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Simplii Promotions
October 8, 2021
7:40 am
COIN
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Just noticed Simplli has two new promotions but it appears only new clients are eligible.

1)$200 for new account

2) 2.20% interest for new account

October 8, 2021
7:56 am
Bobbyjet11
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COIN said
Just noticed Simplli has two new promotions but it appears only new clients are eligible.

1)$200 for new account

2) 2.20% interest for new account  

I don't see the 2.2 % promotion on the Simplii website. Can you please provide a link or a cut and paste to provide some more detail?

October 8, 2021
8:46 am
COIN
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Bobbyjet11 said

I don't see the 2.2 % promotion on the Simplii website. Can you please provide a link or a cut and paste to provide some more detail?  

I took a screenshot but don't have an URL to post. Just go to the "Simplii.com" website and you should see both promos on the front page.

Question: How does one post a pic/screenshot on this site?

October 8, 2021
9:26 am
Alexandre
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October 8, 2021
9:45 am
Norman1
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Simplii: Welcome Offers has the $200 offer for the chequing account and the 2.2% offer for the savings account.

This is the fine print for the savings account offer under "Legal" at the bottom of the page:

The following terms and conditions explain in detail how you can earn a special annual interest rate of 2.20% on a new Simplii Financial™ High Interest Savings Accounts (“HISA”) if you are a New Simplii Client (the “HISA offer”).

1. Offer Period

This HISA Offer begins on July 1, 2021 and ends on October 31, 2021 (the “Offer Period”).

2. Eligibility

To be eligible for this HISA Offer, you must have no prior relationship with Simplii Financial before the beginning of the Offer Period (a “New Simplii Client”). For joint HISAs, the HISA may be eligible to earn promotional interest if the primary accountholder is a New Simplii Client.
If you are a New Simplii Client and you open a HISA during the Offer Period as the primary accountholder, you may be eligible to earn promotional interest from the date your HISA is opened until October 31, 2021 (subject to certain restrictions; see below) (“Eligible HISA”). Eligible HISAs are automatically enrolled in the HISA Offer. New Simplii Clients may open more than one Eligible HISA during the Offer Period.

3. How Interest is Calculated and Paid

The special annual interest rate of 2.20% is a combination of the regular annual interest rate set by Simplii Financial payable on a HISA balance (“Regular Interest”), plus the promotional annual interest rate (“Promotional Interest”) that is calculated at the end of the Offer Period on the New Balance (as defined below).
Regular Interest is calculated daily at the current rate on each day’s full closing balance and paid monthly. Promotional Interest is calculated at the Promotional Interest rate on the average daily closing balance of each of the New Simplii Client’s Eligible HISAs, and aggregated across all such Eligible HISAs, from the date the HISA is opened to the end of the Offer Period (the “New Balance”). Promotional Interest will only apply on up to an aggregate maximum balance of $500,000. Promotional Interest will be paid in November 2021 into a single Eligible HISA held by the primary accountholder.
Regular Interest rates and Promotional Interest rates quoted are annual. Regular and Promotional Interest rates may change at any time without prior notice. Check our current regular rates. Any change to the Regular Interest rate will result in a corresponding change to the Promotional Interest rate so that the overall combined annual interest rate of 2.20% will remain the same during the Offer Period.

4. Restrictions

Additional terms, conditions, and limitations apply to the opening of and making deposits into Eligible HISAs. Individuals must meet the criteria set by Simplii Financial to open or hold an Eligible HISA to qualify for the HISA Offer. Ask for details.
The HISA Offer is non-transferable and cannot be combined with any other promotional savings offers unless otherwise indicated. Promotional Interest cannot be substituted or transferred to a third party. Simplii Financial reserves the right to cancel or change the terms of the HISA Offer at any time, for any reason, without notice and revoke the HISA Offer for any customer who appears to be manipulating or abusing the HISA Offer, or is engaged in any suspicious/fraudulent activity. The HISA Offer is subject to the terms and conditions of the Simplii Financial Products and Services Agreement.

October 8, 2021
9:52 am
COIN
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"Simplii: Welcome Offers has the $200 offer for the chequing account and the 2.2% offer for the savings account."

Looks like these offers only apply to someone "off the street" and not to loyal existing clients.

October 8, 2021
9:57 am
Loonie
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I don't think this is worth bothering with for such a short remaining time. It would be better value to wait for a new offer.

October 8, 2021
10:31 am
canadian.100
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COIN said
"Simplii: Welcome Offers has the $200 offer for the chequing account and the 2.2% offer for the savings account."

