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3.15% Interest at Simplii for 4 months
November 2, 2018
10:58 am
jxhyao
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November 2, 2018
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Do not trust Simplii because they say the interest will be paid AFTER the 2019-02-28. The question is: if they did not pay, what can you do? Spend a few hours/days to argue with them?
I learned this hard lesson last time and since then I never trust Simplii promotion. Tangerine is much better, the promotion interest will appear in your monthly statement so at least I know I am enrolled and get the promotion interest. While with Simplii, you do not know until the very end (with a bad surprise)

November 2, 2018
11:21 am
canadian.100
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So with the Simplii offer does this mean one would get the regular 1.25% interest each month compounded but the bonus of 1.90% would be paid in one lump sum for the 4 month period but not compounded during the 4 months - is that correct?

November 2, 2018
3:13 pm
rfdm4g4g9
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canadian.100 said
So with the Simplii offer does this mean one would get the regular 1.25% interest each month compounded but the bonus of 1.90% would be paid in one lump sum for the 4 month period but not compounded during the 4 months - is that correct?  

I don't know if it is compounded or not.

But yes the regular interest will be paid at the end of each month.

The bonus interest will come in 1 lump sum in March, 2019.

Don't expect the lump sum on March 1 either, usually they post it after 2-3 weeks after the promo ends :(, so March 15, 2019 is the earliest you should see the lump sum.

They are very lazy and take their own sweet time to post the lump sum bonus interest, technically it could be even March 31, when they give it. But usually it is after 2 weeks or so.

Yeah a weird way of giving the bonus. But it helps you defer your taxes till next year 🙂

November 2, 2018
3:28 pm
GR
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jxhyao said
Do not trust Simplii because they say the interest will be paid AFTER the 2019-02-28. The question is: if they did not pay, what can you do? Spend a few hours/days to argue with them?
I learned this hard lesson last time and since then I never trust Simplii promotion. Tangerine is much better, the promotion interest will appear in your monthly statement so at least I know I am enrolled and get the promotion interest. While with Simplii, you do not know until the very end (with a bad surprise)  

Unfortunately, Simplii is the only FI that does not pay the promo/bonus interest monthly, only several days after the promo period ends.
For assurance that you are registered for the promo, ask them to send you an email confirming your registration and the rate, for your records.

Reminder to all that another unique Simplii quirk is that monthly interest is calculated from the last day of the month to the second to last day of the following month, inclusive.

November 2, 2018
5:41 pm
Norman1
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rfdm4g4g9 said

I don't know if it is compounded or not.

I verified the interest paid under a similar Simplii offer last year in Verifying the 3% on new deposits, Nov. 1, 2017 - Feb. 28, 2018. For that offer, the interest paid was not compounded.

For the current offer, the regular portion of the interest (currently 1.25%) will continue to be paid monthly and is consequently compounded. The promotional portion (1.90%) will not.

I expect the net effect for the current offer to be 3.15% per annum, non-compounded, as if it was a four-month term deposit.

November 3, 2018
6:18 am
savemoresaveoften
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they supposed to send email confirmation to confirm account is enrolled. Enrolled since thursday morning and have not receive any email whatsover. Has anyone actually rec a email confirmation ?

November 3, 2018
7:26 am
Bill
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Haven't received one either yet - if I remember from previous times it takes a few days, in the past I've always received them eventually. (I opened an account with CIBC last week (I think), they told me I'll get an email in 5 minutes or so, never came - seems to be common now, people telling you whatever keeps you happy.)

November 3, 2018
10:30 am
Dennis
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I didn't get email confirmation either. I called in yesterday and ask to send one. I still waiting...
I won't move the money without email confirmation. I worry they don't pay bonus interest next March like one of post.

November 3, 2018
12:43 pm
Bruford
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They used to have a chat line where you could ask questions and have a transcript of the replies. Would be a good way to force them to honour their commitments. Unfortunately they seem to have removed that feature.

