Targeted Simplii HISA offer of 4.75% (was 3.00% and 3.85%) ending October 31st 2022 | Page 2 | Simplii Financial | Discussion forum

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Targeted Simplii HISA offer of 4.75% (was 3.00% and 3.85%) ending October 31st 2022
July 12, 2022
12:47 pm
HermanH
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I was also on a Simplii offer for 2.8%, which expired. I was automatically enrolled in a new 2.8% offer (that I was not even aware.) I had already moved my funds elsewhere.

July 12, 2022
3:19 pm
mustang
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Thanks for the feed back, folks
JC, you have summarized my own thinking very much
I'm inclined to accept it now-- even though it doesn't really fill much of a hole, but, like you say, never hurts to have backup options
I actually like dealing with Simplii-- seems easy to move money around quickly and efficiently
I was thinking-- I wonder if I pass on this one, will I get another next month?
As you folks are saying, good luck figuring that one out!
I still have some in at 2.8% at Tangerine, until Aug 31. This would be a good place to move that.
Get the Tang account cleared out in advance of any possible offer in Sept

July 12, 2022
4:18 pm
JohnnyCash
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mustang said
I was thinking-- I wonder if I pass on this one, will I get another next month?
As you folks are saying, good luck figuring that one out!

There's honestly no way to know, it's a crap shoot. My guess is no, then again what do I know. One thing I've learned is to be patient, just when you thought all hope is lost, an offer comes along when you least expected and not necessarily from whom you thought would offer it.

July 12, 2022
5:11 pm
want8tracks
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agit said

keep in mind since Simplii took over PCF, they offered a Promo to everyone every November with the exception of last November.  

It's not just this last November, agit, its been a few years now no offer for me on November 1 when I was expecting one. After simplii had their special anniversary offers each year beginning nov. 1 for a few years in a row, I finally got smart to beat them at their own game. In mid-October, 2019, I transferred all my money out of Simplii out of anticipation for a November 1 offer on new money, and lo and behold, that was the first year that their annual offer to everyone didn't materialize and I was pretty much ticked off putting my savings back in there later with no offer.

I did get a surprise 3percent offer a few days ago, which I signed on for, but it doesn't actually help me much. It's on new money only, and most of my loose money that isn't already invested in GIC's at other banks is unfortunately already parked at Simplii.

July 12, 2022
5:51 pm
savemoresaveoften
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want8tracks said
I did get a surprise 3percent offer a few days ago, which I signed on for, but it doesn't actually help me much. It's on new money only, and most of my loose money that isn't already invested in GIC's at other banks is unfortunately already parked at Simplii.  

Never ever park loose money at Simplii nor Tangerine. Thats rule no.1 !

July 12, 2022
5:57 pm
Norman1
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want8tracks said

…. After simplii had their special anniversary offers each year beginning nov. 1 for a few years in a row, I finally got smart to beat them at their own game. In mid-October, 2019, I transferred all my money out of Simplii out of anticipation for a November 1 offer on new money, and lo and behold, that was the first year that their annual offer to everyone didn't materialize and I was pretty much ticked off putting my savings back in there later with no offer.

Simplii did have an offer that started in November 2019:

2.8% promo interest on new money … (November 1, 2019 - April 30, 2020).

That offer wasn't targeted. One didn't have to wait for an invitation. Anyone could call in to enroll in that offer.

July 12, 2022
10:05 pm
want8tracks
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Norman1 said

want8tracks said

Simplii did have an offer that started in November 2019:

2.8% promo interest on new money … (November 1, 2019 - April 30, 2020).

That offer wasn't targeted. One didn't have to wait for an invitation. Anyone could call in to enroll in that offer.  

I may have my memory not completely working, if that was the offer from November 1, 2019 till April 30, 2020, then it was November 1, 2020 till April 30, 2021 that I was expecting one and never got it. But that's two years in a row now where simplii did not have a universal offer on November 1, their anniversary. And I remember that day, November 1, 2020 because on that day, I lost my job for the second time due to new health orders. Extra interest for my savings would have been nice to make right about then.

July 13, 2022
10:32 am
Norman1
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Simplii did skip their general winter promotion in November 2020. I suspect Simplii, like other banks, were flush with savings account money from people who were still working but, because of the lockdowns, could not spend their uninterrupted income on vacations, dining out, or even bicycles.

I suspect Simplii also did the same last year, November 2021, because CIBC directed their promotional spending towards GIC's offered through their CIBC branches. The longer term GIC deposits are a better match for funding their commercial mortgages than savings account funds.

July 13, 2022
2:17 pm
rhvic
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I finally got the offer from Simplii for 3.0% til Oct 31, the first I've had from them in some years. I did sign up, and also asked for and got a confirmation email of the promo rate.

Of course, with the 1% rate increase today by the BoC, I'm sure this promo rate will be low very soon. For me, HISAs are the way to go for now, not GICs. Once rates level off (when??) I may get some more GICs.

July 13, 2022
4:25 pm
HermanH
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If you can plan 3 months ahead, the Hubert quarterly pays 3.6% and will likely rise after today's announcement.

August 10, 2022
1:00 pm
JohnnyCash
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Simplii just updated the current promotional offer today on their HISA, increasing the interest rate from 3.0% to 3.85% retroactive to July 1.

