Personal Finance

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

  • Last Updated:
  • Nov 20th, 2017 9:51 am
Member
Jul 29, 2013
371 posts
139 upvotes
peli33 wrote:
Nov 6th, 2017 10:20 am
Yes, she could also open a joint account with you where she is the primary depositor/holder and that account will be eligible as well.
Thanks for the added information. Good to know.
In my case it is better to have an account only in my spouse's name to get the CDIC 100K coverage in both accounts.
Deal Guru
Jan 7, 2002
10546 posts
3358 upvotes
Waterloo, ON
profile wrote:
Nov 6th, 2017 2:21 pm
Thanks for the added information. Good to know.
In my case it is better to have an account only in my spouse's name to get the CDIC 100K coverage in both accounts.
For CDIC purposes you could have three accounts, one in your name only, the second in your spouse's name only and the third jointly-held. This gives you and your spouse a family total of $300k that's CDIC insured.

You'd also have three accounts eligible for these promo offers. Sometimes Simplii (and also TING) makes targeted offers to specific accounts. With three accounts you increase the chance that at least one of them gets a promo offer.
veni, vidi, Visa
Deal Addict
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Oct 1, 2011
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Sorry for the noob question...this would be the first time I would like to stash my cash in an external savings account.

I just went online and applied for the HISA at Simplii.

Then I wait for approval, and ask my bank to wire the money in to the Simplii account (or EFT)?
Deal Guru
Jan 7, 2002
10546 posts
3358 upvotes
Waterloo, ON
peanutz wrote:
Nov 6th, 2017 3:56 pm
Then I wait for approval, and ask my bank to wire the money in to the Simplii account (or EFT)?
No need to do a wire transfer. Once the HISA is set up at Simplii there will be a link to the external account at your current bank. You can use Simplii's website to transfer money between the external account and your HISA at Simplii.
veni, vidi, Visa
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bylo wrote:
Nov 6th, 2017 4:05 pm
No need to do a wire transfer. Once the HISA is set up at Simplii there will be a link to the external account at your current bank. You can use Simplii's website to transfer money between the external account and your HISA at Simplii.
So my Simplii account will have a link to my TD chequing account even though I haven't provided it? Wow, the institutions really make it this easy?
Deal Guru
Jan 7, 2002
10546 posts
3358 upvotes
Waterloo, ON
peanutz wrote:
Nov 6th, 2017 4:09 pm
So my Simplii account will have a link to my TD chequing account even though I haven't provided it? Wow, the institutions really make it this easy?
I assume you had to provide Simplii with a void TD cheque or equivalent information when you opened the account. That's how they established the linkage between the two accounts.
veni, vidi, Visa
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bylo wrote:
Nov 6th, 2017 5:11 pm
I assume you had to provide Simplii with a void TD cheque or equivalent information when you opened the account. That's how they established the linkage between the two accounts.
I just applied online and they asked general questions of a "credit check" nature. Name, birthday, address, SIN (which I did not provide), etc. I suppose they may ask for more information regarding my identity and my account after they have reviewed the online application.

And when that happens...how would I provide a void cheque? By e-mail, or paper mail?
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Jan 21, 2014
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peanutz wrote:
Nov 6th, 2017 6:17 pm
I just applied online and they asked general questions of a "credit check" nature. Name, birthday, address, SIN (which I did not provide), etc. I suppose they may ask for more information regarding my identity and my account after they have reviewed the online application.

And when that happens...how would I provide a void cheque? By e-mail, or paper mail?
I thought SIN is mandatory for savings account (income tax purpose), how did you go without giving it out?
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mkl38s wrote:
Nov 6th, 2017 6:33 pm
I thought SIN is mandatory for savings account (income tax purpose), how did you go without giving it out?
Well the application is still processing, but the field said "SIN (optional)". So I didn't put it in and clicked "submit" after answering all the other questions.
Newbie
Nov 5, 2017
5 posts
Transferred all of my tfsa accounts to Simplii high interest savings. Didn't bother filling out the transfer forms, will just put into a tfsa in January. Still getting about 2.25% after tax compared to 1.65 at zag/peoples
Deal Guru
Jan 7, 2002
10546 posts
3358 upvotes
Waterloo, ON
peanutz wrote:
Nov 6th, 2017 6:17 pm
I just applied online and they asked general questions of a "credit check" nature. Name, birthday, address, SIN (which I did not provide), etc. I suppose they may ask for more information regarding my identity and my account after they have reviewed the online application.

And when that happens...how would I provide a void cheque? By e-mail, or paper mail?
My recollection when I opened an account with PCF is they wanted an original void cheque, either by snail mail or at a Loblaws kiosk. Since they no longer have the kiosks my guess is snail mail.

Also, like mkl38s, I'd be surprised if they didn't insist on a SIN. They're required by CRA to obtain it because they need to include it on your T5 slip to report interest earned. (A SIN isn't required on credit card applications because there's no reporting to CRA. CC companies ask for it because it's another way to confirm that the credit report they get for your name is actually you.)
veni, vidi, Visa
Member
Apr 17, 2014
308 posts
167 upvotes
Calgary
peanutz wrote:
Nov 6th, 2017 6:43 pm
Well the application is still processing, but the field said "SIN (optional)". So I didn't put it in and clicked "submit" after answering all the other questions.
Well, wait and see. They might ask for the SIN at a later time.
Member
Jul 29, 2013
371 posts
139 upvotes
peli33 wrote:
Nov 6th, 2017 10:20 am
Yes, she could also open a joint account with you where she is the primary depositor/holder and that account will be eligible as well.
Just called Simpii and was told that opening up a new primary savings account in my spouse's name only would not work. My spouse's joint account balance with me would be the starting point to calculate the 3%. Only new money would be eligible for 3%, i.e. money over the joint account balance on Oct. 31st
Newbie
Jun 24, 2015
92 posts
14 upvotes
Toronto, ON
profile wrote:
Nov 8th, 2017 4:06 pm
Just called Simpii and was told that opening up a new primary savings account in my spouse's name only would not work. My spouse's joint account balance with me would be the starting point to calculate the 3%. Only new money would be eligible for 3%, i.e. money over the joint account balance on Oct. 31st
!!!!!!! This is new to me. I need to call to confirm. I don't want to wait for Mar 2018 to find out that I don't qualify for getting the promotion interest. Thanks for your information.
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Mar 8, 2013
1434 posts
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15june wrote:
Nov 8th, 2017 6:37 pm
!!!!!!! This is new to me. I need to call to confirm. I don't want to wait for Mar 2018 to find out that I don't qualify for getting the promotion interest. Thanks for your information.
With PCF, I was always hesitant to take advantage of their promos, because I needed to wait a few months for confirmation. With Tangerine, despite all the issues I have with them, you know on the first day of the month whether you are OK. So since Simplii promos look like PCF promos, I am looking for alternatives before my 2.75% Tangerine promo expires. This is doubly true for Simplii TFSA savings accounts, not that I would recommend savings accounts in a TFSA in any case.

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