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

  • Last Updated:
  • Nov 23rd, 2017 10:23 pm
Deal Guru
Jan 7, 2002
10584 posts
3376 upvotes
Waterloo, ON
MrFantabulous wrote:
Nov 11th, 2017 1:00 pm
I'm curious about you guys who chase teaser interest rates on savings accounts. Say I have 40K which I need to be able to access fairly quickly . . is it worth the trouble to move it around every 3 months to chase the latest, highest teaser rate? Or should I just put it into something like WealthOne Canada or EQ Bank which have consistant rates of 2.5 to 2.3 which are NOT temporary teaser rates.
Simplii pays 3% for the next ~3 months. That's 0.5% more than others. On $40k for 3 months that's ~$50. The hassle of opening accounts with Simplii, EQB and TANG so you can move money around may not be worth it to some people for that amount. OTOH there are lengthy threads on RFD about how to save $5 or $10. So it's a personal choice that depends on how much effort you're willing to make to save some money.

Note also that for someone with significantly more money to park in a HISA, say the $400k proceeds of a house sale, an extra $500 over 3 months is worth an hour's effort to open an additional account at Simplii.
veni, vidi, Visa
Banned
Aug 9, 2017
166 posts
159 upvotes
If you wish to open an account with Simplii and do it as quickly as possible. DO NOT open an account on line. First, you MUST call them to open the account. And second, you MUST request that they send you a secure email with a signature card AND a secure email with the bar code. Yet in spite of all that, it might still take close to 3 weeks before you can do a direct transfer from a Tangerine saving account to Simplii. Nevertheless it is faster than going thru the process of opening an account on line.
You can save even more by NOT spending ;)
Member
User avatar
Apr 5, 2016
215 posts
176 upvotes
BC
Abeesee wrote:
Nov 11th, 2017 2:12 pm
If you wish to open an account with Simplii and do it as quickly as possible. DO NOT open an account on line. First, you MUST call them to open the account. And second, you MUST request that they send you a secure email with a signature card AND a secure email with the bar code. Yet in spite of all that, it might still take close to 3 weeks before you can do a direct transfer from a Tangerine saving account to Simplii. Nevertheless it is faster than going thru the process of opening an account on line.
Thanks for this useful information. Would've been great to have it when this thread started though lol!
Zoomer Wireless = 2+ years
Tangerine = 10+ years
Newbie
Feb 20, 2017
13 posts
3 upvotes
Agreed. I waited for the confirmation email for over a week now and nothing has happened. LOL
[OP]
Deal Addict
Aug 5, 2006
2150 posts
592 upvotes
Global Village
MrFantabulous wrote:
Nov 11th, 2017 1:00 pm
I'm curious about you guys who chase teaser interest rates on savings accounts. Say I have 40K which I need to be able to access fairly quickly . . is it worth the trouble to move it around every 3 months to chase the latest, highest teaser rate? Or should I just put it into something like WealthOne Canada or EQ Bank which have consistant rates of 2.5 to 2.3 which are NOT temporary teaser rates.
I'd say as long as you're willing to go through the motions to link the accounts online once it is worth it because it gives you more 100% guaranteed investment options, it allows you to "play" 1 bank vs another, take steps to try to qualify for promo rates you otherwise wouldn't all while not having to lock your $ in a GIC so you can move your $ quickly if 1 bank does anything to displease you at any time.
Deal Expert
User avatar
Aug 18, 2005
16979 posts
1860 upvotes
GTA West
MrFantabulous wrote:
Nov 11th, 2017 1:00 pm
I'm curious about you guys who chase teaser interest rates on savings accounts. Say I have 40K which I need to be able to access fairly quickly . . is it worth the trouble to move it around every 3 months to chase the latest, highest teaser rate? Or should I just put it into something like WealthOne Canada or EQ Bank which have consistant rates of 2.5 to 2.3 which are NOT temporary teaser rates.
I had 3.22% in the previous Tangerine promo. Versus the 2.5% at WealthOne, this is an extra $71.08 of interest over 90 days with daily compounding. That $71 is not life-changing. But I will still continue to churn accounts for the following resaons:

