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SImplii Financial - 3.0% Interest on New Deposits until February 28, 2018
November 1, 2017
3:54 am
SG
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Here are the details:
https://www.simplii.com/en/special-offers/savings-account-bonus-interest.html

"Simplii Financial™ is showing you some love.

Get 3.0%* interest on new deposits into any savings account, including TFSA or RRSP savings accounts between November 1, 2017 and February 28, 2018. (If you don't have one of these accounts, now might be the perfect time to get one.)

There is no enrolment required, which means you can start depositing today in order to earn money."

November 1, 2017
4:19 am
Brimleychen
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Here we go. Bye bye Tangerine!

November 1, 2017
4:38 am
AlainJF
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Are they covered by CDIC ?

The website of Simplii is showing a link to "CDIC Deposit Insurance Information" (last line) (ref: https://www.simplii.com/en/home.html )

...but...

CDIC does not list Simplii in their member section: http://www.cdic.ca/en/about-di.....mbers.aspx

November 1, 2017
4:42 am
SG
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AlainJF said
Are they covered by CDIC ?

The website of Simplii is showing a link to "CDIC Deposit Insurance Information" (last line) (ref: https://www.simplii.com/en/home.html )

...but...

CDIC does not list Simplii in their member section: http://www.cdic.ca/en/about-di.....s.aspx  

Simplii is the direct banking division of CIBC....so they are covered under CIBC....so if you have accounts at CIBC and Simplii - you are only covered to a combined $100,000 between the two. It was the same arrangement when Simplii was PC Financial

November 1, 2017
5:09 am
fabafter50
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So if I have money in my savings account that was P.C. financial earning the 2.5% until October 31st, will I have to transfer it out and then back in to be eligible for the 3%?
Thanks in advance.

November 1, 2017
5:18 am
SG
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fabafter50 said
So if I have money in my savings account that was P.C. financial earning the 2.5% until October 31st, will I have to transfer it out and then back in to be eligible for the 3%?
Thanks in advance.  

Your out of luck... They use the closing balance of October 31 and only new deposits to bring that balance higher will count

November 1, 2017
5:18 am
SG
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Here are the terms

The Simplii FinancialTM promotional interest offer (the “Offer”) is available to new and existing Eligible Savings Accounts and Eligible Registered Savings Accounts (as defined below) between November 1, 2017 – February 28, 2018 (the “Offer Period”). The special annual interest rate of 3.0% is a combination of the regular annual interest rate set by Simplii Financial payable on an Eligible Savings Account and Eligible Registered Savings Accounts balance (“Regular Interest”), plus promotional interest (“Promotional Interest”) that is calculated for the Offer Period on the Additional Balance as defined below.

A. Savings Offer

“Eligible Savings Account” means a Simplii Financial High Interest Savings Account and/or Simplii Financial Savings Account. Only primary account holders are eligible for the Offer.

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. If an Eligible Savings Account is overdrawn as at October 31, 2017, the closing balance is deemed to be $0.00. Promotional Interest will not be paid on existing funds that were in a Simplii as at October 31, 2017 and are transferred to an Eligible Savings Account.
Promotional Interest will be paid in March 2018 into a single Eligible Savings Account held by a primary account holder. Promotional Interest will not be paid unless at least one of the primary account holder’s Eligible Savings Account is active and in good standing as at February 28, 2018. If a primary account holder holds more than one Eligible Savings Account, Promotional Interest will be paid to an Eligible Savings Account in the following priority sequence.
to the primary account holder’s High Interest Savings Account, if it is active and in good standing; otherwise
to the primary account holder’s Savings Account, if it is active and in good standing.
In the event the primary account holder has more than one of the same account type, Promotional Interest will be paid to the oldest account that is active and in good standing.

B. Registered Savings Offer

“Eligible Registered Savings Account” means a Simplii Financial Daily Interest RRSP Account, RRSP Savings Account and/or Tax -Free Savings Account.

The Promotional Interest is calculated on the portion of the Eligible Registered 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 Registered Savings Accounts. If an Eligible Registered Savings Account is overdrawn as at October 31, 2017, the closing balance is deemed to be $0.00. You can contribute up to your contribution room. A tax applies to all contributions exceeding your contribution room. Your TFSA contribution room or RRSP deduction limit information can be found by visiting the Canada Revenue Agency (CRA) web page at: http://www.cra-arc.gc.ca
All Promotional Interest will be paid in March 2018 into a single Eligible Registered Savings Account held by a primary account holder. If an account holder has multiple Eligible Registered Savings Accounts, the Promotional Interest for each Eligible Registered Savings Account will be paid separately into that Eligible Registered Savings Account. Promotional Interest will not be paid into any Eligible Registered Savings Account that is not active and in good standing as at February 28, 2018.
PLEASE NOTE: Eligible Savings Accounts and Eligible Registered Savings Accounts will continue to earn Regular Interest on balances, calculated daily and paid monthly. Regular Interest rates are subject to change at any time; visit http://www.simplii.com/rates for current regular rates. Promotional Interest recipient is solely responsible for any tax consequences associated with the Promotional Interest. Additional terms, conditions and limitations apply to opening and making deposits in an Eligible Savings Account or Eligible Registered Savings Account. Individuals must meet the criteria Simplii Financial to open or hold an Eligible Savings Account or Eligible Registered Savings Account in order to qualify for the Offer. Promotional Interest recipient is solely responsible for any tax consequences associated with the Promotional Interest. The Promotional Interest cannot be substituted or transferred to a third party. Details are available upon request. The Offer is non-transferable and cannot be combined with other promotional rate offers. The provider of Simplii Financial personal banking services (a division of CIBC), reserves the right to cancel or change the terms of the Offer at any time, and revoke the Offer for any customer who appears to be manipulating or abusing the Offer, or is engaged in any suspicious/fraudulent activity. The Offer is subject to the terms and conditions of the Simplii Financial Products and Services Agreement

November 1, 2017
9:11 am
davidgeorge
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I tried to link my Tangerine Savings Account to Simplii, but was asked to send a void cheque, so seems we can only link Chequing account to Simplii, but not Savings account since we don't have cheque for a savings account.

