Targeted offer: 2.75% for new money from March 1st to June 30th | Page 3 | Simplii Financial | Discussion forum

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Targeted offer: 2.75% for new money from March 1st to June 30th
March 6, 2022
9:30 am
Norman1
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Simplii requires "customer-initiated activity" to keep an account from becoming dormant.

This is from the "Costs for special requests and additional items" section of Products and Services Agreement:

ADDITIONAL ITEMS COST
Chequing and savings accounts that have had no customer-initiated activity for 2 years or greater (up to 9 years) $20.00 each year
(Charged starting the first January after 2 years of inactivity.)
March 6, 2022
9:37 am
HermanH
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Tang terms:

Dormancy fees (Non-registered savings accounts)
2-9 yr dormancy fee - $20/yr
10-yr dormancy fee - $40/yr

March 6, 2022
9:57 am
savemoresaveoften
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HermanH said
Failure to do so will likely be reported to your credit bureau.  

Yep, dont want something stupid like that to tarnish a good credit history.
Rather close an account before it gets dormant vs paying $20 in my mind.
Most (not sure if all) FIs will accept even a $1 transfer to keep the account remains active. To me I dont want that hassle. Only need 1 checking account at a big5 anyway. All the other accounts at the other FIs and CUs are for shuffling cash or GIC for me.

March 7, 2022
3:20 pm
yyzgord
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I was targeted for the promotion, but stupidly hadn't emptied my account by February 28th when the last promo ended and it was an all time high that I won't beat.

Was considering creating a joint account to get the promo, I assume Simplii just won't let me create a second savings account as the terms do say that it applies to new accounts. Any insights would be appreciated?

Otherwise I'm shipping a ton of money to Tangerine with a 2% promo to end of April.

Thanks,
Gord

March 7, 2022
3:33 pm
dougjp
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yyzgord said
I was targeted for the promotion, but stupidly hadn't emptied my account by February 28th when the last promo ended and it was an all time high that I won't beat.

Was considering creating a joint account to get the promo, I assume Simplii just won't let me create a second savings account as the terms do say that it applies to new accounts. Any insights would be appreciated?

Otherwise I'm shipping a ton of money to Tangerine with a 2% promo to end of April.

Thanks,
Gord  

Correct. Its doubtful any offers would come your way IF there is any link to you. However if it was me, I'd proceed to open a joint account anyway for the future and for estate planning purposes.

" We may never pass this way again " - Seals & Crofts

March 7, 2022
3:49 pm
yyzgord
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dougjp said

Correct. Its doubtful any offers would come your way IF there is any link to you. However if it was me, I'd proceed to open a joint account anyway for the future and for estate planning purposes.  

Should have said that better. The offer does actually have a clause that describes terms “for accounts open during the offer period” the bonus starts on the date of account opening so assume that any account I can open would apply. Unless I am missing something, this would I assume mean it would apply to a new joint account or a second savings account if they supported two accounts.

March 7, 2022
4:11 pm
cgouimet
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yyzgord said

Should have said that better. The offer does actually have a clause that describes terms “for accounts open during the offer period” the bonus starts on the date of account opening so assume that any account I can open would apply. Unless I am missing something, this would I assume mean it would apply to a new joint account or a second savings account if they supported two accounts.  

Open an account. Not a lot of work. It may take some time before simplii finish the process. Then see what the rate is. If you like it move the $ there ...

CGO
March 7, 2022
7:12 pm
fionag11
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It appears this is for the regular HISA only not the TFSA, right?

In the past I think it has mentioned both of them and this time only the HISA is mentioned.

March 14, 2022
5:03 pm
Hmm
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Long time Simplii/PC Financial customer. I can confirm. No new deposit promo for me.

May 7, 2022
3:49 pm
COIN
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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 got the same email (March 3rd) but when I log into my account I don't see the 2.75% anywhere. What am i missing?

