Targeted Simplii HISA offer of 4.75% (was 3.00% and 3.85%) ending October 31st 2022 | Page 9 | Simplii Financial | Discussion forum

I also got a pop-up saying Nov 17. I thought I had made a screenshot of it, but I guess I didn't. Simplii is simply the worst, they just do the bare minimum.

Just got an update in the live chat, he said its been paid out, and should appear end of today? So the live chat is pretty good, best way to reach them.

I called in, and was told by the CSR that as per the promotion, the interest could be paid out any time in November. I told him that a popup in my account had said it would be paid today. He said they were following the promotion terms.

When I spoke to a manager, I was told that it should be paid out at some point of today and contact them if it was not in the account tomorrow.

Just signed in to pay a bill, pop up came up saying bonus interest will be paid "by November 17".

Yes, I see it. Don't know what time it was posted and haven't checked if the amount is correct.

mine posted also

FYI interest amount is not correct. check yours

I built a detailed spreadsheet to calculate the expected bonus. I used the following interest rates:

Jul 1 - Aug 31: 3.85%
Sep 1 - Oct 31: 4.75%

I received about $46 more than I expected. Not sure where I went wrong. In any case, time to take my money and run.

I also made a half smart spreadsheet to automatically calculate from a copy/paste of transactions in online banking. It appears they calculate interest daily and round off the amount, then total them up to get the monthly or bonus interest.

I used 0.40% base interest from July 1 - Oct 31. My numbers come out within a few pennies due to the rounding error.

However I can't get the bonus to match up - with these ranges I come out close, but they overpaid me by an extra 3% of the interest (e.g. if interest should be $100 they paid $103).

3.45% Jul 1 – Aug 9
3.45% Aug 10 – Aug 31
4.35% Sep 1 – Oct 31

It appears the first bump (to 3.45%) might be backdated to Jul 1 as I tried 2.60% and it threw it way off.

Tried backdating 4.35% earlier than Sept 1 and didn't see a correct pattern. Mid August gets me the closest.

Also tried 365.25 for days in the year even though it's not applicable you'd assume, but doesn't impact the numbers enough.

I was one of the people that never added "new money" after Sep 1, in fact moved half out in mid Sep for NBC promo (mistake in hindsight)

I tried using monthly statements but it only changed it by a small amount. But that did get the base interest to exactly match which proves my formulas are correct.

I didn't worry about months, since they state the date ranges for the rates. For each line item I calculate the number of days the running balance is applicable for, then: balance * days * rate / 365

Norman1 said
One cannot use the transaction dates from online banking. Those dates are the posting dates and not the effective dates of the transactions.

The effective transaction dates are shown in the monthly statements. The effective dates are the dates used for interest calculations.

Simplii also does not calculate monthly interest by calendar months. See Monthly interest is from last day of previous month to 2nd last day of month.