2.30% Promo interest on new deposits to Savings, RRSP, TFSA (October 1, 2020 – March 31, 2021) | Page 2 | 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 2, 2020
6:39 pm
Bill
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Received no offer, called in this evening and got the 2% deal (on non-registered accounts), received email confirmation shortly thereafter.

October 2, 2020
6:54 pm
HISAhopper
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Londonguy said

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  

Thanks Londonguy, your reasoning makes a lot of sense and I doubt that they would pull back the offer as I have the email to show otherwise. I thought of the same thing, if I am to move in large sum in Nov I will at least move in a couple hundred now (kind of give the notice: hey I took the offer).
This, just remind me of the case with DUCA, in the middle of the promo period they stopped moving money from the earn more saving account to the winter promo account, practically ended the promo abruptly. It was disappointing but I already moved in large amount at the beginning of the promo and was warned ahead of time by others in the forum so I was not caught off guard.

October 2, 2020
7:07 pm
smayer97
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HISAhopper said

This, just remind me of the case with DUCA, in the middle of the promo period they stopped moving money from the earn more saving account to the winter promo account, practically ended the promo abruptly. It was disappointing but I already moved in large amount at the beginning of the promo and was warned ahead of time by others in the forum so I was not caught off guard.  

BTW, if you link an external account to a DUCA promo account, you CAN still push $ into the promo account AND still earn the account rate on new money pushed in. It WILL go straight in without their intervention. You simply cannot, and they will not, move money from the regular savings to the a promo account.

Proof is in the pudding ... I just tried it with significant amount at the suggestion by others and it worked ... money moved in AND earning at promo rate, after they "closed" the ability to move money into these promo accounts.

October 2, 2020
8:10 pm
tommy8675309
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sweet deal. I'm in on the 2% deal as well and logged into pay bills today and got the 2.3% offer too.

October 2, 2020
8:15 pm
speedwagen
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FYI, in case anyone's interested, I called today when neither my wife nor I had the 2.30% offer to see what the deal was, in the off chance it might otherwise be made available & I concluded that simplii put, they make the premium offer to a select few whose metrics are entirely kept secret, but the base 2% offer is a "mass offer" (their words) meaning it's available to all, but you have to ask, which I'm totally opposed to. They could easily post both offers online, as per their selection process, rather than elicit an ask. Why they feel they need to impose that is beyond me. Do they need to know how far people are willing go & if so, not sure what value that has to them...cannot say??

Also, they don't make the premium offer in phases, meaning if you don't get it from the get-go, you're not gonna or so they say. As far as the base offer's concerned, it'll be made available to all until they've reached their target, at which point it'll no longer be available, however, it'll remain in place for anyone enrolled.

Finally, people should also consider the possibility that you may or may not be more likely to get a premium offer in the future if you abstain from the lo-ball offer. I've tried that tactic with Tang & it seemed to work this year, however, it could've also easily been purely coincidental...food for thought.

October 2, 2020
8:19 pm
HISAhopper
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smayer97 said

BTW, if you link an external account to a DUCA promo account, you CAN still push $ into the promo account AND still earn the account rate on new money pushed in. It WILL go straight in without their intervention. You simply cannot, and they will not, move money from the regular savings to the a promo account.

Proof is in the pudding ... I just tried it with significant amount at the suggestion by others and it worked ... money moved in AND earning at promo rate, after they "closed" the ability to move money into these promo accounts.  

That worked for me with the early "earn more park account". For the last promo I was in, they did not disclose the winter promo account number (a few members in the other forum try to guess to no avail), congrats to you for finding out the promo account number. I will look more closely next time with DUCA promo.

October 2, 2020
9:17 pm
smayer97
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HISAhopper said

That worked for me with the early "earn more park account". For the last promo I was in, they did not disclose the winter promo account number (a few members in the other forum try to guess to no avail), congrats to you for finding out the promo account number. I will look more closely next time with DUCA promo.  

Not sure what there is to guess... the account numbers are ALL visible everywhere when logged into DUCA. It was as easy as pie. Worse case, you can request them to supply you a Direct Deposit form for each of your accounts. I did because one of my banks required a stamped version of it to create a link. They printed the full account number on the form (though I already knew it, since again, it is visible throughout).

October 2, 2020
10:44 pm
Loonie
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HISAhopper said

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?  

I'm pretty sure that the CIBC offer has dropped .05% due to drop in the base rate. Promo portion remains the same.

October 3, 2020
6:30 am
HISAhopper
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smayer97 said

Not sure what there is to guess... the account numbers are ALL visible everywhere when logged into DUCA. It was as easy as pie. Worse case, you can request them to supply you a Direct Deposit form for each of your accounts. I did because one of my banks required a stamped version of it to create a link. They printed the full account number on the form (though I already knew it, since again, it is visible throughout).  

