2.8% promo interest on new money to Savings, RRSP, TFSA (November 1, 2019 - April 30, 2020) | Page 2 | Simplii Financial (formerly PC Financial) | Discussion forum

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2.8% promo interest on new money to Savings, RRSP, TFSA (November 1, 2019 - April 30, 2020)
November 4, 2019
5:58 pm
Bud
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cibc has a targeted deal now? do they have a history of making exceptions

November 5, 2019
5:09 am
Good
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Simplii offer is only for new money. It says so right on the offer details. That is why when a promotion is close to running out transfer out your money .

I have Tangerine at 2.75% tell December 31,19. Then will be switching to Simplii at 2.80% tell April 30,2020. Also for Tax Free account and RRSP 2.80% rate.

You have a good offer from CIBC at 2.75%. Save from a Bank.

November 5, 2019
5:14 am
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BUD no they do not give the offer to anyone. It has to be targeted promo.

I had a 2.40% targeted offer from CIBC that run out October 31,19 at 2.40%, Never used it.

November 5, 2019
5:17 am
Londonguy
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dentgal said
I called. Waited 1 hour for a call back. 2.8 on NEW MONEY only, not on the money that you already have there.
I received a targeted CIBC e-savings promo of 2.75% till Feb 29, 2020, so good bye Simplii and hello to CIBC.  

Funny how sometimes these offers can force you to do things you otherwise wouldn't have done -- in this case you happily had money on deposit at Simplii, but because of their promo rules you need to take that money out of your account and put it somewhere else (CIBC) if you want to improve your rate of return.

And it's especially ironic in your case because this is happening all within the same company since CIBC owns Simplii.

Look at it this way -- since you'll come out ahead in the end, they're actually doing you a favour by making you move it

November 5, 2019
6:07 am
Bud
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Cibc online chat said visit branch to get their 2.75 e-promo

November 5, 2019
7:21 am
Peter
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Can anybody paste the terms of the 2.75% CIBC promo? Specifically: is it for new money only, and what's the start date (especially key if it's for new money only)? Then I can spin up a separate thread for it.

November 5, 2019
12:52 pm
Londonguy
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Peter said
Can anybody paste the terms of the 2.75% CIBC promo? Specifically: is it for new money only, and what's the start date (especially key if it's for new money only)? Then I can spin up a separate thread for it.  

I thought internally targeted promos didn't qualify since they aren't available to everyone, not even inside the same bank

November 5, 2019
4:03 pm
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You are correct Londonguy.

Targeted offers that the bank does not have access to.

Bank of Nova Scotia offer is still open for new deposits tell end of November. Though it is not as good as Simplii Financial.

Edit by admin: a separate thread has been spun off about general promos

November 7, 2019
9:50 pm
Norman1
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A link, from the confirmation e-mail, to a downloadable PDF of the Simplii Financial 2.8% offer:

November 2019 2.8% Promotional Savings Offer

November 8, 2019
1:02 am
implode
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I called in and got through immediately, but then again, it was 12:40AM PST.
I haven't received the email confirmation yet.

November 8, 2019
5:56 am
hwyc
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This paragraph from Norman1's link got my attention

... Promotional Interest and Regular Interest rates are subject to change at any time without notice; visit https://www.simplii.com/en/rates.html for current regular rates.

How and when will one know if the Promotional Interest rate changed ? Simplii is not obligated to notify you. Unlike the Regular Interest rate, it is not displayed on your account or statements.

[ sf-smile Answer found - to maintain the 2.8% rate ]

Any change to the Regular Interest rate will result in a
corresponding change to the Promotional Interest rate.

November 8, 2019
6:31 pm
Norman1
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That's my interpretation as well. The extra Promotional Interest will change with changes in the Regular Interest:

The special annual interest rate of 2.80% is a combination of the regular annual interest rate set by Simplii Financial payable on an Eligible Account (“Regular Interest”), plus a promotional annual interest rate (“Promotional Interest”) that is calculated for the Offer Period on, as applicable, the Additional Balance or New Balance (each as defined below). Any change to the Regular Interest rate will result in a corresponding change to the Promotional Interest rate.

November 12, 2019
6:23 am
Oscar
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I called them Friday morning and was speaking to a rep within a minute. Very pleasant and efficient. She said I was registered and confirmed my email address and told me I would receive it within 2 days ( maybe 2 business days , can't remember ) . I told her that they have never sent me a confirmation email for the past promos even after repeated calls and requests. She assured me that I would get an email. Saturday morning got an email from Simplii to complete a survey about my call. Sunday another email reminding me to complete the survey. It's Tuesday and so it seems like the same situation as before. The difference this time is they can't blame it on spam filters or other email issues because they are sending follow up surveys via email. Anyone else still waiting for their confirmation email ?

