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money sitting at Simplii doing nothing
December 29, 2017
7:32 am
jettcoco
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December 27, 2017
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I have a large sum of money sitting at Simplii financial doing nothing. I had it there taking advantage of the high interest rate promotion which i think ended at the end of November. Now it's doing nothing. I called to see if I could get an extension on the promo and they said no. I told them I'd flip all my money back to Tangerine to get the better interest rate and they didn't care. If i transferred my money to Tangerine account then back to Simplii do you think they would consider it 'new money' and how long would I have to leave in tnagerine account. I think I will also open an EQ account where i can put max $100,000 at 2,3%. I.m ok with that rate but the max is only $100k.

December 29, 2017
8:34 am
Norman1
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Transferring the money out and back in won't work. Doing so won't increase the average of the daily closing balances (from November 1, 2017 to February 28, 2018) above your October 31 closing balance:

1. The Promotional Interest is calculated on the portion of the Eligible Savings Account’s average daily closing balance during the Offer Period that exceeds the closing balance as at October 31, 2017 (the “Additional Balance”) to a maximum of $500,000 in Additional Balances across all of an account holder’s Eligible Savings Accounts. …

December 29, 2017
9:06 am
jettcoco
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Thanks so much, that's what I thought. Have to figure out where to put my $ now to earn the best interest rate.

December 29, 2017
10:17 am
Loonie
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You might be better to wait a few days before transferring to Tangerine. If Tangerine has a "new money" promo starting in a few days, which is within the realm of the possible, you would not likely want to miss it by having already transferred in.
Ways around this would possibly include sending the money only to a Tangerine chequing account for now, or phoning Tang and asking for a promo rte before transferring in.
New Tang offers are anticipated by many around Jan 4/5, but are not guaranteed to appear by any means.

December 30, 2017
5:55 pm
--- deleted ---
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Luminous Financial (credit union) has 2.5% on new deposits until the end of February. They also have a 2-year 2.3% GIC that I'd bet will still be available in March. If not, then you can always ask, since you said that it's a significant amount of money.

Luminous is a relatively small CU, but as long as you're under the new DICO limit of $250,000 then you should have no concerns at all (especially since long before DICO would enter the picture, some other CU would come in and scoop them up).

Moving money into Luminous is easy -- they will take care of it for you. Moving money out is also easy; but not as easy as me-to-me transfers (which they don't offer). They'll mail you a draft for $7, or transfer you funds to another FI for $20. You can also open up a free chequing account, buy a bunch of cheques, and then just write yourself one (or several) when you want to move money out.

Lastly, my experience is that trying to play the "what will Tang or PCF offer" game is frustrating. Unless I'm missing something, there is no standard method: some people get a premium offer, some people don't. And while ING might (might) have cared about losing a customer in the past, Tang doesn't. So threatening to leave is only going to make the CSR give you the finger over the web or phone. They just don't care.

December 31, 2017
3:19 am
2of3aintbad
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That is actually Luminus (without the 'o')

December 31, 2017
12:56 pm
Loonie
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We deal with Luminus but have not even bothered with the current offer and may close down the account. It is simply a pain to deal with them. They are really only suitable for people living or working in downtown Toronto, IMO.
There is really no way to avoid some fees there. They have recently started actually charging their annual membership fee. As stated, you have to pay to get your money out, either by paying for a draft, a transfer, or buying cheques. Perhaps it's their way of dealing with fly-by-night investors who are only interested in promos.sf-wink I can't blame them for that, really, but neither do I find it attractive.
We have also been annoyed by their inability to retrieve documents related to an investment, after many months of waiting (document was not provided to us in the first place).
On the plus side, they do have some good social policies, for those who wish to support that initiative. I would like to like them better than I do! sf-frown Certainly, the higher DICO insurance limits will make Ontario CUs more attractive than they used to be.

January 1, 2018
9:39 pm
rfdm4g4g9
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https://idealsavings.ca/rates/

Ideal Savings has a NEW net deposit rate of 2.5 % .

The 2.50% rate will be guaranteed until April 30, 2018

Are my deposits guaranteed with Ideal Savings?
Yes. All funds on deposit with Ideal Savings are guaranteed without limit by the Deposit Guarantee Corporation of Manitoba. That is, your principal and interest are 100% insured regardless of where you live in Canada.

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