But below was what you said on Feb 11,2020 on DUCA winter promotion 3% in this forum.

February 11, 2020
4:29 pm
smayer97
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MarkFog said
DUCA uses manual links to externals . On your account page there is a link to download a PDF. You can fax it or bring it to a branch with you bank's info,

and your reply:

Yes but this link cannot be used to move money INTO the new promo acct. It has to be done manually by DUCA staff AFTER you have transferred your funds to another DUCA account, such as a Savings acct.

After your funds are at DUCA, you can request the funds to be moved into the promo account by using their Contact Us link at the bottom of their website instead of calling.

October 3, 2020
6:47 am
HISAhopper
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Loonie said

I'm pretty sure that the CIBC offer has dropped .05% due to drop in the base rate. Promo portion remains the same. 

Thanks Loonie, I didn't notice it. That would push me closer to transfer to Simplii rather than wait to Nov.

October 3, 2020
8:00 am
Lodown
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I called in today. After about 30 min wait got the 2.0%. The T&C's were read out to me. There is a cap of $500k and the "rates can change at any time". Does this mean the base rate (.20% currently) can change and/or the add-on rate of 1.8% can change as well?

October 3, 2020
12:42 pm
smayer97
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HISAhopper said

But below was what you said on Feb 11,2020 on DUCA winter promotion 3% in this forum.

February 11, 2020
4:29 pm
smayer97
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MarkFog said
DUCA uses manual links to externals . On your account page there is a link to download a PDF. You can fax it or bring it to a branch with you bank's info,

and your reply:

Yes but this link cannot be used to move money INTO the new promo acct. It has to be done manually by DUCA staff AFTER you have transferred your funds to another DUCA account, such as a Savings acct.

After your funds are at DUCA, you can request the funds to be moved into the promo account by using their Contact Us link at the bottom of their website instead of calling.  

Yes...those posts were BEFORE I learned otherwise from other people on this forum. That info was based on what DUCA gave me...that is their official line. BUT it turns out to NOT be the complete picture. And DUCA will NOT tell you this.

So based on what others said, I gave it a try AND it works... money CAN be PUSHED into a promo account BUT only from an external account linked to DUCA by using the DUCA Bank ID, Transit # and Account number. Any more PUSHED to the promo account currently DOES move directly into the account AND earns interest at that account's interest rate.

Caveat: DUCA could some day plug this process but for now it still works and according to those who have used it, it has worked for years.

October 3, 2020
2:08 pm
HISAhopper
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smayer97 said

Yes...those posts were BEFORE I learned otherwise from other people on this forum. That info was based on what DUCA gave me...that is their official line. BUT it turns out to NOT be the complete picture. And DUCA will NOT tell you this.

So based on what others said, I gave it a try AND it works... money CAN be PUSHED into a promo account BUT only from an external account linked to DUCA by using the DUCA Bank ID, Transit # and Account number. Any more PUSHED to the promo account currently DOES move directly into the account AND earns interest at that account's interest rate.

Caveat: DUCA could some day plug this process but for now it still works and according to those who have used it, it has worked for years.  

So DUCA having double standard, I was told flat out that I can not move money into the promo account anymore and was given another lower promo rate 2.5% (if I remember the rate correctly) but I did not bite it. Then I had an offer from Tangerine so moved all money out and have not followed up with DUCA since.
Now I know there is a direct deposit form to fill out to make that transfer possible still.
Thanks smayer7 for the info.

October 3, 2020
7:40 pm
smayer97
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HISAhopper said

So DUCA having double standard, I was told flat out that I can not move money into the promo account anymore ...
Now I know there is a direct deposit form to fill out to make that transfer possible still.
Thanks smayer7 for the info.  

Not sure I would call it a double standard. I think they simply do not want people to do this and suspect they simply do not have control for pushes into the promo account based on how they set things up. Maybe they figure so few people will know about it they are willing to accept it as it stands. Not sure.

Either way, now you know. And some banks do not even need ANY form...simply enter all the required numbers to create the link and they instead use micro deposits to confirm the link.

But I do not take all the credit. I learned from others here and simply re-share the info. So thanks to all who share their useful knowledge so we may all benefit. And of course to the creator(s) of this forum for a place to share that knowledge.

October 4, 2020
6:06 pm
Bill
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Re my post #21 above, the terms and conditions I received by email indeed included registered accounts, contrary to what the rep said to me.

