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[Simplii Financial] 3% promo on new deposits for 4 months from Simplii (No QC)

  • Last Updated:
  • Dec 15th, 2017 5:36 pm
Deal Guru
Jan 7, 2002
10839 posts
3540 upvotes
Waterloo, ON
choclover wrote:
Dec 1st, 2017 11:40 am
Look on the bright side. You will only pay income tax on the 1% that you earned in 2017. The other 2% will not be taxable until 2018. :)
Exactly! I've been telling people that on PCF threads for years. For me it's a benefit, not a bug.
veni, vidi, Visa
Banned
Nov 30, 2017
25 posts
7 upvotes
frankc92 wrote:
Dec 1st, 2017 11:22 am
Does anyone happen to know if they deposit bonus interest separately from the baseline rate? Based on my interest today, it looks like I only got ~1%.
I didn't even get that 1 % ! Which is weird ! Are you a new Simplii customer or an old PCF customer ?

I understand the 2 % bonus rate will be paid in March. But the 1 % regular rate will be paid at the end of the month, right ?

I transferred all my money from my other account i.e Tangerine and they arrived in Simplii on November 30. The balance before that was Zero, I am a new Simplii Customer.

Shouldn't I be paid interest for 1 day at 1 % for November 30 ? Or does November 30 not count as the money arrived around 10.00 Am on November 30 into Simplii from my external account ?

I see no 1 % interest in my account for that 1 day i.e November 30 on December 1 st in my account as of 3 pm EST .
Deal Fanatic
User avatar
Jan 27, 2004
8547 posts
801 upvotes
they told me they mailed me the card on Nov 14 and I still have received anything...called them this morning and was told they will investigate...wtf man...
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Deal Addict
Oct 7, 2007
3164 posts
742 upvotes
ttcdriver wrote:
Dec 1st, 2017 3:35 pm
I didn't even get that 1 % ! Which is weird ! Are you a new Simplii customer or an old PCF customer ?

I understand the 2 % bonus rate will be paid in March. But the 1 % regular rate will be paid at the end of the month, right ?

I transferred all my money from my other account i.e Tangerine and they arrived in Simplii on November 30. The balance before that was Zero, I am a new Simplii Customer.

Shouldn't I be paid interest for 1 day at 1 % for November 30 ? Or does November 30 not count as the money arrived around 10.00 Am on November 30 into Simplii from my external account ?

I see no 1 % interest in my account for that 1 day i.e November 30 on December 1 st in my account as of 3 pm EST .
I would call them right away. Banks do make mistakes. I always reconcile the calculations and I do find mistakes from time to time.
Banned
Nov 30, 2017
25 posts
7 upvotes
choclover wrote:
Dec 1st, 2017 3:45 pm
I would call them right away. Banks do make mistakes. I always reconcile the calculations and I do find mistakes from time to time.

Yes. I will do that.

I pushed the money out of Tangerine on November 29 to Simplii. The money arrived on November 30 in Simplii around 10 AM in the morning.

Since it was pushed from Tangerine it was not on hold or pending or anything, when it arrived into Simplii on November 30.

Simplii pays interest on daily closing balances. So on November 30, the money was definitely there in Simplii at the closing balance & during the day. So 1 % regular rate for 1 day should have been paid out on December 1.

I transferred $ 320,000 from Tangerine. So even if its just 1 % for 1 day, it amounts to $ 8.75 for 1 day.

And I am afraid they might not even pay me the 2 % bonus on it in March for that 1 day, if they didn't pay me the 1 % for that 1 day. So I will lose an additional $ 17.50 for 2 % for 1 day bonus rate, in addition to the $ 8.75 they have not paid me for the 1 % for 1 day. So total loss will $ 26.25 .