August 10, 2022
1:28 pm
AllanB
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retroactive?

August 10, 2022
1:41 pm
agit
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I called and i was told need to re-enroll and i did. CSR was confused oh well

a family member call right after and was told the rate is now 3.85% no re-enrollment needed

i would just call to confirm and re-enroll if needed

and yes retro to July 1

August 10, 2022
1:44 pm
JohnnyCash
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AllanB said
retroactive?  

Yup, if you have an account with them, it should pop-up when you login. The T&C's are at the bottom. The rate is also open to new accounts I believe. RBC is also targeting existing e-Savings account holders with up to 4% until the end of November.

August 10, 2022
3:34 pm
Patch002
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It may be retroactive to July 1st, meaning June 30 balance is Old Balance and earning 0.10% (or whatever the rate was), July 1 to Oct 31 additional balance will earn the new combined rate of 3.85%.

Although I've enrolled for the 3.85% as well, I'd feel more comfortable once they send me a confirmation email.

August 10, 2022
3:43 pm
Bill
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Saw the offer pop up when I logged in, t&c indicated I could accept by hitting the "accept" button (there was none), by accepting email offer (had checked my Outlook email account, nothing there), or by calling 1-866-747-8128, so I called and she checked and said I'm automatically on it over the previous 3% I was on, retro to July 1. I didn't ask for confirming email, I trust big banks.

August 10, 2022
4:11 pm
bryguy
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Saw a new offer pop up when I logged into Simplii tonight for 3.85% from July 1 to October 31, 2022. Do not see a separate forum thread so not sure how new this offer is.

I last logged into my account probably 3 or 4 days ago. Funny enough I rejected a 3% offer for the same time period about a month ago (July 10th).

Here is the text from the pop up offer when I logged in.

Take advantage of 3.85% interest before it's gone and apply today
Offer ends October 31, 2022. Limits apply†
XXXXX,
Make your money do more. Sign up today and start growing your savings with our best rate on your Simplii FinancialTM High Interest Savings Account.
Enjoy a special interest rate of 3.85% on eligible deposits†:
• Select "Sign up" with one click below
• Make an eligible deposit to your savings account
• Watch your savings continue to grow
Don't wait! Sign up now and make an eligible deposit, it's easy!
This offer ends October 31, 2022.
†Limits apply. Check Legal for terms and conditions.

Hide Legal
† Available by invitation only. The special annual interest rate of 3.85% is a combination of promotional and regular annual interest rates payable on deposits made to eligible Simplii Financial High Interest Savings Accounts (“Eligible Savings Accounts”), between July 1, 2022 to October 31, 2022 (the “Offer Period”). Eligible Savings Accounts opened before the Offer Period must be enrolled in the offer by the primary account holder. Eligible Savings Accounts opened during the Offer Period are automatically enrolled in the offer.
For Eligible Savings Accounts opened before the Offer Period that have been enrolled in the offer, promotional interest is calculated on the portion of the applicable account’s average daily closing balance during the Offer Period that exceeds the closing balance as at June 30, 2022 (the “Additional Balance”).
For Eligible Savings Accounts opened during the Offer Period, promotional interest is calculated on the portion of the applicable account’s average daily closing balance from the date the account is opened to the end of the Offer Period (the “New Balance”).
The maximum balance (which includes the Additional Balance and New Balance) that is eligible for promotional interest is $500,000 aggregated across all Eligible Savings Accounts of the primary account holder. Promotional interest will be paid in November 2022 into a single Eligible Savings Account held by the primary account holder that is open and in good standing at the time of payment.
Eligible Savings Accounts will continue to earn regular interest, calculated on the daily closing balance and paid monthly.
The offer is non-transferable and cannot be combined with other promotional rate offers. Promotional interest and regular interest rates are subject to change at any time without notice. Please review the full terms and conditions

August 10, 2022
5:44 pm
AllanB
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Sounds like another phoney one they did where everyone was enrolled around 1.75% then they upped it to 3 or somethin for new money but not everyone qualified for higher cause they already maxed out so it was like gettin 3% divided by 2. They may be trying to fool you and you wan't find out till the promo interest is paid in a few months. They're targeting suckers.

August 10, 2022
6:43 pm
HermanH
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bryguy said
Please review the full terms and conditions  

Could someone please post a copy of the Full Terms and Conditions?
When I see stuff like

promotional interest is calculated on the portion of the applicable account’s average daily closing balance during the Offer Period

I am leery about how interest will be calculated. I expect interest to be calculated on a daily basis on the actual account balance. I do not mind if it is paid at the end of the period, but think that funny stuff is happening if I make some withdrawals during the promo period.

August 10, 2022
8:26 pm
mustang
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Logged in tonight
Saw the 3.85% offer
No ACCEPT button, per se-- but they did show a red MAKE DEPOSIT NOW
button
So, thinking that might the "accept" button, clicked on that, and made a small deposit
Then, phoned in, to confirm. Agent said yes, and she sent a confirming email
My reading of the T&C indicates the 3.85 is in fact retroactive to July 1-- even though the agent said no

"• For Eligible Savings Accounts opened before the Offer Period (and enrolled during
the Offer Period): Promotional Interest is calculated on the portion of the applicable account’s
average daily closing balance during the Offer Period that exceeds the closing balance as at June
30, 2022 (the “Additional Balance”);"

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