When do you receive the promotional interest with the promotional interest campaign? | Simplii Financial | Discussion forum

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When do you receive the promotional interest with the promotional interest campaign?
May 11, 2020
10:04 pm
crediphile
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Does anybody know when the promotional interest will be paid to the savings account with those promotional interest campaign? The most recent promotional interest of 2.8% on new deposits from Simplii Financial just ended on April 30, 2020. They said the promotional interest will be paid in May 2020 and I called them and the rep that I talked to told me they will be paid in mid-May. It's now May 12, 2020 and it's still not paid. For those of you who have had experience with those campaigns, can you advise the approximate date that the promotional interest will be paid?

Thanks

May 12, 2020
4:03 am
Norman1
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Give them until the end of the month.

The exact date varies. For their promotion that ended February 28, 2019, the interest was paid March 21, 2019.

May 12, 2020
9:03 am
Norman1
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One does not need to keep the money in the savings account until the promotional interest is paid. The money stopped earning promotional interest after April 30 and is now earning just 0.30%.

The account must remain open to receive the promotional interest. But, the money can be withdrawn before then.

May 12, 2020
9:36 am
magicman
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May 12, 2020
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spoke to them this morning they told me by the end of may with no specific date. follow Norman1 post as he is 100% correct

May 12, 2020
1:59 pm
crediphile
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Thank you all. I will wait until the end of May and then follow up if I still don't see the money in the account.

May 13, 2020
2:31 am
Jim Sherat
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I've also got my cash still sitting at Simplii, earning almost zero. Want to move it somewhere asap. Even though I hate to start dealing with an additional FI [I have 4 already], it appears Hubert CU and their 1yr [quarterly] GIC at 2.2% might be my best bet for now? The ratings on this forum look pretty favourable.

If I go this route, what is the most efficient way to get started? phone them or wade through the online process? and anyone know off hand if their GICs and HISAs can be setup as 'joint' with one's spouse ?

Any other suggestions where to park cash for the short to medium term? I'm not comfortable locking anything in, beyond 2yr max, during these troubled times. Thanks.

May 13, 2020
4:05 pm
Loonie
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Yes, you can have joint accounts with Hubert. I've neer had a joint GIC there, but don't envision a problem.

They don't like to do anything over the phone that you can do online.
However, I found that the online enrolment process did not work (a few years back but spouse had same issue later), so, at that point, you have to phone them. If I remember correctly, they then send you an email attachment to a print-out form that you then mail to them through Canada Post. They didn't seem especially surprised that the online didn't work. Someone else may hve more recent experience.

Mail to/from Toronto tends to be slow at the best of times. Worse now. So, if you are hoping to hold on to that 2.2 rate, it could be dicey, depending...

I've given up worrying about having too many FIs as I haven't found a way to control their proliferation that works for me.
There is no question that it is harder to manage, but I have way more than I intended. The only one I ever closed was Luminus, due to dreadful customer service.
I think Bill has the right attitude on this. He basically says that he has a huge number of accounts but only keeps a few cents in most of them at any one time. It's a nuisance to get them all set up and linked, but that is what I am moving towards now. Then you are ready whenever an offer comes along. Bill says he doesn't care that it could be more work for his executor because it's not likely worthwhile to pursue those few cents here and there after he's gone.

May 13, 2020
4:52 pm
Norman1
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I would try Hubert's online signup process. If there's no issue with your record at Equifax or TransUnion, then all that would be left would be to mail them signed personalized cheques.

If the cheques don't bounce after some time, then your identity is confirmed and those chequing accounts will be linked for future funds transfers.

There is an FAQ at https://www.happysavings.ca/meet-hubert/faqs/

I've been with them for years now. I even got used to their monthly statements.sf-laugh

May 13, 2020
6:18 pm
smayer97
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Tip: If you plan to keep accts open, keep at a minimum enough dollars ($4-8) to generate at least $0.01 interest every month...this way the account should never go dormant and be automatically closed.

May 13, 2020
7:50 pm
Loonie
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FWIW, my problem with account opening was with Hubert, nothing to do with credit checks. The site just didn't work.

May 14, 2020
2:30 am
cruzinalong
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smayer97 said
Tip: If you plan to keep accts open, keep at a minimum enough dollars ($4-8) to generate at least $0.01 interest every month...this way the account should never go dormant and be automatically closed.  

You need to make a transfer/bill payment/ABM at least once to prevent dormancy. I deposited money via EFT to a chequing account that pays no interest. I went to their ATM for withdrawal. The card did not work. I had to go in branch. They had to give me a new card even though the cards expiry date had not expired. Time frame for no use in excess of one year. One bank I deal with changed their policy from six months to two years. Reason probably issuing to many cards on dormant accounts.

May 14, 2020
3:05 am
smayer97
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cruzinalong said

You need to make a transfer/bill payment/ABM at least once to prevent dormancy. I deposited money via EFT to a chequing account that pays no interest. I went to their ATM for withdrawal. The card did not work. I had to go in branch. They had to give me a new card even though the cards expiry date had not expired. Time frame for no use in excess of one year. One bank I deal with changed their policy from six months to two years. Reason probably issuing to many cards on dormant accounts.  

Like you said, your account generated no interest, so therefore no automatic activity every month. That is why your account went dormant.

May 14, 2020
7:02 am
Norman1
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One needs to check the fine print to see what kind of activity is needed.

Sometimes, the activity needed is customer-initiated activity. Interest credited would not count as customer-initiated activity.

According to their Products and Services Agreement, Simplii will start charging $20/year after two years of no customer-initiated activity.

May 14, 2020
8:05 am
Bill
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For accounts I haven't been using I do an online transfer in or out (opposite of what I did last time) of about $5 every 6 months, seems to have done the trick so far.

May 14, 2020
8:19 am
savemoresaveoften
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Norman1 said
One needs to check the fine print to see what kind of activity is needed.

Sometimes, the activity needed is customer-initiated activity. Interest credited would not count as customer-initiated activity.

According to their Products and Services Agreement, Simplii will start charging $20/year after two years of no customer-initiated activity.  

what if my account balance is $0, they cant come after me for the $20 can they ?

May 14, 2020
9:27 am
bpwest
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Bill said
For accounts I haven't been using I do an online transfer in or out (opposite of what I did last time) of about $5 every 6 months, seems to have done the trick so far.  

Good, easily performed, strategy. I had an acct. (PC Financial) go dormant once, and just had to call in to reinstate, iirc. Small deposit/withdrawal saves that hassle, and potential fee...

May 14, 2020
9:28 am
bpwest
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I received my Simplii bonus/promotional interest today!! Yay!

May 14, 2020
10:15 am
Winnie
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I also received it today, perfect calculation, no mistakes.

May 14, 2020
1:31 pm
magicman
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May 12, 2020
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got mine also

May 14, 2020
3:40 pm
cruzinalong
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Bill said
For accounts I haven't been using I do an online transfer in or out (opposite of what I did last time) of about $5 every 6 months, seems to have done the trick so far.  

I did that for a while with $1. I got tired so I stopped. If they have the nerve of charging me a dormancy fee I will not use account. Years ago before turning 60 and getting a senior account I needed $1,000 minimum monthly balance to get free banking. They changed the rules and I broke down and kept $2,000. I found PC Financial former name for Simplii Financial. I took everything out of my previous account. I did not close account. The fee was deducted each month. Three or four months later it stopped. You can not get money out of a stone. Enjoy the day.

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