Personal Finance

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

  • Last Updated:
  • Nov 19th, 2017 9:09 pm
Member
Jan 29, 2017
496 posts
479 upvotes
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
Thanks for correction.
Deal Addict
Jan 21, 2014
2140 posts
492 upvotes
I am confused. So my wife has a joint HISA account with me (I'm a primary account holder) and she also has her HISA by herself (my name is not linked there). Would her money in her own HISA account qualify for the promotion?
Banned
Nov 7, 2017
28 posts
5 upvotes
Simplli need a VOID cheque to be mailed to them for linking external accounts.

Does that mean from the Simplii side I won't be able to link my Tangerine Savings account as NO cheque book is available for the Tangerine Savings account.

I guess the only way for Tangerine Savings account o be linked to Simplii Savings account is from the Tangerine side and not the Simplii side. Am I right ?

So when I log into Tangerine, I will see Simplii Savings as an external account. But when I log in from the Simplii side, I won't see Tangerine Savings as an external account for transfer.

Was it the same for PC Financial ? How do I link Tangerine Savings from the Simplii side ? I would like both the accounts to be linked from both the sides, as sometime I want to PUSH the money and sometimes I want to PULL the money.

Plus sometimes there are log in issue i.e Tangerine site might not be working or Simplii site might not be working, so better to have access to transfer money from both sides and not just one :)
Deal Addict
User avatar
Dec 14, 2007
2213 posts
888 upvotes
Something I've wondered... if you have a Line of Credit LOC with Simplii... and empty your account to the LOC before the anniversary date, will that count as money in your accounts? The LOC is not a savings account and Simplii allows you to have a negative balance in your LOC.

Seems that would be a better way to take advantage of these offers than transferring out to TING.
I'd love to write history... in advance.
AMEX Biz Plat 75K :: Personal Plat 60K :: Biz Gold 40K :: Personal Gold 25K :: SPG 20K
Member
Jul 29, 2013
369 posts
138 upvotes
mkl38s wrote:
Nov 8th, 2017 9:46 pm
I am confused. So my wife has a joint HISA account with me (I'm a primary account holder) and she also has her HISA by herself (my name is not linked there). Would her money in her own HISA account qualify for the promotion?

What the rep told me over the phone is that the balance on Oct. 31 in your joint account is the starting point to earn 3% even if she opens her own HISA as primary.
If the joint account with you had $5,000 in it on Oct. 31 then her own HISA would have to be new money in excess of 5K to earn 3%.

I would like someone to ask another rep to confirm.
Banned
Nov 7, 2017
28 posts
5 upvotes
Can you transfer from Simplii Savings to Tangerine Savings directly online ? And vice versa ?

Or do you need a Simplii Checking account as well to do the transfers ? I don't need another chequing account, although its FREE.

Right now I have a Tangerine Savings & Tangerine Chequing account. I have just applied for a Simplii Savings account. I will be emptying both my Tangerine accounts to trasnfer money to Simplii Savings to get the 3 %. Don't want to open a Simplii Checking if I don't have to.
Banned
Nov 7, 2017
28 posts
5 upvotes
Does SIMPLII accept printed at home VOID cheques on regular printing paper for linking external accounts ?

I have a Tangerine chequing account. But I don't have any cheques left and don't want to pay $ 20 for a new cheque book.

Tangerine lets me print a VOID cheque online on a regular A4 size white printing paper on my printer. Can I send this printed at home VOID cheque on regular paper to SIMPLII if they ask for a VOID cheque from me for linking accounts ?
Deal Addict
Jan 21, 2014
2140 posts
492 upvotes
miyoshidoll wrote:
Nov 9th, 2017 6:53 am
Does SIMPLII accept printed at home VOID cheques on regular printing paper for linking external accounts ?

I have a Tangerine chequing account. But I don't have any cheques left and don't want to pay $ 20 for a new cheque book.

Tangerine lets me print a VOID cheque online on a regular A4 size white printing paper on my printer. Can I send this printed at home VOID cheque on regular paper to SIMPLII if they ask for a VOID cheque from me for linking accounts ?
I don't know if anything has changed since PCF days but I sent a printed void cheque from my RBC account before and they rejected it and wanted a real cheque instead
Deal Addict
Jan 21, 2014
2140 posts
492 upvotes
profile wrote:
Nov 9th, 2017 1:37 am
What the rep told me over the phone is that the balance on Oct. 31 in your joint account is the starting point to earn 3% even if she opens her own HISA as primary.
If the joint account with you had $5,000 in it on Oct. 31 then her own HISA would have to be new money in excess of 5K to earn 3%.