Looks like these offers only apply to someone "off the street" and not to loyal existing clients.  

I think "loyal existing customers" are a scarce commodity in 2021. Judging by the posts in this blog a large number of people here seem ready to jump to the next FI if the rate is even a slight bit higher or they get something "free". I was lucky with a certain FI that gave me continuous good promos - they indicated that it was "because I had stayed with them for 20 years."

October 8, 2021
10:36 am
implode
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FIs aren't loyal to me, so why should I show loyalty to them?

October 8, 2021
11:52 am
HermanH
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implode said
FIs aren't loyal to me, so why should I show loyalty to them?  

Yup. I am showing my loyalty whenever I ask them to match someone else's offer. I am giving them the opportunity to retain my business and have extended the courtesy of notifying them. If they refuse to match, my conscience is clear when I leave. After all, most folks just move.

October 8, 2021
12:30 pm
canadian.100
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implode said
FIs aren't loyal to me, so why should I show loyalty to them?  

Exactly my point. It works both ways - depositors should do what works for them and FIs should do exactly what works best for them. Loyalty is practically a non issue today. Need to look after one's interests first and foremost.

October 8, 2021
12:34 pm
Loonie
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I suspect that in fact "most" people don't move. This forum is a small subset of the population. "Most" still do their banking with the big banks or, in some areas, the bigger CUs.
Lots of people don't have the time to become familiar or comfortable with the alternatives. They also may not have enough money for it to make much difference. So many live paycheque to paycheque.

October 8, 2021
1:26 pm
canadian.100
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Loonie said
I suspect that in fact "most" people don't move. This forum is a small subset of the population. "Most" still do their banking with the big banks or, in some areas, the bigger CUs.
Lots of people don't have the time to become familiar or comfortable with the alternatives. They also may not have enough money for it to make much difference. So many live paycheque to paycheque.  

I would agree - those are possibilities but I would not agree that they do not necessarily have the time - I know several people who have the time but have no interest in making any changes even if they have sizeable bank balances earning nothing. One of my friends (a very bright man) is disinterested and outsourced whatever he has to an advisor. He would rather be cycling, playing cards and enjoying a busy social life with his wife, family and friends. He would never read this blog for sure. Fortunately, he and his wife seem to be satisfied with the advisor - who put together an appropriate portfolio for them.

October 8, 2021
2:59 pm
COIN
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canadian.100 said

I would agree - those are possibilities but I would not agree that they do not necessarily have the time - I know several people who have the time but have no interest in making any changes even if they have sizeable bank balances earning nothing.  

It's interesting how people spend their time (which is a finite quantity). Some spend way too much time on Facebook and social media. Some spend way too much time at the beach and/or sitting on the porch. Anyway, it's their time and it's not for me to say how they should use that time. I'm just happy that we have a bunch of like minded individuals on this site.

October 8, 2021
3:32 pm
Loonie
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Yes, there are lots of people who aren't interested. They're happy with the outsourcing - as long as they're making money.
Personally, I find the sport of money much more interesting than playing cards. We all have different things that interest us. I'm sure you know from your professional experience that a lot of people's eyes just glaze over and/or they become highly anxious if they have to deal with finances. Wild horses couldn't drag them!

Such tendencies seem to be programmed in at birth! I was always a saver, as soon as I understood what money was and had a few quarters to kick around. I liked saving as much as spending. My favourite board game was something called Stock Ticker. I no longer remember how it was played but it had to do with the stock market. I remember asking for it for Christmas - and receiving it.

October 9, 2021
5:26 am
savemoresaveoften
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You guys have summarized it up well.

A lot of people dont move, once they are with a FI, they stay with it. To me they are either "lazy" or "dumb loyal"

FIs are fully aware of that. That is exactly why the best deal is for the "new customers" only. The goal is to bring them in.

If more behaves like the most of us here, FI will have no choice but offer some real loyalty promotion. Unfortunately we are the minority, prob 0.01% of the general population.

October 9, 2021
7:08 am
Loonie
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I'm actually happy being in the minority.
If everyone behaved like us, many of the smaller FIs we deal with wouldn't be able to handle all that business and give us the better rates. Places like EQ and Oaken might run out of suitable borrowers.

October 10, 2021
5:18 am
savemoresaveoften
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Loonie said
I'm actually happy being in the minority.
If everyone behaved like us, many of the smaller FIs we deal with wouldn't be able to handle all that business and give us the better rates. Places like EQ and Oaken might run out of suitable borrowers.  

That is true. I dont mind being "funded" by those who are lazy to move and explore 🙂

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