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

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  • Nov 22nd, 2017 12:47 am
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May 21, 2004
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scoper wrote:
Nov 5th, 2017 8:00 pm
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.
Just wanted to double emphasize what you said. After all, if people just leave their money even though interest is lower, there's no incentive for them to increase their interest rate. So people, move it to Simplii and then to whoever gives you the best rate.
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Jul 17, 2008
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Well, EQ is being stupid by not fixing it's account linking so can't link simplii savings account directly, so the only way to transfer the funds is from eq to simplii chequing, then from chequing to savings.

That should still be fine right?
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Jun 25, 2017
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Been with PC Financial since they first started... now it seems this is even better, with the free EMT option.
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scoper wrote:
Nov 5th, 2017 2:55 pm
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.
You can take it out of the TFSA, but then you lose the contribution room. Why would you want to do something like that?
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Apr 25, 2016
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I had funds in my PC financial before Oct 28 and saw the 3%he offer for new funds when I logged into the simplii a/c (same as pc financial). I called customer service and asked if my existing funds would earn the 3%. They said No. I hadn't been paying attention and these funds were only earning 1%. Simiplii would not budge to give me the 3%. Spoke to manager and she wouldn't budge either. Even if I bring new money only the amount greater than balance after Nov 1 will earn the 3%. Doesn't seem fair so will move all my funds out to EQ bank. Simplii seems like they don't care.
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Jun 23, 2017
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7things wrote:
Nov 6th, 2017 12:07 am
I had funds in my PC financial before Oct 28 and saw the 3%he offer for new funds when I logged into the simplii a/c (same as pc financial). I called customer service and asked if my existing funds would earn the 3%. They said No. I hadn't been paying attention and these funds were only earning 1%. Simiplii would not budge to give me the 3%. Spoke to manager and she wouldn't budge either. Even if I bring new money only the amount greater than balance after Nov 1 will earn the 3%. Doesn't seem fair so will move all my funds out to EQ bank. Simplii seems like they don't care.
Sorry you missed the cut-off. Moving all funds to 2.3% EQ bank would be an improvement from the 1% that Simplii is giving you. From this position you'll be poised to take part in their next offer for higher rates on 'new money'. Plus it will help out EQ Bank a little bit to offset the mass exodus of funds they've been seeing from EQ Bank to Simplii. In fact, I really enjoy using EQ Bank to pay my bills directly from a Savings Account.
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bizee-bee wrote:
Nov 2nd, 2017 11:54 pm
Thanks for the quick reply with your info. Anyone else? It would be nice to get some more datapoints from others as well.

When I was ready to open a CIBC Smart Chequing account, the in-branch rep was going to pull my credit file (saying it was required if I wanted overdraft protection, or something along that line), but then noticed I had a hard pull on file when I had opened a CIBC Aero Visa card just a month prior, so they were able to recycle that hard pull for this new chequing account opening. If I recall correctly, people that opened that CIBC chequing account online instead of in-branch did not have the option, and were hard pulled.
Hoping for replied on this, more data points would be appreciated.
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Jan 7, 2002
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7things wrote:
Nov 6th, 2017 12:07 am
I had funds in my PC financial before Oct 28 and saw the 3%he offer for new funds when I logged into the simplii a/c (same as pc financial). I called customer service and asked if my existing funds would earn the 3%. They said No. I hadn't been paying attention and these funds were only earning 1%. Simiplii would not budge to give me the 3%. Spoke to manager and she wouldn't budge either. Even if I bring new money only the amount greater than balance after Nov 1 will earn the 3%. Doesn't seem fair so will move all my funds out to EQ bank. Simplii seems like they don't care.
This is how Simplii (née PCF) and Tangerine (née ING Direct) have operated for many years. Have you never gotten similar offers from PCF in the past?