October 4, 2020
7:36 pm
implode
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Called in. Took about 25m to get through, and was offered 2% for new deposits. Accepted this offer as I didn't get the 2.3%.

October 5, 2020
3:59 am
Jim Sherat
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Like many others, I too did have a notification of the 2.3% promo when I logged on a couple days ago. The following day I did get an email confirmation with all the terms and conditions.

There is a slight exception to New money only condition; for those of us still participating in the prior 2% promo ... that rate has automatically been bumped up to 2.3%.

Most of my non-registered cash is currently sitting at RBC, where I was getting 2.25% up until Sept 7th, when it was supposed to drop to 1.0%; however, a few days before that, I received an email stating I'd be getting 1.75% instead, for the next 90days. I decided to ride that out, but now with a .55% better rate at Simplii, along with a nice duration [Mar 31], it makes sense to move it all.

One fly in the ointment.... I have a significant GIC maturing Nov 1st, the just happens to be at Simplii. They sent me a reminder and a link to the very pathetic current GIC rates. I had planned to move these funds, but now, if I do, it will negate equal dollars I move in for the 2.3% promo. So I'm stuck ! I may just have to setup a 3 or 5 year ladder, with those funds so at least they earn more than the pathetic 0.20% "HISA" rate. Any other options ?

October 5, 2020
9:13 am
Patch002
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Jim Sherat said
Like many others, I too did have a notification of the 2.3% promo when I logged on a couple days ago. The following day I did get an email confirmation with all the terms and conditions.

There is a slight exception to New money only condition; for those of us still participating in the prior 2% promo ... that rate has automatically been bumped up to 2.3%.

Most of my non-registered cash is currently sitting at RBC, where I was getting 2.25% up until Sept 7th, when it was supposed to drop to 1.0%; however, a few days before that, I received an email stating I'd be getting 1.75% instead, for the next 90days. I decided to ride that out, but now with a .55% better rate at Simplii, along with a nice duration [Mar 31], it makes sense to move it all.

One fly in the ointment.... I have a significant GIC maturing Nov 1st, the just happens to be at Simplii. They sent me a reminder and a link to the very pathetic current GIC rates. I had planned to move these funds, but now, if I do, it will negate equal dollars I move in for the 2.3% promo. So I'm stuck ! I may just have to setup a 3 or 5 year ladder, with those funds so at least they earn more than the pathetic 0.20% "HISA" rate. Any other options ?  

When I read their terms & conditions, I don't see any mention of GIC's, (or chequing accounts or PLC's) being counted as part of the Sept. 30, 2020 beginning balance. To me, it's either "Eligible Account" or not eligible account, so if GIC is not defined as "Eligible" then GIC in not eligible and therefore when it matures and transferred/deposited into an "Eligible" account then you'd get 2.3% earn rate.

terms & conditions:
Available by invitation only. The special annual interest rate of 2.30% is a combination of promotional and regular annual interest rates payable on deposits made to an eligible Simplii Financial High Interest Savings Account and/or Savings Account (together, "Eligible Savings Accounts"), Simplii Financial Daily Interest RRSP Account, RRSP Savings Account or Tax Free Savings Account (together, "Eligible Registered Savings Accounts" and together with "Eligible Savings Accounts", the "Eligible Accounts") between October 1, 2020 to March 31, 2021 (the "Offer Period"). Eligible Accounts opened before the Offer Period must be enrolled in the offer by the primary account holder. Eligible Accounts opened during the Offer Period are automatically enrolled in the offer.

For Eligible Accounts opened before the Offer Period that have been enrolled in the offer, promotional interest is calculated as follows: a) for Eligible Savings Accounts, on the portion of the applicable account’s average daily closing balance during the Offer Period that exceeds the closing balance as at September 30, 2020 (the "Additional Balance") up to a maximum Additional Balance limit of $500,000 aggregated across all Eligible Savings Accounts; and b) for Eligible Registered Savings Accounts, on the Additional Balance in each individual Eligible Registered Savings Account up to a maximum Additional Balance of $500,000 per account.

I would ask Simplii for clarification.

October 5, 2020
9:40 am
Bill
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It's pretty clear, they refer only to money in eligible savings accounts. That would exclude GICs. Here's a link to the complete terms and conditions:
https://www.simplii.com/content/dam/simplii-public-assets/documents/pdf/legal/savings-offers-long-form-1.pdf

October 5, 2020
11:04 am
Norman1
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But, the 2.0% offer has this exclusion of funds from any other Simplii Financial account:

Promotional Interest will not be paid on existing funds that were in any Simplii Financial deposit or registered account as at September 30, 2020 and are transferred to an Eligible Account during the Offer Period.

Does the 2.3% offer have a similar exclusion?

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