Targeted offer: 2.75% for new money from March 1st to June 30th | Page 2 | 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 offer: 2.75% for new money from March 1st to June 30th
March 3, 2022
9:35 am
Bruford
Member
Banned
Forum Posts: 229
Member Since:
August 10, 2018
sp_UserOfflineSmall Offline

I transferred funds in from Tangerine to take advantage of this offer. Unfortunately Simplii is obstinate about releasing the hold to transfer from the checking to the HI account. Even internal transfers they will not entertain. As a result, it is sitting in a no interest checking account for one week.

March 3, 2022
9:47 am
maGIC
Member
Members
Forum Posts: 63
Member Since:
October 7, 2018
sp_UserOfflineSmall Offline

I asked how I can confirm this offer in an on line chat. Was told I would receive an email within 24 hours. Here is that email. If I had not asked, It appears I would not have received anything. Email starts with “As requested”AEE7E2C5-F955-49E5-AB55-730F6A1B281C.jpeg

March 3, 2022
9:53 am
cgouimet
Member
Members
Forum Posts: 1503
Member Since:
February 7, 2019
sp_UserOfflineSmall Offline

maGIC said
I asked how I can confirm this offer in an on line chat. Was told I would receive an email within 24 hours. Here is that email. If I had not asked, It appears I would not have received anything. Email starts with “As requested”AEE7E2C5-F955-49E5-AB55-730F6A1B281C.jpeg  

I asked the same question and was told I was not in their targeted group. Needless to say that I will not be transferring funds to my simplii account to take advantage of their high interest rate of 0.1% ...

CGO
March 3, 2022
10:26 am
COIN
Member
Members
Forum Posts: 1124
Member Since:
March 15, 2019
sp_UserOfflineSmall Offline

maGIC said
Here is that email. If I had not asked, It appears I would not have received anything. Email starts with “As requested”AEE7E2C5-F955-49E5-AB55-730F6A1B281C.jpeg  

Yes, I got the same email. I did talk to them to this morning so maybe that is why I got the confirmation email.

March 3, 2022
10:28 am
COIN
Member
Members
Forum Posts: 1124
Member Since:
March 15, 2019
sp_UserOfflineSmall Offline

cgouimet said

I asked the same question and was told I was not I their targeted group. Needless to say that I will not be transferring funds to my simplii account to take advantage of their high interest rate of 0.1% ...  

Are you not able to transfer the funds directly to your savings account? BTW: I simply go to my local CIBC ATM and deposit the funds directly to my Simplii savings account.

March 3, 2022
10:45 am
hisuser1
Member
Members
Forum Posts: 5
Member Since:
November 30, 2018
sp_UserOfflineSmall Offline

I accepted the offer when I signed onto Simplii yesterday. I was planning to call in this morning to see if my acceptance was registered. Before I had the opportunity to call in, I received the confirmation email this morning.
It looks like the confirmation email was sent about 17 hours after I accepted the offer. I did not need to phone in to request the confirmation email.

March 4, 2022
9:08 pm
vayerrox
Newbie
Members
Forum Posts: 2
Member Since:
April 15, 2021
sp_UserOfflineSmall Offline

Just adding my perspective and maybe get a verification.
I initially received the offer of 2% from Simplii and 1.6% from Tangerine, so I split my deposit between them. I liked how Tangerine shows my bonus interest each month, but I forgot about Simplii until the other day when they sent me a note confirming that my bonus interest was going to be deposited early March. Then two days ago I received the 2.75% offer, so as stated in (POST 20) I won't receive any interest on the balance of the account as current and the bonus interest is only paid on the average amount of deposits that are above the balance as of Feb 28. So in effect I don't really get 2.75%, it is really much lower. I guess reading the fine print is so very important.
It is Fantastic that a site like this exists to be able to get information.
Hopefully with rates going up , some new offers will be popping up soon. I think I will just transfer everything to EQ for now and wait.