Wonder what other glitches they have in their system
Jr. Member
May 3, 2008
176 posts
65 upvotes
Markham
CIBC dont necessary update all their acct for month end by morning of next month biz day when they should. Check ur account after 6:30 tonite and you may probably see all month end transactions (service charge, etc) posted. If you dont see it by Monday, give them a call.
Newbie
User avatar
Jun 10, 2014
14 posts
5 upvotes
Toronto, ON
What a crappy system! Kept getting errors while registering for online access. Had to call twice and the rep told that the telephone passcode I entered first time was not accepted correctly into their system. Had to call two times with rep on the line in order to register for online banking. Now I am in the online banking and I don't see any linked account. How do I deposit money into the account?
Banned
Nov 30, 2017
25 posts
7 upvotes
Folks calculate your interest and see if you have NOT been shortchanged by 1 day of interest. Simplii Finacial is NOT paying you interest for the date of deposit of funds from your external account into Simplii HISA.

Imagine Simplii has 1 Million + Customer's and they are NOT giving all of them interest for the day in which funds are deposited into their Simplii account from their external account. How much money Simplii must be making by short changing them !

Did PC Financial give you interest for the date of deposit ? Or this is something new with Simplii ?

My funds were pushed out of Tangerine on November 29 , they arrived in Simplii on the morning on November 30 - they were fully available in Simplii on November 30, with no holds/pending etc on November 30 , yet NO interest was paid by Simplii for November 30 i.e the date of deposit.

Looks like they are definitely short changing you for the date of deposit. Tangerine definitely pays you interest for the day of deposit.

I transferred $ 320,000 . So 1 % interest for 1 day should be - $ 320,000 * 1 Day * 0.01 / 365 = $ 8.75 . ( 365 = No of days in a year , 1 % = 0.01 , 1 Day = November 30, date of deposit )

Plus looks like I won't get the 2 % bonus interest on this amount for 1 day either in March so another - $ 320,000 * 1 Day * 02 / 365 = $ 17.50 lost in interest . ( 2 % = 0.02 )
Deal Addict
Oct 7, 2007
3164 posts
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choclover wrote:
Dec 1st, 2017 3:45 pm
I would call them right away. Banks do make mistakes. I always reconcile the calculations and I do find mistakes from time to time.
Ironically, they shorted me a small amount of interest for November 2017. I called them and they acknowledged the error but couldn't explain what happened. They promised to credit me the difference but I haven't seen it yet (perhaps it takes a day or two to post).
Banned
Nov 30, 2017
25 posts
7 upvotes
choclover wrote:
Dec 2nd, 2017 12:42 am
Ironically, they shorted me a small amount of interest for November 2017. I called them and they acknowledged the error but couldn't explain what happened. They promised to credit me the difference but I haven't seen it yet (perhaps it takes a day or two to post).
They shortchanged me & another poster a much bigger account. I am pretty sure there are others, who are not paid interest for the date of deposit. See thread below.

Simplii Financial HISA does NOT pay you interest for the day of DEPOSIT - Shortchanging Customers !

simplii-financial-hisa-does-not-pay-you ... s-2150356/
Deal Addict
Jan 21, 2014
2280 posts
536 upvotes
I did a quick conservative calculations (ignored a few hundreds and just used round numbers but included the day money was in) and I don't have huge amounts like others, yet I am too short of $3 to $4. I never calculated my interests from PCF before so I have no idea if this was always the case or not.
Banned
Nov 30, 2017
25 posts
7 upvotes
mkl38s wrote:
Dec 2nd, 2017 3:51 am
I did a quick conservative calculations (ignored a few hundreds and just used round numbers but included the day money was in) and I don't have huge amounts like others, yet I am too short of $3 to $4. I never calculated my interests from PCF before so I have no idea if this was always the case or not.
Now multiply that by 1 million customers which Simplii has, and they could be making a nice chunk at the end of the day.

Or in your case if they are short changing you 4 bucks each month when you make a deposit, you could be out of $ 50 by the end of the year.
Banned
Nov 30, 2017
25 posts
7 upvotes
From another forum , Looks like the mystery of 1 day lost interest for November 30 i.e the date of deposit has been solved after all :

"Simplii pays and posts interest on the last day of each month, calculated until the second to last day of each month. Interest at month-end December should be for November 30th to December 30th, inclusive. This method is somewhat unusual, but follows how PC Financial calculated monthly interest."

So November 30 , 1 day interest will actually be paid on December 31 , I guess - lets see if that's the case.

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