2% on new money (Oct 1, 2020 - Mar 31, 2021) | Page 2 | Simplii Financial | Discussion forum

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2% on new money (Oct 1, 2020 - Mar 31, 2021)
October 11, 2020
11:19 am
Norman1
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The Simplii HISA can also accept direct deposits. That includes payroll direct deposits and a "push" of funds from one's account at another financial institution like EQ Bank or Hubert Financial.

This post has instructions for generating the direct deposit form on Simplii's online banking site.

October 11, 2020
4:42 pm
LK
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MG said

LK said

I indicated that I did not want a chequing account  

Hello LK, How are you planning to deposit funds into your new HISA?  

Hi MG,

Simplii said that once the account is activated, I can link external FIs to pull funds. So, I'll wait for my card to arrive, activate account with card by phoning in, and then chat with the CSA to set things up.

With some other FIs, I have requested to be emailed a void direct deposit cheque in PDF (even if it isn't a chequing account), which I then send to other FIs. For example, with Motive, I phoned to request that they email a void direct deposit cheque for my Savvy Savings account, which they did. I then emailed that to Tangerine to get Tangerine to add my Motive account to pull from Motive to Tangerine.

Not all FIs will do this, but many will. Note that when talking with a CSA for any FI, I always ask for options to do everything online, using email and PDF. I haven't yet had to mail anything for any FI. Not everyone would want to do this via email, but I prefer such. I set up as many push and pull options as possible for each FIs.

October 11, 2020
10:17 pm
Canadianbull
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Norman1 said
Unfortunately, there is no indication on Simplii's online banking site.

One has to rely on the confirmation e-mail that says one has a 2% offer along with a link to the terms and conditions:

Confirmation: Your new interest rate is now in effect.

As requested, this email confirms you're now signed up for the Simplii Financial™ Savings Account offer. You'll earn 2.00% on eligible new deposits until March 31, 2021. …
______________________________________________

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.

For Eligible Accounts opened during the Offer Period, promotional interest is calculated as follows: a) for Eligible Savings Accounts, on the portion of the applicable account’s average daily closing balance from the date the account is opened to the end of the Offer Period (the "New Balance") up to a maximum balance limit of $500,000 aggregated across all Eligible Savings Accounts; and b) for Eligible Registered Savings Accounts, on the New Balance in each individual Eligible Registered Savings Account up to a maximum New Balance limit of $500,000 per account.

Promotional interest will be paid in April 2021 into a single Eligible Savings Account held by the primary account holder and separately into the applicable Eligible Registered Savings Account where it was earned.

  

Thanks for the explanation!

March 19, 2021
10:26 am
LK
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As it gets closer to March 31, I'm sharing the link I have to the full T&C in case others want to refer back to such.

https://www.simplii.com/content/dam/simplii-public-assets/documents/pdf/legal/savings-offers-long-form-1.pdf

March 19, 2021
10:34 am
rhvic
Victoria, BC
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If I read the T&C correctly, it looks like, as one approaches the end of the Simplii promo, one could move money from savings to chequing. In chequing it would not be counted as 'old money', and if one got a new promotion one could just put it back into savings as 'new money'. This is how I have avoided having to transfer cash out to another FI with deposits at Tangerine - does it work the same way at Simplii?

March 19, 2021
11:16 am
LK
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rhvic said
If I read the T&C correctly, it looks like, as one approaches the end of the Simplii promo, one could move money from savings to chequing. In chequing it would not be counted as 'old money', and if one got a new promotion one could just put it back into savings as 'new money'. This is how I have avoided having to transfer cash out to another FI with deposits at Tangerine - does it work the same way at Simplii?  

The T&C also say "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." So I guess the question is whether a chequing account is a "deposit account"?

One of my questions relates to the following: "Promotional Interest will not be paid: (i) into any Eligible Savings Account unless at least one of the primary account holder’s Eligible Savings Accounts is active and in good standing as at March 31, 2021;" I'm trying to figure out if "active" requires a minimum balance. For example, I'm transferring all funds out on March 29 over to Tangerine where I've got the 1.75% promo until end of June. But I think I'm going to leave a small amount ($25?) in Simplii until after the interest payout, just in case a zero balance on March 31, 2021 is somehow interpreted as not having an "active" account. Thoughts?

March 19, 2021
1:07 pm
topgun
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I am transferring my funds in Simplii to Tangerine on March 29 to get 1.75% at Tangerine. Interest is paid on the last day of the month at Simplii. There will be a small balance in Simplii on April 1. The Simplii bonus will be paid in April.