1. EQ bank has questionable reliability with various downtime and temporary inability to withdraw money, and some people don't trust them in the long term.
2. EQ Bank has a $100K limit (except for grandfathered account) so it's not sufficient for some people. With larger deposit amounts, these small interest differences can really add up. So yes it's worth it if you have larger amounts in savings.
3. WealthOne still seems like a reasonable option if temporary offers from Tangerine / Simplii aren't competitive or expire.
4. Most importantly, some people don't want to reward Tangerine / Simplii / et al for continuing to reward new money and punish loyalty. So we'll continue to take full benefit from promo rates, as long as those rates are offered. Their parent companies have no customer loyalty and make billions of dollars every quarter. They exploit and and we exploit them.
- Not Collecting AIR MILES Since 2016/07 -
- Casual Gastronomist -
Deal Fanatic
User avatar
Jul 17, 2008
7520 posts
1300 upvotes
You only need to open the accounts once.

Then wait for promos.

All you require is a few clicks to move the money around and go where the highest rate is offered, and make 50-500$ depending how much money you put.

I'll take my 50$ for 3 months for my 30 seconds of clicking a few times
Jr. Member
May 3, 2008
145 posts
55 upvotes
Markham
For those that experience extreme slowness in new account opening, keep in mind penguins are slow on land :)
Newbie
Nov 3, 2015
26 posts
6 upvotes
Mississauga, ON
Not good start for Simplii. I applied for the account online on Nov 3. Heard nothing until a few days later, saying I will receive a letter in the mail. Got a letter in the mail on Friday (the 10th). Letter said they need more info from me (why couldn't I just get this in an email?). I called the number - they asked me what the name OR phone number associated with the account was - I gave both and they said they have no record of me signing up - I gave them my email and address - still nothing on their system - how is that possible when I got an email AND a letter from them?

Fast forward a bit into the call, they asked me to "sign up again over the phone" - which I did. Girl on phone told me I should receive an email shortly to verify my identity (as opposed to going to Canada Post). It's now 2 days later, and I still havent received any sort of email..

These guys really dropped the ball.
Sr. Member
Oct 25, 2007
555 posts
60 upvotes
Mississauga
utuber wrote:
Nov 10th, 2017 10:23 am
So they don't send this email automatically ? We have to wait for the snail mail package and then decide if we want to mail them a signature card/ Self mailed check or go for their email/postal verification ?

What a gong show !

Some people are :

1. Receiving a confirmation first email saying we have received your online application ( but not activated the account yet )
2. Receiving the second email where you have to confirm the identity at the post office
3. Receiving the welcome package in mail by post to send a signature card & SELF cheque.

I haven't received ANY of the 3 above so far !
Yep, its quite a big show..even after speaking to them and initiated the email for identity check at post office..still not show..even their emails are also snail mails
Deal Expert
User avatar
Aug 18, 2005
16979 posts
1860 upvotes
GTA West
Matubah wrote:
Nov 12th, 2017 5:47 pm
Not good start for Simplii. I applied for the account online on Nov 3. Heard nothing until a few days later, saying I will receive a letter in the mail. Got a letter in the mail on Friday (the 10th). Letter said they need more info from me (why couldn't I just get this in an email?). I called the number - they asked me what the name OR phone number associated with the account was - I gave both and they said they have no record of me signing up - I gave them my email and address - still nothing on their system - how is that possible when I got an email AND a letter from them?
Sounds really disorganized of them. But please note, they might have to send the mail for anti-fraud purposes. For example, maybe they think someone else was trying to sign up but with your address.
Crooks will do this and then steal correspondence out of the mail, etc.
- Not Collecting AIR MILES Since 2016/07 -
- Casual Gastronomist -
Sr. Member
Mar 1, 2010
716 posts
185 upvotes
anyone received the new bank card from Simplii ?
Member
Apr 9, 2010
315 posts
113 upvotes
Toronto
gaogao wrote:
Nov 13th, 2017 2:38 pm
anyone received the new bank card from Simplii ?
I have, but still waiting on proper activation. I mailed them my void cheque last Wednesday for identification and nothing yet.
Jr. Member
May 3, 2008
145 posts
55 upvotes
Markham
1barterer wrote:
Nov 12th, 2017 7:37 pm
Awful name for a bank
Guess senior management who decide the name of their products think its cool when they mispell it to create a name....

Aventura vs Adventurer
Simplii vs Simply

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