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Simplii - tiered possibly higher rates coming
June 17, 2023
10:35 am
AndreyG
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Maybe this was misunderstanding. When I called there asking what my next steps are the representative specifically told me that while waiting for the card to arrive I should go to the bank and have my void check 'certified' there. So i did. My check is real check. I hope i can submit this check electronically rather than sending them physical check.

June 17, 2023
10:45 am
AndreyG
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Norman said: "The full 153 days is possible. Just don't open the Simplii HISA until the Simplii chequing account is fully set up ..."
I guess i got misled by their phone reps. I was calling there asking how to proceed. Initially I thought to open HISA only. They told me i need to open both accounts to be able to move funds electronically.
I hope whoever doing this next makes good use of your advice.

June 17, 2023
10:57 am
fat_dog
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RetirEd said
fat_dog:

Why dose it matter if the money is new or old if the goal of the FI is to raise money .

New money isn't "raised." It's already there! The banks have no benefit from increasing what they pay on existing deposits unless they are bleeding assets, so that's rare.

The requirement to open a savings account plugs them into a revenue stream of parasitic fees for the future.
RetirEd  

If the FI go from a good interest rate to a bad one ( low one ) the money will leave if the goal of the owner of the money is return on capital . The fi dose not want a customers who goal is return . they want a customer to use services they can charge for . or lend money too . if they needed money to finance loans . they can sell notes and a like as TD dose . They do not want clients that want return on their money ! The point of a promo is not to raise money but to establish a relationship with a client to sell services or make loans .

clients that just bring capital to the bank are not all that welcome

June 17, 2023
11:18 am
COIN
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I am an existing Simplii client.

For greater clarity, I will get my 5.25% if I deposit $1,000,000.01 in my savings account on Monday even though I used to have say $200,000 in my savings account on April 30th? Yes/No?Maybe?

June 17, 2023
11:46 am
Norman1
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Yes, I expect you will receive 5¼% once you boost your Simplii savings account balance over $1 million for the days the balance stays over $1 million.

That 5¼% is the regular interest rate paid for such balances. Doesn't matter if one is a new client or existing client. Doesn't matter what the HISA's balance was before.

June 17, 2023
11:59 am
hwyc
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COIN said
I am an existing Simplii client.

For greater clarity, I will get my 5.25% if I deposit $1,000,000.01 in my savings account on Monday even though I used to have say $200,000 in my savings account on April 30th? Yes/No?Maybe?  

Then I don't understand your angle, I will step back. For it is written

Interest is calculated by multiplying the daily interest rate (based on the applicable annual rate) by the daily closing balance of your account

June 17, 2023
12:01 pm
Norman1
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AndreyG said
Maybe this was misunderstanding. When I called there asking what my next steps are the representative specifically told me that while waiting for the card to arrive I should go to the bank and have my void check 'certified' there. So i did. My check is real check. I hope i can submit this check electronically rather than sending them physical check.

Unfortunately, no. I had to mail the actual cheque in. I presume Simplii wants to check the cheque out to see if it actually is a real cheque with security features.

That still seems to be the case. This text is at the bottom of the online banking page to supply the institution, transit, and account number of the external account:

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. If you do not have pre-printed cheques, ask your financial institution for this information and get a customized account confirmation form. (Detailed instructions will follow on the Add Account confirmation page.)

Conditions for adding an account:

  • You must send in a void cheque or a customized account confirmation form to complete this request. The address will follow.
  • The cheque or customized account confirmation form must have your name preprinted on it.
  • The name on your account with the other financial institution must match your name on your Simplii Financial accounts.
  • Only personal accounts will be accepted. Business accounts cannot be added.
  • Accounts which require multiple signatures to transfer cannot be added.
  • Accounts must be with a Canadian financial institution and funded in Canadian dollars.
July 18, 2023
8:29 am
hwyc
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(data point) HISA 5.50% for $1,000,000.01 and up

"Rates are subject to change without notice."

July 18, 2023
10:51 am
AndreyG
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Simplii thread came back up. Here's little update on personal experience.
I managed to establish Simplii account, link it to my TD account and deposit the funds.
It took me literally a month to have this all done with no delays on my side.
The check they accepted online through secure Email (comment for Norman1) yet altogether this was protracted process with unreasonable delays.
I complained that out of offered 153 days new customer interest rate first month was eaten up by 'opening process'.
In the end I got reimbursed some of the lost interest. Initially I was promised that all of the lost interest will be reimbursed. Based on this assurance we closed the complaint. Then the manager changed his mind (?) and issued me fixed amount, some 60% of lost special interest. Ok, I took it and thanked them. Yet I am not entirely happy.

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