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[Simplii Financial] 3% promo on new deposits for 4 months from Simplii

  • Last Updated:
  • Nov 18th, 2017 6:59 am
Banned
Nov 1, 2017
50 posts
13 upvotes
rrabbit10 wrote:
Nov 4th, 2017 10:15 pm
Anyone recall when we should get the bonus interest deposited from the PC financial promo that ended on October 31st? Can't seem to find the anywhere.
Its 1-2 weeks after the promo ends . So by November 14, you should get it. Will be one lump sum payment.
Deal Addict
Sep 10, 2010
1610 posts
325 upvotes
Ottawa
scoper wrote:
Nov 4th, 2017 6:13 pm
Actually no, TFSA savings $ is not locked and can be removed from Simplii at any time.
But you'll need to keep it in a TFSA. Whereas a normal savings account is much more flexible.
Jr. Member
May 3, 2008
126 posts
42 upvotes
Markham
scoper wrote:
Nov 4th, 2017 6:13 pm
Actually no, TFSA savings $ is not locked and can be removed from Simplii at any time.
But transfer from one TFSA to another TFSA involves a fee of $30+ most cases each time you move the money.
If you take it out, there may not be any fee but you cant redposit until new calendar year.
Its simply suboptimal in the long run.
[OP]
Deal Addict
Aug 5, 2006
2142 posts
590 upvotes
Global Village
SimonL150 wrote:
Nov 4th, 2017 9:04 pm
If i transfer from Tangerine's TFSA to Simplii's TFSA, will that count as new deposit?
Yes, although Tangerine will charge you a $45 fee for the transfer. Best to withdraw (no fees this way) from Tangerine TFSA now and deposit into the non-registered Simplii savings account for Nov, Dec and explore TFSA rates again in January when you can deposit the $ in any TFSA again.
[OP]
Deal Addict
Aug 5, 2006
2142 posts
590 upvotes
Global Village
eugene188 wrote:
Nov 5th, 2017 4:10 am
But you'll need to keep it in a TFSA. Whereas a normal savings account is much more flexible.
Once again you don't need to keep it in the TFSA, you can withdraw it from the TFSA savings account at any time with no fees or penalties.
[OP]
Deal Addict
Aug 5, 2006
2142 posts
590 upvotes
Global Village
wongmb wrote:
Nov 5th, 2017 8:04 am
But transfer from one TFSA to another TFSA involves a fee of $30+ most cases each time you move the money.
If you take it out, there may not be any fee but you cant redposit until new calendar year.
Its simply suboptimal in the long run.
I am not disputing the fees if you TFSA transfer, I am correcting the statements about being unable to withdraw from TFSA savings accounts at any time.
Member
May 2, 2017
211 posts
22 upvotes
Scarborough
scoper wrote:
Nov 5th, 2017 2:53 pm
Yes, although Tangerine will charge you a $45 fee for the transfer. Best to withdraw (no fees this way) from Tangerine TFSA now and deposit into the non-registered Simplii savings account for Nov, Dec and explore TFSA rates again in January when you can deposit the $ in any TFSA again.
Oh cool. What's my best way to withdraw all my money? That sounds like such a hassle actually
[OP]
Deal Addict
Aug 5, 2006
2142 posts
590 upvotes
Global Village
SimonL150 wrote:
Nov 5th, 2017 2:59 pm
Oh cool. What's my best way to withdraw all my money? That sounds like such a hassle actually
No hassle, log into Tangerine and transfer the $ from TFSA savings account to whichever Tangerine account you have linked with Simplii, regular savings account or chequing. Then transfer to Simplii. Or call Tangerine and ask them to do it for you.
Sr. Member
Oct 29, 2004
887 posts
33 upvotes
I assume it still counts as new money if I transfer from cheq account to savings? I've noticed both simpli and tangerine has way longer wait time for customer service than a year ago. Both took 45 min+ on hold
[OP]
Deal Addict
Aug 5, 2006
2142 posts
590 upvotes
Global Village
jon604 wrote:
Nov 5th, 2017 5:51 pm
I assume it still counts as new money if I transfer from cheq account to savings? I've noticed both simpli and tangerine has way longer wait time for customer service than a year ago. Both took 45 min+ on hold
If it's new $ to simplii above and beyond what was in your chequing account Oct 31st then yes, it counts.
Deal Addict
User avatar
Jun 6, 2010
2356 posts
570 upvotes
Toronto, Ontario
scoper wrote:
Nov 5th, 2017 2:53 pm
Yes, although Tangerine will charge you a $45 fee for the transfer. Best to withdraw (no fees this way) from Tangerine TFSA now and deposit into the non-registered Simplii savings account for Nov, Dec and explore TFSA rates again in January when you can deposit the $ in any TFSA again.
Is the interest you make more than $45?
If I buy something that is not in deep discounted, my father will punish me; everyone will laugh at me. I will be the strange kid who doesn't fit in.
Member
Jan 29, 2017
493 posts
478 upvotes
wongmb wrote:
Nov 5th, 2017 8:04 am
But transfer from one TFSA to another TFSA involves a fee of $30+ most cases each time you move the money.
If you take it out, there may not be any fee but you cant redposit until new calendar year.
Its simply suboptimal in the long run.
You may be able to deposit depending how much room you have in TFSA. If you maxed your TFSA this year then no but if not, you can move out and into another TFSA up to the limit of TFSA contributions without penalty.
Sr. Member
Nov 18, 2015
575 posts
153 upvotes
I have 2.75% with tangerine. Im 50/50. yes its .15% more but I dont like having to wait till march 1 2018 to get the payout. I'm leaning on just keeping it with tangerine and getting my monthly payout till the end of december and transferring to simplii for the 2 months or see what tangerine does.... hmmm decisions.
Member
Jan 29, 2017
493 posts
478 upvotes
karnige wrote:
Nov 5th, 2017 7:08 pm
I have 2.75% with tangerine. Im 50/50. yes its .15% more but I dont like having to wait till march 1 2018 to get the payout. I'm leaning on just keeping it with tangerine and getting my monthly payout till the end of december and transferring to simplii for the 2 months or see what tangerine does.... hmmm decisions.
If you are 50/50 then put 50% into simplii and 50% into TING. ;)
[OP]
Deal Addict
Aug 5, 2006
2142 posts
590 upvotes
Global Village
karnige wrote:
Nov 5th, 2017 7:08 pm
I have 2.75% with tangerine. Im 50/50. yes its .15% more but I dont like having to wait till march 1 2018 to get the payout. I'm leaning on just keeping it with tangerine and getting my monthly payout till the end of december and transferring to simplii for the 2 months or see what tangerine does.... hmmm decisions.
It's 0.25% more and bonus payout is March 15th. I'm like you though, got the 2.75% offer from Tangerine but moved my $ to Simplii, if enough folks move their $ Tangerine will have to get more aggressive come January to win deposits back.

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