Targeted Simplii HISA offer of 4.75% (was 3.00% and 3.85%) ending October 31st 2022 | Page 10 | Simplii Financial | Discussion forum

I wonder, can a customer request the file that calculated the interest? It would just be a daily interest spreadsheet used by Simplii.
One would suppose that info would have to be given on request?

My promo interest was also miscalculated. Short about $150 of $2500.

Called in and they tried explaining the average daily closing, etc. which is fine but my Mother of All Spreadsheets took all that into account.

The rep just agreed to credit the missing amount without further investigation.

So I'd suggest anyone who participated in the Jul-Oct promo ensure they got paid properly.

Spreadsheet here in case it's useful to anyone. Paste in your transaction history and enter a few key amounts and it will (should---no promises it's bug free) do the rest.

https://docs.google.com/spreadsheets/d/1HdLCO3f5j0dKaQ_eyoW7CxIc1bzXRupKG8bYSDsf1Zg/

Re: post 183, just looked very quickly at the spreadsheet. Is K8 set to calculate 4.75% on the entire balance during Sep and Oct? IIRC Simplii's terms, 4.75% was applied to new deposits during those two months, not the balance, which continued earning 3.85%.

FWIW I just did a calc for both wife and me on assumption new money after June 30 made 3.85% July 1 - August 31 & then 4.75% Sept 1 - Oct 31 and each of us appears to have been underpaid by about 8 - 10%. We had zero money in the accounts on July 1, each made a couple of large deposits in and then a couple of large withdrawals out near end of October so pretty straightforward calc. Oh well, the changing terms of the promo were never crystal clear, close enough I guess.

Has anyone formally asked Simplii for their calculations for daily interest for this promo?
One would think they would be forced to provide the daily interest totals for the promo period in a list format?
- I just asked them how to get those totals.
- from the chat, they said to call in and ask them.

can said
Re: post 183, just looked very quickly at the spreadsheet. Is K8 set to calculate 4.75% on the entire balance during Sep and Oct? IIRC Simplii's terms, 4.75% was applied to new deposits during those two months, not the balance, which continued earning 3.85%.  

J8 is set to calculate 4.75% on the average daily closing balance for those two months, yes. When I called in they told me that rate applied to the entire balance for the period. I did also calculate it with the method you mention and the results were still way off what they paid (in my favour in that case).

Bill said
each of us appears to have been underpaid by about 8 - 10%....Oh well, the changing terms of the promo were never crystal clear, close enough I guess.  

Underpaid by 10% sounds like a lot to me. In my case that would be like accepting a 4.25% vs. 4.75% annual rate.

Just realized my mistake, I only considered the Nov promo interest paid in my calculations, forgot about the regular interest paid each month-end. When I add those amounts in the numbers now are pretty much spot on, for wife and me, based on my rough method. I apologize, CIBC, you were right and I was wrong, and thanks again for the promo.

I believe the regular rate was .4% during the period, if your monthly regular interest amounts fluctuated a lot maybe your balances fluctuated a lot too.

I was able to replicate Simplii's calculated bonus interest payment within ½¢. Simplii did not pay 4¾% on daily balances from September 1 to October 31.

They said the rate was increased from 3.85% to 4.75% and that "applies to eligible deposits made to your High Interest Savings Account between September 1 and October 31."

The calculations indicate that they meant "Between September 1 and October 31, a rate of 4.75% applies to the eligible deposits made to your High Interest Savings Account during the Offer Period."

Effectively, the total interest to be paid (regular + promotional) is a blend of

• 62 days of 3.85% (for July 1 to August 31) and
• 61 days of 4.75% (for September 1 to October 31).

That works out to be about 4.2963415% for the 123 days, from July 1 to October 31.

So, the offer went from 3.00% to 3.85% and then to 4.2963415%.

Simplii didn't really pay 4¾% in September and October.

If one calculates interest of (a) 3.85% for the daily closing balances of July 1 to August 31 and (b) 4.75% for the daily closing balances of September 1 to October 31, one does not end up with the total interest (regular + promotional) Simplii paid.

As the terms of the offer described, Simplii seems to have calculated one average of the daily closing balances over the 123 days, July 1 to October 31.

Instead of paying 123 days of 3.85% on that 123-day average balance, Simplii paid 62 days of 3.85% and 61 days of 4.75% on that average balance. That works to be equivalent to paying 123 days of 4.2963415% on that average balance.