Question about Simplii 2.0% promo rate (expiring end of March 2021) | Simplii Financial | Discussion forum

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Question about Simplii 2.0% promo rate (expiring end of March 2021)
January 16, 2021
8:56 pm
PennyPincher
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January 16, 2021
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Hi, new to forum. I notice Simplii has a 2% promo rate on new money, however promo expires at end of March 2021 and pays out in April 2021.

The terms state:
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”) 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 2.00% will remain the same during the Offer Period.

Here's my question:

Let's say someone opens an account with Simplii to take advantage of this 2% rate. If $25K we're deposited into Simplii Feb 1st, I assume the $25K would only earn $41 in Feb, and $41 in March... am I correct? (2% of $25K = $500, divided by 12 months = $41.66/month).

There's no way it could be 2% of $25K and paying out the full $500 in April, if only using the HISA for 2 months.... right? 🙂

A realize this is a bit silly but just want checking if its worth it to sign up...

January 16, 2021
10:07 pm
Norman1
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That's correct: It is not 2% of $25,000.

It is 2% per annum of $25,000 for the time in the offer.

With "Regular Interest" at 0.1% per annum right now, the "Promotional Interest" is 1.9% per annum.

March 18, 2021
11:02 am
savemoresaveoften
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Wonder if they will send out YMMV promo extension to prevent deposit erosion at the end of the month. Has anyone seen anything yet ?

March 18, 2021
12:53 pm
topgun
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No. I am moving my funds to greener pastures a few days before the end of March.

Have a Great Day

March 18, 2021
6:30 pm
Bill
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To my recollection Simplii never extends its promos, always a gap until the next one comes along.

March 19, 2021
5:52 am
lhsaid
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Nothing for me either.

March 19, 2021
10:01 pm
Norman1
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Simplii has extended their general offers on a targeted basis.

That was reported in February 2019 by some people in Simplii Financial Extends its 3.15% Promo (November 1, 2018 - June 30, 2019)

March 30, 2021
6:02 pm
Bud
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Whats Simplii offering for existing n new money

March 30, 2021
6:18 pm
LK
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Bud said
Whats Simplii offering for existing n new money  

If no promo, Simplii's HISA is 0.10% for any money (existing or new is irrelevant).
https://www.simplii.com/en/bank-accounts/high-interest-savings.html

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