Simplii Financial Extends its 3.15% Promo (November 1, 2018 - June 30, 2019) | Page 6 | Simplii Financial (formerly PC Financial) | Discussion forum

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Simplii Financial Extends its 3.15% Promo (November 1, 2018 - June 30, 2019)
April 19, 2019
9:13 pm
Loonie
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butterflycharm said

Wow 3.75% !!! that rocks. Do you think they will continue after April 30th?  

COIN posted that on March 20. That rate at Tandia is now long gone.

April 23, 2019
5:47 pm
suburbs4life
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When people were paid their 3.15% bonus interest was it identified on their account as “bonus interest” or included with the end of March regular interest as one payment? The CSR claimed it was the later scenario but I don’t believe them.

April 23, 2019
6:25 pm
Norman1
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The bonus interest for the 3.15% offer that ended February 28 was paid separately to me around March 21 and backdated to March 1 in the monthly statement. It was identified as "Promotional Interest".

My bonus interest was paid without me having to call in and report it was not paid. Simplii Financial did have an issue affecting some clients who were enrolled in the offer. But, their computer didn't pay those clients the bonus interest. The bonus interest was eventually paid after the affected clients called in. Not sure how their bonus interest was identified.

June 25, 2019
1:35 am
zhong
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What are you guys going to do when this extended promo ends this month ?

Wait and see if they going to extend promo or transfer funds to another F.I., which gives a promo with higher daily interest rate after Simplii promo ends?

Thanks

Zhong

June 25, 2019
2:30 am
cgouimet
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Some to DUCA to a total principal of 100k at 3% through Jan 2020.

The rest at Tangerine At 2.75% through Nov 2019.

You?

June 25, 2019
11:32 am
zhong
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What is DUCA? The amount over 100K, no 3% interest?

I had 2.75% targeted offer by Tangerine to deposit any new funds.. So I will transfer it there unless there are other promos by banks which compares or higher interest rate than this offer. But I think most banks not giving any extended promos after their promos ends soon. CIBC I am earning 2.4% extended promo there but not very please with that since some other people got targeted extended promo for same period at 3%. Seems they target each customer differently offering different rates.

June 25, 2019
11:50 am
cgouimet
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DUCA.COM
A DUtch CAnadian credit Union.
Very nice to work with...

June 25, 2019
12:26 pm
uniQChick
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As DUCA not accepting new customers for 3% interest rate, I will go for Motive Financial 2.80%.

June 25, 2019
2:32 pm
Winnie
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I did received this extension on Feb 27, 2019.
But a few days later I was told, that I'm not enrolled and not eligible for the promotion at all.
Very disappointing.
Transferred all my $123.000 out from Simplii, but not to another FI with interest about or below 3%.
Instead, I just decided to invest all that money in not guaranteed investment, because interest rate going lower and lower recently.
I was very surprised, when in only 60 days I earned about $11,000 from $123,000 investment (that is approx. 50% annual interest rate) without any fees and no taxes to pay either. It was simple luck, I did not expected to be a winner, was actually prepared to loose a few thousand with my "usual luck".
So, in some strange way, I'm actually happy now, that Simplii did not approved me for this promo extension in March.

But, I did not voted for Simplii as one of Forbes 2019 World's Best Banks in Canada, not at all.
Today I just received this email from Simplii:
"Thank you for voting us one of Forbes 2019 World's Best Banks in Canada!
We take our promise of no monthly fees and great rates as seriously as we take your trust in us."

No, Simplii, I do not trust you at all and your promises are worthless!

June 27, 2019
9:14 pm
Loonie
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I don't know what you invested in Winnie, but congratulations!

If it were me, I would now take my profits and run! I'd be content to get 2.4% or similar for the rest of the year, and consider it a terrific deal for the year 2019.

Next year... who knows?

I'm sure we're all very curious what you invested in that brought such great results and no tax liability...

June 28, 2019
9:38 am
Winnie
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Thank you, Loonie!

No secret, I purchased physical gold.

I need to include a capital gain in my 2019 tax return, which equals to 50% of my profit, but because of my personal tax situation for this year, I will not pay any additional taxes anyways.

Also, I'm keeping my profit (1 oz 2019 Gold Maple Leaf Coin, 6 coins total) in that form, not selling them yet.
I'm not sure, if I actually got any capital gain, when my purchase was $122,877 and my proceeds of disposition were $122,382.
I will investigate that and will find out for sure, if I actually need to report a capital gain.

Yes, I just got a response - need to include a capital gain.
Purchased 70 oz, but sold only 64 oz, so purchase price for 64 oz was $112,320 ($1755 x 64) and my proceeds of disposition were $122,382 for the same 64 oz. Need to include 50% of my profit $10,062, that will be $5,031.

June 28, 2019
12:45 pm
Loonie
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Well done! Sounds like a plan, to retain a bit of shiny yellow for future.

You could invest your winnings in a course in jewellery making - just in case. sf-wink

July 1, 2019
9:02 pm
Guangshan
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Totally agree: Simplii's promotion is worthless. Their promotion is very slimy. Going to try Manulife bank. sf-frown

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