2.30% Promo interest on new deposits to Savings, RRSP, TFSA (October 1, 2020 – March 31, 2021) | Page 3 | 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 5, 2020
11:16 am
Winnie
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Yes, the 2.3% offer have a similar exclusion - promotional Interest will not be paid on existing funds.

October 5, 2020
5:36 pm
Bill
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You're right, Norman1, so the question is what is a "deposit account"? On their site under "Accounts" they only list the savings and chequing accounts, they don't list GICs as they're listed under "Investments" and under there it refers to opening a GIC "account". So not clear. Problem for Jim is how reliable is the answer going to be from a phone agent?

October 6, 2020
3:39 am
Jim Sherat
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thanks for the feedback, everyone ...
I'm pretty sure, that despite GICs being listed under 'Investments', when it pays out Nov 1st to my HISA, no way will it qualify for the 2.3% promo.

Oh, I'll phone and try to get a front line Mgr on the line, and ask the question, but I'd be VERY surprised if it qualifies.
So, with GIC renewal rates at Simplii ranging from .90% [1yr] to a whopping 1.25% [5yr], I just can't see any wisdom in a laddering strategy at this time.

I may consider the 1yr @ .90% rather than have those dollars sit in the HISA earning a measly .20%, until March 31st. Desperate times call for desperate measures.

If I get any useful feedback from Simplii CS, I'll post it to this thread.

October 6, 2020
4:06 am
JenE
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Perhaps I’m missing something here, but couldn’t Jim borrow the equivalent of his GIC for a few days, deposit to his Simplii and then pay off the loan when his GIC matures?

October 6, 2020
10:47 am
Bill
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JenE, the promo wording suggests that would work.

October 6, 2020
11:43 am
mustang
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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.

I was successful in linking in from an FI, that, as you pointed out, just required the numbers. It sent the two micro deposits, and the link is now made. I do feel slightly quesy doing this, in that DUCA leaves no doubt that it is not "permitted". Does anyone happen to know if there is a cap on the amount that earns that 2.5% rate?

October 6, 2020
1:42 pm
topgun
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mustang said
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.

I was successful in linking in from an FI, that, as you pointed out, just required the numbers. It sent the two micro deposits, and the link is now made. I do feel slightly quesy doing this, in that DUCA leaves no doubt that it is not "permitted". Does anyone happen to know if there is a cap on the amount that earns that 2.5% rate?  

Many people are committed where their money goes. Simplii is trying to get new customers with a teaser rate.

Have a Great Day

October 6, 2020
5:22 pm
hwyc
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I found this Q&A on the 2% page

If I have an RGIC or GIC that has reached the end of its term, will I get the special interest rate if I re-invest the money in a HISA, TFSA or RRSP ?

Yes! The money will still count as new funds into your HISA, TFSA or RRSP account, as long as your savings account's closing balance is higher than its starting balance beginning October 1. Turns out the old saying is true: it pays to re-invest.

... Hope this helps

October 7, 2020
12:09 pm
Jim Sherat
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hwyc said
I found this Q&A on the 2% page

If I have an RGIC or GIC that has reached the end of its term, will I get the special interest rate if I re-invest the money in a HISA, TFSA or RRSP ?

Yes! The money will still count as new funds into your HISA, TFSA or RRSP account, as long as your savings account's closing balance is higher than its starting balance beginning October 1. Turns out the old saying is true: it pays to re-invest.

... Hope this helps  

Well yes, that helps a lot ! That's what I'll do then. I see no reason why that wording would not apply to those getting a targeted 2.3% offer.

Thanks to JenE and Bills digging, for the 'short term borrowing' idea as a work around.

October 7, 2020
6:50 pm
hwyc
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Jim Sherat, pls be informed of Patch002's finding in #6 here. In that light, JenE's suggestion in #44 is not a bad defensive. Best of luck.

October 8, 2020
4:56 am
Jim Sherat
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hwyc said
Jim Sherat, pls be informed of Patch002's finding in #6 here. In that light, JenE's suggestion in #44 is not a bad defensive. Best of luck.  

*sigh* ... thanks, guess I missed that, or forgot.
Not sure I want to get into the 'short term loan, then repay' game though, so might just leave it in the HISA for the 5 months [Nov 1 - Mar 31] see what bonus interest I get in April, and most likely move the whole balance elsewhere, after the 2.3% promo ends, and if there is no attractive incentive [extension] to remain. Thanks again, everyone. This forum Rocks !

October 8, 2020
10:15 am
frugal lady
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I am on the current Simplii 2.0% offer that ends Oct 30, 2020 and I received the 2.3% offer which I accepted. I did not receive a confirming email but I called them today to confirm the 2.3% rate applies.
When the 2.3% offer appeared it said:

Your eligible deposits in October will earn interest from your current savings offer (which ends October 30th), plus will count towards your eligible deposits for this new 2.3% offer.

I read that to me that any deposits in October will earn 2.3%. (and not 2.0% + 2.3% which would be awesome but highly unlikely).

October 8, 2020
7:47 pm
COIN
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A CSR said existing funds will earn only 0.20% interest.

So, only new funds in excess of "old" funds will earn 2.30%.

In my case the "blended" interest rate is only roughly 1.20%.

October 9, 2020
6:00 am
dougjp
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Accepted the offer on Tuesday, and phoned, promised a confirming e-mail by the end of the day - no e-mail. Next day (Wednesday) phoned in the AM and told the confirmation can take 24 hours. Late in the day, still no e-mail, told on the phone by a supervisor we get the 2.3% and the e-mail will come. Thursday, no e-mail, said they would resend, again verbally saying we get the 2.3%. Friday AM, still no e-mail (yes of course we checked junk mail etc.). How many hours do I have to waste trying to beg for basic service.