Have a Great Day

March 19, 2021
1:12 pm
LK
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topgun said
Interest is paid on the last day of the month at Simplii. There will be a small balance in Simplii on April 1.

Good point -- but given that the monthly interest will not be paid on March 31 (but rather on April 1, as you note), I'm going to leave about $25 in to mitigate against a possible interpretation that the account will not be viewed as active on March 31.

March 19, 2021
1:26 pm
KamWest
Toronto
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I will give everyone a helpful hint because I am always getting these deals.

I usually deposit 100k and remove it on the 15th of the month that the deal expires.

Within a month or so they give me another deal and I used to get caught because it was only the amount over 100k they would give it on because that was in the account.

So by moving it out 2 weeks early it always assures me I am getting the deal.

March 19, 2021
2:13 pm
topgun
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LK said

topgun said
Interest is paid on the last day of the month at Simplii. There will be a small balance in Simplii on April 1.

Good point -- but given that the monthly interest will not be paid on March 31 (but rather on April 1, as you note), I'm going to leave about $25 in to mitigate against a possible interpretation that the account will not be viewed as active on March 31.  

Simplii pays the monthly interest on March 31 for February 28 to March 30. Simplii does not pay the March 31 interest until April 30.

Have a Great Day

March 24, 2021
11:28 am
LK
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I received the following pop-up when I logged on to Simplii today:

"It’s almost pay day! Remember when you signed up for our special savings rate offer? Any eligible promotional interest earned will be paid to your savings account by April 15. "

March 24, 2021
12:11 pm
lhsaid
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LK said
I received the following pop-up when I logged on to Simplii today:

"It’s almost pay day! Remember when you signed up for our special savings rate offer? Any eligible promotional interest earned will be paid to your savings account by April 15. "  

Interesting ! I just checked nothing for me !

March 24, 2021
2:21 pm
rhvic
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Well, my cash at Simplii is already on its way out to other FIs, anticipating the end of the promo on March 31. That way if I should be blessed (haha) with another offer from them starting in April, I can bring the funds back as new money. For me recently, offers from Simplii or Tang have been quite rare.

March 24, 2021
3:08 pm
topgun
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This is my first promo on new money from Simplii.

Have a Great Day

March 29, 2021
5:15 am
Jim Sherat
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Like others here, I participated in the 6mth Simplii promo expiring in 2 days.
Nothing to entice me to stay ... 0.10 current HISA rate is a joke for an online FI !
So now what ?

I'm looking for the best place for joint HISA [and possibly TFSAs] where I don't have to move funds continually.

I'm considering EQ Bank and CT Bank, after reading some of the member comments on these. Any others worth a look ... prefer an Ontario presence.

I guess my 'GIC Investor' days are gone for the foreseeable future ... I got myself trapped, going too short term in the last few years, and it stings.

thanks for any further words of wisdom / advice.

March 29, 2021
6:01 am
Loonie
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There is the possibility that you might feel even more trapped if the rates continue to go down and you are then stuck with even worse prospects. I'm not predicting, just sayin'.

However, if you want to stick with HISA and don't want to be moving your money around all the time, EQ is a fairly good bet. I think CT will likely lower their rate at some point as they have not been a consistent leader over time. One thing that I have observed is that no FI remains in the lead indefinitely.

Thus, putting your money with the leader is likely to mean you will want to move it out at some point, likely within the year.

Tough as it may be to swallow, I think one is usually better off to stick with a strategy. Exceptions may arise, but I don't think we're there yet. I'm sticking with a five year ladder plus extra weighting on GICs of 18 months or less and HISAs. This is basically what I've been doing for several years. It keeps me as liquid as I want to be but also allows for longer term because nobody really knows where it's going.
So far, the damage from falling rates has been minimal, and I will be OK for this year. Next year is more of a problem in that regard, but I have some other levers I planned to push then anyway, so it will be OK.

March 31, 2021
2:55 am
Jim Sherat
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Thanks for your perspective, Loonie. I always enjoy reading what you have to offer.
After further reflection on the 'moving money' activity, I'm actually becoming much more comfortable doing that, using linked accounts. I had to do multiple transfers [due to the amount] out from Simplii to my hub FI and it all went smoothly; done Mar29 had less than 24hr turnaround and were in my receiving account on the 30th. Can't ask for more than that.

As for being with the Leader, I can live with 'in the top 5'. So once I get my EQ Savings Accounts and TFSAs setup, I expect they will remain one of the leaders over time. We shall see.

I also like your 5yr laddering approach, and in fact both wife and I have some additional TFSA funds with Meridian CU where we are doing just that. Also 18mth GICs with a good rate [prior promo], that unfortunately mature in a few months.

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