I'm not trying to defend SIMP or TING business practices. I'm just stating how it is. In fact I resent it as much as anyone. And yet I continue to play their game by their rules in order to earn higher rates. If you don't want to play these games--and that's a personal decision-- then you'll have to settle for lower rates like 2.3% at EQ and even less elsewhere.
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Nov 25, 2007
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7things wrote:
Nov 6th, 2017 12:07 am
I had funds in my PC financial before Oct 28 and saw the 3%he offer for new funds when I logged into the simplii a/c (same as pc financial). I called customer service and asked if my existing funds would earn the 3%. They said No. I hadn't been paying attention and these funds were only earning 1%. Simiplii would not budge to give me the 3%. Spoke to manager and she wouldn't budge either. Even if I bring new money only the amount greater than balance after Nov 1 will earn the 3%. Doesn't seem fair so will move all my funds out to EQ bank. Simplii seems like they don't care.
That's exactly what happened to me. I was enjoying the 2.5% from PCF, and I didn't withdraw it before the end of October. I called Simplii last week about the 3% promotion, but no luck. So I was going to transfer my money to EQ Bank and get the 2.3%. But then EQ's website was down for 2 days, and I couldn't even log into my account, LOL! So I opened an account at Tangerine, and I'm now getting 2.4% from Tangerine until May 2018.
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Oct 7, 2005
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Hello,
Please bear with me as I've only ever had one savings account that I just parked money in and have never dealt with online only banks before. I'm considering opening a Simplii savings account and transferring the money I have in my Scotiabank savings account. Is it much of a hassle if it's over 100k? Thanks.
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scoper wrote:
Nov 6th, 2017 11:16 am
You are clearly misinformed on how TFSA's work. Please read the below.

https://en.wikipedia.org/wiki/Tax-Free_ ... ution_room
I think what they mean is you will lose your contribution room from 2018 (if you are already maxed out) until 2019.

If you have a total of $42,000 in TFSA contributions as of yesterday.

You move $10,000 into a TFSA from a chequing account so you're at the maximum allowed limited before a penalty is incurred. $52,000 in contributions. Regardless of whether your previous contributed investments have made or lost value.

On January 1, 2018 you will have another $5,500 of room. Total room now $57,500. The interest is paid in March so after you receive the payment of interest, you wish to withdraw the $10,000 + interest and put it to Scotia iTrade TFSA (for example.) You won't be able to put back the entire amount in the year 2018, until 2019. You'll only be able to deposit $5,500 of the withdrawn funds unless you do a direct TFSA to TFSA transfer initiated by the financial institution. This costs anywhere from $0 to $100 and takes a bunch of paperwork.
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leblanc wrote:
Nov 6th, 2017 6:46 pm
Hello,
Please bear with me as I've only ever had one savings account that I just parked money in and have never dealt with online only banks before. I'm considering opening a Simplii savings account and transferring the money I have in my Scotiabank savings account. Is it much of a hassle if it's over 100k? Thanks.
This all depends on what interest rate you're getting at Scotia - and if you're willing to transfer funds back and forth periodically to take advantage of the rate promos. If you want no hassle, you're probably best opening an account with EQ Bank for their 2.3% standard rate.
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leblanc wrote:
Nov 6th, 2017 6:46 pm
Hello,
Please bear with me as I've only ever had one savings account that I just parked money in and have never dealt with online only banks before. I'm considering opening a Simplii savings account and transferring the money I have in my Scotiabank savings account. Is it much of a hassle if it's over 100k? Thanks.
I like to manage a single saving account at any moment. I have online saving accounts with EQ Bank, Tangerine, Alterna Bank and now Simplii. I am linking all my online accounts via the self-directed money transfer service available in these accounts.

Presently, majority of my money is in EQ Bank earning 2.3% interet. Waiting for Simplii to send me the welcome pack and set up the self-directed transfer link. When done, I will move my money to Simplii to earn 3.0% interest. The other accounts are in standby mode with minimal sums in them. Comes the expiry date of this 3.0% promotion in end of Feb 2018, I will see which of my accounts is giving the best interest rate and move my money there. Not much hassle really. Just set up Google diary alert to look for best rate around end of Feb.

If I have more than $100k, I would put them in the order of accounts with best interest rate, the second best etc, staying within $100k limit - eg. $99k - for each account. I am not that rich to worry about the $100k limit though.

The accounts I mentioned would issue tax slips in Feb of each year for my tax filing. I either receive paper copies of the slips or download them from my online accounts. Very easy. There is no hassle to keep track of how much tax I owe CRA.
Last edited by drdtyc on Nov 6th, 2017 7:40 pm, edited 2 times in total.

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