Targeted offer - TFSA savings earns 5% from May 1st to Aug 31st 2023 | Simplii Financial | Discussion forum

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Targeted offer - TFSA savings earns 5% from May 1st to Aug 31st 2023
May 3, 2023
12:31 pm
hwyc
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*** This thread is dedicated to the TFSA targeted offer ***

In short - Earns 5% on new deposit during the promo period.

Promotional Interest for each Eligible Savings Account calculated at the end of the Offer Period will be paid into such Eligible Savings Account in September 2023. If an Eligible Savings Account is closed prior to the payment, all such Promotional Interest will be forfeited.

Capture-Simplii-TFSA-2023.JPG

By transferring in $10K from a 3% place, I could earn ~$55 more over a duration of 100 days. It will be a good deal for me if there is no fee transferring out & in ... but $50 transfer out fee applies (got twitter PM reply) sf-yell

May 20, 2023
9:08 pm
suziTS250
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FYI. In the fine print, as someone stated during a previous similar offer, bonus interest is based on the "average daily balance during the offer period". If you don't get all your money in on the first day, in essence, the actual interest rate is diluted. Took me a couple of reads, hope that makes sense. Simplii can be sneaky.

May 20, 2023
11:17 pm
Norman1
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There's no dilution of the interest rate. I showed previously that the average balance interest calculation is mathematically identical to daily accrual.

May 21, 2023
11:58 am
RetirEd
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...If the interest rate stays the same.
RetirEd

RetirEd

May 22, 2023
8:22 am
Pewter
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If there is a $50 transfer out fee, then is “there is no penalty for taking your money out” a bit misleading? So for 3 months you get .5% more. An ad full of misleading information but a dazzling 5%. I’ll stay away from any FI that does this kind of knee jerk advertising, and will stick to 5 year laddering. And what rate is applied September 1? And because it is TFSA it is sort of a trap as once you “take it out” you cannot put it back in until 2024.

May 22, 2023
10:19 am
COIN
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Pewter said
And because it is TFSA it is sort of a trap as once you “take it out” you cannot put it back in until 2024.  

I took out my TFSA in 2022 and put it back in in 2023 when interest rates were higher. Of course, there was a risk that rates might be flat or lower in 2023.

May 22, 2023
10:46 am
Pewter
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I do that to avoid the transfer fee as well. I do use other FIs that have free transfers....but rates can change during that 1-2 week process. And more so if the receiving FI puts a hold on the funds...but is usually removable upon request. Always a bit of a gamble for sure. At my age I am beginning to prefer bringing my investments back to BC at an FI that still has good rates but also has face to face contact.

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