Targeted 3.50%-5.25% for new HISA funds (Nov 19, 2024 to Feb 28, 2025) | Page 3 | Simplii Financial | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
Targeted 3.50%-5.25% for new HISA funds (Nov 19, 2024 to Feb 28, 2025)
November 21, 2024
9:22 am
usephrase
Member
Members
Forum Posts: 90
Member Since:
December 7, 2023
sp_UserOfflineSmall Offline

davidgeorge said
I am wondering what the interest payments look like. Simplii needs to pay the expired promotion interests ending on November 15, plus the new promotion interests in November. Are they going to pay separately for the two different promotions or just one payment?  

It is the first time Simplii started a new offer on 15th of the month, so do not know how they will pay interests. But Simplii's system calculates the interests,

November 21, 2024
9:52 am
InterestThis
Member
Members
Forum Posts: 374
Member Since:
November 5, 2022
sp_UserOfflineSmall Offline

Promo interest is calculated daily, and paid just after the first of the month. For sure they will lump it all together.

November 21, 2024
12:50 pm
iotama
Member
Members
Forum Posts: 65
Member Since:
March 3, 2022
sp_UserOfflineSmall Offline

InterestThis said
It's a sleazy practice, as the offer starts Nov 19, but the balance is taken from Nov 15. Why? Because the people working at Simplii decided to get into this game of tricky offers, and some people will get burned for a month until they see they don't get the bonus interest. And Simplii makes more profit for one month. But at least they will know after a month, not like Simplii's offers before, where you might not know you got burned until after the offer was done.
 

Totally agreed.

As I've said before in these forums and elsewhere, Simplii's steady descent into outright sleazy tricks like this, combined with almost-criminally negligent account security practices, plus support/staff quality incomptence, etc etc, have made them my least favourite FI lately (to put it mildly.)

And they seem to get worse (as is the case right here.)

November 21, 2024
11:12 pm
everhopeful
Member
Members
Forum Posts: 155
Member Since:
September 28, 2023
sp_UserOfflineSmall Offline

Simplii and Tangerine seem to be competing for the sleaziest online bank.

Should we expect any more from the Big 5 in sheep's clothing?
(CIBC owns Simplii and Scotiabank owns Tang)

November 22, 2024
4:18 am
iotama
Member
Members
Forum Posts: 65
Member Since:
March 3, 2022
sp_UserOfflineSmall Offline

everhopeful said
Simplii and Tangerine seem to be competing for the sleaziest online bank. Should we expect any more from the Big 5 in sheep's clothing? (CIBC owns Simplii and Scotiabank owns Tang)  

I don't disagree. sf-laugh Though I still have some respect left in my system for Tangerine. Apart from a little annoying and childish hoops with their offers, at least Tang is not deliberately deceptive and sleazy, which is what Simplii does with its bag of ploys, in my humble opinion.

November 22, 2024
8:06 am
George
Member
Members
Forum Posts: 10
Member Since:
April 16, 2014
sp_UserOfflineSmall Offline

Having the same issue as many others: the offer doesn't show up on my account when clicking the link in the email, or when checking "my offers" directly on the site. Called in, where the CSR could see the 5.25% offer on my account and activated for me in a few seconds. The CSR acknowledged the issue they are having, and stated they were working on a fix to resolve the "glitch" by end of today.

November 22, 2024
10:01 am
Oscar
Member
Members
Forum Posts: 290
Member Since:
October 17, 2018
sp_UserOfflineSmall Offline

George said
Having the same issue as many others: the offer doesn't show up on my account when clicking the link in the email, or when checking "my offers" directly on the site. Called in, where the CSR could see the 5.25% offer on my account and activated for me in a few seconds. The CSR acknowledged the issue they are having, and stated they were working on a fix to resolve the "glitch" by end of today.  

sf-laughsf-laughsf-laugh

November 22, 2024
1:50 pm
RetirEd
Member
Members
Forum Posts: 1159
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

We should always point out to firms trying to minimize errors or bugs as "glitches." A glitch is an isolated, unrepeatable and usually unexplained issue. If it affects many cases, or repeatedly, it's a BUG or ERROR. Let them know you know.

RetirEd

November 23, 2024
8:42 am
Benjames35
Member
Members
Forum Posts: 43
Member Since:
February 1, 2016
sp_UserOfflineSmall Offline

Just a follow up to my last post if anyone is interested. I moved my money to chequing on the morning of November 15th to set up to go to Canadian Tire Bank on the 16th which it did. I just called and asked if it would count as new money if I put it back and she said yes because I took it out before midnight on the 15th so I'm good for the new promo.

November 26, 2024
2:38 pm
Jim Sherat
Member
Members
Forum Posts: 167
Member Since:
January 1, 2018
sp_UserOnlineSmall Online

Neither my wife or myself have seen a decent promo offer from Simplii for a very long time. So, I was pleasantly surprised to see a 5.25% offer in a Nov 20th email. Logged in, went to Offers, Accepted, and got confirming email soon afterwards.

Decided this was a good time to move our TDDI ISA funds [3.30%] over to Simplii. Yippee, even if it is only for 100 days approx.

It was also nice to see in the Agreement Terms that interest will be paid out monthly; was never a fan of waiting till a week or more after the promo end date, to see the 1st, and last, dollar of Interest paid out.

Also nice to see that the 5.25% rate will be respected for the full promo period regardless of any further BofC rate cuts in the interim. Not sure all FI's follow that rule.

