3.15% Interest at Simplii for 4 months | Page 4 | Simplii Financial (formerly PC Financial) | Discussion forum

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3.15% Interest at Simplii for 4 months
March 7, 2019
4:31 am
matkokubko
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"Promotional Interest will be paid in March 2019".

Please keep us posted when you receive yours Promotional Interest. Thank you. I have not received it yet.

March 14, 2019
9:32 pm
GoldStone
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February 17, 2013
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Has anyone received their Promotional Interest for the promo that ended on Feb 28?

March 15, 2019
3:23 am
gamgam
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February 13, 2018
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Not yet for me?

March 15, 2019
4:24 am
davidgeorge
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May 20, 2016
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I haven't received promotional interest for the promo that ended on Feb 28.

March 15, 2019
4:25 am
krwilson
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March 15, 2019
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This is ridiculous....ides of march and still no bonus interest! No more Simplii for me.

March 15, 2019
2:07 pm
COIN
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March 15, 2019
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krwilson said
This is ridiculous....ides of march and still no bonus interest! No more Simplii for me.  

I called Simplii earlier to-day and was told the "top-up" credit interest will be posted any day now.

I was in the previous 3.15% promotion that ended on February 28, 2019 and I asked the call centre agent about any extension or new promotions. She said "nothing for me". When I asked about other clients, she was coy and didn't give me a clear answer.

March 15, 2019
2:48 pm
fabafter50
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Neither my husband or I either. When I called last week they said 2 week’s maximum. Sure...........

March 15, 2019
9:07 pm
bigbobhurock
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March 15, 2019
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This isn't actually a 3.15% offer. It is misleading. They still haven't paid the bonus interest as of March 15 so the effective interest rate will be much lower. They will not provide an answer as to when it will be paid so they are holding our funds hostage. I will be closing my Simplii accounts as soon as bonus interest is paid, it just is no way to run the business. They think they are saving money, obviously, but in fact they will lose customers.

March 16, 2019
6:20 am
2of3aintbad
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bigbobhurock said
This isn't actually a 3.15% offer. It is misleading. They still haven't paid the bonus interest as of March 15 so the effective interest rate will be much lower. They will not provide an answer as to when it will be paid so they are holding our funds hostage. I will be closing my Simplii accounts as soon as bonus interest is paid, it just is no way to run the business. They think they are saving money, obviously, but in fact they will lose customers.  

Someone in another forum posted that a Simplii CSR told him March 21.

March 17, 2019
5:40 am
savemoresaveoften
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The bank behind Simplii continues to do this little nickel and diming its customers to try to save a few $ that bugs me. You dont see any of the other big banks do anything like that. The "genius" that runs retail banking figure by "holding on" the bonus interest for 3 extra weeks and not paying any compound interest for 4 months, the actual rate is at least a few bps lower than the "advertised rate". This is unethical and just "fool" the less sophiscated customers in my mind.

March 21, 2019
4:26 pm
GoldStone
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I received my bonus interest today.

March 21, 2019
4:35 pm
rhvic
Victoria, BC
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May 28, 2013
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Got my promotional interest today as well.

March 22, 2019
6:14 am
Londonguy
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May 27, 2016
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You people must be VIPs -- just checked my account and it hasn't been credited yet

March 22, 2019
6:15 am
gamgam
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Received mine yesterday.

March 22, 2019
6:37 am
hwyc
GTA
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Londonguy said
You people must be VIPs -- just checked my account and it hasn't been credited yet  

Frankly, I was not 100% sure I was enrolled back last October until I saw the interest payout yesterday ... same goes for the extension till end of June. Their confirmation process ( or lack of ) really takes a lot of faith.

March 22, 2019
6:39 am
Bill
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September 11, 2013
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Simplii/CIBC is doing exactly as it said in the terms of the promo, i.e. pay regular interest monthly and the promo interest (the two totalling to 3.15%) in March. Still 10 days to go in March.

March 30, 2019
7:03 am
Bruford
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August 10, 2018
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After not receiving the promo interest, I called them today. I had already called them several times in March. The agent looked into my account and discovered they owed me and my wife almost $500 promo interest which they had "conveniently" forgot to pay me. They would not have paid me had I not called them. Be very careful of Simplii.

April 1, 2019
6:28 am
hwyc
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hwyc said

Frankly, I was not 100% sure I was enrolled back last October until I saw the interest payout yesterday ... same goes for the extension till end of June. Their confirmation process ( or lack of ) really takes a lot of faith.  

Yet another observation with Simplii on these promotional interest I simply not understand - different date on different view.
(1) According to the Transaction List on the web interface, Promotional Interest was paid out on March 21.
(2) However, when I download the PDF monthly statement for March, Promotional Interest was paid out on March 01.

It is the same pattern when I looked back on last year's March and July statments. Is it only me ?

April 1, 2019
8:09 am
Norman1
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That's normal for Simplii's promotions.

I found earlier that the website shows the posting date of the transactions. The PDF monthly statements show the effective date of the transactions.

Simplii calculated and posted the promotional interest on March 21. The promo interest is backdated to be effective March 1. So, you will receive regular interest on the promotional interest from March 1. sf-smile

That also means that one may not be actually getting double interest when one pulls from Simplii at another FI. A pull from another FI on a Friday may show as posted to the Simplii account on Monday. But, the debit may be effective Friday as shown on the monthly statement.

April 1, 2019
8:32 am
hwyc
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Norman1 said

... So, you will receive regular interest on the promotional interest from March 1. sf-smile

Thanks Norman1, I will not think of this by myself.

. . . Backdated transactions are new to me. I've also seen them on brokerage when they posted previous year capital related transactions in March

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