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How to see interest rate on savings account?
September 7, 2023
7:52 am
Peter
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Looks like there's no way to see the current interest rate on your account?

Simplii Financial savings account online interface

September 7, 2023
8:38 am
dougjp
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Nope!

Furthermore, with a joint account, there is no way of knowing who the Primary holder (for tax) is, because whoever signs in to Simplii shows first on the account (ie; it changes appearance, bizarre)!

And, on top of not knowing for sure who the Primary account holder is (keeping in mind which person was offered the promo), if you have a promo rate and multiple savings accounts (individual and joint for example), they will refuse to confirm in writing which accounts are included in the promo. This happened to us multiple times - they angrily said THEY have a recording of the phone call where they verbally provide the info!

As they are the only bank to NOT pay promo interest monthly, you can't even gamble for a short time to see if promo interest gets paid or not! You get that interest two weeks after the promo is over. And then does anybody trust, and what good is, that phone call recording. Can you imagine the computer database needed to keep and be able to retrieve every phone call they ever made? sf-confused

" We may never pass this way again " - Seals & Crofts

September 7, 2023
5:49 pm
Winnie
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But, in Simplii defense, Simplii promptly sent all HISA customers interest rate via Canada Post recently.
Because that rate is set forever, there is really no reason to display it in online banking, Simplii thinks.
If I remember correctly, my HISA rate is set at 0.4%.
I promptly threw away that printed notice immediately.

September 7, 2023
6:28 pm
for interest sake
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September 7, 2023
9:39 pm
Loonie
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I have never had an account at Simplii and am hoping to permanently avoid them but here are a couple of suggestions:

Take a look at last year's T5s. If there was sufficient interest, you should be able to deduce who is primary on which accounts. The primary is normally the name that will be on the T5. It may take a bit of work to figure this out if you have multiple joint accounts, but it can be done.

Close all the joint accounts with person #2 as primary, or better yet, don't open them. Then you will know they all have person #1 as primary in future.

If you can't figure out the latter, open a new set of accounts, keeping track of which is whose, then close the existing ones (being alert to any fee for early closing of accounts); and move any eligible funds to new promo accounts or just wait til next promo. Keep a record for future.

I have gotten into the habit of identifying all new joint accounts this way, no matter which FI. It makes things easier all-round as the info can be hard to find even when it's available.

September 8, 2023
4:42 am
Norman1
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Savings account rates has the current posted rates for their savings accounts:

If your account balance is: Annual rate
$0.00 to $50,000.00 0.40%
$50,000.01 to $100,000.00 0.40%
$100,000.01 to $500,000.00 0.65%
$500,000.01 to $1,000,000.00 1.25%
$1,000,000.01 and up 5.50%

I have never seen any indication of a promotional rate on the Simplii savings accounts.

September 8, 2023
5:13 am
savemoresaveoften
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Any one that banks with CIBC but also has Simplii AND receive their promo rates ?
I think anyone that already banks with CIBC (like myself) are exclusively omitted from any Simplii rate promo.
This thread reminds me its time to close my useless Simplii account.

September 8, 2023
5:28 am
kesa
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Would you agree with the following statement?

In Canada the older and larger banks rely on ‘where there is mystery, there is margin’.

September 8, 2023
6:49 am
Wrayzor
GTA
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In the long time I've had accounts with Simplii and PCF before, I've never seen the current interest rate (promo or otherwise) posted. Just the generic table as Norman1 pointed out.

I believe the online statements show primary listed first on joint accounts.

I've had a few of their promos over the years, and the lack of monthly payout was concerning but they've never failed to pay the promo amount at the end.

All in all, they're generally not competitive and are the last place I'll park savings $.

April 1, 2024
4:25 am
zgic
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dougjp said
Nope!

Furthermore, with a joint account, there is no way of knowing who the Primary holder (for tax) is, because whoever signs in to Simplii shows first on the account (ie; it changes appearance, bizarre)!

And, on top of not knowing for sure who the Primary account holder is (keeping in mind which person was offered the promo), if you have a promo rate and multiple savings accounts (individual and joint for example), they will refuse to confirm in writing which accounts are included in the promo. This happened to us multiple times - they angrily said THEY have a recording of the phone call where they verbally provide the info!

