Monthly interest is from last day of previous month to 2nd last day of month | Simplii Financial | Discussion forum

Bill,
I recall getting that explanation from a PC Financial rep by phone when I discovered a discrepancy in the interest calculation quite some time ago. I invite any member to phone them to verify.

GR said
Bill,
I recall getting that explanation from a PC Financial rep by phone when I discovered a discrepancy in the interest calculation quite some time ago. I invite any member to phone them to verify.  

Simplii should have this somewhere on their website . They have caused lot of confusion because of this. If not for you very few people would have known.

Unnecessarily they are doing things in a confusing manner. Like paying the bonus interest in March etc etc. Just pay 1 % + 2 % at the end of the month just like Tangerine.

Norman1, there are people out there who verify monthly interest calculations on their savings accounts!!??

Bill said
Norman1, the two examples you provided showed the fi's were doing it right after all. Have you (or anyone here, for that matter) had experiences that make you conclude it's a good idea to spot check? I've been assuming all along that's not something I need to even think about.  

I have actually on a few occasions not received any interest at all from a financial institution. While the interest was normally paid on the last of the month, in this instance, several days had gone by and no interest was paid. After inquiring I was told they were behind on interest payments and I eventually did receive the interest (with the compounding) the following week. Maybe I still would have received the interest if I didn't email them but since there was no notice prior, I do wonder if that would have been the case.

Most recently, a financial institution closed my account after I moved all funds out and did not pay me the interest owed for the few weeks prior to closure. (I haven't decided if I'm going to pursue this further as the interest amount was limited.)

In any case, definitely good to check as Norman says.

If no interest is paid when it should be then that's easily noticed, I'm pretty sure we're going to pick that up. But I see no reason to actually check an fi's monthly interest calculation - particularly only every now and then on a spot basis, as there is almost zero chance you will randomly select the exact calculation that an fi happened for once to do incorrectly. Unless, of course, it's a hobby or a compulsion - in that case fire away and let us know if you find anything!

I noticed my Interest paid for December shows a paid out date of December 29.
Does that mean the interest was only calculated & paid till December 29 ?

Or they are only posting that date because Dec 30 ( Saturday ) & Dec 31 ( Sun ) were holidays ?

So maybe they have calculated the Dec 30 & Dec 31 interest also, but because those days were bank holidays they are just posting the entry date as Dec 29 for showing the interest paid out ??

I was suspicious about the interest they were paying me and I just doubled check. I can confirm they are only paying me 1% interest rate on all my new deposits. For some unknown reasons, I am not getting the promotional 3%. Going to call them now and see what they say.

Situation is the same here. That's expected. According to the offer terms, the rest of the 3% per annum interest, the Promotional Interest, will be paid out as one lump sum in March.

Thanks Norman. I actually waited 1 hour on phone but couldn't get to talk to anyone. I have no idea why they are doing it this way. So confusing!