Personal Finance

Anyone Considering Closing Their Simplii Accounts?

  • Last Updated:
  • Sep 17th, 2018 12:36 pm
[OP]
Deal Fanatic
Jul 4, 2004
7405 posts
546 upvotes

Anyone Considering Closing Their Simplii Accounts?

The only promo that I've ever received from these shysters were the 3% offer way back when and nothing ever since. I logged in tonight to check out what new promos were available (of course there was nothing), and to find out what the current interest rate on their high interest savings account is and it's 1.25%.

Other than being no-fee, is there any reason why to keep this account open? How many people on here have closed their account? Is it worth it to just keep this account open for any good reason?
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41 replies
Sr. Member
Jan 23, 2017
798 posts
641 upvotes
Calgary
Closed mine a few months ago.

Same story, only good promotion was the 3%. Had the account for 15 years..

Tangerine offers everything they do, and more for free.
Deal Addict
Dec 22, 2008
1774 posts
647 upvotes
Victoria
Just have an EQ account and free local credit union account. Much better than Tangerine/Simplii
Member
User avatar
May 1, 2015
463 posts
239 upvotes
Toronto, ON
same, closed my account last month. not worth the effort to keep it open.
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Newbie
User avatar
Sep 6, 2018
11 posts
2 upvotes
Not considering closing.. already closed Simplii accounts. Moved all to EQ and Tangerine.
Deal Addict
User avatar
Mar 31, 2009
1028 posts
482 upvotes
Been keeping Simplii for check writing because I have books of checks that cost me nothing, where as I believe Tangerine would charge me if I needed a check book.

I end up writing a couple checks per year.
Deal Addict
User avatar
Nov 10, 2005
1991 posts
279 upvotes
Ottawa
I do not use Simpli for Savings products but only for the chequing. Much like @unknownone , I mainly keep it because they offer free cheques.
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Sr. Member
User avatar
Dec 21, 2007
517 posts
111 upvotes
Scarborough
Moved everything out a long time ago when the 3% ended, but left things open...I don't see the point of closing free account(s), especially if the only thing you need to do is move $10 in and out every 2 years.
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Deal Addict
Jul 21, 2005
1275 posts
401 upvotes
So, out of curiosity, why the hate? Been a pc financial/simplii user all my adult life, does everything I need...am I missing something? Are people really closing accounts because promo periods on savings end or am I missing something?
Member
Dec 22, 2007
344 posts
105 upvotes
Mississauga
eblend wrote:
Sep 13th, 2018 8:45 am
So, out of curiosity, why the hate? Been a pc financial/simplii user all my adult life, does everything I need...am I missing something? Are people really closing accounts because promo periods on savings end or am I missing something?
I don't think its hate just other options available that people find more to their liking. I closed mine as didnt keep any funds there as other places offered more. All the banks really do the same thing in the end as far as services just rates/fee are different. Why keep your funds at 0% if you can move them to bank x for 2% as an example.
Deal Addict
Jul 3, 2017
2676 posts
1787 upvotes
fuzzydealhunter wrote:
Sep 13th, 2018 6:29 am
same, closed my account last month. not worth the effort to keep it open.
Yes, it's such an effort to keep ignoring a no fee account that requires no action!

Why not just keep it? There's still free access through CIBC bank machines, free chequing etc.
Deal Addict
Aug 5, 2006
2879 posts
812 upvotes
Global Village
I am surprised they are not relevant with savings rate offers anymore. Nevertheless I am willing to wait them out since it doesn't cost me anything to do so, they will eventually have to be competitive if they want to bring back the deposit $ they have lost with news of the hack and when they stopped the offers.

Last year they had a 3% promo for 4 months starting Nov 1st, maybe they'll do it again.
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Sr. Member
User avatar
Aug 9, 2010
955 posts
271 upvotes
Waterloo
It’s free, free Cheques, free e transfers and access to CIBC machines. I keep a couple hundred $ in their chequing account just in case I need it but otherwise I don’t worry about it and keep my liquid cash in EQ bank.

It doesn’t cost me a dime and gives me a bunch of features, no reason to cancel until something changes.
Deal Expert
User avatar
Nov 15, 2004
15396 posts
1961 upvotes
Toronto
I only keep mine open for the free cheques and the odd time I need an ATM. I've moved everything else out to Tangerine/Meridian.
eblend wrote:
Sep 13th, 2018 8:45 am
So, out of curiosity, why the hate? Been a pc financial/simplii user all my adult life, does everything I need...am I missing something? Are people really closing accounts because promo periods on savings end or am I missing something?
I closed my line of credit with them because I don't use it anymore. Other than that I've just let my accounts go idle and don't really use them anymore.
Could HAVE, not could OF. What does 'could of' even mean?
Newbie
Nov 24, 2015
56 posts
19 upvotes
Toronto, ON
PressureBoom wrote:
Sep 13th, 2018 3:59 pm
It’s free, free Cheques, free e transfers and access to CIBC machines. I keep a couple hundred $ in their chequing account just in case I need it but otherwise I don’t worry about it and keep my liquid cash in EQ bank.

It doesn’t cost me a dime and gives me a bunch of features, no reason to cancel until something changes.
+1

No reason to close yet.

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