2.30% Promo interest on new deposits to Savings, RRSP, TFSA (October 1, 2020 – March 31, 2021) | Simplii Financial | Discussion forum

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2.30% Promo interest on new deposits to Savings, RRSP, TFSA (October 1, 2020 – March 31, 2021)
October 1, 2020
4:52 pm
uniQChick
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2.30% Promo interest on new deposits to Savings, RRSP, TFSA (October 1, 2020 – March 31, 2021)
If you are a client of Simplii, log in to your account to see if you have been invited to enroll in their new promo for savings accounts until March 31, 2021. Promo interest will not be paid on existing funds that were in any Simplii Financial accounts as at September 30, 2020 and are transferred to an eligible account during the Offer Period. Regular posted rate is paid monthly, but promo rate will be paid in April 2021.

October 1, 2020
10:36 pm
rfdm4g4g9
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You can get 2% through their Chat, in case you haven't received their 2.3% offer.

October 2, 2020
5:20 am
KamWest
Toronto
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I applied for and received my email confirming my eligibility for this offer. My savings account had ZERO dollars in it for the last year because of the almost nil interest rate.

I transferred the maximum allowed funds for the program into the account on October 2nd.

I will keep everyone updated if there are any shenanigans come April 2021.
Apparently that's when they will be paying out the bonus portion of the interest rate which as of today should be 2.10% on top of the standard 0.20%

I've had no significant funds with them since they burned me once and did not pay out. This time I will keep all emails and documentation, if for some reason they try to pull a fast one I will come back and post it here.

October 2, 2020
5:44 am
davidgeorge
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It's too bad they pay all promotional interests in April 2021. If they pay monthly, we would know for sure what the interest rate we get by Nov. 1. For CIBC promotion, I deposited a small amount into the account, tested and then transferred large amount into the account after I confirmed the interest rate.

October 2, 2020
8:09 am
LazyWays
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Should have no issue if you deposit after receiving their confirmation email.

October 2, 2020
8:45 am
JPenterprise
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Thank you rfdm4g4g9. I and my sister both called and get 2%.

October 2, 2020
9:37 am
HISAhopper
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I got offer 2.3% but all money is at CIBC for 2.4% till end of Nov.
Should I move the money now to Simplii or wait till end of Nov ?
Any advice? thanks

October 2, 2020
9:42 am
uniQChick
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I accepted their offer, but did not receive confirmation email. Closed browser and cleaned my history; logged in again – no promo offer seen. Called them and had to apply the offer over the phone. Received confirmation email.

October 2, 2020
9:47 am
uniQChick
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HISAhopper said
I got offer 2.3% but all money is at CIBC for 2.4% till end of Nov.
Should I move the money now to Simplii or wait till end of Nov ?
Any advice? thanks  

It all depends on your CIBC's offer fine print. You don't want to move money and lose interest because of that.

October 2, 2020
9:57 am
Londonguy
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HISAhopper said
I got offer 2.3% but all money is at CIBC for 2.4% till end of Nov.
Should I move the money now to Simplii or wait till end of Nov ?
Any advice? thanks  

Accept the Simplii offer now and then move your CIBC money over later when your 2.4% deal expires. You won't lose anything by accepting the Simplii offer but not funding it until November 30, but you might lose the Simplii deal entirely if they pull it back for some reason before you accept it

October 2, 2020
10:07 am
KamWest
Toronto
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Londonguy said

Accept the Simplii offer now and then move your CIBC money over later when your 2.4% deal expires. You won't lose anything by accepting the Simplii offer but not funding it until November 30, but you might lose the Simplii deal entirely if they pull it back for some reason before you accept it  

Best answer for @HISAhopper

Too bad there is no way to give @Londonguy a like

October 2, 2020
10:08 am
HISAhopper
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I received the email this morning without calling in. Does it mean I am automatically enrolled (no need to call in)? It's not simplii at all, just more confusion!

I see that i would loose 0.1% interest for Oct and Nov to gain an extra 4 months with 2.3% to March 31st. I would have to pay for a bank draft to withdraw the money from CIBC but it has to be paid either way now or end of Nov.

October 2, 2020
10:12 am
HISAhopper
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Londonguy said

Accept the Simplii offer now and then move your CIBC money over later when your 2.4% deal expires. You won't lose anything by accepting the Simplii offer but not funding it until November 30, but you might lose the Simplii deal entirely if they pull it back for some reason before you accept it  

great advice, that is why I am thinking of moving it now, a loss of .1% over 100K for 2 months is around $16?
edit: misread your comment, can Simplii not pull back the offer on me after I accept?

October 2, 2020
10:15 am
uniQChick
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HISAhopper said
I received the email this morning without calling in. Does it mean I am automatically enrolled (no need to call in)? It's not simplii at all, just more confusion!  

You have to accept the offer by clicking the button and should receive confirmation. If no confirmation received, then call in and make sure promo offer is applied.

October 2, 2020
10:21 am
HISAhopper
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uniQChick said

You have to accept the offer by clicking the button and should receive confirmation. If no confirmation received, then call in and make sure promo offer is applied.  

I got the offer page when logged in last nigth, click "yes" (maybe something else) it took me the money transfer page. I decided to do it later, click the back button it took me to credit card page....
This morning received email from simplii confirming 2.3%.
I guess I did accept the offer per your description.

October 2, 2020
10:25 am
implode
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No offer upon logging in, and no email either. 🙁

October 2, 2020
10:31 am
rhvic
Victoria, BC
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I did not get the 2.3% offer when I logged into my account, so I tried the chat. There the agent informed me I could get the 2% offer, but I would have to phone in to get it. So, after some lengthy wait on the phone I did finally get 2%, and received a confirmation email.

October 2, 2020
2:08 pm
Londonguy
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HISAhopper said

can Simplii not pull back the offer on me after I accept?  

My standing philosophy is to never say never, but their offer says it's good until March 31st. As such, they're not going to come along before then and say, "Hey there, HISAhopper, we noticed that you accepted our offer but never put any money into your account, so we're cutting you off early." That's just not gonna happen. Something truly terrible would have to happen to a bank to force them to renege on a promotion, and it would affect everybody, not just you.

However, if you're still uncomfortable, accept their offer and then deposit something trivial like $10 or $50 for now until you're ready to move in the big bucks from CIBC at the end of November.

Concidentally I can tell you firsthand that I accepted an offer like this from Simplii before, but then never funded my account -- that was because a better offer came along (from DUCA) before I could transfer my money into Simplii. In effect they got outbid for my money at the very last minute, but that's just how business goes sometimes. Now, did Simplii care or even notice that I never put any money in? I highly doubt it

October 2, 2020
2:36 pm
skibum
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I did not get the offer (as usual) when I signed in so phoned & left call back number on their system. 40 minutes later, I got a call, got the 2% (without grovelling) and a confirmation email 5 minutes later. Wouldn't have known about the rate without UniQchik's post - so big Thank You!

October 2, 2020
4:31 pm
Save2Retire@55
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Thank you. I didn't get any offer like many others. Going to contact them tomorrow to see if I get 2% like others.

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