November 1, 2017
9:19 am
Benjames35
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I got lucky, Oct.30 I transferred all my money from Interest Plus Savings to chequing(which takes a day) because the 2.5% was ending and I was going back to Canadian tire bank and so my balance on Oct.31 in savings was 0.00 so I called to ask if I would get the 3% if I moved my money back and he said yes so I'm good to go.

November 1, 2017
10:16 am
davidgeorge
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I am just off the phone with Simplii.

(1) I need to either send a void cheque or a form with bank stamp (which is impossible for me since there is no Tangerine branch in my city) to add an external account.

(2) Simplli consolidates the balance of all accounts including chequing on Oct.31. All fund above consolidated account balance will be considered new money eligible for 3%, so moving fund from Simplii chequing to savings won't get 3%.

November 1, 2017
10:46 am
Benjames35
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Thats not what I was told about your statement #2 and the guy even left the phone to go make sure, guess I will have to call back again to verify...theirs a word missing after the word Simplii in this sentence.

Promotional Interest will not be paid on existing funds that were in a Simplii as at October 31, 2017 and are transferred to an Eligible Savings Account.

Is it suppose to say Simplii chequing account?

November 1, 2017
10:54 am
davidgeorge
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Benjames35 said
Thats not what I was told about your statement #2 and the guy even left the phone to go make sure, guess I will have to call back again to verify...  

Yeah, you'd better to call back to verify. In the terms (post #7), it mentioned that "Promotional Interest will not be paid on existing funds that were in a Simplii as at October 31, 2017 and are transferred to an Eligible Savings Account.".

November 1, 2017
11:00 am
fingirl
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Benjames35 said
Thats not what I was told about your statement #2 and the guy even left the phone to go make sure, guess I will have to call back again to verify...theirs a word missing after the word Simplii in this sentence.

Promotional Interest will not be paid on existing funds that were in a Simplii as at October 31, 2017 and are transferred to an Eligible Savings Account.

Is it suppose to say Simplii chequing account?  

Please let us know what you find out after you call back. I'm in a similar situation as I had transferred my money out of my PC Savings Account into my chequing account as well before the 31st so that I could move it back to my EQ Bank account. However it take EQ a few days to make the transfer so it is still sitting in my chequing about as of this morning... sf-cry

November 1, 2017
11:02 am
Nehpets
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I called today and waited 15 minutes to speak to a CSR to inquire about operation of the HISA.

Surprisingly, the maximum that can be withdrawn at any one time is $3,000.

Funds can be pushed using email funds transfer, which I have never done.

The $3,000 max withdrawl was the deal breaker for me.

November 1, 2017
11:17 am
Doug
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davidgeorge said
I am just off the phone with Simplii.

(1) I need to either send a void cheque or a form with bank stamp (which is impossible for me since there is no Tangerine branch in my city) to add an external account.

(2) Simplli consolidates the balance of all accounts including chequing on Oct.31. All fund above consolidated account balance will be considered new money eligible for 3%, so moving fund from Simplii chequing to savings won't get 3%.  

I would submit Tangerine's Direct Deposit Form and see if their processing department will push it through. If not, ask Tangerine to print you a Direct Deposit Form with a bank stamp and either scan & e-mail or mail it to you. 🙂

Cheers,
Doug

November 1, 2017
11:19 am
Doug
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Nehpets said
I called today and waited 15 minutes to speak to a CSR to inquire about operation of the HISA.

Surprisingly, the maximum that can be withdrawn at any one time is $3,000.

Funds can be pushed using email funds transfer, which I have never done.

The $3,000 max withdrawl was the deal breaker for me.  

Those limits are Interac e-Transfer daily limit. I doubt that's their bank-to-bank transfer daily limit.

Also, you can externally-initiate (i.e., push/pull) from external bank accounts that have your Simplii account(s) linked where Simplii's limits do not apply. 🙂

Cheers,
Doug

November 1, 2017
11:21 am
davidgeorge
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Benjames35 said

Is it suppose to say Simplii chequing account?  

From my conversation with Simplii, it means any Simplii account including chequing account.

November 1, 2017
11:22 am
davidgeorge
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Doug said

I would submit Tangerine's Direct Deposit Form and see if their processing department will push it through. If not, ask Tangerine to print you a Direct Deposit Form with a bank stamp and either scan & e-mail or mail it to you. 🙂

Cheers,
Doug  

Thanks. I will try that.

November 1, 2017
11:32 am
Doug
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davidgeorge said

Thanks. I will try that.  

Yeah, try it in that order as I've found that, often, the back-office's procedures and abilities don't jive with the customer-facing staff's scripting that they have to read rather formulaicly. sf-cool

Cheers,
Doug

November 1, 2017
1:49 pm
toto
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I wasn't a PC customer so starting from scratch with simplii. Filled out application on line, but they have to send a welcome kit and an Identification form has to be taken to a post office for verification, can't just sent a cheque, have to go thru all the steps.

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