SImplii Financial - 3.0% Interest on New Deposits until February 28, 2018 | Page 12 | Simplii Financial (formerly PC Financial) | Discussion forum

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SImplii Financial - 3.0% Interest on New Deposits until February 28, 2018
February 26, 2018
12:08 pm
GR
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A suggestion for those who did not receive a retention promo rate offer beyond Feb 28, 2018 and are planning to move funds out of Simplii. In the unlikely event that Simplii will have a new promo rate for NEW deposits starting March 1st, in excess of balances at Feb 28th, it might be prudent to transfer existing funds out early enough so that the the account balance at Feb 28th will be nil or negligible. Keep in mind that on Simplii's website, transfers out are only posted the day after they are initiated.

February 28, 2018
10:07 am
rfdm4g4g9
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When I log in to my HISA , I no longer see 3 % besides it as of Feb 28.

I understand from tomorrow ( March 1 ) the 3 % promo gets over.

But isn't Feb 28 also included for the 3 % promo i.e the last day of the promo ?

Weird they removed the 3 % notice - 1 day earlier.sf-confused

March 1, 2018
4:02 am
rfdm4g4g9
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The interest now I guess is 1.1 %.

But where do you see this rate when you log into your account ? When I log into my Simplii HISA, I can't see anywhere what interest I am getting for the HISA sf-confused

Tangerine when you log in you can clearly see the rate you are getting for your HISA.

But Simplii I can't see it anywhere ?? Is there a specific tab or button or icon that I have to click to find out my HISA rate I am earning ?

March 1, 2018
5:01 am
Joebart
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Its March first. I would expect interest bonus to be paid but I do not see it. Looking back into condition I can see it will be paid (if it will) in March 2018 without any specific date. So end of the March? Anyone have seen any bonus so far?

March 1, 2018
5:34 am
savemoresaveoften
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Joebart said
Its March first. I would expect interest bonus to be paid but I do not see it. Looking back into condition I can see it will be paid (if it will) in March 2018 without any specific date. So end of the March? Anyone have seen any bonus so far?  

You typically wont see it until middle of March.

March 1, 2018
12:20 pm
tcharger67
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Typically around the 20th. Before the extension my last payout was the 19th. I spoke to someone on the phone during that time and was told they break it up between the later half of the month, to better even out withdrawals

March 1, 2018
12:33 pm
Rick
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tcharger67 said
Typically around the 20th. Before the extension my last payout was the 19th. I spoke to someone on the phone during that time and was told they break it up between the later half of the month, to better even out withdrawals  

So do I understand this correctly? The promo is until Feb 28, but you don't get the interest paid until mid-March? Is it earning interest until then or is it in limbo until deposited?

March 1, 2018
1:28 pm
tcharger67
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it gains no interest at any point. I know that for a fact, as I asked a simplii rep that exact question. until the interest is deposited to the account over the months it is earned, and after the promo period has expired, it will not gain interest.

And yes, I feel your pain, as it bothers me as well. I wish they were like tangerine or duca and made the deposits directly after each month

March 1, 2018
2:58 pm
Rick
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tcharger67 said
it gains no interest at any point. I know that for a fact, as I asked a simplii rep that exact question. until the interest is deposited to the account over the months it is earned, and after the promo period has expired, it will not gain interest.

And yes, I feel your pain, as it bothers me as well. I wish they were like tangerine or duca and made the deposits directly after each month  

How very strange. Bad enough it doesn't pay it out monthly. Has anybody gone to the trouble of figuring out the actual interest rate factoring in that the bonus gains no interest and pays out weeks after the promo ends? It's like a two week interest free loan from all the depositors' promo cash. Wonder how many millions that is. The more I read about these people, the gladder I am I abandoned my application. Credit score took a hit, but worth it to me.

March 1, 2018
3:46 pm
tcharger67
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Rick, it amounts to approx 29.44...... for me (3.19 duca lost). Not that much, but still a p off. That being said the extra gain over any other savings was financially worth it considering I gained over 1200 compared to the highest competitors HIS.

That being said, where are you noticing a credit score hit? I'm not sure that I fully understand as Simplii was only a soft hit to credit check.

Thanks Ken

March 1, 2018
6:12 pm
Parsimonious
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Hi Folks,

Can one assume funds can be pulled from Simplii today (as the promo period has expired) without affecting any interest to be paid later in March?

Thank you.

March 1, 2018
6:15 pm
Bill
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Parsimonious, yes.

March 1, 2018
6:24 pm
rfdm4g4g9
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Parsimonious said
Hi Folks,

Can one assume funds can be pulled from Simplii today (as the promo period has expired) without affecting any interest to be paid later in March?

Thank you.  

Yes you can.

