Targeted 5½% on new money in RRSP's and TFSA's (Dec 1, 2023 to Mar 31, 2024) | Simplii Financial | Discussion forum

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Targeted 5½% on new money in RRSP's and TFSA's (Dec 1, 2023 to Mar 31, 2024)
December 9, 2023
9:11 am
Norman1
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I received this targeted new money offer by e-mail. Offer is for RRSP savings and TFSA savings accounts only. Unregistered savings accounts not eligible:

This offer is available from December 1, 2023 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 an eligible Simplii Financial Tax Free Savings Account ("TFSA") or RRSP Savings Account ("RRSP"), respectively (each, an “Eligible Savings Account”) during the Offer Period. Eligible Savings Accounts opened before the Offer Period must be enrolled in the offer by the primary account holder. Eligible Savings Accounts opened during the Offer Period are automatically enrolled in the offer.

For Eligible Savings Accounts opened before the Offer Period that have been enrolled in the offer, promotional interest is calculated on the portion of the applicable account’s average daily closing balance during the Offer Period that exceeds the closing balance as at November 30, 2023 (the “Additional Balance”).

For Eligible Savings Accounts opened during the Offer Period, promotional interest is calculated on the portion of the applicable account’s average daily closing balance from the date the account is opened to the end of the Offer Period (the “New Balance”).

The maximum balance (which includes the Additional Balance and New Balance) that is eligible for promotional interest is $500,000 aggregated across all Eligible Savings Accounts of the primary account holder. Promotional interest will be paid in May 2024 into each eligible TFSA and RRSP that is open and in good standing at the time of payment.

December 9, 2023
9:58 am
hwyc
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... Not taking the bait. What future is available to the funds when the promo period is over.

December 9, 2023
5:40 pm
Bill
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Wife and I both got same offer, it might be widely available to most. Neither of us have any money with Simplii (CIBC) right now.

And probably a misprint in Norman1's screenshot re promo interest being paid in May, full T&C indicate paid in April, which would be their usual deal.
https://www.simplii.com/content/dam/simplii-public-assets/documents/pdf/promotional-savings-rate-offer-tfsa-rrsp.pdf

Agree with hwyc, the options after March 31 are probably not going to be attractive.

December 25, 2023
1:22 am
RetirEd
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...and registered deposits are "sticky" due to withdrawal fees. Note their 500K cap, which reduces the effective rate limit if one simply decides to eat the withdrawal fee. I bet there's no promise to not hike those fees.

RetirEd

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