SImplii Financial - 3.0% Interest on New Deposits until February 28, 2018 | Page 13 | Simplii Financial (formerly PC Financial) | Discussion forum

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SImplii Financial - 3.0% Interest on New Deposits until February 28, 2018
March 2, 2018
5:37 pm
rfdm4g4g9
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bpwest said

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

sf-cool

Hopefully the bonus interest comes soone than later

March 3, 2018
10:05 am
dougjp
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What a Mickey Mouse bank, standing alone in the marketplace hoarding interest and not paying it on savings accounts, instead of promptly paying it monthly. I guess they count on people learning about them slowly (for example not even showing what interest rate is currently being applied on savings) to get low cost balances.

March 3, 2018
11:24 am
GreatWhiteNorth
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dougjp said
What a Mickey Mouse bank, standing alone in the marketplace hoarding interest and not paying it on savings accounts, instead of promptly paying it monthly.

I guess they count on people learning about them slowly (for example not even showing what interest rate is currently being applied on savings) to get low cost balances.  

There appear to have been a considerable number of Mickey Mouse customers, myself included, more than happy to take the 3% deal, all terms disclosed, and now disappointed it hasn't renewed.

Not at all clear what the 2nd sentence means?

March 3, 2018
2:02 pm
pebbles
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Anyone know if there is a limit on how much you can transfer from Simplii to Tangerine per day?

March 3, 2018
4:24 pm
rfdm4g4g9
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pebbles said
Anyone know if there is a limit on how much you can transfer from Simplii to Tangerine per day?  

You can do multiple $ 50 K PUSH transactions from Simplii to Tangerine, one after another, they have a $ 50 K per transaction limit, but not daily limit. No hold when the money comes in Tangerine, will appear the next day. Even if you call in the supervisor does the same thing, multiple $ 50 K chunk transactions sf-confused

If you PULL from Tangerine, you can pull the entire amount in one go, no need to split the transactions. But the money will be on hold for 4-5 days if you PULL from Tangerine, but it will earn interest right from day 1, even if its on HOLD.

I know someone who pulled $ 430 K from Simplii from Tangerine in One go. Tangerine told him he can pull upto $ 1 million on his own online without calling them.

Lot of the self serve Online limits per transaction or daily seems to be for PUSH transactions, not so much for PULL transactions.

March 3, 2018
4:29 pm
rfdm4g4g9
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dougjp said
What a Mickey Mouse bank, standing alone in the marketplace hoarding interest and not paying it on savings accounts, instead of promptly paying it monthly. I guess they count on people learning about them slowly (for example not even showing what interest rate is currently being applied on savings) to get low cost balances.  

Yup nowhere on my HISA I can see the current 1.1 % interest rate being applied. But when they had 3 %, they were more than happy to show the BIG - 3 % banner right next to my account.

Tangerine you can at least see it under Account details etc.

March 3, 2018
4:54 pm
dougjp
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GreatWhiteNorth said

There appear to have been a considerable number of Mickey Mouse customers, myself included, more than happy to take the 3% deal, all terms disclosed, and now disappointed it hasn't renewed.

Not at all clear what the 2nd sentence means?  

Not sure what the confusion is, and furthermore, nowhere did I suggest I was disappointed it (3%) hasn't renewed. Mickey Mouse solely relates to how they do business in comparison with other banks, as explained.

Obviously the second sentence means we, depositors used to dealing with the other banks who do things the normal way, have to experience the way this bank does things to believe it/learn about them. Everybody assumes based on all other experience, that when they will pay bonus interest in March as they stated, its gotta be the first day or at the latest, the 2nd day of March. Surprise!

And rfdm4g4g9 pointed out another iffy way of doing business in terms of "disclosure when convenient" that also relates to learning about these people. I learned when it took a month to fully complete their account opening processes.

If this is the way business was done before at PC, (I don't know) then CIBC has a lot of work to do, to regain credibility.

March 3, 2018
6:43 pm
rfdm4g4g9
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dougjp said

Not sure what the confusion is, and furthermore, nowhere did I suggest I was disappointed it (3%) hasn't renewed. Mickey Mouse solely relates to how they do business in comparison with other banks, as explained.

Obviously the second sentence means we, depositors used to dealing with the other banks who do things the normal way, have to experience the way this bank does things to believe it/learn about them. Everybody assumes based on all other experience, that when they will pay bonus interest in March as they stated, its gotta be the first day or at the latest, the 2nd day of March. Surprise!

And rfdm4g4g9 pointed out another iffy way of doing business in terms of "disclosure when convenient" that also relates to learning about these people. I learned when it took a month to fully complete their account opening processes.

If this is the way business was done before at PC, (I don't know) then CIBC has a lot of work to do, to regain credibility.  

Not just the bonus interest , they have a funny way of calculating the regular monthly interest too. They don't include the last day of the month in the interest calculations ! It goes in the next month's interest !

No where on the website they mention that, I found it out the hard way. So if you don't know, you feel you have been shortchanged 1 day of interest

Monthly interest is from last day of previous month to 2nd last day of month
https://www.highinterestsavings.ca/forum/simplii-financial/monthly-interest-is-from-last-day-of-previous-month-to-2nd-last-day-of-month/

March 4, 2018
5:39 am
Bill
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dougjp said

Everybody assumes.........  

dougjp, not true about "everybody" assuming. And it's a good idea not to assume anything when you give someone your money. Check it out closely.

March 4, 2018
9:45 am
implode
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Anyone got their bonus interest payout yet? I moved out money on Feb 28th as I didn't get any extension of the promotion. The last transaction looks to be for regular interest paid on Feb 28th.

