Targeted 5½% on new money in Eligible Savings Accounts (Jan 9, 2024 to Mar 31, 2024) | Simplii Financial | Discussion forum

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Targeted 5½% on new money in Eligible Savings Accounts (Jan 9, 2024 to Mar 31, 2024)
January 11, 2024
6:53 am
norris2
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This Offer is available from January 9, 2024 to March 31, 2024 (the “Offer Period”), by invitation only. The special annual interest rate of 5.50% is a combination of promotional and regular annual interest rates payable on deposits made to eligible Simplii Financial High Interest Savings Accounts (“Eligible Savings Accounts”) during the Offer Period. Eligible Savings Accounts opened before the Offer Period must be enrolled in the offer by the primary account holder. First Eligible Savings Account opened during the Offer Period is automatically enrolled in the Offer within 5 business days ("New Eligible Account").

For Eligible Savings Accounts opened before the Offer Period (and enrolled during the Offer Period), Promotional Interest is calculated on each day's closing balance that exceeds the closing balance as at January 8, 2024, beginning on the enrolment date to the end of the Offer Period (the “Additional Balance”). For New Eligible Accounts, Promotional Interest is calculated on each day's closing balance, beginning on the enrolment date to the end of the Offer Period. If contributions are made to the New Eligible Account before receiving the enrolment confirmation email, only closing balances exceeding those contributions after the enrolment date will be eligible for Promotional Interest (the "New Balance"). The maximum balance (which includes the Additional Balance and New Balance) that is eligible for Promotional Interest is $500,000 per Eligible Savings Account of the primary account holder. Regular Interest and Promotional Interest are calculated daily and paid monthly.

This offer is non-transferable and cannot be combined with other promotional rate offers. This offer may be withdrawn, cancelled or changed without notice, at any time, for any reason. Promotional and regular interest rates are subject to change without notice. For full terms and conditions, review the terms and conditions

January 11, 2024
7:09 am
savemoresaveoften
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I received after not using the account for not receiving any promo for the last 2 years.
5.5% but only till Mar31. Not sure if I will use it tho.

January 11, 2024
8:01 am
Norman1
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I received a similar targeted offer that was limited to Simplii TFSA savings accounts.

I declined. 5½% for a few months on a Simplii TFSA and then back to 0.4% didn't look worthwhile.

January 11, 2024
9:04 am
frugal lady
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I received similar targeted offer that was limited to TFSA but then I scrolled right in the banner. and the 5.5% was offered for HISA and deposits to specific savings account.

I declined the offer for TFSA firstly.

January 11, 2024
6:25 pm
suburbs4life
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I got the same offers as everyone above. I declined the tfsa offer and received the savings account offer today. I accepted it. Got nothing to lose really. Its only until march 31st anyway. Heres a positive change though. They say they will pay the interest monthly! Thats huge for simplii.

January 11, 2024
6:35 pm
dentgal
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i also got the offer.
So if i transfer my cash from Tanga (getting a promo rate of 3.65 for 5 months--till june 3) into this Simplii offer, Tanga may get pissed and not take me back at this rate, when the Simplii rate ends March 31..(Iwas getting 4.5, but it ended recently).

January 12, 2024
6:01 am
savemoresaveoften
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frugal lady said
I received similar targeted offer that was limited to TFSA but then I scrolled right in the banner. and the 5.5% was offered for HISA and deposits to specific savings account.

I declined the offer for TFSA firstly.  

now that u mentioned it, yes i saw the TFSA before too and just ignored. Maybe thats what trigger them to include me on this offer this time.
I was close to calling them to close my account, maybe they can read my mind too lol

January 12, 2024
6:49 am
Norman1
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I only received a TFSA offer in a pop-up when I logged in.

No sign of a HISA offer yet.

January 12, 2024
8:06 am
skibum
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I also accepted their 5.5% offer but the acceptance confirmation doesn't show any rate - it is blank!
Screenshot-2024-01-12-062737.png

January 12, 2024
10:04 am
Greedy Guy
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Received email after enrolling:

"You’re now enrolled in our High Interest Savings Account offer.
This means you’ll earn an annual interest rate of 5.50% on eligible new deposits into your account ending in XXXX until March 31, 2024.
Now all you need to do to take advantage of this offer is start depositing! To make things easier, set up automatic transfers into your account today.
If you have any questions, chat with us through online banking or give us a call. We’re always happy to help."

January 13, 2024
6:18 am
dentgal
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**Does anyone know what the threshold number is to be offered a targeted rate?
I'm thinking of taking a chunk from my Tangarine and putting it into this Simplii 5.5% offer, but I don't want to screw up my Tangarine promotional rates--which are typically much better than Simplii.
How much do you need for Tangarine to keep giving you promo offers? And if you take money out, will they dump you or give you a worst rate?

January 13, 2024
6:39 am
Alexandre
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dentgal said
**Does anyone know what the threshold number is to be offered a targeted rate?
I'm thinking of taking a chunk from my Tangarine and putting it into this Simplii 5.5% offer, but I don't want to screw up my Tangarine promotional rates--which are typically much better than Simplii.
How much do you need for Tangarine to keep giving you promo offers? And if you take money out, will they dump you or give you a worst rate?  

When I used to have account with Simplii, I transferred all money from Tangerine to Simplii at the end of Tangerine promo. These two FIs were in almost perfect sync: when one has promo ending another one offered me their promo. I accept it and move all my money back to FI with promo.
This lasted for years.

Then, they went out of sync and I no longer have account with Simplii. Answering your question with one sentence: I move all money from Tangerine and still getting promos.

January 13, 2024
6:46 am
savemoresaveoften
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dentgal said
**Does anyone know what the threshold number is to be offered a targeted rate?
I'm thinking of taking a chunk from my Tangarine and putting it into this Simplii 5.5% offer, but I don't want to screw up my Tangarine promotional rates--which are typically much better than Simplii.
How much do you need for Tangarine to keep giving you promo offers? And if you take money out, will they dump you or give you a worst rate?  

Tangerine and Simplii runs algo and their business model is simialr to telcoms, which is to offer promo rate to new customers regardless of account size. The algo will decide which existing customers get what promo rate and when.
The old model of rewarding for loyalty and size of account no longer applies.

January 13, 2024
9:04 am
Norman1
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I don't think Tangerine has is a minimum balance for receiving a targeted offer. I have received a targeted offer after my Tangerine savings account was $0 for weeks and under $100 for months.

Someone opened a complaint with Tangerine Bank's ombudsman a while back. Ombudsman reported that the targeted offer in question was assigned randomly to clients.

January 13, 2024
10:42 am
savemoresaveoften
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Norman1 said
I don't think Tangerine has is a minimum balance for receiving a targeted offer. I have received a targeted offer after my Tangerine savings account was $0 for weeks and under $100 for months.

Someone opened a complaint with Tangerine Bank's ombudsman a while back. Ombudsman reported that the targeted offer in question was assigned randomly to clients.  

well given those already have an offer will not receive a new offer, its not totally random. but random enuf that they can get away legally.

January 19, 2024
1:18 pm
LK
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I got this targeted offer, but I'd rather do a 5.75% 4 month GIC with Motive, which is a promo until Jan 31/24 (maturing in May if GIC initiated in Jan).
https://www.highinterestsavings.ca/forum/motive-financial/5-75-120-day-gic/

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