SImplii Financial - 3.0% Interest on New Deposits until February 28, 2018 | Page 10 | Simplii Financial (formerly PC Financial) | Discussion forum

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SImplii Financial - 3.0% Interest on New Deposits until February 28, 2018
December 20, 2017
2:09 pm
Bill
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My impression from the posts here over the years is a lot (not all, but a lot) of the problems people experience are magnified because some folks are reluctant to call and talk to a person. Non-verbal communication. e.g. messaging, is not as effective and timely, often, as a clear, detailed person-to-person conversation - in my opinion. Londonguy's comments about his phone-in experience bolters my impression.

December 21, 2017
1:30 am
rfdm4g4g9
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Bill said
My impression from the posts here over the years is a lot (not all, but a lot) of the problems people experience are magnified because some folks are reluctant to call and talk to a person. Non-verbal communication. e.g. messaging, is not as effective and timely, often, as a clear, detailed person-to-person conversation - in my opinion. Londonguy's comments about his phone-in experience bolters my impression.  

That's true.

For example if you want to link your external account and don't want to mail them a VOID check for linkage, i.e don't want to waste a check, stamp, envelope , risk a lost check in mail, wait 4-5 days for the linkage & don't have time to physically go to a post office/mail box to mail a check.

You can just call them, and they will send you a secure email to your registered email for the linkage. Then you can just SCAN your VOID check and send it via email - within 24 hrs your external account will be linked :). Just write your Customer ID # in the MEMO field of the VOID check and write " LINK " or " ADD " account.

More easy, convenient & faster than mailing a VOID cheque for external account linkage.

But Simplii also has to UP its game and allow 2 Micro deposits from your external account, which you then confirm for linkage. Instead of this VOID cheque nonsense. That way even accounts which don't have a check , like external HISA accounts can be linked 🙂

January 11, 2018
8:22 am
bhuc
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WARNING ! Danger !

Simplii has the worst online process for transferring money to an external F.I. I have ever seen !
If you want to xfer money into a savings account today then the only date available is tomorrow !
The xfer can not happen today, it must be post dated until tomorrow!

Then when you actually confirm the xfer it actually back dates the transaction to today when viewed in the upcoming transfer screen.

WARNING !
But wait you actually can't delete it if you want to change or delete IT.
It is captured by their system and can not be deleted !

Your stuck, the money's coming out of the external F.I. and nothing can stop it.
Better make sure you have enough cash to cover the xfer or its a NSF fee.

If it wasn't for the fact that Simplii is paying 3% interest (promo til Feb 28-2018) on new cash I would never deal with them.

Bottom line is they have a very antiquated legacy system.

January 17, 2018
3:59 pm
Londonguy
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Phoned Simplii today to try rfdm4g4g9's shortcut method for linking external accounts at other FIs to my Simplii accounts -- the rep I got didn't know they could do that by secure email, but she does now, although there was an extra form to complete when I did it -- so here's how to pull this off if you're interested

In their secure email they send you a Pre-Authorized Debit (PAD) form to print, of which you need only complete Section A, which covers sporadic transfers -- the PAD form and a void cheque then has to be sent back to them to link the account

I solved the 'supply a void cheque' problem by taking a picture of a blank cheque using my smartphone, printing the picture, then writing VOID on the body of the pictured cheque as well as my CIF (customer ID #) and the words "add account" in the memo field -- then I took a second picture of the doctored first picture, emailed the new picture to myself, and then turned that JPG into a PDF using an online converter

Same idea with their PAD form -- I printed it, filled it in, took a picture of the completed form, emailed that to myself and then made a PDF out of the JPG -- since I was linking 2 accounts at 2 different institutions, I had to create a form and a void cheque for each one-- I then fired all the PDFs back in a reply to their secure email

Trust me, it sounds more complicated than it was to actually do it -- only took me a few minutes once I figured out how to create a digital version of what they want

February 1, 2018
1:04 pm
bpwest
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Simplii HISA rate is now 1.1% (unsure if this increase happened today; just noticed today)

So, the 3% interest offer on new deposits is now 1.1% regular interest + 1.9% bonus interest = 3.00%... correct?

February 1, 2018
3:45 pm
Winnie
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bpwest said
Simplii HISA rate is now 1.1% (unsure if this increase happened today; just noticed today)

So, the 3% interest offer on new deposits is now 1.1% regular interest + 1.9% bonus interest = 3.00%... correct?  

Yes, 1.10% + 1.90% will be true calculation for February, but for January I used 1.03% + 1.97% because increase from 1% to 1.10% happened around January 20.