May 7, 2022
4:25 pm
JohnnyCash
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I would not be surprised if they target offer an extension for at least a few months beyond the end of June as they've done it in the past. Considering the BoC announcement on June 1 and an anticipated 0.50% increase in the rate, they may want to hold on to as much of the deposits as possible at 2.75%.

May 7, 2022
6:40 pm
Norman1
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COIN said

I got the same email (March 3rd) but when I log into my account I don't see the 2.75% anywhere. What am i missing?

Nothing. Simplii doesn't show offers in effect on their online banking.

July 13, 2022
12:11 pm
mustang
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Has anyone see their promo interest deposit for the period of the promo yet?

July 14, 2022
9:21 am
JohnnyCash
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mustang said
Has anyone see their promo interest deposit for the period of the promo yet?  

Got the promo interest deposited this morning.

July 14, 2022
10:33 am
mustang
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Thanks, JC
I had checked earlier today, and nada
Went back now, after I saw your note, and bingo, there it is
(I confess to be something slightly short of 100% trusting on these "delayed" interest payments!)

July 14, 2022
11:26 am
andied20
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I have learned a valuable lesson about Simplii's promotions. Previously I have left funds in my account until the promotion was over or until a day of two before, so I never noticed any interest difference from what I was expecting. As others have commented in the past, I generally dislike having to wait until the promo is over to receive the interest, but was not a big issue for me. With the promotion that ended recently, I had reduced my balance substantially well before the end of the promo, and have received substantially less interest than I was expecting, as the many days when my account balance was limited reduced my average balance for the entire period, resulting in significantly less interest.

So simplii averages the daily balance for the entire promotional period. Lesson learned.

July 14, 2022
11:32 am
Norman1
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That's expected.

Simplii is not going to pay interest on the full balance for the entire four months if the money was only in the account for 3½ of the four months.

Paying interest on the average (3½ / 4 x Balance) for the full four months is equivalent to paying interest on the full balance for 3½ of the four months and nothing for the remaining ½ month:

(3½ / 4 x Balance) x i
= 3½ / 4 x (Balance x i)
= 3½ / 4 x (Balance x i) + ½ / 4 x ($0.00 x i)

July 14, 2022
11:41 am
cgouimet
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Norman1 said
That's expected.

Simplii is not going to pay interest on the full balance for the entire four months if the money was only in the account for 3½ of the four months.

Paying interest on the average (3½ / 4 x Balance) for the full four months is equivalent to paying interest on the full balance for 3½ of the four months and nothing for the remaining ½ month:

(3½ / 4 x Balance) x i
= 3½ / 4 x (Balance x i)
= 3½ / 4 x (Balance x i) + ½ / 4 x ($0.00 x i)  

Or as most FI's say "interest calculated on daily balances"...

CGO
July 14, 2022
11:45 am
cgouimet
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andied20 said
I have learned a valuable lesson about Simplii's promotions. Previously I have left funds in my account until the promotion was over or until a day of two before, so I never noticed any interest difference from what I was expecting. As others have commented in the past, I generally dislike having to wait until the promo is over to receive the interest, but was not a big issue for me. With the promotion that ended recently, I had reduced my balance substantially well before the end of the promo, and have received substantially less interest than I was expecting, as the many days when my account balance was limited reduced my average balance for the entire period, resulting in significantly less interest.

So simplii averages the daily balance for the entire promotional period. Lesson learned.  

Yes the lesson learned, surprisingly, is that interest is paid on actual account balances, not what could perhaps have been account balances.

Kinda industry standard practice...

CGO
July 14, 2022
11:50 am
JohnnyCash
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andied20 said
So simplii averages the daily balance for the entire promotional period. Lesson learned.  

The promotional interest calculation is pretty straightforward; 2.75% - the base rate 0.20% = 2.55%. The base rate at the beginning of the promotion was 0.20%, if I recall correctly and has increased to 0.40%? Base interest is paid out each month based on the daily closing balance. The bonus interest is also calculated based on the daily closing balance at 2.55% APR, or 0.006986301369863% daily. I don't know when the the base rate changed, so it could throw off the calculation somewhat.

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