March 5, 2022
5:27 am
Bill
Member
Members
Forum Posts: 3970
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

Yup, that's how it works, so always a good idea to empty your Simplii account when you're not on a promo rate. I've had Simplii accounts since they opened and I'd say I've had money in the accounts maybe 15 - 20% of the time over the years, that's about how much of the time I'm offered a promo rate. Sometimes the accounts sit empty for years. Didn't get this one, last one was last year some time.

March 5, 2022
5:29 am
savemoresaveoften
Member
Members
Forum Posts: 2946
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

vayerrox said
Just adding my perspective and maybe get a verification.
I initially received the offer of 2% from Simplii and 1.6% from Tangerine, so I split my deposit between them. I liked how Tangerine shows my bonus interest each month, but I forgot about Simplii until the other day when they sent me a note confirming that my bonus interest was going to be deposited early March. Then two days ago I received the 2.75% offer, so as stated in (POST 20) I won't receive any interest on the balance of the account as current and the bonus interest is only paid on the average amount of deposits that are above the balance as of Feb 28. So in effect I don't really get 2.75%, it is really much lower. I guess reading the fine print is so very important.
It is Fantastic that a site like this exists to be able to get information.
Hopefully with rates going up , some new offers will be popping up soon. I think I will just transfer everything to EQ for now and wait.  

thats how all "new deposit only" promo works at all FIs

March 5, 2022
5:57 am
cgouimet
Member
Members
Forum Posts: 1503
Member Since:
February 7, 2019
sp_UserOfflineSmall Offline

Bill said
Yup, that's how it works, so always a good idea to empty your Simplii account when you're not on a promo rate. I've had Simplii accounts since they opened and I'd say I've had money in the accounts maybe 15 - 20% of the time over the years, that's about how much of the time I'm offered a promo rate. Sometimes the accounts sit empty for years. Didn't get this one, last one was last year some time.  

I've also been at Simplii since day 1. I placed $1 in the Savings Account and $50k in GIC's as they had really good rates back then. Those expired last month and I moved the $ to my 2% TNG. Probably EQ when that ends Apr 30.

No way I'm leaving $ at Simplii to earn a whopping 0.1%.

I have yet to get an offer from Simplii ...

CGO
March 5, 2022
6:22 am
Bill
Member
Members
Forum Posts: 3970
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

I've been with Simplii and its predecessor brand, PC Financial, since it opened around 1996 I think it was, that's the span of time I was referring to re the 80%-or-so "account empty" status.

March 5, 2022
7:12 am
cgouimet
Member
Members
Forum Posts: 1503
Member Since:
February 7, 2019
sp_UserOfflineSmall Offline

Bill said
I've been with Simplii and its predecessor brand, PC Financial, since it opened around 1996 I think it was, that's the span of time I was referring to re the 80%-or-so "account empty" status.  

Yep, same history here. But never $ in Savings.

CGO
March 5, 2022
6:51 pm
bpwest
Member
Members
Forum Posts: 86
Member Since:
June 8, 2016
sp_UserOfflineSmall Offline

Bruford said
I transferred funds in from Tangerine to take advantage of this offer. Unfortunately Simplii is obstinate about releasing the hold to transfer from the checking to the HI account. Even internal transfers they will not entertain. As a result, it is sitting in a no interest checking account for one week.  

Thank you for sharing your experience. If Simplii will not move one's incoming transfer from Simplii chequing to Simplii savings, while 'on hold', this is valuable & cautionary info. It sounds like you did your best, and Simplii was 'obstinate'...did you escalate?

I had this happen once, perhaps it was Tangerine, and they did move it to savings from my chequing after I called. (if it was PC Financial/Simplii, they apparently are not so keen to do this now!)

Rule-of thumb...transfer it directly to one's savings acct if one can, which may necessitate a 'pull' instead of a 'push', depending on the two banks involved.

(And I got this Simplii 2.75% offer as well, and also the Tangerine 2% offer In February...when it rains, it pours!)

March 5, 2022
7:17 pm
COIN
Member
Members
Forum Posts: 1124
Member Since:
March 15, 2019
sp_UserOfflineSmall Offline

bpwest said
Rule-of thumb...transfer it directly to one's savings acct if one can, which may necessitate a 'pull' instead of a 'push', depending on the two banks involved.
  