November 4, 2018
7:01 pm
hotmony
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Recurring e.g. phone or cable bill?

earn 3.40%* interest and boost your savings.

Open a Simplii Financial™ High Interest Savings Account, RRSP Savings Account or Tax-Free Savings Account and you’ll get 3.15%* interest on new deposits until February 28, 2019.

Plus, you can score even more interest: set up and complete 2 eligible recurring transfers to your savings account, and instead, new deposits will earn 3.40% interest until February 28, 2019.

Open an account – it only takes a few minutes to apply.

November 5, 2018
4:44 am
Loonie
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I don't think it has anything to do with utility bills. It says recurring transfers into your savings account. It doesn't say where they have to come from or why or even how much - at least from what has been posted. It does say "eligible", so I would want to know what that means. Usually means has to come from external source.

November 5, 2018
6:12 am
gamgam
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hotmony said
Recurring e.g. phone or cable bill?

earn 3.40%* interest and boost your savings.

Open a Simplii Financial™ High Interest Savings Account, RRSP Savings Account or Tax-Free Savings Account and you’ll get 3.15%* interest on new deposits until February 28, 2019.

Plus, you can score even more interest: set up and complete 2 eligible recurring transfers to your savings account, and instead, new deposits will earn 3.40% interest until February 28, 2019.

Open an account – it only takes a few minutes to apply.  

3.4% offer only available to those opening a new account as of November 1. Not offered to existing Simplii HISA’s.

November 5, 2018
9:01 am
Primus
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Just spoke to a Simplii supervisor, who seemed embarrassed that customers are catching on to their version of Tangerine games. There is no clarity on whether it's a new account offer, whether existing clients opening new HISA accounts qualify, or a targeted promo for some clients. Would appreciate more information from anyone who can help.

gamgam said

3.4% offer only available to those opening a new account as of November 1. Not offered to existing Simplii HISA’s.  

November 5, 2018
9:33 am
frugal lady
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savemoresaveoften said
they supposed to send email confirmation to confirm account is enrolled. Enrolled since thursday morning and have not receive any email whatsover. Has anyone actually rec a email confirmation ?  

I called Nov 1 to sign up for the 3.15% offer. Was told 24-48 hours to receive confirmation email and still had not received it. I called them this a.m. and they confirmed my enrollment but said there has been a delay in sending out the confirmations. They did not give any indication of when it will be sent.

November 5, 2018
10:11 am
rhvic
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I just called in to get the 3.15% rate, as an existing customer. Was told an email confirmation will be sent 'soon'.

November 5, 2018
8:15 pm
Norman1
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gamgam said

3.4% offer only available to those opening a new account as of November 1. Not offered to existing Simplii HISA’s.

Primus said
Just spoke to a Simplii supervisor, who seemed embarrassed that customers are catching on to their version of Tangerine games. There is no clarity on whether it's a new account offer, whether existing clients opening new HISA accounts qualify, or a targeted promo for some clients. Would appreciate more information from anyone who can help.

Pretty hard to figure out much more about the 3.4% offer without any of the offer's fine print.

No problem locating the terms and conditions for the 3.15% offer. However, didn't come across any fine print for a 3.4% offer or any sign of a 3.40% offer.

Perhaps someone who was presented with the 3.4% offer could post a link or something.

November 6, 2018
9:30 am
frizun
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frizun said
I got the offer when I logged in to online banking.  

So now I got an email to signup as well.
Perhaps I should phone in as well just to complete the trifecta.
Still no email comfirming enrolment.

November 7, 2018
5:02 am
savemoresaveoften
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So anyone who has been promised a email confirmation re enrollment still have not receive the email ? Its been almost a week since promotion started....

November 8, 2018
8:46 am
savemoresaveoften
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Finally receive email confirmation that my account is enrolled for the rate promotion. ONLY took them 1 week to sort things out....

November 8, 2018
10:37 am
Bill
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Same here, we each got ours today so it took about a week, so just have to be patient.

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