March 4, 2018
10:41 am
Londonguy
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FWIW I happened to be on the phone with a Simplii supervisor about something else on Friday, so I asked about the bonus interest. I was advised that the front line people have not yet been advised when the bonus payments will occur, so don't bother wasting your time calling them in the expectation you're going to find out.

The person I was speaking to said their best guess was mid-month, although I'm sure that's not what anyone on this thread wants to hear

March 4, 2018
1:27 pm
Norman1
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No bonus interest for me yet. It is early still.

For past PC Financial offers, the bonus interest was posted around the 15th of the month and backdated to the start of the month.

The transaction dates shown on the online banking site are the posting dates. The effective dates are shown in the account statements.

March 4, 2018
1:43 pm
Loonie
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Abacuses may be in short supply this year - but cussing won't be.sf-wink Honestly, it's a wonder those people get their tax slips out at all, with or without the correct SIN.

Of course, if they gave out the interest at the end of each month like a normal bank, they might not find it such a challenge to post it on time.

People are always asking, with suspicion, why the MB CUs offer such great rates. the question is why Simplii , operated by CIBC, had to offer 3% (minus whatever you lose from lack of monthly compounding and delayed receipt of interest).

March 4, 2018
3:09 pm
rfdm4g4g9
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implode said
Anyone got their bonus interest payout yet? I moved out money on Feb 28th as I didn't get any extension of the promotion. The last transaction looks to be for regular interest paid on Feb 28th.  

Last couple of promotional bonus interest for PC Financial were posted on:

Nov 9 - 2017 ( Promo got over on Oct 31 )

Sep 14 - 2017 ( Promo got over on Aug 31 )

By March 15 we should get the promo interest paid out, if the past is any indication. But the exact date is anyone's guess. The CSR's will be as clueless as us, so NO point in calling them.

Guesstimates is all we can do at this point sf-cry

March 4, 2018
3:32 pm
rfdm4g4g9
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Norman1 said
No bonus interest for me yet. It is early still.

For past PC Financial offers, the bonus interest was posted around the 15th of the month and backdated to the start of the month.

The transaction dates shown on the online banking site are the posting dates. The effective dates are shown in the account statements.  

So you mean if they pay the bonus interest on March 15 , the posted date will still show up as March 1 , and not as March 15, when you log online & see your statement ?

March 4, 2018
6:34 pm
Norman1
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rfdm4g4g9 said

So you mean if they pay the bonus interest on March 15 , the posted date will still show up as March 1 , and not as March 15, when you log online & see your statement ?  

In the case you describe, the posted date shown in the online banking site will be March 15.

When you download the March monthly statement for the savings account in April, I think it will show as March 1.

I think you'll see the same pattern in the monthly account statements for September 2017 and November 2017.

March 5, 2018
1:20 pm
murph
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Just got off the phone with Simplii rep.
He said it would be mid-March before the 3% promo interest would show up.
I also asked about the targeted extension to the promo discussed on these pages.
He said I qualified and enrolled me, and I would be getting 2.5% until the end of June.
The only kicker was none of the Nov17-June/18 interest would be paid out until mid July.
Thanks everyone, this is my 1st posting on a very informative and rewarding website/forum.

March 5, 2018
3:49 pm
GreatWhiteNorth
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dougjp said

Not sure what the confusion is, and furthermore, nowhere did I suggest I was disappointed it (3%) hasn't renewed. Mickey Mouse solely relates to how they do business in comparison with other banks, as explained.

Obviously the second sentence means we, depositors used to dealing with the other banks who do things the normal way, have to experience the way this bank does things to believe it/learn about them. Everybody assumes based on all other experience, that when they will pay bonus interest in March as they stated, its gotta be the first day or at the latest, the 2nd day of March. Surprise!

And rfdm4g4g9 pointed out another iffy way of doing business in terms of "disclosure when convenient" that also relates to learning about these people. I learned when it took a month to fully complete their account opening processes.
  

Maybe you should give that another read, a little more carefully this time.

"I guess they count on people learning about them slowly to get low cost balances." .... clear as mud to me 🙂

I believe most people might interpret "Promotional Interest will be paid in March" to mean that it will be paid in March. Many with experience know it has always been paid mid month.

It appears Simplii has hidden away their interest rate info, buried under the ambiguously named "Today's Rates" page.
http://www.simplii.com/en/rates.html

March 5, 2018
3:55 pm
rfdm4g4g9
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murph said
Just got off the phone with Simplii rep.
He said it would be mid-March before the 3% promo interest would show up.
I also asked about the targeted extension to the promo discussed on these pages.
He said I qualified and enrolled me, and I would be getting 2.5% until the end of June.
The only kicker was none of the Nov17-June/18 interest would be paid out until mid July.
Thanks everyone, this is my 1st posting on a very informative and rewarding website/forum.  

Was the targeted extension offer already in your email or online, when you called in ? Maybe you were already targeted by them, and when you called in they simply activated the offer you already had to begin with .

Or you never got the offer ? And when you called in to inquire about the lack of extension, their Retention or Loyalty department decided to give it to you as they were afraid you will leave. The same way Tangerine sometimes gives you a 2 % or 2.5 % offer, when you try to leave after their promo gets over.

If you got the extension, I don't think you will have to wait till July 15 to get the combined interest . They will still give you 2 bonus interest separately for the 2 offers. That's what they have done in the past even after the extension.

So expect the 3 % bonus offer interest by March 15 and the 2.5 % extension offer interest by July 15 sf-smile

March 5, 2018
4:14 pm
murph
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I didn't receive an email offer or online after logging in.
I think like you said they were afraid I would tx my money someplace else.
Hope you're right about the 2 separate interest payments.

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