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OTR – Simplii HISA rate change
November 17, 2020
7:15 pm
Norman1
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dougjp said

To clarify, those getting the 2.3% or 2% get that, or slightly less?

Those on the Simplii 2% offer are still getting 2%:

The Offer

The special annual interest rate of 2.00% is a combination of the regular annual interest rate set by Simplii Financial payable on an Eligible Account balance (“Regular Interest”), plus the promotional annual interest rate (“Promotional Interest”) …. Any change to the Regular Interest rate will result in a corresponding change to the Promotional Interest rate so that the overall special annual interest rate of 2.00% will remain the same during the Offer Period.

November 17, 2020
8:56 pm
FC
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Would there be somewhere on this site where we could automatically keep track of Simplii's savings rate and savings rate changes?

I know Simplii doesn't have a regular high interest savings rate, but they do have regular high interest savings promos every year and the date of the base rate changes really help when calculating whether the monthly interest being paid is correct or not. Waiting until the bonus payout date half a year later is a bit late.

Thoughts?

November 18, 2020
4:21 am
dougjp
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Norman1 said

dougjp said

To clarify, those getting the 2.3% or 2% get that, or slightly less?

Those on the Simplii 2% offer are still getting 2%:

The Offer

The special annual interest rate of 2.00% is a combination of the regular annual interest rate set by Simplii Financial payable on an Eligible Account balance (“Regular Interest”), plus the promotional annual interest rate (“Promotional Interest”) …. Any change to the Regular Interest rate will result in a corresponding change to the Promotional Interest rate so that the overall special annual interest rate of 2.00% will remain the same during the Offer Period.

  

Thanks. I eventually managed to find my 2.3% confirmation which also states " The Offer

The special annual interest rate of 2.30% is a combination of the regular annual interest rate set by Simplii Financial payable on an Eligible Account balance (“Regular Interest”), plus the promotional annual interest rate (“Promotional Interest”) that is calculated at the end of the Offer Period on the Additional Balance as defined below. Any change to the Regular Interest rate will result in a corresponding change to the Promotional Interest rate so that the overall special annual interest rate of 2.30% will remain the same during the Offer Period. "

Why is 'abbreviation' such a long word?

November 18, 2020
6:23 am
BillieBob
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topgun said
OTR Sorry I do not know what this means? Please explain.  

I have the same question. What is the meaning of "OTR" in the heading of this discussion?

November 18, 2020
8:23 pm
FC
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OTR = On The Record/Off The Record?

December 5, 2020
9:53 am
Norman1
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hwyc said
Checking today & rate is 0.10% on Simplii website
... I think this happen after Tangerine's drop
... pretty sure it's 0.15% before

Checked the interest I received on November 30 for October 31 to November 29.

Interest calculated with these rates is within ¼¢ of what I received:

Rate Period
0.20% 31-Oct to 01-Nov
0.15% 02-Nov to 16-Nov
0.10% 17-Nov to 29-Nov
December 5, 2020
12:48 pm
FC
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Norman1 said

hwyc said
Checking today & rate is 0.10% on Simplii website
... I think this happen after Tangerine's drop
... pretty sure it's 0.15% before

Checked the interest I received on November 30 for October 31 to November 29.

Interest calculated with these rates is within ¼¢ of what I received:

Rate Period
0.20% 31-Oct to 01-Nov
0.15% 02-Nov to 16-Nov
0.10% 17-Nov to 29-Nov

  

This is so helpful thanks.

I wish this site could automatically keep track of Simplii's base rates with one of its scripts.

December 5, 2020
6:15 pm
pooreva
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FC said
I wish this site could automatically keep track of Simplii's base rates with one of its scripts.  

Why? Simpli is NOT High Interest Rate FI same as Tangerine is not either. Promotional rates once in a blue moon cannot be considered.

December 5, 2020
8:55 pm
FC
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pooreva said

Why? Simpli is NOT High Interest Rate FI same as Tangerine is not either. Promotional rates once in a blue moon cannot be considered.  

I know Simplii doesn't have a regular high interest savings rate, but they do have regular high interest savings promos every year and the date of the base rate changes really help when calculating whether the monthly interest being paid is correct or not. Waiting until the bonus payout date half a year later is a bit late.

December 9, 2020
7:28 am
COIN
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Did anyone get an email circa December 8, 2020 from Simplii offering 2% HISA?

December 9, 2020
8:30 am
Norman1
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Yes, the e-mail is another mention of their 2% on new money (Oct 1, 2020 - Mar 31, 2021) offer that hwyc reported.

December 9, 2020
10:48 am
topgun
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I found the offer.

https://www.simplii.com/en/special-offers/no-fee-chequing-account.html

I signed on to online banking. I have a savings account with them. I qualify. The trouble is I have limited funds available to tie up for 3 1/2 months. Simplii is offering a very good deal. They are a good FI. If you have funds JUST DO IT.

Have a Great Day

December 9, 2020
11:29 am
Norman1
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There's no requirement to leave the new funds in the HISA until March 31, 2021.

If one leaves the funds there for a month, one will receive 2% on the new funds for the month the funds were there.

December 9, 2020
11:51 am
topgun
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Norman1 said
There's no requirement to leave the new funds in the HISA until March 31, 2021.

If one leaves the funds there for a month, one will receive 2% on the new funds for the month the funds were there.  

So how much do you have to deposit in Simplii for the month to make the 2% worthwhile? I get 1.2% currently on my HISA. At end of March the funds go back to my HISA.

Have a Great Day

December 9, 2020
2:16 pm
Norman1
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The extra 0.8% per annum is not very interesting with $100:

$100 x 0.8% x 1 / 12 = $0.07 extra per month.

With $10,000, it is more interesting:

$10,000 x 0.8% x 1 / 12 = $6.67 extra per month

Definitely worthwhile for $100,000:

$100,000 x 0.8% x 1 / 12 = $66.67 extra per month

December 9, 2020
3:35 pm
topgun
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Norman1 said
The extra 0.8% per annum is not very interesting with $100:

$100 x 0.8% x 1 / 12 = $0.07 extra per month.

With $10,000, it is more interesting:

$10,000 x 0.8% x 1 / 12 = $6.67 extra per month

Definitely worthwhile for $100,000:

$100,000 x 0.8% x 1 / 12 = $66.67 extra per month

  

Thank you very much for the realistic numbers. I could do about $10,000. My HISA paying 1.2% is allowed 1 debit per month without additional fees. Simplii does not count transactions. At Simplii transfer from savings to checking one day. The next day do whatever you want with the funds in checking. The links were setup years ago so I know it will work properly.

Have a Great Day

December 9, 2020
5:02 pm
Norman1
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One can now transfer funds immediately out of the Simplii HISA. sf-smile

That next-day transfer-out restriction was removed sometime after the rebranding from PC Financial to Simplii Financial.

December 9, 2020
5:28 pm
COIN
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Norman1 said
Yes, the e-mail is another mention of their 2% on new money (Oct 1, 2020 - Mar 31, 2021) offer that hwyc reported.  

Oh darn, so it's the same 2% promo from October 1st. That didn't make sense for me because the "old money" would only earn 0.20% (now 0.10%). So, I took all my money out of Simplii.

BTW: Is Simplii offering any good rates for TFSA and/or RRSP?

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