When do you receive the promotional interest with the promotional interest campaign? | Page 2 | Simplii Financial (formerly PC Financial) | Discussion forum

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When do you receive the promotional interest with the promotional interest campaign?
May 14, 2020
4:25 pm
Norman1
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savemoresaveoften said

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

They can. But, I'm not sure they would or not. It depends on why they levy the $20 per year fee.

The fee could be to drain the balance on insignificant inactive accounts. That would avoid the work of a large number of small balance transfers of, for example, $2, to the Bank of Canada after 10 years.

May 14, 2020
8:40 pm
crediphile
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Yes, received my promotional interest payment as well! Yay!! Thanks Norman1 and everybody!

May 14, 2020
8:44 pm
crediphile
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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.  

In majority, if not all of the cases, it's customer-initiated transactions that count otherwise they would have no way to know whether the account is still needed or valid if the depositing of the interest would be able to keep the account alive forever.

Customer-initiated transactions would include but not limited to deposits, withdraws, transfers and etc.

May 15, 2020
5:42 am
Jim Sherat
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Thanks Loonie, Norman1 for the intel on signing up with Hubert. 🙂
I guess my main concern, or my spouce's to be specific, is the level of risk, that an out of province, smaller (vs Meridian for example) CU might go bust in the economic tsunami, that may, or will, ensue in the months,years ahead ?

I guess if the seasoned members of this forum, that deal with Hubert, are not concerned, then neither should I be. In any case, I'd only be moving at most 10% of our Holdings to Hubert, but that's still an amount I don't want to put at unnecessary risk.

Also got my Simplii interest bonus payout yesterday. Seems like it paid out at 2.8% throughout, but too lazy to do the detailed calc.

May 15, 2020
9:13 am
mmlt
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Jim Sherat said
Thanks Loonie, Norman1 for the intel on signing up with Hubert. 🙂
I guess my main concern, or my spouce's to be specific, is the level of risk, that an out of province, smaller (vs Meridian for example) CU might go bust in the economic tsunami, that may, or will, ensue in the months,years ahead ?

I guess if the seasoned members of this forum, that deal with Hubert, are not concerned, then neither should I be. In any case, I'd only be moving at most 10% of our Holdings to Hubert, but that's still an amount I don't want to put at unnecessary risk.

Also got my Simplii interest bonus payout yesterday. Seems like it paid out at 2.8% throughout, but too lazy to do the detailed calc.  

Hubert is a class act. Good rates and the best customer service. I'm in BC and have no issues dealing with them.
I don't chase the promotional interest rate deals. More trouble than they're worth to me.
I had unsavory dealings with pc financial about 10 years ago. Never again name change or no.

May 15, 2020
9:36 am
cruzinalong
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mmlt said

Hubert is a class act. Good rates and the best customer service. I'm in BC and have no issues dealing with them.
I don't chase the promotional interest rate deals. More trouble than they're worth to me.
I had unsavory dealings with pc financial about 10 years ago. Never again name change or no.  

You are correct. Don't chase the promotional interest deals. Not worth the bother. They are trying to entice new customers. In the last couple years I once again started buying GICS. I was not sure where to purchase since there are so many options. I purchased short term GICS at 5 different FI. Terms 120 days, 9 months, 1 year, and 18 month. All $1,000 except 120 day term. Above 364 days may be considered long term depending on FI. The 18 month matured last month. All FI were excellent. I plan at buying at one FI. Simple with two statements a year. Having fun.

May 15, 2020
1:29 pm
fs2schm
Ottawa, Ontario
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I received the promotional interest on 14 May as well. Oddly, they deposited the interest for both of my HISA accounts (one individual account and one joint account) into just one account, the joint account. This was unexpected, and will complicate tracking of the joint account for tax purposes. I called to request that they at least calculate the interest amounts that applied to each account so that we can separate the interest amounts into the correct accounts again. Seems like a very lazy way to make the payment.

