Targeted Simplii HISA offer of 4.75% (was 3.00% and 3.85%) ending October 31st 2022 | Page 3 | 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

sp_Feed Topic RSS sp_TopicIcon
Targeted Simplii HISA offer of 4.75% (was 3.00% and 3.85%) ending October 31st 2022
August 11, 2022
2:12 am
Benjames35
Member
Members
Forum Posts: 37
Member Since:
February 1, 2016
sp_UserOfflineSmall Offline

Remember when Simplii was PC Financial paying 4% interest all the time not just for promotions. I think around 2006-2007

August 11, 2022
3:09 am
bryguy
Member
Members
Forum Posts: 5
Member Since:
August 10, 2022
sp_UserOfflineSmall Offline
August 11, 2022
5:54 am
AllanB
Member
Banned
Forum Posts: 200
Member Since:
April 18, 2022
sp_UserOfflineSmall Offline

There's no Simplii promo it's targeted mostly to those who already have cash there thereby lowering the yield. It's unlikely you will be offered the 3.85 promo if you log in or call. They will pitch you on a credit line or US$ 1.65% savings which stinks.

August 11, 2022
6:38 am
Patch002
Member
Members
Forum Posts: 81
Member Since:
October 27, 2018
sp_UserOfflineSmall Offline

AllanB said
There's no Simplii promo it's targeted mostly to those who already have cash there thereby lowering the yield. It's unlikely you will be offered the 3.85 promo if you log in or call. They will pitch you on a credit line or US$ 1.65% savings which stinks.  

As kindly posted by Bryguy:

† 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.

My thoughts. There is no significant "lowering of the yield" the yield is 3.85% (combined annum, 0.40+3.45) on amounts exceeding June 30, 2022 balance, and 0.4 for June 30 balance, unless you had a large amount on June 30, then the overall yield will be, depending on your balances, less than 3.85%.

Many posters have stated that a savvy HISA investor should move their $ out prior to the end of the Promotion, thereby starting any new Promo with a lower start amount and new deposits (when new Promo starts) would earn a higher Promo amount.

August 11, 2022
7:08 am
frencols
Member
Members
Forum Posts: 34
Member Since:
August 9, 2022
sp_UserOfflineSmall Offline

Is there a criteria for getting these promotions? I don't see it when I log in. Is Simplii becoming the next Tangerine where it's almost like a lottery now to get the promotional rates? sf-wink

August 11, 2022
7:18 am
Norman1
Member
Members
Forum Posts: 6910
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Simplii's targeted promotions are like Tangerine's.

If one doesn't receive a pop up when one logs in or an e-mail invitation, then one hasn't been selected by Simplii.

August 11, 2022
7:24 am
Norman1
Member
Members
Forum Posts: 6910
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

HermanH said

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.

The promotional interest calculated using the average balance is identical if one keeps the daily balances above the starting balance.

With the average balance method, one will effectively earn negative promotional interest for days when the closing balance drops below the starting balance.

August 11, 2022
8:46 am
Bill
Member
Members
Forum Posts: 3970
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

Simplii's promotions are unlike Tangerine's in that, unlike Tangerine which seems to have a number of different deals in place for different people at all times, Simplii has the same deal for everyone who they select and also has stretches of time when they have no promotions. Historically, generally.

Simplii's method of calculation has been discussed numerous times on this site, there is no funny business except the promo part being paid out sometime in the month following the promo end is unorthodox. But if you think CIBC is out to trick you in some way then obviously don't give them your money.

In what world is me now making 3.85% instead of previous 3%, and applied back to July 1, a lowering of yield? And of course they won't give you the offer if you phone in, the first thing they point out is it's by invitation only. Basic arithmetic and reading comprehension.

August 11, 2022
8:56 am
odinson
Member
Members
Forum Posts: 23
Member Since:
February 10, 2018
sp_UserOfflineSmall Offline

Should I assume this does NOT apply to TFSA? I received the offer but saw nothing in the T&C explicitly including or excluding it.

August 11, 2022
9:36 am
Bill
Member
Members
Forum Posts: 3970
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

Good question, nothing explicit, I'd assume not too but it's worth a call I suppose, not sure if agent would know for sure. Last 2 times I've called (weekend and evening) the wait has been a minute or so.

August 11, 2022
9:52 am
Norman1
Member
Members
Forum Posts: 6910
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

The offer applies to the "Simplii Financial High Interest Savings Account".

