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CDIC coverage of Simplii Financial products
November 2, 2017
5:56 pm
Norman1
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AlainJF said
Are they covered by CDIC ?

The website of Simplii is showing a link to "CDIC Deposit Insurance Information" (last line) (ref: https://www.simplii.com/en/home.html )

...but...

CDIC does not list Simplii in their member section: http://www.cdic.ca/en/about-di.....mbers.aspx

SG said

Simplii is the direct banking division of CIBC....so they are covered under CIBC....so if you have accounts at CIBC and Simplii - you are only covered to a combined $100,000 between the two. It was the same arrangement when Simplii was PC Financial

Simplii Financial deposit products are issued by a department/division of CDIC member CIBC.

That's why the products are listed on CIBC's CDIC information page in the "OTHER (Not available through CIBC Banking Centres)" section:

Simplii Financial™5

Simplii Financial No Fee Chequing Account
Simplii Financial Savings Account
Simplii Financial High Interest Savings Account
Simplii Financial GIC
Simplii Financial Tax-Free Savings Account
Simplii Financial RRSP Savings Account
Simplii Financial Daily Interest RRSP Account
Simplii Financial RRSP GIC

5 “Simplii Financial” is a trademark and division of CIBC. Banking services not available in Quebec.

November 3, 2017
4:49 am
AlainJF
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I would like to suggest the "Comparison Chart" to include FI like Simplifii.

I do understand that the "Comparison Chart" has some rules, but I am not sure why Simplifii would not qualify to be included ?

November 3, 2017
6:16 am
Bill
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AlainJF, I agree the comparison chart is less useful when there are various generally-available promos out there, which there seem to have been in the last while, that the chart does not reflect. It's still useful for those who don't want to chase promos, just want to see what fi's regular rates are.
But I agree. Tangerine is another example where probably not many people are getting their 1% posted rate (I think it's that, I don't even check anymore because it's meaningless), everybody seems to be on one promo rate or another, and for existing money too. But I suppose that's what the Promos section here is for.

November 3, 2017
10:50 am
Benjames35
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Mabey also have 2 different groups, one that shows banks and one that shows credit unions since some credit unions can't be linked to a bank account.

November 5, 2017
10:56 am
Doug
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AlainJF said
I would like to suggest the "Comparison Chart" to include FI like Simplifii.

I do understand that the "Comparison Chart" has some rules, but I am not sure why Simplifii would not qualify to be included ?  

Good suggestion; however, they and Tangerine were on the comparison chart for many years and were even pioneers. However, their regular, posted rates are not deemed "competitive," a key criteria that Peter, myself and others helped to come up with many years ago. I've asked for further clarification or codification of what is deemed "competitive" but have been repeatedly shot down by other forum members, who would rather a more subjective approach that we currently have. My suggestion was for the something like 50 bps higher than the average of the "Big 5" banks' posted rates in their lowest savings account balance "tier" or the higher of their lowest "tier" and the one on balances over $5000, which would set 1.25% as a current "baseline" for inclusion into the chart. Nothing would change to the current chart members but it would further clarify, by definition, future additions/removals. 🙂

For a fuller list of virtual bank HISAs, google "CANNEX deposit rates" or I think Peter even has a link in the Chart's "footer". 🙂

It's also important to note: banks and credit unions NOT in the Chart are eligible for recommendation to create their own forum and/or bank/credit union profile page. For both, it's generally recommended that new account opening be available to all Canadians without attending a branch, excluding Quebec, but this isn't a requirement (i.e., Vancity, Servus Credit Union, Coast Capital Savings, etc.). Also, they are still eligible for the "promos" page if not listed in the Chart. We do this to minimize "chart bloat". Also, in terms of "pioneers," HSBC Direct was another Chart "pioneer" that was subsequently removed when HSBC (foolishly, looking back) removed that product availability.
🙁

Speaking of "chart bloat," with all of the myriad Manitoba and other credit unions now, it's already bigger than I'd like. So, while I would not support re-adding Simplii or Tangerine, I would support creating a line item labelled as National Virtual Banking Divisions of Manitoba-based Credit Unions with a clickable "down error" or "right-pointing arrow" that would expand to show all of the Manitoba-based credit unions. It should be minimized by default. Peter, would that be easy for you to do?

