2.8% promo interest on new money to Savings, RRSP, TFSA (November 1, 2019 - April 30, 2020) | Page 4 | 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 16, 2019
7:42 pm
Norman1
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PilotPete said
Sorry Norman,
I now see the reason for the confusion.
What you say is correct for NEWLY opened accounts, but as in my case I was assuming (presumptuously obviously) that moneys were ADDED to existing Simplii HISAs, since Simplii itself appears to assume this by continuously referencing the account balance at Oct 31st.

If the account was open before the Offer Period, then the $100,000 average balance over the Offer Period is correct. But, as GoJetsGo and Bill point out, the 91 day multiplier is wrong:

So if I deposit $200,000 on Jan 31st my money will be on deposit for 91 days. This should earn Promotional interest of 1.7% ie
200,000 x 1.7 divided by 100 divided by 365 x 91 = $847.67
BUT the contract says it will pay 1.7% pa on the AVERAGE DAILY BALANCE for the Promotional Period, which is 182 days, so since during the FIRST 91 days the daily balance was ZERO then the Average daily balance for the 182 days is $100,000. This is the amount Simplii will use to calculate the promotional interest paid in May. SO:

100,000 x 1.7 divided by 100 divided by 365 x 91 = $423.84

For accounts open the entire 182-day Offer Period, extra interest will be paid on the 182-day average balance of $100,000 for the full 182 days:

$100,000 x 1.7% / 365 x 91 182 days = $423.84 $847.67

That works out to be identical to that $847.67 of extra interest calculated on the 91-day average balance of $200,000 for the 91 days that the $200,000 was on deposit. That doesn't mean that one actually earned interest for the 91 days that the $200,000 was not on deposit.

For example, in a three day period, Alice deposits $1,000 on Day #1 and leaves the money in for all three days. In the same period, Bob deposits $3,000 on Day #3 and had no funds on deposit for Day #1 and Day #2:

Name Day #1
Balance
Day #2
Balance
Day #3
Balance
Alice $1,000 $1,000 $1,000
Bob $0 $0 $3,000

Both Alice and Bob will receive the same amount of interest for those three days.

But, did Bob actually receive interest for Day #1 and Day #2 when he had no funds on deposit?

November 17, 2019
8:51 am
Bud
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sorry people just want to know is it 2.8 or not daily average. any non math guys have answer. matters to those lockin in larger sums

November 17, 2019
12:52 pm
Oscar
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Bud said
bottom line its 2.8?  

Norman1 said
Yes, it is 2.8% for the days of the offer period that the new money is in the Simplii HISA. It is 0% for the days that the new money is not in the account.  

November 18, 2019
5:34 am
savemoresaveoften
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I dont think banks will and able to use the "fine print" to try to cheat / screw people on "promotion". If this "average over entire period" actually means you can get 0% interest on days you have a deposit with them, there will be a class action and the court will side with the depositors.
The language is there to show what happens when if new deposit is made during the period and not for the whole period. Math shows it is the same result.

November 18, 2019
4:58 pm
Norman1
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Similar Simplii promotions in the past have worked out as one expects.

Simplli had a similar 3% new-money promotion from November 1, 2017 to February 28, 2018. The bonus interest I received was within 4¢ of what I had calculated. sf-smile

November 20, 2019
12:08 pm
rfdm4g4g9
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Yet to receive an email regarding the 2.8 % promotion from them.

Also don't get a pop up regarding the 2.8% promotion after logging in.

Was too lazy to call them and have it applied. I guess I will have to call in anyway. I will make sure after I call in, they send me something in writing via e-mail as a confirmation.

So there are no disputes come May, 2020 when the bonus is applied.

You can't see the promo rate anywhere! The way you can see with Tangerine once you activate it. So better to have something in writing that you are actually getting that rate!

December 19, 2019
4:55 pm
rwb
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I have some investments maturing, so thought I would invest with Simplii. I opened the Savvy Savings account, but considerable delay with bank to bank transfer.
It was necessary for me to mail some documents to Simplii. After almost 3 weeks, I called them and found out that my bank had to 'stamp' my void cheque generated from my Scotia account. I am out of the country and going to my branch is not an option. It is not a simple process with Simplii to do bank to bank transfers. I will likely close my account.
I had no issues with Tangerine, EQ, and Laurentian Bank.

Rick

December 19, 2019
5:09 pm
Norman1
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That only applies to those generated faux "void" cheques.

