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

  • Last Updated:
  • Dec 7th, 2017 12:30 pm
Member
Jan 21, 2012
220 posts
55 upvotes
sauro88 wrote:
Dec 6th, 2017 12:34 pm
This is partly true... Simplii is counting on that people won't notice the difference. The statement " Any end of day balance equal to or below $10,000 would only qualify for the normal 1% " is true for the normal 1%. However, for the promotional interest of 2% any day that you drop below $10,000 will result in a "negative" balance NOT ZERO. This "negative" amounts will be added to your total and average out. For example:

Oct. 31: Balance $10,000, promotional interest=2%, 5 days promotion.

Nov. 01 Withdraw $5,000 -> Closing Balance = $5,000
Nov. 02 No activity, Closing Balance = $5,000
Nov. 03 No activity, Closing Balance = $5,000
Nov. 04 Deposit $25,000 -> Closing Balance = $30,000
Nov. 05 No activity, Closing Balance = $30,000

By your calculation, there are 2 days the closing balance exceeds $10,000 so the interest should be: ($30,000-$10,000)*2%*2/365=$2.19.
By average daily closing balance method:
Average daily closing balance = ($5,000+$5,000+$5,000+$30,000+$30,000)/5) = $15,000
The promotional interest is : ($15,000-$10,000 (Base))*2%*5/365=$1.37
As you can see, by doing the Average Daily Balance Simplii only paid you $1.37 in interest as oppose to $2.19.
So if the balance is 0 on Oct 30, then even though we do several deposits and withdrawals in between, the bonus interest we earn should be the same using the two different calculations?
Member
User avatar
Apr 5, 2016
217 posts
177 upvotes
BC
Still not opened correctly yet, going on 5 weeks now.

Applied online Nov. 1
Received email for Signature Form & ID Check
Completed Signature Form online through Secure Messaging and did ID Check at Canada Post Office
Received bank card in the mail with intro package.
Received bank card pin # in the mail.
Need to call in to activate bank card - automated system not working.
Talk to a rep, told to call in another day as they can't set up a tele-banking pin as their system is down.

While talking to the various reps, got the following info:

Why credit check for a savings account?
It's so that they can choose x$ amount which they can free up immediately of your total daily deposit - in my case $1000
What was the second credit check for?
Seeing if I was open to other products although I wasn't interested in any. They indicated they can do one whenever they want as per the terms.
Transfer Information?
Transit # 30800 Institution # 010 Account Number is 10 digits starting with 00

I will try to call in later tonight and possibly tomorrow again to see if I can get Telebanking PIN setup so I can finally login to the bank account.
Fingers Crossed.

The only thing I'm thinking now is, is this bank even worth depositing any cash to.
Such a bad "everything" so far. Tsk Tsk 'Simplii' my a**.
Zoomer Wireless = 2+ years
Tangerine = 10+ years
Jr. Member
May 3, 2008
171 posts
63 upvotes
Markham
lingecw wrote:
Dec 6th, 2017 1:19 pm
So if the balance is 0 on Oct 30, then even though we do several deposits and withdrawals in between, the bonus interest we earn should be the same using the two different calculations?
yes
Deal Addict
May 9, 2006
1375 posts
117 upvotes
ChiliPalmer wrote:
Dec 6th, 2017 2:34 pm
Still not opened correctly yet, going on 5 weeks now.

Applied online Nov. 1
Received email for Signature Form & ID Check
Completed Signature Form online through Secure Messaging and did ID Check at Canada Post Office
Received bank card in the mail with intro package.
Received bank card pin # in the mail.
Need to call in to activate bank card - automated system not working.
Talk to a rep, told to call in another day as they can't set up a tele-banking pin as their system is down.

While talking to the various reps, got the following info:

Why credit check for a savings account?
It's so that they can choose x$ amount which they can free up immediately of your total daily deposit - in my case $1000
What was the second credit check for?
Seeing if I was open to other products although I wasn't interested in any. They indicated they can do one whenever they want as per the terms.
Transfer Information?
Transit # 30800 Institution # 010 Account Number is 10 digits starting with 00

I will try to call in later tonight and possibly tomorrow again to see if I can get Telebanking PIN setup so I can finally login to the bank account.
Fingers Crossed.

The only thing I'm thinking now is, is this bank even worth depositing any cash to.
Such a bad "everything" so far. Tsk Tsk 'Simplii' my a**.
wow!
Deal Addict
Jul 24, 2003
1128 posts
76 upvotes
i have heard you can link a CIBC account to Simplii by sending a CIBC void cheque to Simplii. Can someone fill me in the details? Is there a link with instructions (i.e. who do i mail it to? with what instructions/letter/form?)

