SImplii Financial - 3.0% Interest on New Deposits until February 28, 2018 | Page 14 | Simplii Financial (formerly PC Financial) | Discussion forum

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SImplii Financial - 3.0% Interest on New Deposits until February 28, 2018
March 6, 2018
7:03 am
dentgal
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No bonuses for me--1.1%. Tried to move my money out online, but as mentioned, I was above the $50K limit, so I called and spoke with a supervisor. Gave them another opportunity to offer me a higher rate and they apologized and said that they don't know why I wasn't offered the rate. It is a fair chunk of change. It took 2 business days to move it. Put into CIBC e account 2.3% till end of May. I'm maxed out at EQ and Oaken. Any other suggestions?

March 6, 2018
12:15 pm
GR
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dentgal: You should refer to all the helpful information provided on this website - see Savings account rates comparison chart, GIC rates comparison chart and Promos.
Some options include Duca savings acct. and Meridian 3 month GIC (both if in Ontario) and savings accounts at Tangerine, Ideal Savings, Hubert Financial and Alterna Bank.

March 6, 2018
2:28 pm
Loonie
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If you're in Ontario and can be bothered fussing around for less than three months, you could try the DUCA deal. The Meridian 90 day GIC offer ended March 1 and they don't appear to have any new offers.

March 6, 2018
4:36 pm
GR
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Loonie said
If you're in Ontario and can be bothered fussing around for less than three months, you could try the DUCA deal. The Meridian 90 day GIC offer ended March 1 and they don't appear to have any new offers.  

Loonie,
Meridian still has the 90 day promo on their website. I understand it has been extended to at least March 8th and maybe later.

March 6, 2018
6:26 pm
Loonie
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I couldn't find it on the Meridian site when I looked a few hours ago. Perhaps you could provide a link?

March 6, 2018
7:06 pm
Rick
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Loonie said
I couldn't find it on the Meridian site when I looked a few hours ago. Perhaps you could provide a link?  

https://www.meridiancu.ca/personal-banking/offers/gic250.aspx

March 6, 2018
8:03 pm
Loonie
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thx, Rick.

March 7, 2018
6:40 am
savemoresaveoften
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dentgal said
No bonuses for me--1.1%. Tried to move my money out online, but as mentioned, I was above the $50K limit, so I called and spoke with a supervisor. Gave them another opportunity to offer me a higher rate and they apologized and said that they don't know why I wasn't offered the rate. It is a fair chunk of change. It took 2 business days to move it. Put into CIBC e account 2.3% till end of May. I'm maxed out at EQ and Oaken. Any other suggestions?  

Interesting to know ur CIBC e account 2.3% is good till end of May. Mine is end of March and I was thinking it was standard for all, apparently not...

March 7, 2018
7:20 am
tcharger67
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Thanks for the heads up dentgal. I'll be calling today

March 8, 2018
6:57 am
rfdm4g4g9
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dentgal said
No bonuses for me--1.1%. Tried to move my money out online, but as mentioned, I was above the $50K limit, so I called and spoke with a supervisor. Gave them another opportunity to offer me a higher rate and they apologized and said that they don't know why I wasn't offered the rate. It is a fair chunk of change. It took 2 business days to move it. Put into CIBC e account 2.3% till end of May. I'm maxed out at EQ and Oaken. Any other suggestions?  

DUCA Financial Credit Union has 3.15 % till May 31. Visit their website or on this forum.

DICO insured up to $ 250,000.

March 8, 2018
4:14 pm
Winnie
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The 3% promotional interest was paid today morning correctly as promised.

March 8, 2018
7:43 pm
tcharger67
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Still haven't seen my promo from Simplii. FYI I called CIBC
... They wouldn't extend till May 31st

March 8, 2018
8:24 pm
murph
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Mine wasn't there this morning but it is now.
This even after they said I wouldn't see any promo interest until mid-July with my promo extension.
Nice!

March 8, 2018
11:44 pm
rfdm4g4g9
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rfdm4g4g9 said

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 8 - 2018 this current bonus offer was paid out ( Promo got over Feb 28 )

So relatively earlier by their standard.

Now they have to stop this nonsensical practice and just pay out the bonus interest at the end of each and every month just like Tangerine & make their T5 slips available online just like Tangerine 🙂

But I am glad we have Simplii , otherwise Tangerine would never give us better rates or offers, competition from Simplii keeps them in check.

The other high interest banks are not big enough or don't have the deposits for Tangerine to worry about.

March 9, 2018
6:12 am
Bill
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rfdm4g4g9, there's a good side to getting the bonus interest in March instead of last November and December, I'm surprised those devotees of how to get every nickel out of their savings haven't mentioned it here before (or maybe someone has): You get to keep the tax on the 2017 bonus interest out of the government's hands until April 30, 2019, a full year later than tax on bonus interest paid in 2017. So now you're making (taxable) interest on those taxes until then - that changes all the "what precisely is my return?" calculations!

March 9, 2018
7:20 pm
Loonie
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Good point, Bill.
But it gets even more complicated than that. I am trying to arrange things so that i am not subject to mandatory quarterly payments to CRA, and need therefore to keep my taxes owing to less than 3K. So I need to consider the effect of any income bump in a given year, such as this. At least it comes in the early part of the year, which gives one some room for further planning through the year.

March 9, 2018
7:22 pm
Joe
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Bill said
You get to keep the tax on the 2017 bonus interest out of the government's hands until April 30, 2019, a full year later than tax on bonus interest paid in 2017.   

Winning!!!!sf-cool

March 10, 2018
4:31 am
Bill
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Joe, you get itsf-wink

March 10, 2018
9:12 am
GreatWhiteNorth
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rfdm4g4g9 said

Now they have to stop this nonsensical practice and just pay out the bonus interest at the end of each and every month just like Tangerine & make their T5 slips available online just like Tangerine 🙂
  

Why?

March 10, 2018
9:28 am
hank
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rfdm4g4g9 said
Now they have to stop this nonsensical practice and just pay out the bonus interest at the end of each and every month just like Tangerine & make their T5 slips available online just like Tangerine

Why?

I agree with Great White.... we've had a good deal for a bit and then we move our money to where we can get a better deal, whether it's me or you or the banks, everyone is in for themselves - it's whether your savvy enough to sort out the rules and then get the better deal.... and I believe that we are at least a bit more savvy than the people who keep their savings with RBC or TD Canada Trust... or any of the big banks.... they're didn't 3% did they?

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