii Financial™5

> Simplii Financial No Fee Chequing Account
> Simplii Financial High Interest Savings Account
> Simplii Financial GIC
> Simplii Financial Tax-Free Savings Account
> Simplii Financial RRSP Savings Account
> Simplii Financial RRSP GIC

No longer available

> Simplii Financial Savings Account
> Simplii Financial Daily Interest RRSP Account

5“Simplii Financial” is a trademark and division of CIBC. Banking services not available in Quebec.

December 26, 2018
11:09 am
Loonie
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I am surprised there has been this much confusion over Simplii's CDIC coverage. I don't deal with them, and one of the reasons is that I do have an active account at CIBC and don't want to have to be to be thinking about the coverage. (It's not the only reason.)

Simplii is "simplii" not listed at CDIC.
http://www.cdic.ca/en/about-di.....gIyA_D_BwE

In my own charts and records, if I make reference to a Simplii offer, I always record it as "CIBC (Simplii)", to ensure that I don't forget.

December 26, 2018
12:00 pm
Top It Up
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NO confusion here - just making sure @ fabafter50 was aware of the CDIC relationship between CIBC and Simplii.

The confusion is all about the arithmetic skills required to decipher the Scotiabank offer - some got it, some didn't.

March 5, 2019
1:50 pm
Sarah
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March 5, 2019
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I worked in the banking industry for years, and the "new money" nonsense for the Scotia Momentum Plus Savings account simply isn't true. There's no "financial snapshots" etc., you can cash out Scotia investments and deposit them into this account and receive full bonus interest (which I did). Yes, you have to enroll in the campaign first. For example, if you deposited $100K into this account in one deposit, and $70K was from a Scotia mutual fund, and $30K was "new money", how would the system be able to differentiate that? It can't, it's impossible. They just simply want new clients from other banks etc and don't want to pay more interest on money already in the Scotia system. This promotion is almost over, but a new one is coming up right away again.

June 3, 2019
1:49 pm
w_grace
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Scotia Bank has just confirmed that I will get 1.95% after 365 Days, not the 2.95% that their math actually adds up to.
The original Deposit, which was large, has not been touch.

Long story short, Don't use Scotia Bank.

TD is also a horror story.

June 3, 2019
5:24 pm
Bud
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screwed once with Tangerine but overall scotiabank itself has been tops in big 7 GICs over the past years, and Tang was a source of deals

GIC King

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