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

  • Last Updated:
  • Jan 17th, 2018 1:58 pm
Deal Addict
Sep 7, 2004
1305 posts
260 upvotes
Toronto
I ended up linking my EQ account to Simplii from the EQ side. Has anyone tried to push funds from EQ into Simplii Savings? Did it work? I just initiated a $1 push from EQ to Simplii Savings today but that transaction wont post until probably Tuesday next week.
Member
Mar 14, 2009
210 posts
164 upvotes
Toronto
gqbluez wrote:
Jan 5th, 2018 8:22 pm
I ended up linking my EQ account to Simplii from the EQ side. Has anyone tried to push funds from EQ into Simplii Savings? Did it work? I just initiated a $1 push from EQ to Simplii Savings today but that transaction wont post until probably Tuesday next week.
Once the account is linked, you will be able to push or pull from EQ. I've done pull/push a couple of times.
Jr. Member
Apr 27, 2015
167 posts
27 upvotes
peli33 wrote:
Nov 1st, 2017 12:18 pm
Here is a good site for your calculations:

http://www.thecalculatorsite.com/financ ... ulator.php

Tangerine@2.5%:

1 $208.33 $208.33 $100,208.33
2 $208.77 $417.10 $100,417.10
3 $209.20 $626.30 $100,626.30
4 $209.64 $835.94 $100,835.94

Simplii@3%:

1 $0.00 $0.00 $100,000.00
2 $0.00 $0.00 $100,000.00
3 $0.00 $0.00 $100,000.00
4 $990.16 $990.16 $100,990.16

I assume Simplii will be like PC Financial and only pay out at the end of promotion which means bonus is not collected and compounded each month.
Yes, it's a good site, but imho you did a small mistake in your calculations.
interest is compound daily, so for Tangerine we get

1 $0.00 $208.54 $100,000.00 $208.54 $100,208.54
2 $0.00 $208.98 $100,000.00 $417.52 $100,417.52
3 $0.00 $209.41 $100,000.00 $626.94 $100,626.94
4 $0.00 $209.85 $100,000.00 $836.79 $100,836.79

For Simplii, they pay 1% on monthly basis, so we get
1 $0.00 $83.37 $100,000.00 $83.37 $100,083.37
2 $0.00 $83.44 $100,000.00 $166.80 $100,166.80
3 $0.00 $83.51 $100,000.00 $250.31 $100,250.31
4 $0.00 $83.58 $100,000.00 $333.88 $100,333.88

1 $0.00 $0.00 $100,000.00 $0.00 $100,000.00
2 $0.00 $0.00 $100,000.00 $0.00 $100,000.00
3 $0.00 $0.00 $100,000.00 $0.00 $100,000.00
4 $0.00 $662.27 $100,000.00 $662.27 $100,662.27

and 2% at the end
1 $0.00 $0.00 $100,000.00 $0.00 $100,000.00
2 $0.00 $0.00 $100,000.00 $0.00 $100,000.00
3 $0.00 $0.00 $100,000.00 $0.00 $100,000.00
4 $0.00 $662.27 $100,000.00 $662.27 $100,662.27

Thus Tangerine will give you 836.79 and Simplii 996.15 - difference about $160
Jr. Member
Apr 27, 2015
167 posts
27 upvotes
cessnabmw wrote:
Nov 1st, 2017 9:07 am
Wow! I have 6 figures with Tangerine.. time to move it all to Simplii? Safe to keep more that $100K??
I have the same concern .... I already have in Simplii 200K+, now have another 100K from Oaken mature GICs..... Curious if somebody hold in Simplii much more than 100K CDIC limit? Generally , Simplii own by CIBC, so I don't anticipate any issues, but still a bit worried.
Also have HISA in Tangerine (2.5%), but it also has 100K limit....
What is more safe: Simplii or Tangerine?
Deal Guru
Jan 7, 2002
11117 posts
3752 upvotes
Waterloo, ON
gibor365365 wrote:
Jan 7th, 2018 2:32 pm
Generally , Simplii own by CIBC, so I don't anticipate ay issues, but still a bit worried.
And TING is owned by BNS. The chance that either could get into so much trouble that they'd need a bailout from CDIC is asymptotically--but not equal to--zero. You have to decide for yourself if the added comfort of full CDIC coverage, no matter what(*)--is worth the hassle of having accounts at multiple institutions and/or the lower overall interest rates that result.

(*) Even that isn't clear. Imagine there was a banking crisis so severe that the big-5 banks needed to be bailed out by CDIC and the government of Canada. In that sort of nightmare situation(**) you'd probably have other more important issues to worry about like water, food, shelter, protection. And even if CDIC did make you whole, expect the government of Canada to pay for it by printing money, raising taxes or taking other emergency measures.

(**) Never say never when a maniac like The Donald has his tiny finger on the big button ;)

Pray that none of this ever happens rather than worry about what to do if it does.
veni, vidi, Visa
Jr. Member
May 3, 2008
196 posts
71 upvotes
Markham
Tangerine is setup to be insured by CDIC separate from BNS, while Simplii is just part of CIBC and under same CDIC protection.

