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New Simplii targeted offer of 2% on new deposits
September 13, 2021
3:08 pm
Norman1
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COIN said
Ok, so I'm still puzzled by Simplii's business model.

"Instead, they can randomly select about 1/5 of the "high value" clients and give them an extra 1¼%." I think the result is that the other 4/5 "high value clients" will take their money and walk.

I think that is the idea: For the other clients to take their money elsewhere for the time being.

I see the 2% offer as a marketing exercise and not a business model. Another option to spending the marketing budget on billboard, TV, radio, or Internet banner ads.

Simplii is CIBC, one of the Big Banks forced to not increase dividends and to not buy back any of its own shares, by the regulators. CIBC has lots of extra cash from profits as a result. So, CIBC doesn't really need more cash from deposits.

September 14, 2021
8:49 pm
AltaRed
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You do realize it is most likely just as Norman1 suggests, i.e. a marketing exercise that (like Tangerine) is using y'all as the product in a multi-client study to determine who bites and why, and who walks and why. I imagine they are building a database they will use in a report to management called 'Study in Human Behaviour' so they will know how to compete (if they wish) as a fintech when Open Banking arrives. They probably don't really care much who they irritate and who walks. Each customer is a statistic....a data point.

The truth of the matter is that neither Simplii (CIBC) nor Tangerine (BNS) really need any of these deposits (debt) to fund their loan and mortgage book. There is a ton of cheap debt out there they can tap into. So, as a few of the posts suggest, those of you lucky enough to get the offer take the offer because it has value to them and it doesn't matter to them if the rest of you are left swinging in the wind. We are in it for ourselves.

September 14, 2021
9:49 pm
Canadianbull
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I have 2 savings accounts with them. How would I know if it's the right account to qualify for bonus? Does it really matter?

September 17, 2021
8:10 am
annie
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I am a new customer.. I don’t know where I can see that the savings account has 2.2% interest..

September 24, 2021
2:54 pm
Canadianbull
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@annie they must have send you the confirmation email.

September 29, 2021
11:54 am
seh
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When logged in to your account, it does not show if your account is registered with the promotion. The confirmation email does not confirm your account is registered. It only re-states the terms and conditions of the offer.

They will not send an email with a written confirmation you are enrolled. Unlike most other online accounts at other financial institutions, there is also no ability, once logged in to your account, to send/receive a secure message.

I finally had a supervisor offer to send me a written confirmation of enrollment by regular snail mail. One week later I received not a written confirmation, but a request to mail back my signed request for the personal information. The form says they will take another 30 days to reply!

If the promo interest was paid monthly, at least that would be the confirmation of enrollment. Instead, one has to wait for the lump sum promo interest payment next March, to be assured that you are in fact enrolled!

All this from, as the phone greeting says, "Simplii Financial, named one of the world's best banks in Canada for the 2nd year in a row."

September 30, 2021
11:00 am
Ed
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seh said
When logged in to your account, it does not show if your account is registered with the promotion. The confirmation email does not confirm your account is registered. It only re-states the terms and conditions of the offer.

They will not send an email with a written confirmation you are enrolled. Unlike most other online accounts at other financial institutions, there is also no ability, once logged in to your account, to send/receive a secure message.

I finally had a supervisor offer to send me a written confirmation of enrollment by regular snail mail. One week later I received not a written confirmation, but a request to mail back my signed request for the personal information. The form says they will take another 30 days to reply!

If the promo interest was paid monthly, at least that would be the confirmation of enrollment. Instead, one has to wait for the lump sum promo interest payment next March, to be assured that you are in fact enrolled!

All this from, as the phone greeting says, "Simplii Financial, named one of the world's best banks in Canada for the 2nd year in a row."  

Not so. I received the following confirmation email the day after I agreed to the promotion, without even asking for it:

As requested, this email confirms you're signed up for the Simplii Financial™ Savings Account offer. You'll earn 2.00% on eligible new deposits until February 28, 2022.

September 30, 2021
11:20 am
Norman1
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I didn't receive this targeted offer. But, last year and the year before, I received offers and received offer confirmation e-mails for them. The subject of the e-mails was "Confirmation: Your new interest rate is now in effect."

Could the confirmation messages be misclassified and are now in the Spam or Junk e-mail folder?

September 30, 2021
12:28 pm
savemoresaveoften
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For those that are lucky enuf to rec this promo, make sure you rec a email to confirm ur enrollment. That is the only proof to show that you are indeed signed up for it. If you never receive the confirmation email, you need to call them and insist to have one sent to you. Otherwise you just run the risk of having money sitting there for 4months, only to find out if u rec 0.10% and not 2% next March. And they WILL not honor it no matter what you said. The confirmation email is the only proof and they cant deny it.

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