What a clunky bank! Not just the delayed payment of promo interest either. No way of seeing what overall rates are being paid when logged in. No list of offers applicable anywhere. Even the confirmation when it arrives, as I have seen what's in it, is poorly worded and somewhat contradictory, especially if you have multiple savings accounts.

I don't trust them, as alluded to by others commenting here, hence the need for written confirmation. sf-frown

October 9, 2020
6:25 am
topgun
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dougjp said
Accepted the offer on Tuesday, and phoned, promised a confirming e-mail by the end of the day - no e-mail. Next day (Wednesday) phoned in the AM and told the confirmation can take 24 hours. Late in the day, still no e-mail, told on the phone by a supervisor we get the 2.3% and the e-mail will come. Thursday, no e-mail, said they would resend, again verbally saying we get the 2.3%. Friday AM, still no e-mail (yes of course we checked junk mail etc.). How many hours do I have to waste trying to beg for basic service.

What a clunky bank! Not just the delayed payment of promo interest either. No way of seeing what overall rates are being paid when logged in. No list of offers applicable anywhere. Even the confirmation when it arrives, as I have seen what's in it, is poorly worded and somewhat contradictory, especially if you have multiple savings accounts.

I don't trust them, as alluded to by others commenting here, hence the need for written confirmation. sf-frown  

You learn. These rates entice new money. You do not realize how much time you need to input to get things straight.

Have a Great Day

October 9, 2020
11:03 am
Oscar
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dougjp said
Accepted the offer on Tuesday, and phoned, promised a confirming e-mail by the end of the day - no e-mail. Next day (Wednesday) phoned in the AM and told the confirmation can take 24 hours. Late in the day, still no e-mail, told on the phone by a supervisor we get the 2.3% and the e-mail will come. Thursday, no e-mail, said they would resend, again verbally saying we get the 2.3%. Friday AM, still no e-mail (yes of course we checked junk mail etc.). How many hours do I have to waste trying to beg for basic service.

What a clunky bank! Not just the delayed payment of promo interest either. No way of seeing what overall rates are being paid when logged in. No list of offers applicable anywhere. Even the confirmation when it arrives, as I have seen what's in it, is poorly worded and somewhat contradictory, especially if you have multiple savings accounts.

I don't trust them, as alluded to by others commenting here, hence the need for written confirmation. sf-frown  

Same situation here. Accepted offer on the first of October when I logged in. Called them yesterday to confirm and request email confirmation. Have never received email from Simplii for previous promos, even escalated it to their Ombudsman last promo and they just argued with me and told me they had sent emails. Even changed email address with same results. Asked CSR for location on website where I could read terms and conditions and was told it comes with the email confirmation. I don't expect to receive it and really only called to have it recorded for confirmation. Still get all their marketing emails. The problem seems to be that the email confirmations are automated and if it isn't working for someone , they will not make any effort to correct it.

October 9, 2020
11:33 am
Norman1
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I received my confirmation for Simplii's 2% offer a few hours after I called in and was enrolled.

Could be a stupid issue with spam filtering on your end like I have.

Apparently, I have a "Spam" mail folder that's only visible when I access my mailbox through the provider's web site. I also have a "Junk E-mail" folder in the e-mail client on my home computer which is NOT mapped to that "Spam" folder!

Who thinks of setting something up in such a stupid way?

I need to access my mailbox through the web site once in a while to see what messages end up in the "Spam" folder and are invisible otherwise.

I think I found out about this situation after someone tried to e-mailed something to me multiple times but I didn't receive any of the messages. It was weeks later that I happen to log onto the web site and saw the multiple messages from the sender in the "Spam" folder. sf-frown

October 9, 2020
4:37 pm
Oscar
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Well I did finally find a spam folder on my Blackberry. Never knew it was there. Empty. Never had any issues receiving emails on this email account for the last six years except for Simplii promo confirmation emails. If they just sent it through their marketing department I would get it for sure. I received 2 in September. It isn't really a big deal but really annoying that I can't get an online bank to fix this , especially because of the way they configure their promotions to be invisible once enrolled.

October 9, 2020
4:51 pm
Oscar
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COIN said
A CSR said existing funds will earn only 0.20% interest.

So, only new funds in excess of "old" funds will earn 2.30%.

In my case the "blended" interest rate is only roughly 1.20%.  

This might factor into their algorithms as I am in the same situation. They may be targeting customers currently enrolled in promos at a certain balance threshold. They started the new promo while the old one is still going and hope customers don't realize that existing balance on September 30 will only earn 0.2% after October 31 and will only find out in April if they don't get the fine print. My blended interest is only 1% as I am not willing to go over CDIC limits so I will be pulling out at end of October.

October 9, 2020
7:44 pm
Norman1
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Oscar said
Well I did finally find a spam folder on my Blackberry. Never knew it was there. Empty. Never had any issues receiving emails on this email account for the last six years except for Simplii promo confirmation emails. If they just sent it through their marketing department I would get it for sure. I received 2 in September.…

That spam folder on your Blackberry device may be for the Blackberry's spam filtering.

The problem may be that the mail provider has filtered the message out before the Blackberry can even see or download the message! That was what was happening with me. There was no indication that the mail provider was filtering out messages.

I had a look at the Simplii marketing messages and the Simplii confirmation messages. They are different.

The confirmations are from confirmation@NoReply.Simplii.com with no DKIM anti-spoofing authentication.

The marketing messages are from info@email.simplii.com and have DKIM anti-spoofing authentication.

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