Targeted Simplii HISA offer of 5% Dec 1, 2022 to Apr 30, 2023 | Page 3 | Simplii Financial | Discussion forum

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Targeted Simplii HISA offer of 5% Dec 1, 2022 to Apr 30, 2023
December 23, 2022
11:10 am
Norman1
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KamWest said
PS. Did I say I was burned by them once?
At the time they told me 300k was the limit, I moved the money in and NEVER got paid. They said it was never registered, what a bunch of bullcrap.

At the time I got virtually zero or their 0.10% rate instead.

Not been an issue for me.

I've been paid on all the Simplii promotions I participated in over the years. I also received the confirmation e-mails for the promotions I registered for.

The promotions have a limit because they are marketing exercises. Simplii is CIBC which has DBRS debt rating of AA. With that, CIBC doesn't really need to pay 5% for short-term savings account deposits.

December 23, 2022
2:04 pm
bryguy
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I just got the 5% promotional HISA offer yesterday (Dec 1st to April 30th) after coming off a 3.85% offer until the end of October from Simplii. After accepting I realized that my closing balance as of November 30th was over $10K, so not going to put any $$ into my HISA account for this offer as I would only get their crappy .1% or whatever up to my November 30th balance amount. This is the first time that I have received back-to-back promotional HISA offers from Simplii since I accepted the first Jan'20 HISA promotional offer.

Maybe Simplii is trying to get lower cost funding by seeing if customers do not realize that the 5% promotional rate is only good for balances ABOVE your closing balance (in this case November 30th)? Maybe it has worked in the past? Seems odd that I would get the offer 3 weeks after it started....after transferring all my $ out of the HISA within weeks after November 30th.

December 23, 2022
3:41 pm
mordko
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I got the 5% offer but it requires me opening a new HISA. I already have a joint HISA account, so called them and asked to apply the promotional rate to the existing account. The answer was “no”.

December 23, 2022
3:52 pm
mustang
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bryguy said
I just got the 5% promotional HISA offer yesterday (Dec 1st to April 30th) after coming off a 3.85% offer until the end of October from Simplii. After accepting I realized that my closing balance as of November 30th was over $10K, so not going to put any $$ into my HISA account for this offer as I would only get their crappy .1% or whatever up to my November 30th balance amount. This is the first time that I have received back-to-back promotional HISA offers from Simplii since I accepted the first Jan'20 HISA promotional offer.

Maybe Simplii is trying to get lower cost funding by seeing if customers do not realize that the 5% promotional rate is only good for balances ABOVE your closing balance (in this case November 30th)? Maybe it has worked in the past? Seems odd that I would get the offer 3 weeks after it started....after transferring all my $ out of the HISA within weeks after November 30th.  

I'm in exactly the same boat, except my last offer expired Oct 31. I had made it a point to clean out all the money by Oct 31-- just in case they came up with a new offer. They did not for November, but now they did for Dec. And, in the meantime, they had paid the bonus in mid November. I had it cleaned out by Dec 6, but not by Dec 1, when the new deal kicks in
It appears that I am not as clever as I tried to be

December 23, 2022
4:04 pm
Sulaw
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I spoke in the chat and could not get it. They claimed that clients are pre-selected so if you don't get an email they can not give you offer manually.

December 23, 2022
4:26 pm
KamWest
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Sulaw said
I spoke in the chat and could not get it. They claimed that clients are pre-selected so if you don't get an email they can not give you offer manually.  

Wish I could give you mine, it nags me every time I log in.

December 26, 2022
7:46 am
Jim Sherat
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mordko said
I got the 5% offer but it requires me opening a new HISA. I already have a joint HISA account, so called them and asked to apply the promotional rate to the existing account. The answer was “no”.  

I'm not entirely sure that the CSR provided accurate information on this?
Further to my earlier comments [pg.2 No.33] after Signing Up via popup after logging in, I did receive a confirming email.
I then found that my wife had received an invitation via email.
We have a joint HISA account, the same one, and only one, we've had for participating in multiple prior Simplii promos of this sort.

So despite text in the fine print that refers to First Time account holders, I fully expect everyone who got the invite, and the confirmation, should get 5% on all funds deposited into one's pre Existing HISA, throughout the promotion [ends April 30], that exceed the Nov 30th balance of all Simplii accounts, including GICs held. Wondering if others see it the same way ? I hope I'm correct on this ?

As a side note ... We had a significant 5yr GIC mature Nov 7th, and I immediately moved these funds to Meridian, where we are participating in the earlier 3.80% HISA promo. Ours ends Feb 15th. As a result our Nov 30th balance is just a few hundred $. so perfect if we choose to take the leap for this short term 5% tease.

I much prefer dealing with Meridian CU ... no mystery there. Log in and see the combined rate you are receiving, and it pays out monthly. With Simplii, other than a general email, no such information is posted into the actual HISA, for easy online verification.

Also annoying is the fact you don't see a penny of the interest until up a month after the promo ends. So you're kind of going on blind faith until the total interest over the promo's duration appears in your account. And nasty surprises do occur, as Kamwest has mentioned earlier in this thread !
So, I'm still not 100% sure I'll be moving all my HISA available cash into this promo. Some math, and other options need to be done first. 😉

December 26, 2022
9:24 am
Norman1
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The targeted 5% offer for existing Simplii clients is a different offer than the 5% offer for new Simplii clients.

The fine print for the targeted offer, posted by LK, indicates that the offer is assigned to a client and the eligible accounts that the client is the primary holder of. If a client has a joint account but is not the joint account's primary holder, then the offer will not apply to that joint account.