May 15, 2020
3:47 pm
Norman1
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That was expected. Separate deposits were only for registered accounts.

This is from the terms of the offer:

Promotional Interest will be paid in May 2020 into a single Eligible Savings Account held by the primary account holder and separately into the RRSP Account or TFSA where it was earned. Promotional Interest will not be paid into any Eligible Savings Account unless at least one of the primary account holder’s Eligible Savings Accounts is active and in good standing as at April 30, 2020, or into any RRSP Account or TFSA that is not active and in good standing as at April 30, 2020.

If a primary account holder holds more than one Eligible Savings Account, Promotional Interest will be paid to an Eligible Savings Account in the following sequence: (i) to the High Interest Savings Account with the most recent date of activity; (ii) to the Savings Account with the most recent date of activity.

May 15, 2020
5:23 pm
Bill
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Same for me, but you might find that separate T5s are issued at tax time for each account even though it's all paid into the joint account. Offhand I can't recall how their T5s compared in the past, not that I checked anyway.

May 15, 2020
9:17 pm
cruzinalong
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Jim Sherat said
Thanks Loonie, Norman1 for the intel on signing up with Hubert. 🙂
I guess my main concern, or my spouce's to be specific, is the level of risk, that an out of province, smaller (vs Meridian for example) CU might go bust in the economic tsunami, that may, or will, ensue in the months,years ahead ?

I guess if the seasoned members of this forum, that deal with Hubert, are not concerned, then neither should I be. In any case, I'd only be moving at most 10% of our Holdings to Hubert, but that's still an amount I don't want to put at unnecessary risk.

Also got my Simplii interest bonus payout yesterday. Seems like it paid out at 2.8% throughout, but too lazy to do the detailed calc.  

I am in Ontario. My father found a Manitoba CU. He saved with them for years before his passing. I connected with them last year. Very pleased with them. I found that all FI have competitive rates and good service. It depends on each persons unique priorities.

May 15, 2020
9:59 pm
Norman1
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Jim Sherat said
Thanks Loonie, Norman1 for the intel on signing up with Hubert. 🙂
I guess my main concern, or my spouce's to be specific, is the level of risk, that an out of province, smaller (vs Meridian for example) CU might go bust in the economic tsunami, that may, or will, ensue in the months,years ahead ?

I guess if the seasoned members of this forum, that deal with Hubert, are not concerned, then neither should I be. …

Your spouse is correct. The risk is higher with deposits in Sunova Credit Union, which are what the Hubert branded accounts are, than with deposits in CIBC, which are what the Simplii Financial branded accounts are.

Sunova has not gone through the process of getting a debt rating like CIBC has. CIBC currently has an AA rating by DBRS. So, I can't really quantify how riskier the Sunova deposits are.

Maybe the additional risk is as little as the added risk of crossing a street after looking both ways just once instead of looking both ways thrice. Maybe the additional risk is more.

I can say that I'm comfortable with the risk presented by Sunova along with its supervision and deposit insurance from DGCM.

May 16, 2020
12:23 pm
cruzinalong
Ontario
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I deal with a different CC in Manitoba. I am comfortable with their service and deposit insurance from DGCM. Several options available.

May 18, 2020
7:44 am
GreatWhiteNorth
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Anyone else still waiting for their Simplii promo interest?

May 18, 2020
9:18 am
Bill
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GreatWhiteNorth, I've always received mine the same day as others on here have indicated, my impression/recollection is it's usually paid out on one day. Do you have an email or other document confirming you were on the promo? If so, there's still lots of time to the end of the month.

May 18, 2020
10:37 am
cruzinalong
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GreatWhiteNorth said
Anyone else still waiting for their Simplii promo interest?  

Maybe you did not add any additional cash after the bonus start period. It comes. It goes. One friend says seems faster going than coming. My promotion started March 2nd. March 1st balance $7,800. March 2nd I needed $3,800 for something. I found out about the promo after removing the funds. Will I get up to $7,800 again by May 31st? Not likely.

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