I don't think the offer applies to the registered accounts that are called "RRSP Savings Account" and "Tax-Free Savings Account".

August 11, 2022
10:07 am
JohnnyCash
Member
Members
Forum Posts: 279
Member Since:
April 21, 2022
sp_UserOfflineSmall Offline

Norman1 said
The offer applies to the "Simplii Financial High Interest Savings Account".

I don't think the offer applies to the registered accounts that are called "RRSP Savings Account" and "Tax-Free Savings Account".  

You are absolutely correct as stated in the first paragraph. Here is the PDF link to the offer:

https://www.simplii.com/content/dam/simplii-public-assets/documents/pdf/simplii_financial_promotional_savings_rate_July_2022.pdf

August 11, 2022
10:38 am
Bill
Member
Members
Forum Posts: 3970
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

Agree, no point calling, t&c are clear.

August 11, 2022
11:58 am
HermanH
Member
Members
Forum Posts: 1208
Member Since:
April 14, 2021
sp_UserOfflineSmall Offline

AllanB said
There's no Simplii promo it's targeted mostly to those who already have cash there thereby lowering the yield. It's unlikely you will be offered the 3.85 promo if you log in or call.

Yup. I called about it and was told that my current 2.8% promo is all I could have.

August 11, 2022
12:03 pm
rhvic
Victoria, BC
Member
Members
Forum Posts: 478
Member Since:
May 28, 2013
sp_UserOfflineSmall Offline

There was no email or pop-up during log in for me which referred to any change in the '3.00% offer until Oct 31', which I had already accepted in mid-July.

HOWEVER, I went back to the confirmation email I had gotten from Simplii in mid July, which confirmed the 3.00% rate, and clicked on the "For the full terms and conditions visit here. " line in the fine print. Now the linked T&C document states this: "The special annual interest rate of 3.85% is a combination of the..." so by inference my new rate is 3.85%.

I have emailed Simplii about this, and requested yet another confirmation email about the new rate. I have also chastised them for their poor communications with clients about changes to rates!

The issue of course with Simplii is that you never find out until a few weeks after the promo period is over whether or not you actually get the promised higher rate, since they wait until then to pay out the 'bonus' interest.

August 11, 2022
12:27 pm
HermanH
Member
Members
Forum Posts: 1208
Member Since:
April 14, 2021
sp_UserOfflineSmall Offline

rhvic said
The issue of course with Simplii is that you never find out until a few weeks after the promo period is over whether or not you actually get the promised higher rate, since they wait until then to pay out the 'bonus' interest.  

Shenanigans like these, (potential or otherwise), are the primary reason I just avoid all convoluted promo schemes like those offered by BNS and CIBC.

August 11, 2022
1:32 pm
mustang
Member
Members
Forum Posts: 222
Member Since:
January 7, 2020
sp_UserOfflineSmall Offline

rhvic said

The issue of course with Simplii is that you never find out until a few weeks after the promo period is over whether or not you actually get the promised higher rate, since they wait until then to pay out the 'bonus' interest.  

That's the one thing I am most uncomfortable with, re Simplii promos
The concern that you don't find out until after the promo is dead and gone, if the wheels have fallen off somewhere along the way
Yes, I always get the email, but, still, who wants to fight a battle after the war is over

August 11, 2022
2:55 pm
GR
Member
Members
Forum Posts: 646
Member Since:
September 15, 2017
sp_UserOfflineSmall Offline

Unfortunately, unlike most other financial institutions, Simplii does not show the interest rate you are earning on your savings account when you log in.

August 11, 2022
4:54 pm
Bill
Member
Members
Forum Posts: 3970
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

You're right about the link in the email, rhvic, it now takes you to the new offer t&c which does suggest the 3% offer t&c no longer exists. But the body of the email itself still just confirms the 3% promo rate. I agree, Simplii's clarity here could be a LOT better, maybe their IT people aren't that good.

August 11, 2022
6:08 pm
Norman1
Member
Members
Forum Posts: 6910
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

It could be an error. A separate link should have been created for the 3.85% offer terms and conditions. New confirmation e-mails for the 3.85% offer should be using the new link.

It could also be intentional. There is no new offer. The 3.85% offer is just the 3% offer with its rate amended to 3.85%. Everyone who was on the 3% offer is now on a 3.85% offer! sf-smile

Perhaps that red "accept" button wasn't missing on the login pop up. The "accept" button wasn't actually needed by those who were already on the 3% offer.

Please write your comments in the forum.