Hope that helps,
Doug

November 5, 2017
3:09 pm
Loonie
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Speaking of which... can we not move HSBC forum and the several others who have nothing much to offer to a different area? It would reduce the clutter. People could still post to them if something newsworthy came up, and they could be moved back to prime time if suitable.

It seems like the criteria for getting on are more stringent than the ones for staying on.

November 6, 2017
10:40 am
Doug
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Loonie said
Speaking of which... can we not move HSBC forum and the several others who have nothing much to offer to a different area? It would reduce the clutter. People could still post to them if something newsworthy came up, and they could be moved back to prime time if suitable.

It seems like the criteria for getting on are more stringent than the ones for staying on.  

That's a good idea, but instead of just an "archived" forum. Perhaps a better category/sub-category system would be better or, we could simply close the HSBC forum and move all posts to "general financial discussion," which would automatically "bury" them as they are sorted by date. That's actually my preferred option when I think of it. Nothing saying they need a dedicated forum forever! 🙂

Cheers,
Doug

November 6, 2017
4:56 pm
Loonie
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It would be harder to retrieve them though from General if they came back to life. Some historical perspective is often useful in that circumstance.

November 7, 2017
9:02 am
Doug
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Loonie said
It would be harder to retrieve them though from General if they came back to life. Some historical perspective is often useful in that circumstance.  

Not if people actually searched before they posted or, heck, what's so wrong with starting a new thread on the same topic? Why does RedFlagDeals, and even this forum, insist on having 10+, 20+ or even 50+ pages of a thread with 15-20 posts per page!? Makes it far too daunting for new forum user. 🙁

Another option is an "auto-suggest" feature when you go to post a new thread, where it suggests an existing thread you may want to attach your post to. 🙂

Peter knows my opinions on Simple:Press and I'm not really a fan. I find it's too "old school" and a bit "too clunky" in terms of usability. I much prefer the likes of, in this order:
- Vanilla Forums;
- bbPress;
- phpBB; or,
- Invision Power Board (if it still exists)

Cheers,
Doug

November 7, 2017
2:21 pm
Loonie
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I have no sophistication in these matters,just like to keep it simple and functional.
Search function does not always get me what I'm looking for. I find this mysterious.
I am grateful that the chaos at RFD has not (yet) invaded this forum. I rarely look at it for that reason, with its endless pages of people asking the same questions over and over again and making the same comments and often in an uncivil tone. They would do the same thing if the thread were long or short, I have no doubt. On the whole, I prefer one longer thread than 20 shorter ones. If I really want to dig for something, I will go through all the pages, which is easier than looking at more threads. If not, I can just look at the current ones.

Anyway, we are off topic here. Belongs in Site Suggestions.

November 7, 2017
5:47 pm
Doug
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Loonie said
I have no sophistication in these matters,just like to keep it simple and functional.
Search function does not always get me what I'm looking for. I find this mysterious.
I am grateful that the chaos at RFD has not (yet) invaded this forum. I rarely look at it for that reason, with its endless pages of people asking the same questions over and over again and making the same comments and often in an uncivil tone. They would do the same thing if the thread were long or short, I have no doubt. On the whole, I prefer one longer thread than 20 shorter ones. If I really want to dig for something, I will go through all the pages, which is easier than looking at more threads. If not, I can just look at the current ones.

Anyway, we are off topic here. Belongs in Site Suggestions.  

Fair enough but I'm also not that dogmatic, either, in terms of a bit OT conversation in a thread, so long as it doesn't completely morph into a whole page (or more) of OT conversations. I don't think we need to split these 2-3 posts into a separate thread but I'll just close by saying I agree with you in that I, too, prefer threads that are no more than, say, 5 pages or 60 total posts (assuming 15 posts per page). 🙂

Cheers,
Doug

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