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SImplii Financial - 3.0% Interest on New Deposits until February 28, 2018
November 13, 2017
8:43 am
Yatti420
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Yes but that is the case in wealthone I believe too.. Should be added but maybe a * for promo rate?!

Edit: Nevermind I guess Wealthone is 2.5% offered rate on savings.

November 13, 2017
7:29 pm
dj
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November 13, 2017
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Buyer Beware! sf-yell
. . . Simplii too good to be true?
sf-frown

The Simplii 3% promotional interest is not compound interest and only good on new deposits.

Simplii's Legal reads:

1. 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”).

2. 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”)

3.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.

4. Promotional Interest will be paid in March 2018 into a single Eligible Savings Account held by a primary account holder.

Simplii's regular annual interest rate as posted on Nov 13 is 1%.
https://www.simplii.com/en/rates.html
Therefore the 2% promotional interest is not compounding, as per their legal statement #4: "will be paid in March 2018".

If you are at EQ (currently 2.3%) you will make more Interest because:
- Interest is paid on your full balance
- Interest compounds monthly (is paid monthly)

If you are only getting 1% at Tangerine, you will make more interest at Simplii, but if you are getting bonus interest from Tangerine, you may be better off sticking with Tangerine.

My advice:
Do a interest calculation comparison on an Excel spreadsheet first before you make a move.

November 14, 2017
6:12 pm
Norman1
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Calculations were done earlier.

That 2% of the 3% is not compounded monthly reduces the return to 2.9926451% per annum, compounded monthly. That's just 0.0073549% per annum less than if the entire 3% were compounded monthly.

November 18, 2017
10:51 am
rfdm4g4g9
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So I finally got the Secure email from Simplii after I applied online for HISA.

The email had the Signature card, which I signed & scanned & sent it back via Simplii secure email.

The email also had the bar code for the Canada Post verification thing, I printed it took it to CP & I got the physical ID verification done.

Now What ? Do I wait for a Welcome kit in mail ?

I still don't have any User ID to log online , Password to log online or Telephone PIN to access my account.

I guess User ID is just the bank card number. But I don't have any bank card, will that come with the welcome kit they mail me ?

How do I get the 5 digit Telephone PIN that is required to set up Online registration/access , where I create an Online password & 3 Verification questions so I can finally access my account online.

Anyone knows what the next step is after you have done the Signature card & Canada Post verification ?

November 18, 2017
10:57 am
rfdm4g4g9
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You will receive a Secure email from them soon, where you have to create a password to access it.

That email will have a Signature card in it, which you sign & scan & email it back to them.

It will also have a PDF for a bar code which you print and take it to the Canada Post outlet with your ID to do a physical ID verification.

They will also mail you a Welcome Kit soon. It will have a bank card it, which is basically a Client ID # for User log in online. Even for HISA and not just checking they will send it.

November 18, 2017
1:07 pm
frizun
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I got my welcome kit a few days after my visit to the post office.
Then I phoned in to register ........I got a password to set up my online banking
at that time.

November 18, 2017
5:46 pm
rfdm4g4g9
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frizun said
I got my welcome kit a few days after my visit to the post office.
Then I phoned in to register ........I got a password to set up my online banking
at that time.  

Cool.

So when you called in after getting the bank card in the welcome kit, first they gave you the 5 digit Phone PIN, right ?

Then using that 5 digit Phone PIN & User ID (bank card number ) you register online, and set up an online password & 3 security verification questions, right ?

Do you speak to an agent, when you call in to register ? Or is it just an automated thing, press 1 , press 2 etc ? TIA

November 18, 2017
6:46 pm
frizun
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After you get your card...You phone in and talk to an agent and they will activate your account.
They will then ask you to choose your 5 digit telephone banking PIN.
Then you can use your card number and the PIN to sign up
for online banking.
You will also get a different PIN in the mail in a few days to use at ATMs

November 19, 2017
1:21 am
rfdm4g4g9
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frizun said
After you get your card...You phone in and talk to an agent and they will activate your account.
They will then ask you to choose your 5 digit telephone banking PIN.
Then you can use your card number and the PIN to sign up
for online banking.
You will also get a different PIN in the mail in a few days to use at ATMs  

Any idea what questions the agent asks, when you call in ? Like your SIN, DOB, Postal Code or something like that ?