For the Tang clients here ... As a non-client, would opening a joint HISA account with them, likely trigger a decent promo offer at some point. Just wondering if its worth the bother as I see several on here are constantly referencing Tang offers, but they seem to be very random. For that reason I've stayed away so far.
thanks

November 26, 2024
3:33 pm
Norman1
Member
Members
Forum Posts: 7169
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Jim Sherat said

For the Tang clients here ... As a non-client, would opening a joint HISA account with them, likely trigger a decent promo offer at some point. Just wondering if its worth the bother as I see several on here are constantly referencing Tang offers, but they seem to be very random. For that reason I've stayed away so far.
thanks

New Tangerine clients (new between November 6, 2024 and March 31, 2025) are being offered 5½% for 153 days (five months) if they open an eligible savings account within 60 days. See Tangerine: Save Faster.

Yes, there's randomness in the unpublished Tangerine offers. One may need to call in once to let Tangerine know that one knows about such offers and would like to be included in the pool.

November 26, 2024
10:17 pm
Loonie
Member
Members
Forum Posts: 9391
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

There is randomness, but there are also algorithms.

Nobody knows a surefire way to guarantee promos in the future but our experience in this household suggests that a new client might get successive offers for a year or two, but in declining value. This gives people the feeling they have "succeeded" and gives them a positive impression of Tang. Ever after, they keep trying to recreate this experience and thereby give Tang tons of free advertising. It might be like gambling, where a win convinces you that you can win again, but I don't know as i don't gamble.

After a few promos, they dwindle down to nothing of interest. If you wait around another couple of years or so, your name will eventually come up again. At that point, you can typically extend your promos by gradually adding more products or dollar value. That's when adding the joint account might be useful.
These are just my observations of how it "works". There will be lots of exceptions, no doubt, but, for us, this has been the trend. Spouse's current string of promos began in April 2023 after a lull of a few years. The current promo is five months at 4%, ending March 31. So, that's two full years of promo rates. I suspect this will be the last one for a while, but good while it lasts!

So, if it were me, I'd add the joint account later, when your initial promo may be ending - or later, whenever you need to deliver a "stimulus package" to the algorithm.

Remember, the goal of a promo, in any business, is to stimulate more business. Feed the monkey and it will perform, at least until it tires of your peanuts.

November 27, 2024
5:11 am
Jim Sherat
Member
Members
Forum Posts: 167
Member Since:
January 1, 2018
sp_UserOnlineSmall Online

Thanks for your good information, and insight, Norman and Loonie. If I can interest my wife in further complicating our financial affairs, we may yet become Clients, like you, at some point ?

November 27, 2024
6:41 am
usephrase
Member
Members
Forum Posts: 90
Member Since:
December 7, 2023
sp_UserOfflineSmall Offline

I have been the client at Tangerine and Simplii since their first day acquired by Scotia Bank or CIBC, both followed up the rate guides of BOC, normally Tangerine provided a little bit higher rates than Simplii, more chances you get rate offers from Tangerine. I can say I received rate offers most of time from Tangerine each year.

November 28, 2024
12:05 am
RetirEd
Member
Members
Forum Posts: 1159
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

I joined ING (Tangerine's predecessor) in 2001, and found it a great outfit. One always got the same rate as everyone else, no fudging around, and there were no fees on ANYTHING. They answered the phone right away and everything was smooth.

Scotiabank's takeover and the creation of Tangerine just started the downhill slide, and today it's a battle of the sleazes trying to make good interest off of them. We don't need me to recap all the stages of slime here.

RetirEd

November 28, 2024
5:23 am
savemoresaveoften
Member
Members
Forum Posts: 2986
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

Banking, like all things have evolved including their way of offering promotions to attract new customers.
If one chooses to be loyal and bank with one establishment only, its a convenience fee one is 'willing' to pay.
Analytic models have shown that attracing new customers will bring in more net revenue over time than just keeping existing customers happy. That model applies to telecom, banking, and other industry. They run a for-profit business after all.

November 28, 2024
10:25 am
usephrase
Member
Members
Forum Posts: 90
Member Since:
December 7, 2023
sp_UserOfflineSmall Offline

RetirEd said
I joined ING (Tangerine's predecessor) in 2001, and found it a great outfit. One always got the same rate as everyone else, no fudging around, and there were no fees on ANYTHING. They answered the phone right away and everything was smooth.

Scotiabank's takeover and the creation of Tangerine just started the downhill slide, and today it's a battle of the sleazes trying to make good interest off of them. We don't need me to recap all the stages of slime here.  

Yes, I joined ING previously, no fee to Transfer RRSP to another institute, after Scotiabank's takeover, charged fees.
An CSR gave me his extension number and told me he would always give me the best offer. But the department, he was, was shut down.

Today, I moved out all of my money from Tangerine, then a CSR offered me 3.75%, I rejected.

November 28, 2024
10:59 am
Bill
Member
Members
Forum Posts: 4022
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

Jim Sherat, doesn't hurt to open and link accounts, you can let them sit empty until you get an offer. I've been with Tangerine since day one, I'm pretty sure you'll start getting offers, likely sooner than later, based on how they've been operating the last few years.

November 29, 2024
9:41 am
Norman1
Member
Members
Forum Posts: 7169
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Tangerine has been quite frequent with their targeted offers. Six months was the longest I didn't have an offer from them. That only happened twice in the last nine years.

Other times, there was only a few months gap between Tangerine offers.

December 2, 2024
9:12 am
Jim Sherat
Member
Members
Forum Posts: 167
Member Since:
January 1, 2018
sp_UserOnlineSmall Online

re: 58 Thanks, Bill. I'll be considering doing that.

re Simplii first Interest payment under the promo.
I couldn't make sense of the amount that appeared today as 'Promotional Interest', so I called them, and a CSR explained that their "banking month" ends on the 27th, thus I was seeing less than what I calculated.
That was news to me, but maybe others are aware ? If not ... now you are. 😉

No permission to create posts

Please write your comments in the forum.