February 13, 2018
8:05 am
Bill
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For online transfers they've eliminated that annoying (to some) requirement to change the date to tomorrow's date, now it's preset to tomorrow's date. Life just keeps getting better!

February 13, 2018
6:04 pm
richandafraid
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Wonder what they're going to do March 1st?

February 14, 2018
9:53 am
dougjp
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richandafraid said
Wonder what they're going to do March 1st?  

Yeah, more specifically prior to March 1 (Monday Feb 26 or 27th), or even as soon as Feb 20/21, for retention rates. If they try to "ignore the current market" and hope to luck out keeping funds at low rates, I won't make it to March 2 with 99% of my money still there.

February 14, 2018
11:58 am
tcharger67
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As Im sure they survey sites like this regularly. I wont be there come February 26 unless they can offer a better deal prior too.

February 14, 2018
12:54 pm
rfdm4g4g9
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Tangerine's recent Promo for new deposits is 2.5 % till May 31 or June 30.

Simplii better give more than 2.5 % otherwise my money is gone to Tangerine.

Even if Simplii just matches 2.5 % , my money is gone to Tangerine as Tangerine pays bonus interest at the end of each month. Unlike Simplii waiting till the end of the promo & then paying a lump sum, which is very annoying !

February 15, 2018
3:45 pm
tcharger67
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rfdm4g4g9
couldnt agree more.

February 16, 2018
8:07 am
Bill
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There will be a tiny group of avid rate chasers who will move their money out right before the rate goes back to 1.1% but Simplii may be quite happy about that as they may have amassed more deposits in the last few months than they anticipated. 99% of deposits will still be there on March 1, most people will wake up to the fact the rate isn't competitive over weeks and maybe months, so maybe Simplii will just monitor any outflow before they decide their next step. So far, aside from a fresh website, I don't really see any difference between Simplii and its predecessor, so if they act as they always have their promos will be sporadic, sometimes targeted only, and usually for new money only. It's always easy to get an inflow when you need it by putting on another promo.

February 16, 2018
8:29 am
hank
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Hey Bill:

I read your observations and kinda agree, but then you say "so if they act as they always have their promos will be sporadic, sometimes targeted only, and usually for new money only. ", that suggests we should continue to play the game because we only get the higher interest rate when we add new money.

I guess I don't understand what you're saying- are you presently getting 3%? Will you leave the money in at 1.1%?

My intention would be to forget about the short term 2.5% at Tangerine and go with EQ Bank at 2.3%- any comments?

February 16, 2018
9:54 am
Bill
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Hi Hank, I wasn't really referring to what I was doing, just ruminating that Simplii might be quite happy to have some money leave.......but, yes, like everyone I'm getting 3% and the money in our 3 accounts will be gone by the middle of next week. I'll put some to EQ (though never over CDIC limit there), some to Tangerine for now. GICs don't really fit into my portfolio for some years now, tie up my money for 12 months max, but some could end up at Oaken or elsewhere that has good 12-month GIC rates. We'll see what develops.

February 16, 2018
12:24 pm
hank
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Yup, CDIC coverage is a must for me- have you heard that there's some legislation out that allows CDIC to not pay the full $100k- after the Greek problems a banker advised me of this and I never followed up.

I've been into index GICs, but they've been getting beat up by the banks, reducing their payouts - in the past, I could get close to 65% returns over 5 years, but now it could be around 20% (as well as years where I got 0%, but at least no loss of principal).

Take it easy

February 18, 2018
6:32 am
CHUCK21
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I WAS WONDERING IF SIMPLII WOULD COMPOUND THE INTEREST ON THE 2 +/- % THEY HAVE HELD BACK FOR UP TO 4 MONTHS AS OF MARCH 31. ANYONE KNOW THE ANSWER?

February 18, 2018
6:41 am
CHUCK21
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HI BILL,
WHY ARE YOU TAKING YOUR MONEY OUT A WEEK EARLY?

February 18, 2018
8:01 am
Bill
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Chuck21, no particular reason, I like to clear the decks a bit early just in case I don't know what. The half percent or so less I'll be getting over a week (even assuming one has the max of $500K) is about $30 after tax so it's no big deal.

Your post #197 -I'm not clear what you're asking.

February 18, 2018
11:19 am
Norman1
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hank said
Yup, CDIC coverage is a must for me- have you heard that there's some legislation out that allows CDIC to not pay the full $100k- after the Greek problems a banker advised me of this and I never followed up.

That's not the case. That was discussed in previous discussion Bank Bail-In Regimes Implication for Unsecured Depositors.

Not sure about the Greece ones. But, the Canadian bank bail-ins exclude deposits, regardless of whether or not they are insured by CDIC.

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