Technically speaking, BNS can let Tangerine fail while Simplii is just part of CIBC deposit base. Having said that, chances of Tangerine failing without BNS bailing it out is a very small % but not zero.
Jr. Member
Apr 27, 2015
167 posts
27 upvotes
I agree, this is why from time to time I exceed CDIC limits in Tangerine or Simplii (even though never exceeded before by 200K+). But, I would never exceed CDIC limits in my other online banks accounts: EQ, Oaken and Peoples Trust, as if any of them goes belly up, there won't be significant impact on big 5.

"Tangerine is setup to be insured by CDIC separate from BNS, while Simplii is just part of CIBC and under same CDIC protection.

Technically speaking, BNS can let Tangerine fail while Simplii is just part of CIBC deposit base. Having said that, chances of Tangerine failing without BNS bailing it out is a very small % but not zero."
That's true! So looks like Simplii is more safe, even though it's difficult to believe that BNS will let Tangerine to go belly up as it will hit BNS reputation enormously .
In any case, looks like Canadian economy is doing pretty good right now and big banks should be fine
Deal Guru
Jan 7, 2002
11117 posts
3752 upvotes
Waterloo, ON
gibor365365 wrote:
Jan 7th, 2018 2:54 pm
I agree, this is why from time to time I exceed CDIC limits in Tangerine or Simplii (even though never exceeded before by 200K+).
You said of CIBC/Simplii, "but still a bit worried." No one on RFD can remove that worry. If the level of worry is enough to keep you up at night then keep your deposits within CDIC limits. There's no other solution. You can't have it both ways.
But, I would never exceed CDIC limits in my other online banks accounts: EQ, Oaken and Peoples Trust, as if any of them goes belly up, there won't be significant impact on big 5
If you'd asked about these other online banks I'd have made the same observation, i.e. that they're not "too big to fail" (or alternatively they're small enough for CDIC to let them fail if it came to that.)
veni, vidi, Visa
Jr. Member
Apr 27, 2015
167 posts
27 upvotes
bylo wrote:
Jan 7th, 2018 3:04 pm
You said of CIBC/Simplii, "but still a bit worried." No one on RFD can remove that worry. If the level of worry is enough to keep you up at night then keep your deposits within CDIC limits. There's no other solution. You can't have it both ways.

I understand :), just wanted to know what others think about it and if somebody exceeds limits in those 2 banks
Sr. Member
Sep 19, 2009
890 posts
178 upvotes
Toronto
gqbluez wrote:
Jan 5th, 2018 8:22 pm
I ended up linking my EQ account to Simplii from the EQ side. Has anyone tried to push funds from EQ into Simplii Savings? Did it work? I just initiated a $1 push from EQ to Simplii Savings today but that transaction wont post until probably Tuesday next week.
I am looking to have a Tangerine Savings account linked into my Simplii account so I can initiate deposits & withdrawals from Simplii. Has anyone tried something like this? Any suggestions?
Member
May 5, 2012
303 posts
91 upvotes
CALGARY
andrew4321 wrote:
Jan 8th, 2018 10:17 am
I am looking to have a Tangerine Savings account linked into my Simplii account so I can initiate deposits & withdrawals from Simplii. Has anyone tried something like this? Any suggestions?
You can't do it without a cheque
Deal Addict
Feb 1, 2006
1382 posts
250 upvotes
andrew4321 wrote:
Jan 8th, 2018 10:17 am
I am looking to have a Tangerine Savings account linked into my Simplii account so I can initiate deposits & withdrawals from Simplii. Has anyone tried something like this? Any suggestions?
starbelow wrote:
Jan 8th, 2018 11:09 am
You can't do it without a cheque
I was able to link Tangerine Savings with Simplii. You have to contact Tangerine and get an "Account Information Form/Letter" with your savings account number, transit and bank number as well as a Tangerine Bank stamp. Register the Tangerine Savings account with Simplii in your online banking. Then you have to call Simplii and tell them to send you a secure message that you'll use to reply to them with the attached said Tangerine letter. It's a long and convaluted process but it worked for me. Very important to get the letter stamped by Tangerine or Simplii will reject it.
Jr. Member
Nov 29, 2017
118 posts
84 upvotes
on a side note, that's one simplii ugly debit card I just received Face Screaming In Fear
Newbie
May 1, 2016
57 posts
27 upvotes
Hi,

My mom is very late in Simplii promo.
At present, she opened Simplii account and submitted documents. Now, waiting for debit card. (Somehow she felt that account opening with Simplii is more time consuming and many steps than EQ).

She wants to transfer money to Simplii asap however, I understand that she cannot access to Simplii account OR transfer money to Simplii until she receives Simplii's debit card, Is that correct?

Her questions are:
1: Should she connect Simplii with EQ or Tangerine? Which one is easy and prompt?
2: If you suggest EQ, how to do that? How many days it takes?
3: If you suggest Tangerine, how to do that? How many days it takes? (She has chequing and savings with Tangerine) ?

TIA
Sr. Member
Mar 1, 2010
723 posts
187 upvotes
anyone received the new card? I have the old PC financial debit card, but still did not receive the new Simplii card by now

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