I pulled into Tangerine on March 1 from the Tangerine side. The money is already deposited in Tangerine as of March 1 & earning interest. ( Not just under Pending, but under Posted & Deposited transaction )

But yet to leave Simplii, I am assuming it will go out on March 2. So right now the money is showing in both places.

So basically for 1 day - I will be double dipping & earning interest in both placessf-cool

Of course some of the money is on hold in Tangerine & some has been released by Tangerine, but the hold money is also earning interest.

Expect the Simplii bonus interest to come in one lump sum by March 15.

March 1, 2018
7:56 pm
Rick
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tcharger67 said
That being said, where are you noticing a credit score hit? I'm not sure that I fully understand as Simplii was only a soft hit to credit check.
Thanks Ken  

My app reported a drop of 16 points in my credit score last month. Guess it could have been the Home trust CC. I assume it may have been Simplii because I also applied for a LoC, but was refused because of an item on my credit report, so don't think it was a soft check. The whole thing was messed up. They accepted me, then sent me a debit card, then sent me a letter saying my LoC was denied because of what i assume was the PT flag, but Please reapply for a checking account without the Loc, so I just never followed thru with the rest of the verification process. Having to make a trip to the post office was the cherry on top.

March 1, 2018
9:35 pm
tcharger67
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Strange. After you mentioned it, I pulled my account score. Mine increased 7 points in 2017. Simplii is listed only as a soft touch, and soft touches are to my understanding now changed. I had read you can Infinitely create soft touches with no damage now under new legislation.

Please correct me if I am wrong.

Either way. With cus like duca rolling out 3.15. it'll take a lot to win my money back into Simplii.
I feel as though they will be a games fi like tangerine

March 1, 2018
10:36 pm
Rick
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tcharger67 said
Strange. After you mentioned it, I pulled my account score. Mine increased 7 points in 2017. Simplii is listed only as a soft touch, and soft touches are to my understanding now changed. I had read you can Infinitely create soft touches with no damage now under new legislation.

Please correct me if I am wrong.

Either way. With cus like duca rolling out 3.15. it'll take a lot to win my money back into Simplii.
I feel as though they will be a games fi like tangerine  

Did you also apply for a line-of-credit when you opened @ Simplii? I'm in no position to correct you or not. I'm may be totally wrong, but I don't think they would do just a soft check if you want more than just an account, like a line of credit. Ironically, I thought they would be a good 2nd choice to Tangerine. They have poor base rates, but compete aggressively with Tang. On closer examination, and something I didn't think possible, they seem to be worse.

March 1, 2018
11:32 pm
rfdm4g4g9
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Last couple of promotional bonus interest for PC Financial were posted on:

Nov 9 - 2017

Sep 14 - 2017

Simplii Financial should not be any different. Should be any day in the second week of March.

BTW does anyone have any idea when ( which date ) they made the 1 % regular interest to 1.1 % ?

Will help me calculate the Bonus interest to be paid out better - Some of it will be 1.9 % ( 1.1 % + 1.9 % ) and other 2 % ( 1 % + 3 % )

March 1, 2018
11:36 pm
rfdm4g4g9
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Rick said

Did you also apply for a line-of-credit when you opened @ Simplii? I'm in no position to correct you or not. I'm may be totally wrong, but I don't think they would do just a soft check if you want more than just an account, like a line of credit. Ironically, I thought they would be a good 2nd choice to Tangerine. They have poor base rates, but compete aggressively with Tang. On closer examination, and something I didn't think possible, they seem to be worse.  

I think for HISA they probably do a Soft check.

But for a Checking they do a Hard Check as they think you might apply for an Overdraft facility in future.

Need not even apply for a LOC, just a regular checking account sometimes get a hard credit check IMO.

March 2, 2018
3:48 am
rfdm4g4g9
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DUCA Financial 3.15 % promo rate till May 31 - 2018 is the best rate right now.

Its DICO insured so even better than CDIC as DICO insures upto $ 250,000.

https://www.duca.com/mymoney/banking/savings-accounts/earn-more-incredible-savings/

Now that Simplii 3 % is over, might as well go with DUCA. They have excellent service and personal service, with physical branches too in case you need something. Or you can do everything Online also.

March 2, 2018
7:40 am
bpwest
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rfdm4g4g9 said
Last couple of promotional bonus interest for PC Financial were posted on:

Nov 9 - 2017

Sep 14 - 2017

Simplii Financial should not be any different. Should be any day in the second week of March.

BTW does anyone have any idea when ( which date ) they made the 1 % regular interest to 1.1 % ?

Will help me calculate the Bonus interest to be paid out better - Some of it will be 1.9 % ( 1.1 % + 1.9 % ) and other 2 % ( 1 % + 3 % )  

Regarding the date Simplii increased rate from 1% to 1.1%...Winnie responded in post #186 (page 10) 'around' Jan 20...

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