Personal Finance

Simplii (ex PCF) ... 3% new deposits promo: Nov 1, 2017 - February 28, 2018

  • Last Updated:
  • Nov 20th, 2017 9:51 am
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Deal Addict
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May 7, 2007
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Simplii (ex PCF) ... 3% new deposits promo: Nov 1, 2017 - February 28, 2018

Just spoke to SImplii ... (called them to speak about this and that).

And was told that new promo just started on Nov 1 .. 3% on new deposits .. running until Feb 28, 2018.

Promo will start automatically basically ... -- won't need to call them to accept it (as we often did in the past over at PCF).
186 replies
Sr. Member
Nov 9, 2008
500 posts
63 upvotes
Ottawa
I had their promo interest rate of 2.5 until yesterday and I noticed the interest they deposited is only 0.8%.

Do they deposit the "bonus" separately?

Can anyone confirm? It was deposited on oct 31st
Deal Guru
Jan 7, 2002
10544 posts
3355 upvotes
Waterloo, ON
d5486 wrote:
Nov 1st, 2017 5:35 am
I had their promo interest rate of 2.5 until yesterday and I noticed the interest they deposited is only 0.8%.

Do they deposit the "bonus" separately?

Can anyone confirm? It was deposited on oct 31st
If they do this like PCF (and they claim to be identical in every other respect) then the bonus interest gets credited about a week or two after the end of the promo period.

That's actually good news for people who go with the new 3% to 28Feb18 promo in a taxable account because it means you can defer tax on that bonus until 30Apr 2019.
veni, vidi, Visa
Deal Addict
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Dec 17, 2008
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Winnipeg
Here are the terms

The Simplii FinancialTM promotional interest offer (the “Offer”) is available to new and existing Eligible Savings Accounts and Eligible Registered Savings Accounts (as defined below) between November 1, 2017 – February 28, 2018 (the “Offer Period”). The special annual interest rate of 3.0% is a combination of the regular annual interest rate set by Simplii Financial payable on an Eligible Savings Account and Eligible Registered Savings Accounts balance (“Regular Interest”), plus promotional interest (“Promotional Interest”) that is calculated for the Offer Period on the Additional Balance as defined below.

A. Savings Offer

“Eligible Savings Account” means a Simplii Financial High Interest Savings Account and/or Simplii Financial Savings Account. Only primary account holders are eligible for the Offer.

The Promotional Interest is calculated on the portion of the Eligible Savings Account’s average daily closing balance during the Offer Period that exceeds the closing balance as at October 31, 2017 (the “Additional Balance”) to a maximum of $500,000 in Additional Balances across all of an account holder’s Eligible Savings Accounts. If an Eligible Savings Account is overdrawn as at October 31, 2017, the closing balance is deemed to be $0.00. Promotional Interest will not be paid on existing funds that were in a Simplii as at October 31, 2017 and are transferred to an Eligible Savings Account.
Promotional Interest will be paid in March 2018 into a single Eligible Savings Account held by a primary account holder. Promotional Interest will not be paid unless at least one of the primary account holder’s Eligible Savings Account is active and in good standing as at February 28, 2018. 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 priority sequence.
to the primary account holder’s High Interest Savings Account, if it is active and in good standing; otherwise
to the primary account holder’s Savings Account, if it is active and in good standing.
In the event the primary account holder has more than one of the same account type, Promotional Interest will be paid to the oldest account that is active and in good standing.

B. Registered Savings Offer

“Eligible Registered Savings Account” means a Simplii Financial Daily Interest RRSP Account, RRSP Savings Account and/or Tax -Free Savings Account.