I simply go to a CIBC ATM and deposit a cheque directly to my Simplii savings account.

March 6, 2022
12:47 am
HermanH
Member
Members
Forum Posts: 1208
Member Since:
April 14, 2021
sp_UserOnlineSmall Online

bpwest said
Rule-of thumb...transfer it directly to one's savings acct if one can, which may necessitate a 'pull' instead of a 'push', depending on the two banks involved.

Funds can be pushed directly into the Simplii savings account. I only have HISA and no chequing account and often push funds into my HISA.

March 6, 2022
5:00 am
savemoresaveoften
Member
Members
Forum Posts: 2946
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

HermanH said

bpwest said
Rule-of thumb...transfer it directly to one's savings acct if one can, which may necessitate a 'pull' instead of a 'push', depending on the two banks involved.

Funds can be pushed directly into the Simplii savings account. I only have HISA and no chequing account and often push funds into my HISA.  

same for me. In fact I just called them this week to close the checking account as I never has or will use it. Only HISA left. And of course as usual they dont find me valuable enuf to rec the 2.75% promo rate. Its a $hit bank just for that reason 🙂

I closed the checking account cuz there is a $20 dormant fee if no activity for 2 years or something like that.

March 6, 2022
5:38 am
cgouimet
Member
Members
Forum Posts: 1503
Member Since:
February 7, 2019
sp_UserOfflineSmall Offline

savemoresaveoften said
I closed the checking account cuz there is a $20 dormant fee if no activity for 2 years or something like that.  

We have savings accounts in a number of places but only 2 checking accounts (1 for each of us), the same 2 for 30 years. No fees for at least the last 25 years and no hassles with auto-deposit/payment changes. And 2 credit cards (1 each), also long term constants, both free premium point cards for the same auto-payment reason and good points.

So, while long-term finances are a little complicated, short-term finances are simple, without surprises and without frequent monitoring needs ...

CGO
March 6, 2022
6:31 am
cgouimet
Member
Members
Forum Posts: 1503
Member Since:
February 7, 2019
sp_UserOfflineSmall Offline

savemoresaveoften said
I closed the checking account cuz there is a $20 dormant fee if no activity for 2 years or something like that.  

I also meant to ask, just out of interest ...

How would they collect a $20 dormant fee on an account with $1 in it?

What is dormant anyways? No $ changes or no logging in?

CGO
March 6, 2022
9:04 am
HermanH
Member
Members
Forum Posts: 1208
Member Since:
April 14, 2021
sp_UserOnlineSmall Online

cgouimet said
How would they collect a $20 dormant fee on an account with $1 in it?

What is dormant anyways? No $ changes or no logging in?  

Some banks (i.e. Tang, I think) consider logging onto the system sufficient activity. Other banks, i.e CIBC, require actual transactions to occur. To maintain activity on an annual basis, I just try to set up a link to the bank and the two micro-transactions are usually sufficient to show activity. I then cancel the link set-up process and repeat next year.

Sadly, some institutions are now declaring accounts inactive after only 6 months and then requiring you to call in to verify yourself before re-activating them.

I believe that a dormant account with a negative balance can still be pursued as a debt outstanding and can be collected as such. They may not take action on it, but they will certainly demand payment if you should ever try to close the account. Failure to do so will likely be reported to your credit bureau.

March 6, 2022
9:29 am
COIN
Member
Members
Forum Posts: 1124
Member Since:
March 15, 2019
sp_UserOfflineSmall Offline

HermanH said
I believe that a dormant account with a negative balance can still be pursued as a debt outstanding and can be collected as such. They may not take action on it, but they will certainly demand payment if you should ever try to close the account. Failure to do so will likely be reported to your credit bureau.  

I keep a chequing account at both Simplii and Tang, they are free except I think Tang charges for the blank cheques.

As an aside, I've received $290 in non-interest revenue from Simplii in the past 3 years or so.

No permission to create posts

Please write your comments in the forum.