The 5 digit telephone PIN you choose, do you just choose that by keying it into the phone pad ? I don't think you verbally tell it to the agent for safety reasons, right ?

I have opened an account for my mom. They are not used to Online banks and stuff like that. So I want them to know the process beforehand , when they call in, so that its easy for them & they are mentally prepared.

That whole signature card & Canada Post verification was already a hassle for them.

Now they have to mail a VOID cheque to link their external account. Can't do it online by confirming 2 Micro deposits which the bank doessf-frown

Also to make it JOINT with my dad, they have to call in again & speak to an agent and do it. You can't do it JOINT online or open a JOINT account online, only a SINGLE account can be opened Online, which I did for my mom.

I thought start to finish the process will be online, hence I opened it for her to get 3 % for her, had no idea so many offline things would have to be done.sf-confused

November 19, 2017
12:23 pm
frizun
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I had to call in several different times due to bugs in their system.
I been asked for name,DOB,card#and I had to give them a secret word they
could use in the future to ID me.

You use your phone pad to pick your PIN.
The agent transfers you temporary to a voice mail thing to do that.

I did my link requests in online banking...then I sent voided cheque
images via secured e-mail....so I avoided using the mail.
I guess I'll see next week how that all pans out.

November 19, 2017
8:03 pm
rfdm4g4g9
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frizun said
I had to call in several different times due to bugs in their system.
I been asked for name,DOB,card#and I had to give them a secret word they
could use in the future to ID me.

You use your phone pad to pick your PIN.
The agent transfers you temporary to a voice mail thing to do that.

I did my link requests in online banking...then I sent voided cheque
images via secured e-mail
....so I avoided using the mail.
I guess I'll see next week how that all pans out.  

Thanks for the info. I will ask her to keep the card handy & also SIN, just in case.

I will also send the VOID cheque for her external account linkage via secure email after scanning it. No point in mailing it.

Lets see how fast they do the linkage for you, start to finish after you emailed them the VOID check.

I know an existing PCF customer, who sent a VOID check via secure email to Simplii for linkage as he wanted to link one more external account on November 5 th. His external account is YET to be linked ! sf-surprised

Maybe if he had just mailed the VOID check instead, it would have been linked by now..ha ha.

November 20, 2017
9:26 am
rfdm4g4g9
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When I asked them specifically if I can email them a VOID check via their Secure email.

They told me NO , you MUST mail in a VOID check sf-confused
And 1-2 days after they receive it, they will link the accounts.

What an outdated bank. Its OK to send them back the Signature card via secure email, its OK for them to send the Canada Post verification bar code via secure email.

But its not OK to send them a VOID check via secure email ? It has to be mailed in ?sf-confused

The secure email has https:// , plus it has a password you have to log in to access the secure email, so I guess its pretty secure

November 20, 2017
4:09 pm
meghan88
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Not impressed at all, after 12 days of jumping through hoops.

My main annoyance is that I can't figure out how to link external accounts without using INTERAC e-transfer, which requires a checking account with Simplii (I only opened the HISA with Simplii). Also:

- took ages on hold to get a human on the phone
- password for online can't use special characters; kept telling me the pw wasn't really strong no matter what I tried

Does anyone have any pointers to link HISAs from Hubert or Alterna to the Simplii HISA so that I can push/pull funds easily?

Thinking the 3% for 3 months might not be worth the hassle for newbies to Simplii.

November 20, 2017
6:53 pm
Norman1
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meghan88 said


Does anyone have any pointers to link HISAs from Hubert or Alterna to the Simplii HISA so that I can push/pull funds easily?