I would like someone to ask another rep to confirm.
Thanks profile. So my wife still gets bonus interest, but it will be on top of the joint account even though she is secondary holder. I guess it's not as bad as I thought although I think it's kind of unfair to count the base money in joint account for both primary and secondary account holders
Banned
Nov 7, 2017
28 posts
5 upvotes
mkl38s wrote:
Nov 9th, 2017 7:19 am
I don't know if anything has changed since PCF days but I sent a printed void cheque from my RBC account before and they rejected it and wanted a real cheque instead
Wow ! That sucks donkey gonads ! So I guess I will just have to link my Tangerine account to Simplii , only from the Tangerine side by confirming the 2 micro deposits Tangerine makes into Simplii.

I won't link my account from the Simplii side. No way I am paying $ 20 just to get a cheque book from Tangerine for linkage from the Simplii side. I hardly use cheques anymore due to free email transfers, free interac transfers etc.

Simplii needs to get with the times and allow linkage of external accounts without mailing VOID cheques to them and my confirming 2 micro deposits they make in your external account, the way PayPal, Tangerine etc does.

One good thing about Tangerine I like is how easy it is to link external accounts :). Although they only allow maximum 3 external accounts linkage at any given time. maybe they should increase that external account linkage to 5 accounts :)
Deal Guru
Jan 7, 2002
10524 posts
3340 upvotes
Waterloo, ON
miyoshidoll wrote:
Nov 9th, 2017 7:39 am
I won't link my account from the Simplii side. No way I am paying $ 20 just to get a cheque book from Tangerine for linkage from the Simplii side. I hardly use cheques anymore due to free email transfers, free interac transfers etc.

Simplii needs to get with the times and allow linkage of external accounts without mailing VOID cheques to them and my confirming 2 micro deposits they make in your external account, the way PayPal, Tangerine etc does.
There's another option discussed upthread [my bold]:
k2200 wrote:
Nov 4th, 2017 6:02 pm
logon to your Simplii account.
On your Account Summary page. Click Transfers (on the left side)
Under Transfers, click Add Accounts


"Your other financial institution's bank, transit and account numbers can be found on the bottom of your cheques. Be sure to include all the digits in your account number, as the number of digits may vary depending on your financial institution. If you do not have pre-printed cheques, ask your financial institution for this information and get a customized account confirmation form. (Detailed instructions will follow on the Add Account confirmation page.)...

Conditions for adding an account:
You must send in a void cheque or a customized account confirmation form to complete this request. The address will follow.
The cheque or customized account confirmation form must have your name preprinted on it.
The name on your account with the other financial institution must match your name on your Simplii Financial accounts.
Only personal accounts will be accepted. Business accounts cannot be added.
Accounts which require multiple signatures to transfer cannot be added.
Accounts must be with a Canadian financial institution and funded in Canadian dollars."
The open question is whether TING will issue and mail you such a confirmation. Bricks and mortar bank branches do so routinely.
One good thing about Tangerine I like is how easy it is to link external accounts :). Although they only allow maximum 3 external accounts linkage at any given time. maybe they should increase that external account linkage to 5 accounts :)
Me too. Three external accounts is too restrictive for playing their interest rate promo lottery most effectively ;)
veni, vidi, Visa
Deal Fanatic
User avatar
Nov 19, 2004
7190 posts
981 upvotes
Cambridge, ON
mkl38s wrote:
Nov 9th, 2017 7:22 am
Thanks profile. So my wife still gets bonus interest, but it will be on top of the joint account even though she is secondary holder. I guess it's not as bad as I thought although I think it's kind of unfair to count the base money in joint account for both primary and secondary account holders
It makes sense. The promotion considers your balance between all accounts as of Oct 31. This means the balance of all your wife's accounts, including her savings accounts, chequing and any joint accounts. Anything above the balance after Oct 31 would get the promo interest.

A joint account is a joint account. That means it is in both your names. Primary or secondary doesn't make a difference.
Newbie
Jun 24, 2015
91 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
Interesting... I have just called Simplii to confirm of the starting balance of my spouse and my saving accounts. The starting points saving account is the sum of accounts under the primary account holders only. Can someone else call Simplii to verify as well?
Newbie
Oct 25, 2017
6 posts
Between Tangerine and Simplii - which has a better user experience on their mobile app? Looking to switch my chequing account to one of the two based on this criteria to be honest.
Deal Fanatic
User avatar
Nov 19, 2004
7190 posts
981 upvotes
Cambridge, ON
15june wrote:
Nov 9th, 2017 11:24 am
Interesting... I have just called Simplii to confirm of the starting balance of my spouse and my saving accounts. The starting points saving account is the sum of accounts under the primary account holders only. Can someone else call Simplii to verify as well?
Bank accounts like this that are joint accounts don't really have primary and secondary holders. It is a Joint account. You are both "primary" holders on a joint account.

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)