November 12, 2019
9:16 am
Londonguy
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Oscar said
I called them Friday morning and was speaking to a rep within a minute. Very pleasant and efficient. She said I was registered and confirmed my email address and told me I would receive it within 2 days ( maybe 2 business days , can't remember ) . I told her that they have never sent me a confirmation email for the past promos even after repeated calls and requests. She assured me that I would get an email. Saturday morning got an email from Simplii to complete a survey about my call. Sunday another email reminding me to complete the survey. It's Tuesday and so it seems like the same situation as before. The difference this time is they can't blame it on spam filters or other email issues because they are sending follow up surveys via email. Anyone else still waiting for their confirmation email ?  

FWIW when I signed up on Nov 4 the rep warned me that I wouldn't get my confirmation email until the next day and then it showed up 10 minutes later.

Probably not what you want to hear, but if it were me I would just keep calling them until I got it. You're going to randomly hit a competent rep sooner or later

November 12, 2019
10:02 am
skibum
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For those looking for a pop up or link under special offers....the offer is on the right side of your online banking sign in. Open to everyone but it is new money only so be sure to transfer out again

simpli.jpg

November 12, 2019
2:32 pm
Norman1
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That's a "Tell me more" link to page

https://www.simplii.com/en/special-offers/high-interest-savings.html

I didn't see any link on that page for existing Simplii clients to accept. Looks like existing clients still need to call in:

Already have a savings account with Simplii?

That's great! Speed up your savings: sign up today to earn bonus interest on new deposits. Call us at 1-866-747-8128.

November 12, 2019
2:43 pm
Norman1
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Londonguy said

FWIW when I signed up on Nov 4 the rep warned me that I wouldn't get my confirmation email until the next day and then it showed up 10 minutes later.

Similar experience here. Rep said confirmation e-mail would not come immediately but within the next few days. My confirmation e-mail then arrived within two hours.

My confirmation e-mail was from confirmation@NoReply.Simplii.com.

Spam filters do look at the contents of the e-mail as well as the sender address. So, it is possible that the spam filter doesn't like the look of the confirmation e-mail while letting survey messages from the same sender through.

Usually it is possible to configure spam filters to just redirect to a Junk E-mail folder rather than discarding the message. As well, some ISP's will redirect to a junk folder that is only visible when one signs directly into their web e-mail and not through an e-mail client, like Microsoft Outlook or Windows Live Mail, that has its own spam filtering and junk folder.

November 12, 2019
5:11 pm
Oscar
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Londonguy said

FWIW when I signed up on Nov 4 the rep warned me that I wouldn't get my confirmation email until the next day and then it showed up 10 minutes later.

Probably not what you want to hear, but if it were me I would just keep calling them until I got it. You're going to randomly hit a competent rep sooner or later  

That's what I did for the last promo and the one before that. Never got an email. Is their system so complicated that most of their reps can't master the steps involved to send a confirmation email ? Please say it ain't so.

Norman1 said ,
Spam filters do look at the contents of the e-mail as well as the sender address. So, it is possible that the spam filter doesn't like the look of the confirmation e-mail while letting survey messages from the same sender through.

Usually it is possible to configure spam filters to just redirect to a Junk E-mail folder rather than discarding the message. As well, some ISP's will redirect to a junk folder that is only visible when one signs directly into their web e-mail and not through an e-mail client, like Microsoft Outlook or Windows Live Mail, that has its own spam filtering and junk folder

Anything is possible but I have a blackberry address and have never had problems receiving emails from anyone and don't think I have any such filters at my disposal. And again today I received an email from them which should indeed be classified as spam or junk entitled " foreign cash made fresh to order ". It's probably no coincidence that I have received 3 emails from them in 4 days since I called them either , so I don't think that's the issue but thanks for pointing that out as a possibility.

November 14, 2019
2:18 am
Jim Sherat
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fwiw, Nov 4 I received a personalized email that had a clickable 'Sign Me Up' box at the bottom. I did, and got an onscreen 'thank you for signing up' message.

3 days later, Nov , I received an email with subject line,
Confirmation: Your new interest rate is now in effect
The body of the email reflected all the terms and conditions fine print.

So guess I was just lucky, not having to call in and wait. ONE mouse click did it for me.

On the other hand, I'll be continuing to transfer all my 'spare cash' to my Meridian HISA, which is still getting 3.0% until the end of January.
Only then would I consider moving it all over to Simplii.

November 14, 2019
12:33 pm
PilotPete
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WARNING: All is not as it appears. Note the terms say: "For Eligible Accounts opened during the Offer Period, Promotional Interest is calculated, at the end of the Offer Period, on the Eligible Account’s average daily closing balance from the date the Eligible Account is opened to the end of the Offer Period (the “New Balance”).
So since interest is calculated on the basis of the AVERAGE daily balance FROM Nov 1st you will only receive interest at the rate of 2.52% on money deposited on Nov 18th for example! And the rate reduces, the later you deposit, because the zero balances in the account for each day FROM Nov 1st is included in the AVERAGE calculation.
Talk about devious!!!
sf-frown

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