As they are the only bank to NOT pay promo interest monthly, you can't even gamble for a short time to see if promo interest gets paid or not! You get that interest two weeks after the promo is over. And then does anybody trust, and what good is, that phone call recording. Can you imagine the computer database needed to keep and be able to retrieve every phone call they ever made? sf-confused  

I opened a new Simplii account for the 6% promo for 5 months. So will I NOT see the first month March interest on April 2? Today I logged in to see no promo interest. Do I have to wait till 1st week of August? Omg
Anyone here has opened Simplii account for the 6% promo please advise on when you received the promo interest. Thank you.

April 1, 2024
5:31 am
savemoresaveoften
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zgic said

I opened a new Simplii account for the 6% promo for 5 months. So will I NOT see the first month March interest on April 2? Today I logged in to see no promo interest. Do I have to wait till 1st week of August? Omg
Anyone here has opened Simplii account for the 6% promo please advise on when you received the promo interest. Thank you.  

Not sure if new promo account vs existing acct rate promo offer are different or the same, but it's all in the fine print.

April 1, 2024
5:35 am
Peter
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As recently as last month, I was receiving the promotional interest every month on the second business day.

April 1, 2024
7:29 am
Norman1
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The terms and conditions say within the first two business days of the following month:

The Simplii FinancialTM High Interest Savings Account Promotional Interest Rate Offer for New Simplii Clients (the “HISA Offer”) is available starting on February 1, 2024 at 12:00 am UTC and ending on April 30, 2024 at 11:59 pm UTC (the “Offer Period”).

3. How interest is calculated and paid

The special annual interest rate of 6.00% is a combination of the regular annual interest rate set by Simplii Financial payable on a HISA balance (“Regular Interest”), plus the promotional annual interest rate (“Promotional Interest”).

Interest on an Eligible HISA is calculated as follows:

  • Regular Interest is calculated at the current rate applicable to the Eligible HISA account balance on each day’s full closing balance;
  • Promotional Interest is calculated on each day's full closing balance up to a balance limit of $1,000,000 during the Promotional Rate Period

Regular Interest and Promotional Interest are calculated daily and paid monthly. Promotional Interest is paid within the first two business days following the month in which it was calculated. Promotional Interest will only be paid if the Eligible HISA is active and in good standing at the time of payment. If it is not, payment of Promotional Interest will be forfeited for that month.

April 1, 2024
7:45 am
dougjp
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Fascinating, I wonder if its just a one-off for this particular new account opening promo or, after years of complaints, they have switched to pay promotional interest monthly like everyone else.

The usual way they did it for years was " plus the promotional annual interest rate (“Promotional Interest”) that is calculated at the end of the Offer Period " (and paid a few weeks after)

" We may never pass this way again " - Seals & Crofts

April 1, 2024
8:23 am
zgic
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Norman1 said
The terms and conditions say within the first two business days of the following month:

Regular Interest and Promotional Interest are calculated daily and paid monthly. Promotional Interest is paid within the first two business days following the month in which it was calculated. Promotional Interest will only be paid if the Eligible HISA is active and in good standing at the time of payment. If it is not, payment of Promotional Interest will be forfeited for that month.

  

Thank you Norman1. Will wait eagerly for the next 2 days to see the promo interest. Else I don't think I can wait till August.

April 2, 2024
4:52 am
zgic
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No interest in Simplii. I assume this was due to a holiday yesterday?
Tomorrow is my last hope before I have to yank it out.

April 2, 2024
5:01 am
mordko
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zgic said
No interest in Simplii. I assume this was due to a holiday yesterday?
Tomorrow is my last hope before I have to yank it out.  

Just read post #15. Not due to a holiday because there wasn’t one for banks. They are paying exactly as they promised.

You can yank all you like but I wouldn’t close the account just yet.

April 2, 2024
12:28 pm
Top Dogg
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I received my promo interest today. Did you guys get your promo interest today? Time to yank it out it now. Does anyone know what the maximum you can send via an external transfer from Simplii? I called Simplii on Sunday to ask but the CSR I spoke with didn't know.

April 2, 2024
1:33 pm
zgic
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I finally got the promo interest today. So no yanking as of now.
Their CSRs do not seem to have the correct knowledge about transfers etc. Strange. If you are doing an EFT, I would suggest starting with a large amount and slowing going down to see the max you can send.

April 2, 2024
1:41 pm
InterestThis
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Shocking, Simpli usually paid all the Promo interest as a lump sum a month after it was all over.

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