Simplii will accept an actual cheque that has been marked VOID.

When I onboarded with EQ Bank, I mailed in a signed cheque that was deposited and had to clear successfully. Same with Tangerine Bank way back when they were ING Direct.

December 19, 2019
5:17 pm
Bill
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Savvy Savings account is with Motive, not Simplii.

March 12, 2020
5:05 pm
suburbs4life
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This may be a stupid question but since Motive has dropped their savvy savings account rates to 2.2% do we know if simplii is still honoring the special promo rate of 2.8% until April 30th? I am already registered for this rate but would that drop with all the other interest rate drops. There is probably a clause to get them out of it. Simplii has already silently dropped their regular savings account rate. I find simplii is less transparent with changes to accounts which is why I tend not to use them but I would move money back if they are still at 2.8%. I figured there are some bright minds that have already looked into this on the forum which is why I am posting. TIA

Update- I called in and the CSR said they are still honouring the promo rate until April 30th.

March 12, 2020
6:45 pm
savemoresaveoften
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suburbs4life said
This may be a stupid question but since Motive has dropped their savvy savings account rates to 2.2% do we know if simplii is still honoring the special promo rate of 2.8% until April 30th? I am already registered for this rate but would that drop with all the other interest rate drops. There is probably a clause to get them out of it. Simplii has already silently dropped their regular savings account rate. I find simplii is less transparent with changes to accounts which is why I tend not to use them but I would move money back if they are still at 2.8%. I figured there are some bright minds that have already looked into this on the forum which is why I am posting. TIA

Update- I called in and the CSR said they are still honouring the promo rate until April 30th.  

why dont u move it to Duca where they just extended 3% until Jun30

March 12, 2020
9:04 pm
suburbs4life
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I am trying not to open any more bank accounts at different institutions. I already have 6.

March 12, 2020
9:21 pm
Norman1
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suburbs4life said

…do we know if simplii is still honoring the special promo rate of 2.8% until April 30th? … I figured there are some bright minds that have already looked into this on the forum which is why I am posting. TIA

Update- I called in and the CSR said they are still honouring the promo rate until April 30th.

hwyc and I looked into that question earlier in the thread.

Essentially, the fine print says changes in the regular interest "will result in a corresponding change" in the top-up promotional interest. So, the total interest, made up of regular interest plus top-up promotional interest, will remain the same 2.80%.

April 17, 2020
5:39 pm
hwyc
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I think this promo just got an extension to those on the invitation list

Simplii-promo-extend-to-Aug.jpg

April 17, 2020
6:47 pm
GoJetsGo
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No soup for me.

So I called. No wait time. Spent 25 minutes on phone as they put me on hold 3 times. Spoke with supervisor Kimberly. She was able to correct all the misinformation the CS rep gave me about selection criteria but was unable to extend the offer for me. I do not qualify. I did not qualify for the extension last year either. I had a significantly different amount of funds in last year. It has nothing to do with the amount of money you have and she has NO IDEA what the selection criteria is. She saw that I am a 17 year customer. She was really good at pretending that she'll bring my dissatisfaction up at her next meeting of supervisors. I told her I was done with Simplii - tired of the selection games. Got off phone - transferred money out.

April 18, 2020
5:18 am
savemoresaveoften
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same here, I never got the extension every time an offer is extended and I gave up even contacting them as there are no wiggle room on their end anyway.

They have the right not to give me the same rate as others and I have the right to withdraw my funds when my promotion ends.

April 26, 2020
8:03 am
GreatWhiteNorth
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Did not get promo extension either. $ heading out shortly to greener pastures 🙂

I laugh when I see "High Interest Savings Account" annual rate = 0.30%

Thank you Big Banks!

April 30, 2020
7:11 am
dentgal
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Also in line for the soup kitchen and they locked me out. I have quite a bit of $$ at Simplii. I have no idea how they make their decisions. Time to move out. I had thought about buying their 2.2% GIC, but that rate is now gone:( Meanwhile, Tanga has sent an email a few days ago that my 2.5% rate has been extended till Aug 31, so hello Tanga. Anyone seeing good GIC rates?? I suspect that rates will plummet in the next while.

April 30, 2020
5:35 pm
Norman1
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No extension from Simplii for me either.

I'll see if Simplii will have a promotion again in late fall.

May 1, 2020
8:05 am
Winnie
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Me too without extension from Simplii, no big deal.

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