December 26, 2022
3:46 pm
frugal lady
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My husband got the 5.0% offer Dec1 to Apr 30 when he logged in on Dec 23rd.
He signed up, and download the T & C but did not receive a confirming email.
On Dec 24th through chat it was confirmed that he was enrolled in the 5% offer and was asked if wanted T & C. Said yes but to date has not received. He asked if he would get an email confirming enrollment in the 5.0% offer and was told the Terms and Conditions was his confirmation.
I simply don't understand why some people get confirming emails upon signup and others don't.
Could someone share what the confirming email says? Does it just include the Terms and Conditions?
This is the second time he received his offer upon logging in online and never received a confirming email.

December 26, 2022
4:20 pm
COIN
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frugal lady said Could someone share what the confirming email says? Does it just include the Terms and Conditions?
 

Extract from the email I received.
"As requested, this email confirms you're signed up for the Simplii Financial™ Savings Account offer. You'll earn a special annual interest rate of 5.00% until April 30, 2023 on eligible new deposits."

December 26, 2022
5:15 pm
Norman1
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frugal lady said

I simply don't understand why some people get confirming emails upon signup and others don't.

I suspect some people have issues with their e-mail like overly aggressive spam blocking or poor handling of suspected spam.

December 28, 2022
4:17 pm
AndreyG
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I checked Simplii today, Dec. 28. The 5% offer stated as "The special annual interest rate is 5% between November 1, 2022 and January 31, 2023. You can earn this special interest rate on deposits up to $500,000."

December 28, 2022
8:30 pm
COIN
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"5% between November 1, 2022 and January 31, 2023."

November 1,2022 to January 31, 2023 is a weird time frame.

December 29, 2022
6:04 am
Norman1
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That's the new client 5% offer that ends January 31, 2023.

The targeted 5% offer for existing clients ends April 30, 2023:

The Simplii FinancialTM promotional savings interest rate offer (the “Offer”) is available between December 1, 2022 and April 30, 2023 (the “Offer Period”), by invitation only, to the primary account holder of a Simplii Financial High Interest Savings Account (“HISA”), Tax Free Savings Account (“TFSA”) or RRSP Savings Account (“RRSP”) (each, an “Eligible Savings Account” and collectively “Eligible Savings Accounts”) who meet all of the applicable terms and conditions below.

January 5, 2023
9:52 am
Sky
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I am unclear what amount they will use for your Nov 30 balance. I have both a chequeing and saving account with Simpilii. Do I have to add the two amounts together to get my Nov 30 balance? Any promotional interest would be paid on the amount above that balance. Thanks for your help in advance.

January 10, 2023
7:29 am
Jim Sherat
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Further to my post '47' above, yesterday I made the move to cut my active Meridian promo short and move all funds to Simplii to get 5% till Apr 30th.

I always use my TD chequing account as the 'hub' to push / pull funds from other FIs I deal with. Things went quite smoothly and funds that were in my Meridian HISA at 3pm yesterday, appear in my Simplii HISA first thing this morning, despite, or perhaps because of, using TD as the middle 'man' in this instance. Not sure if I lost a day's interest or not at Meridian? but if so, I can handle that. 😉

January 11, 2023
7:35 pm
GMH
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Most unprofessional financial institution I have dealt with.
Enrolled in 5% promotion after logging into account.
Did not receive confirmation email.
After several days logged in again and asked via chat to send confirmation.
Told me I would have to call in and speak to a representative.
Called in (had to get call-back since wait time was > 1 hour) and was told I was enrolled and they would send email.
Again, no email.
Logged in and via chat asked for email again.
All I received was "Thanks for your interest in the Simplii Financial Savings Account offer. As requested here is the link to the full terms and conditions for the offer"
Again, no confirmation that I had actually enrolled.
simplii.jpg

January 11, 2023
9:53 pm
HermanH
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GMH said
Most unprofessional financial institution I have dealt with.
simplii.jpg  

I would counter that experience with SBICanada. I can't even get a return call from any of the branches or even leave a message on their 1-866 service number. Just imagine that, your 1-866 number always with a full mailbox. Incompetence to the extreme.

January 12, 2023
5:17 am
frugal lady
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GMH said
Most unprofessional financial institution I have dealt with.
Enrolled in 5% promotion after logging into account.
Did not receive confirmation email.

See my post #49 - very similiar experience but never even got the email you did.
As in my post #49, apparently Terms and Conditions is proof that you are enrolled.
This has happened on previous offers with hubby and myself and inspite of never getting confirming email, we did receive the offer. Going forward when any offer is received and accepted when log in, we are going to immediately download the terms and conditions.

January 12, 2023
5:26 am
KamWest
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GMH said
Most unprofessional financial institution I have dealt with.
Enrolled in 5% promotion after logging into account.
Did not receive confirmation email.
After several days logged in again and asked via chat to send confirmation.
Told me I would have to call in and speak to a representative.
Called in (had to get call-back since wait time was > 1 hour) and was told I was enrolled and they would send email.
Again, no email.
Logged in and via chat asked for email again.
All I received was "Thanks for your interest in the Simplii Financial Savings Account offer. As requested here is the link to the full terms and conditions for the offer"
Again, no confirmation that I had actually enrolled.
simplii.jpg  

They ripped me of once too, left 300k in an account for the full term, instead got 0.10%

I did everything they asked so I guess I should have been thankful for 0.10% because that extra zero makes all the difference!!

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