Targeted Simplii HISA offer of 4.75% (was 3.00% and 3.85%) ending October 31st 2022 | Page 8 | 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
October 10, 2022
8:59 am
COIN
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Got this email from Simplii this morning.

"We’re reaching out to let you know that the promotional interest rate offer on your Simplii Financial High Interest Savings Account(s) will end on Octo‍ber 3‍1, 20‍22. After this offer ends, the interest rate for these account(s) will be the regular posted rate. As of the date of this letter, the regular posted rate is 0.40% per annum1. For a list of current rates, please visit simplii‍.‍com‍/‍en‍/‍rates‍.‍html.

Your rights and obligations in relation to these account(s), including fees, are described in the Simplii Financial Products and Services Agreement that was provided when your account was opened. You can also obtain a copy of this document at simplii.com.

Your ongoing satisfaction is important to us. If you feel this account no longer fits your needs, reach out to us to discuss account options or to close your account at any time.

Thank you for choosing Simplii Financial to meet your banking needs. We appreciate your business and we’re always happy to help."

October 19, 2022
10:55 am
COIN
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Bill said
I've had a lot of money with them for this promo and am starting to draw it out in a week or so, wonder if CIBC has a plan for the inevitable massive outflow by lots of us.  

Question for those who are thinking of or have already withdrawn their funds before the expiry of the current promotion.

Let's say you withdraw all your funds on October 19th, will you still get credit interest for October 1st to 18th?

October 19, 2022
11:18 am
Patch002
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COIN said

Question for those who are thinking of or have already withdrawn their funds before the expiry of the current promotion.

Let's say you withdraw all your funds on October 19th, will you still get credit interest for October 1st to 18th?  

https://www.simplii.com/en/bank-accounts/high-interest-savings.html

Interest is calculated by multiplying the daily interest rate (based on the applicable annual rate) by the daily closing balance of your account and is paid into your account monthly.

Rates are subject to change without notice.

On the T&C for Promotional interest:

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”);

So, the key term is "average daily closing balance:.

October 19, 2022
11:46 am
Bill
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Simplii's calculation method ends up with the short answer being "yes", COIN.

October 19, 2022
12:30 pm
AR
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I received "Notice of offer expiry", today, paper mail from Simplii. It is very odd,"If you feel this account no longer fits your needs, reach out to us to discuss account options or to close your account at any time." I tell you, I am baffled.

October 20, 2022
6:25 pm
randy
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Same snail mail rec'd AR and couldn't agree more,, have been a long-term customer. -randy

October 21, 2022
2:07 pm
RateChaser
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AR said
I received "Notice of offer expiry", today, paper mail from Simplii. It is very odd,"If you feel this account no longer fits your needs, reach out to us to discuss account options or to close your account at any time." I tell you, I am baffled.  

Got the same letter through Canada Post.
It really looks like Simplii is saying that competing on rates is not in their plans.
I am still pulling everything out before Hallowe'en in case there are more offers.

October 21, 2022
8:20 pm
Norman1
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It is more likely Simplii is compelled by the advance notice part of the federal Financial Consumer Protection Framework:

Advance notice for the renewal of products and services

Your bank must send you timely reminders when some of your products and services are set to renew. This also applies to any automatic rollover or promotional offer that will expire. These reminders will help you decide if you want to renew or cancel your products or services. They will include information on any rates or fees that apply.

For products or services with terms of 30 days or more, you’ll receive 2 reminders:

  • 21 days before the end of your term
  • 5 days before the end of your term

If your term is less than 30 days, you’ll receive one reminder 5 days before the end of your term.

October 23, 2022
7:48 am
Winnie
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Simplii better to be compelled by common sense and simply allow their customers to see current and promotional interest rates on Simplii Financial High Interest Savings Accounts.

It's so simple, Simplii!

October 31, 2022
8:06 am
GreatWhiteNorth
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Looks like I can move funds to Checking account today and have funds not count against me for any future offers, assuming terms same as current offer (where existing money only counted for savings accounts).
Tangerine does it this way. Few years back Simplii did not (they included checking account in pre existing balance.
Comments?

October 31, 2022
8:20 am
JohnnyCash
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GreatWhiteNorth said
Looks like I can move funds to Checking account today and have funds not count against me for any future offers, assuming terms same as current offer (where existing money only counted for savings accounts).
Tangerine does it this way. Few years back Simplii did not (they included checking account in pre existing balance.
Comments?  

Yes, you are correct. I personally wouldn't want to assume the T&Cs would be exactly the same if they were to run another promotion in November, as much as I think that will be the case.

October 31, 2022
9:31 am
mustang
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Just finished pulling out everything from all Simplii accounts
Now wait (not quite) patiently for the bonus interest in a couple weeks
Curious to see what comes next from Simplii for promo-- must be a lot of savings leaving there today

October 31, 2022
10:58 am
Bill
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Probably a surprising amount will stay there, at least for a while. They'll probably wait with another promo until they need funds. In the past they've gone years without promos.

October 31, 2022
11:59 am
mustang
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I'm surprised that folks would leave much in at 0.4%, given lots of better options right now. I suppose maybe just to be convenient to leave a modest amount in?
Which very likely would work against one, if a new promo does come out
But, you may well be right, maybe they are out of the promo racket for a while
They were pushing them out pretty regularly until the last few months, when they seem to have stopped

November 4, 2022
12:46 pm
Norman1
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I was shown this popup when I logged in earlier:

It’s almost pay day!

Remember when you signed up for our special savings offer ending October 31?

Any eligible promotional interest earned will be paid to your High Interest Savings Account by November 17

November 4, 2022
2:30 pm
mustang
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Woo hoo!
I see that message as well-- thanks for posting
Reassuring!

November 4, 2022
3:33 pm
rhvic
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Not paying interest until November 17 means that Simplii gets away with not paying interest on the interest for half a month! Cumulatively over all accounts that might be quite a bit.

Maybe they could invest in a computer or two and calculate and post the interest within a day or two of month end, like other FIs do.

November 10, 2022
9:08 pm
InterestThis
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Who's going to be carefully computing the bonus interest from Simplii coming due, to make sure Simplii does not simply underpay?

November 17, 2022
6:28 am
Tom90
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It's November 17, has anyone got the bonus interest? I still have not got mine sf-frown

November 17, 2022
7:30 am
InterestThis
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Nope Simplii is always behind with everything, must be since its just shell for CIBC with a poor interface.

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