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How widespread are the targeted savings account promos for existing Simplii Financial and Tangerine customers
September 19, 2023
7:13 am
Peter
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I opened a Simplii Financial account to have another option between Tangerine Bank new deposit promos, specifically for Simplii Financial's new deposit promos for existing customers (since their base rate is uncompetitive).

But what percentage of customers actually receive these promos?

I've set up an anonymous, two-question survey here: https://survey.highinterestsavings.ca/Tangerine-Bank-and-Simplii-Financial-promos

If you are an existing Simplii Financial or Tangerine Bank customer, can you please complete the survey?

I will of course share the results with everybody!

September 19, 2023
9:25 am
Winnie
Ontario
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I am a Simplii Financial and Tangerine Bank customer for very long time before they started new deposits promos.

Usually those offers come together at approximately the same time plus/minus month or two, when I receive them at that particular year/time.

Very rarely (one or two times, if I remember correctly) I received only one offer, not from both banks at the same time.

And, usually I'm not getting any offers from both banks at the same time.
For example, right now I did not received any offers in September after 2 expired offers.

September 19, 2023
11:50 am
gicjunkie
Ontario
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Peter said
I opened a Simplii Financial account to have another option between Tangerine Bank new deposit promos, specifically for Simplii Financial's new deposit promos for existing customers (since their base rate is uncompetitive).

But what percentage of customers actually receive these promos?

I've set up an anonymous, two-question survey here: https://survey.highinterestsavings.ca/Tangerine-Bank-and-Simplii-Financial-promos

If you are an existing Simplii Financial or Tangerine Bank customer, can you please complete the survey?

I will of course share the results with everybody!  

I answered your survey, but I must say that there were obviously other possibilities for answers. I have been a Tangerine customer for years. I used to get lots of offers and, if they expired, I used to be able to negotiate with them. Of course all that changed. A few years ago I got an offer, which I took, then nothing for about 2 years. In the past 12 months I have gotten 2 offers. I don't even attempt to negotiate with them any more. I just move the money elsewhere on expiry and move it back if a good enough deal arrives. I only do this with a few FIs. There is only so much "rate chasing" I will do.

September 19, 2023
12:10 pm
HermanH
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gicjunkie said

I don't even attempt to negotiate with them any more.

Good point. The time wasted waiting on hold and trying to find someone able and willing to negotiate needs to be counted, too.

September 19, 2023
1:11 pm
The Rock
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I wanted to answer the survey, however there was no option that matched my situation. For instance, I have been a Tangerine Bank customer for less than 1 year, received the new customer deposit promo and I haven't received any new deposit promo since.

September 19, 2023
1:29 pm
Peter
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Sorry, I thought the options were going to be simpler. At least nobody has complained that they're too wordy.

The survey is attempting to capture promos for existing customers, so the new customer deposit promo doesn't count. I'll add "existing customer" to the answers.

So far it definitely looks like Simplii promos are more rare than Tangerine promos.

September 19, 2023
4:43 pm
mustang
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Over the past 12-18 months, we've been getting offers pretty regularly, from both Simplii and Tangerine. It seemed like once a promo ended, wait a month, and get another offer
Now that seems to have broken down with Simplii lately--the last offer expired April 30-- and nada since then

September 19, 2023
4:53 pm
COIN
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There is absolutely no rhyme nor reason nor pattern to these promos.

September 19, 2023
5:49 pm
suburbs4life
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I have had both tang and Simplii accounts for many years. I just looked back at my tang account offers. There were 3 offered in the last 12 months. I accepted them all. Simplii I believe I have had 2 in the last 12 months. Last one ended aug 30th with no new offers yet from them. Time will tell. Simplii offers I think appear less often.

I am still on tang promos. Wife and I both, have tang accounts. Last one ends sept 30 and Nov 30th. I believe these have been extensions of earlier offers from the early summer.

Overall, I feel like I’ve had more promos given this year than in the past years. Hopefully the high rates keep coming 🙂

September 20, 2023
3:43 am
bhuc
Toronto
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I've received exactly 0 promo offers in the last 4 years from Simplii.
So instead of letting my accounts becoming inactive and risking a dormant fee, I just recently called Simplii and closed all my accounts !