The Promotional Interest is calculated on the portion of the Eligible Registered Savings Account’s average daily closing balance during the Offer Period that exceeds the closing balance as at October 31, 2017 (the “Additional Balance”) to a maximum of $500,000 in Additional Balances across all of an account holder’s Eligible Registered Savings Accounts. If an Eligible Registered Savings Account is overdrawn as at October 31, 2017, the closing balance is deemed to be $0.00. You can contribute up to your contribution room. A tax applies to all contributions exceeding your contribution room. Your TFSA contribution room or RRSP deduction limit information can be found by visiting the Canada Revenue Agency (CRA) web page at: www.cra-arc.gc.ca
All Promotional Interest will be paid in March 2018 into a single Eligible Registered Savings Account held by a primary account holder. If an account holder has multiple Eligible Registered Savings Accounts, the Promotional Interest for each Eligible Registered Savings Account will be paid separately into that Eligible Registered Savings Account. Promotional Interest will not be paid into any Eligible Registered Savings Account that is not active and in good standing as at February 28, 2018.
PLEASE NOTE: Eligible Savings Accounts and Eligible Registered Savings Accounts will continue to earn Regular Interest on balances, calculated daily and paid monthly. Regular Interest rates are subject to change at any time; visit http://www.simplii.com/rates for current regular rates. Promotional Interest recipient is solely responsible for any tax consequences associated with the Promotional Interest. Additional terms, conditions and limitations apply to opening and making deposits in an Eligible Savings Account or Eligible Registered Savings Account. Individuals must meet the criteria Simplii Financial to open or hold an Eligible Savings Account or Eligible Registered Savings Account in order to qualify for the Offer. Promotional Interest recipient is solely responsible for any tax consequences associated with the Promotional Interest. The Promotional Interest cannot be substituted or transferred to a third party. Details are available upon request. The Offer is non-transferable and cannot be combined with other promotional rate offers. The provider of Simplii Financial personal banking services (a division of CIBC), reserves the right to cancel or change the terms of the Offer at any time, and revoke the Offer for any customer who appears to be manipulating or abusing the Offer, or is engaged in any suspicious/fraudulent activity. The Offer is subject to the terms and conditions of the Simplii Financial Products and Services Agreement
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Sr. Member
Sep 19, 2009
819 posts
171 upvotes
Toronto
Darkman wrote:
Nov 1st, 2017 1:43 am
Just spoke to SImplii ... (called them to speak about this and that).

And was told that new promo just started on Nov 1 .. 3% on new deposits .. running until Feb 28, 2018.

Promo will start automatically basically ... -- won't need to call them to accept it (as we often did in the past over at PCF).
Do you have to re-register with simplii if you have a PCF account? I tried to go online and I noticed that the old PCF online banking redirects to online.simplii.com but the previous password doesn't work.
Deal Guru
Jan 7, 2002
10544 posts
3355 upvotes
Waterloo, ON
andrew4321 wrote:
Nov 1st, 2017 8:36 am
Do you have to re-register with simplii if you have a PCF account?
No.
I tried to go online and I noticed that the old PCF online banking redirects to online.simplii.com but the previous password doesn't work.
My previous PCF card number and login password work just fine. All I had to do was change the login URL and let LastPass fill in the blanks. Simplii Simple.
veni, vidi, Visa
Moderator
User avatar
Mar 23, 2004
36370 posts
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Markham
This is excellent, moving money from EQ to there.

@Darkman Should mention it's only for Savings and Registered accounts.
「もし、奇跡を起こせたら……」
Newbie
May 12, 2017
8 posts
4 upvotes
What is this supposed to mean? Looks like the legal team missed a few words???
Promotional Interest will not be paid on existing funds that were in a Simplii as at October 31, 2017 and are transferred to an Eligible Savings Account.
Moderator
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Mar 23, 2004
36370 posts
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Markham
andre83 wrote:
Nov 1st, 2017 9:00 am
What is this supposed to mean? Looks like the legal team missed a few words???
That means any old money in the account will not get paid extra interest, very normal.
「もし、奇跡を起こせたら……」
Newbie
May 12, 2017
8 posts
4 upvotes
angel_wing0 wrote:
Nov 1st, 2017 9:05 am
That means any old money in the account will not get paid extra interest, very normal.
But does it mean old funds in the savings accounts or including the chequing accounts too?
Newbie
Dec 7, 2016
91 posts
25 upvotes
andrew4321 wrote:
Nov 1st, 2017 8:36 am
Do you have to re-register with simplii if you have a PCF account? I tried to go online and I noticed that the old PCF online banking redirects to online.simplii.com but the previous password doesn't work.
Mine worked just fine. Did you try more than once?
Deal Fanatic
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Jun 3, 2006
6776 posts
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Markham
Damn it... my EQ move didn't clear in time before Oct 31st.

Guess it's staying there for now.
The myth on the Internet is that Canadians are nice people. Those people who say this just haven't been on RFD.
Deal Addict
Apr 2, 2010
1036 posts
364 upvotes
GTA
Anyone know if opening the savings or chequing accounts (without Overdraft) generates a hard hit? Would be great if someone could share their experience once they opened their new Simplii account today and has free Equifax or TU monitoring.
Member
Jul 22, 2015
294 posts
58 upvotes
Kitchener, ON
ToniCipriani wrote:
Nov 1st, 2017 9:42 am
Damn it... my EQ move didn't clear in time before Oct 31st.

Guess it's staying there for now.
Me too :( My transfer just posted this morning, even though I pulled the money from EQ on Monday.

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