Targeted 5.5%-5.75% offer 11 April - 15 July | Simplii Financial | Discussion forum

My funds just go into Manulife for the 5.75% promo today and then Simplii Financial offers me this rate...hilarious! That the way of the "promotional interest rate" game.

Fact check on 5.75% targeted offer in the thread subject pls. Is it only for a new HISA account?

The 5.50% offer I got is not a pop-up after sign-on like before, it is located under the My Offer tab.

Both me and my wife got this one.

I already accepted Tangerine’s.

Seems to be a deluge of offers over the last year coming from every direction. QT is clearly working but still interesting. Supposedly very few new mortgages are being generated.

LK said
Can someone please load the T&C? I have activated the 5.50% offer, but now that I've done so, it doesn't let me click through to see the conditions. Usually Simplii doesn't pay interest out until about 15 days after the end of promo (no compounding). Is that the case this time as well?  

Found the T&C: https://www.simplii.com/content/dam/simplii-public-assets/documents/pdf/promotional-savings-rate-offer-hisa-bb2.pdf

Doogles911 said
If I click accept I will likely not get another offer from Simplii until it expires. If I click decline I block the offer entirely. Does declining the offer open me up to eligible offers in the future?  

I've seen various comments for Tangerine and Simplii about "not accepting the offer", but has anyone actually received a new offer in this scenario? One of the automated online offers that is, not calling into the support line and begging an agent.

If you checked but didn't see an offer, that can be a false negative! My wife's offer comes on the 2nd sign-on session

... hope these kind of short-term promo(s) will put some strain of GIC rates on the market. Currently, I hesitate to lock in for a rate lower then 5.50% ... still 94 days to July 15th

When I signed in there was nothing under My Offers but after clicking on a couple of other things it showed that there was a new message under My Offers, went into it and there it was.

Spouse a little different, also not there on sign in but after clicking on a couple of things a pop-up came on to show the offer and then it also showed up under her My Offers.

I received confirming email, spouse did not (yet).

About a day after I accepted the 5½% offer, this banner ad shows in my online banking Account Summary, including a working link to the terms and conditions:

The link is same as the one that LK posted earlier.

The offer I received is for up to $1 million of new money in existing HISA accounts:

… For clarity, any new HISAs opened during the Offer Period by invited clients are ineligible for this Offer.

…

The Offer

The special annual interest rate of 5.50% is a combination of the regular annual interest rate set by Simplii Financial earned on your Eligible HISA’s daily closing balance (“Regular Interest”), plus a promotional annual interest rate (“Promotional Interest”) that is earned on your Eligible HISA’s Additional Balance (defined below) from the date of enrolment until the end of the Offer Period. Any change to the Regular Interest will result in a corresponding change to the Promotional Interest so that the overall special annual interest rate will remain 5.50% from the date of enrolment until the end of the Offer Period.

Interest on each Eligible HISA is calculated as follows:

• Regular Interest is calculated daily at the current rate applicable to the Eligible HISA balance on each day’s full closing balance;
• Promotional Interest is calculated daily on each day's closing balance that exceeds the closing balance as at April 9, 2024 (the “Additional Balance”) beginning on the enrolment date until the end of the Offer Period;
• The maximum Additional Balance that is eligible for Promotional Interest is $1,000,000 per Eligible HISA.

Regular Interest and Promotional Interest are paid monthly. For clarity, Promotional Interest will be paid within the first two business days following the month in which it was calculated. Promotional Interest will only be paid if the enrolled Eligible HISA is active and in good standing at the time of payment.