On the other hand Tang has consistently offered either me or my spouse excellent promo's (currently 6% ending Jan 31 2024) albeit I am at a loss figure out their eligibility strategy.

September 20, 2023
4:57 am
savemoresaveoften
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bhuc said
I've received exactly 0 promo offers in the last 4 years from Simplii.
So instead of letting my accounts becoming inactive and risking a dormant fee, I just recently called Simplii and closed all my accounts !

On the other hand Tang has consistently offered either me or my spouse excellent promo's (currently 6% ending Jan 31 2024) albeit I am at a loss figure out their eligibility strategy.  

Do you also bank with CIBC ? I used to rec Simplii promo when they first started running. But about 2-3 years ago, I stopped receiving any rate promo of any kind.

September 20, 2023
6:20 am
cgouimet
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bhuc said
I've received exactly 0 promo offers in the last 4 years from Simplii.
So instead of letting my accounts becoming inactive and risking a dormant fee, I just recently called Simplii and closed all my accounts !

On the other hand Tang has consistently offered either me or my spouse excellent promo's (currently 6% ending Jan 31 2024) albeit I am at a loss figure out their eligibility strategy.  

I have closed some unused accounts in the past but I still maintain a few, just in case.

To prevent dormancy and its side effects, I go through an annual dormancy prevention process (sf-smile).

This involves sending $10 to each empty FI, rotating those $ through our HISA's at that FI and then sending it back to the source.

For those FI's that are in regular use and not empty, I rotate a few $ through all the accounts, just in case some have not seen activity.

Much easier than deciding to awaken an account or open a new one ...

CGO
September 20, 2023
8:03 am
bhuc
Toronto
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'I use EQ, Tang, Motive and 3 of the Big 6 regularly and have no need for Simplii , which I haven't used for 4 years.
Moving money around to keep the accounts active seems like a lot of effort to keep track of.

September 20, 2023
11:06 am
HermanH
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cgouimet said
To prevent dormancy and its side effects, I go through an annual dormancy prevention process (sf-smile).

This involves sending $10 to each empty FI, rotating those $ through our HISA's at that FI and then sending it back to the source.

I do something similar and use an amount such as 20.23 or 0.23 to remind myself which year the transfer was done. sf-smile

September 20, 2023
12:03 pm
jorno319
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I do something similar and use an amount such as 20.23 or 0.23 to remind myself which year the transfer was done. sf-smile  

Interesting method!

September 20, 2023
1:12 pm
cgouimet
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HermanH said

cgouimet said
To prevent dormancy and its side effects, I go through an annual dormancy prevention process (sf-smile).

This involves sending $10 to each empty FI, rotating those $ through our HISA's at that FI and then sending it back to the source.

I do something similar and use an amount such as 20.23 or 0.23 to remind myself which year the transfer was done. sf-smile  

I just look a little to the left for the date sf-cool ...

CGO
September 21, 2023
10:20 am
LK
British Columbia, Canada
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My experience:

For Simplii, I get a targeted promo offer once a year, and only once a year. This has been the case for me for the past two years.

For Tangerine, I usually get a new targeted promo within 2-3 months of the last one ending. Vast majority are new money only, and have only got the 'all money' promos maybe once every two years. Doesn't make any difference if my account is at zero or a nominal amount. This has been for over 10 years.

I just checked my Tangerine promo page and it is about 2 per year on average, including those that cross over from one calendar year to another.

October 1, 2023
8:07 am
Peter
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The survey results definitely indicate that new deposit promos for existing customers are more widespread at Tangerine than at Simplii:

Of the 69 responses from Tangerine Bank customers:

  • 2 (3%) have never received a new deposit promo
  • 13 (19%) receive promos but less than once per year
  • 54 (78%) receive promos at least once per year

Of the 53 responses from Simplii Financial customers:

  • 11 (21%) have never received a new deposit promo
  • 24 (45%) receive promos but less than once per year
  • 18 (34%) receive promos at least once per year

Thanks to everybody who responded to the survey!

October 2, 2023
6:36 am
TINAisOver
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If we could figure out what the common denominator is in the Tan 78% group maybe we can adjust our banking to also get included in this group.

I know there has been much discussion regarding what triggers this outcome. I am pretty sure this is not a random choice by Tan but specific variables in a programmed algorithm that makes this happen.

Trader first, Saver second

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