…  

You'll need their No Fee Chequing Account. The Simplii HISA can definitely accept direct deposits from outside. But, I'm not sure the HISA can accept pre-authorized debits to withdraw money.

Click on "More Services" in the left sidebar. Under the "Moving Money" section of the page, these two personalized forms will give the transit, institution, and account numbers of the accounts:

  • Set Up Direct Deposits
  • Automatic Bill Payments

There are direct deposit forms for chequing and HISA accounts. However, there is only a bill payments form for the chequing account.

November 20, 2017
7:59 pm
rfdm4g4g9
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meghan88 said
Not impressed at all, after 12 days of jumping through hoops.

My main annoyance is that I can't figure out how to link external accounts without using INTERAC e-transfer, which requires a checking account with Simplii (I only opened the HISA with Simplii). Also:

- took ages on hold to get a human on the phone
- password for online can't use special characters; kept telling me the pw wasn't really strong no matter what I tried

Does anyone have any pointers to link HISAs from Hubert or Alterna to the Simplii HISA so that I can push/pull funds easily?

Thinking the 3% for 3 months might not be worth the hassle for newbies to Simplii.  

In case you don't have a VOID cheque from Alterna or Hubert, then you can send Simplii a Customized Account Confirmation Form from Hubert or Alterna.

You probably don't have a VOID check from Alterna or Hubert, since they are HISA accounts & not checking accounts, so you will need the Customized Account Confirmation Form. If you have checking accounts with Alterna or Hubert link them with a VOID check, if they are HISA link then with the Customized Account Confirmation Form

This is the procedure for linkage of External accounts FROM Simplii side.
-----------------------------------------------------------------------------------------------
Before you mail them the VOID cheque or Customized Account Confirmation form, you do this :

First log on to your Simplii account.
On your Account Summary page. Click Transfers (on the left side)
Under Transfers, click Add Accounts

Your other financial institution's bank, transit and account numbers can be found on the bottom of your cheques. Be sure to include all the digits in your account number, as the number of digits may vary depending on your financial institution. Detailed instructions will follow on the Add Account confirmation page.

Then you do this :

To add an account, you must send in a void cheque or a customized account confirmation form to complete this request. A signature is not required and only VOID is required on the cheque. The cheque or form must be mailed to Simplii Financial.

Once Simplii Financial receives the void cheque, the account will be added within 1 to 2 business days.

You can send the void cheque to:

Simplii Financial
P.O. Box 603
Station Agincourt
Scarborough, ON
M1S 5K9
----------------------------------------------------------------------------------------
This is the process for linking from Hubert or Alterna side to Simplii :

1. From Alterna side :

https://www.alternabank.ca/SharedContent/documents/Forms/M2M_EN.pdf

2. From Hubert side :

How can I transfer funds between my Hubert account and an account that I have with another financial institution?

To transfer funds to one of your external accounts, we’ll need verify it first.

We’ll add the first external account to your transfer list for you using the information on your initial cheque deposit. This will give you the ability to complete transfers online to and from that account. You can link up to 30 external accounts but both active and deleted accounts are included in this limit.

You can add additional transfer accounts directly through Hubert Online by following these easy steps:

On the left hand menu select ‘Manage Transfer Accounts’.
Click ‘Add Account’ and enter the bank, transit, and account number for the account you’d like to add. In the next few days, Hubert will make a small deposit to the entered account.
When you know the amount of the deposit, log into Hubert Online and access the ‘Manage Transfer Accounts’ menu option. Simply enter the amount for the newly added account and you’re done! You are now set up to transfer funds.

November 20, 2017
8:15 pm
rfdm4g4g9
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For old PCF customers, was opening an account with them so tedious & complicated as Simplii has made for new customers ?

I guess PCF had kiosks in Loblaws stores, so maybe the process was easier. But for Online only opening without visiting the kiosk was the PCF process just as complicated as the Simplii process ?