Once linked, will there be a tab to move money similar to Tangerine?

Thanks!
Newbie
Nov 6, 2014
58 posts
22 upvotes
North York, ON
manho wrote:
Dec 6th, 2017 3:57 pm
Is there a link with instructions (i.e. who do i mail it to? with what instructions/letter/form?)

Thanks!
Just login to your account, click "Transfer" on the left hand side, then click "Add Account". Fill in the details of the CIBC (or any other bank) chequing account and follow the instruction to send in a void cheque. After that it takes about 4-5 days, you will see the CIBC account showing up on the list and you can transfer to and from CIBC similar to Tangerine.
Newbie
Aug 29, 2010
22 posts
8 upvotes
Brossard
Was there anybody mentioning that this is not available in Quebec ? I think it should be mentioned in the title as well so that Quebec's people will not waste their time reading pages after pages then find out it's not available to them when trying to register. Even their web site must warn you about that in advance instead of having you fill out all kind of informations then annouce that :
"Simplii services are unavailable in Quebec. Please choose another address."
[OP]
Deal Addict
Aug 5, 2006
2182 posts
609 upvotes
Global Village
warzouing wrote:
Dec 6th, 2017 8:22 pm
Was there anybody mentioning that this is not available in Quebec ? I think it should be mentioned in the title as well so that Quebec's people will not waste their time reading pages after pages then find out it's not available to them when trying to register. Even their web site must warn you about that in advance instead of having you fill out all kind of informations then annouce that :
"Simplii services are unavailable in Quebec. Please choose another address."
Done.
Deal Guru
User avatar
Apr 17, 2005
10580 posts
1153 upvotes
Brampton
fun4life2 wrote:
Dec 6th, 2017 7:00 pm
Just login to your account, click "Transfer" on the left hand side, then click "Add Account". Fill in the details of the CIBC (or any other bank) chequing account and follow the instruction to send in a void cheque. After that it takes about 4-5 days, you will see the CIBC account showing up on the list and you can transfer to and from CIBC similar to Tangerine.
I cannot believe they need you to mail anything in especially when it was so easy to set it up with EQ & Tangerine!!!! Angry Face I mean in this digital age why mail anything anymore when you don't need to with other banks?? So much for a new modern bank!!! Seriously??? And Tangerine has a limit of only 3 accounts you can link with so that doesn't help :facepalm: :facepalm: I think I will pass on using Simplii because it's not so simple anymore! Rant over.
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Jr. Member
Apr 4, 2017
127 posts
23 upvotes
I just got card today. I have 50k I can transfer into this bank. Can anyone check how much I will get back just in interest as today?
Member
User avatar
Jun 23, 2017
256 posts
64 upvotes
Toronto, ON
patrob wrote:
Dec 7th, 2017 10:16 am
I cannot believe they need you to mail anything in especially when it was so easy to set it up with EQ & Tangerine!!!! Angry Face I mean in this digital age why mail anything anymore when you don't need to with other banks?? So much for a new modern bank!!! Seriously??? And Tangerine has a limit of only 3 accounts you can link with so that doesn't help :facepalm: :facepalm: I think I will pass on using Simplii because it's not so simple anymore! Rant over.
Yes! I have the same first-hand experience to compare the process of linking accounts with Tangerine and EQ
Good indicator of how Simplii/CIBC is lagging in providing a first-class customer experience.
Deal Fanatic
User avatar
Jan 27, 2004
8489 posts
793 upvotes
applied on Nov 1
i cant believe i am still dealing with them where is my bank card...call many times...
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Deal Guru
User avatar
Apr 17, 2005
10580 posts
1153 upvotes
Brampton
905P4N6 wrote:
Dec 7th, 2017 10:29 am
Yes! I have the same first-hand experience to compare the process of linking accounts with Tangerine and EQ
Good indicator of how Simplii/CIBC is lagging in providing a first-class customer experience.
Exactly, it's like they are stuck in mid 2000's :facepalm:
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Newbie
Nov 6, 2014
58 posts
22 upvotes
North York, ON
905P4N6 wrote:
Dec 7th, 2017 10:29 am
Good indicator of how Simplii/CIBC is lagging in providing a first-class customer experience.
Simplii/CIBC and RBC (don't know about TD & BNS) are all lagging behind in online banking comparing to EQ Tangerine etc.

I am still waiting for the bonus interest to show up in my RBC eSavings account, with the promotion ended on Dec 1 and bonus interest supposedly paid by Dec 4 . When I raised the question on line, I was told that they need to do a branch level investigation and I am not the only one complaining. What a mess.

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