November 20, 2017
8:28 pm
frizun
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rfdm4g4g9 said
When I asked them specifically if I can email them a VOID check via their Secure email.

They told me NO , you MUST mail in a VOID check sf-confused
And 1-2 days after they receive it, they will link the accounts.

 

Maybe it depends on who you talk to.
I was told I could use secured email to send voided cheques.
So in my case the deeds done and hopefully they get around to linking
me up.

November 20, 2017
8:42 pm
rfdm4g4g9
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frizun said

rfdm4g4g9 said
When I asked them specifically if I can email them a VOID check via their Secure email.

They told me NO , you MUST mail in a VOID check sf-confused
And 1-2 days after they receive it, they will link the accounts.

 

Maybe it depends on who you talk to.
I was told I could use secured email to send voided cheques.
So in my case the deeds done and hopefully they get around to linking
me up.  

Yeah, they keep on contradicting themselves.

I didn't speak to an agent, I contacted them via email about linkage, and they said you HAVE to mail a VOID check, you can't send it by email, which is weird.

Anyway let us know about your timeline when they finally link your external account. What a long & tedious process !

They should just do the 2 small micro deposits confirmation for external linkage the way other banks like Tangerine, Hubert do instead of this whole VOID check nonsense

November 20, 2017
8:57 pm
frizun
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meghan88 said
Not impressed at all, after 12 days of jumping through hoops.

My main annoyance is that I can't figure out how to link external accounts without using INTERAC e-transfer, which requires a checking account with Simplii (I only opened the HISA with Simplii). Also:

- took ages on hold to get a human on the phone
- password for online can't use special characters; kept telling me the pw wasn't really strong no matter what I tried

Does anyone have any pointers to link HISAs from Hubert or Alterna to the Simplii HISA so that I can push/pull funds easily?

Thinking the 3% for 3 months might not be worth the hassle for newbies to Simplii.  

If you are comfortable using e-transfers,just open up a chequing acct.
Once they have your info from a different acct,they can open an
new acct for you while you wait on the phone.

They forgot my savings acct.,but my chequing was up and running.
He got me a savings acct. in a few minutes.

November 21, 2017
7:33 am
rfdm4g4g9
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rfdm4g4g9 said

This is the procedure for linkage of External accounts FROM Simplii side.
-----------------------------------------------------------------------------------------------
You have to mail them a VOID cheque or Customized Account Confirmation form ( in case you don't have cheques ) from your external bank.

Before you mail them the VOID cheque or Customized Account Confirmation form, you do this :

First log on to your Simplii account.

On your Account Summary page. Click Transfers (on the left side)
Under Transfers, click Add Accounts

Your other financial institution's bank, transit and account numbers can be found on the bottom of your cheques. Be sure to include all the digits in your account number, as the number of digits may vary depending on your financial institution. Detailed instructions will follow on the Add Account confirmation page.

Then you do this :

To add an account, you must send in a void cheque or a customized account confirmation form to complete this request. A signature is not required and only VOID is required on the cheque. The cheque or form must be mailed to Simplii Financial.

Once Simplii Financial receives the void cheque, the account will be added within 1 to 2 business days.

You can send the void cheque to:

Simplii Financial
P.O. Box 603
Station Agincourt
Scarborough, ON
M1S 5K9
----------------------------------------------------------------------------------------
  

When you log in to Add the external account you get these steps :

Step 1:
Write "VOID" across the front of a pre-printed personal cheque from the account you requested to add. In the memo field of the mailed external account VOID cheque write "add account" followed by your customer number, listed in your account summary.

Step 2:
Mail your personal cheque to:

Simplii Financial
P.O. Box 603
STN Agincourt
Scarborough, ON M1S 5K9

Step 3:
View your status of requests after a few business days to find out when you can start making easy bank to bank transfers with this account. You'll know the account has been added when you see it in your account list the next time you go to make a transfer.

If you have already sent in a cheque and your account has not yet been added to your list, please contact Simplii Financial at 1-888-723-8881

Please write your comments in the forum.