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[Simplii] Simplii High Interest Savings Account 3.15% till Feb-28-2019!

  • Last Updated:
  • Nov 20th, 2018 2:29 pm
Deal Addict
Jul 26, 2009
3535 posts
1522 upvotes
kycka1 wrote:
Nov 6th, 2018 11:47 am
I actually signed up for Simplii with the intent to move money from EQ, but the application process is still ongoing 3 business days later. So much for being an "online" bank.

Just bought this GIC, better rate and a bit of tax deferral too!
Won't you need to report the interest earned as part of your taxable income?
Newbie
Aug 19, 2011
68 posts
31 upvotes
Vancouver
johnnyblayze wrote:
Nov 6th, 2018 1:05 pm
Won't you need to report the interest earned as part of your taxable income?
You would, but the interest is paid at maturity in 2019. So the tax for it is due a year later (as opposed to monthly HISA interest in Nov/Dec).
Deal Guru
Jan 7, 2002
13773 posts
6172 upvotes
Waterloo, ON
johnnyblayze wrote:
Nov 6th, 2018 1:05 pm
Won't you need to report the interest earned as part of your taxable income?
Yes, they will. But note "a bit of tax deferral too"

On a HISA interest earned in Nov/Dec will appear on the 2018 T5 slip with tax payable in Apr19. With this GIC that interest won't appear until the 2019 T5 and tax won't be payable until Apr20. So there's 2 months of interest that can be deferred for one year.
veni, vidi, Visa [!Brim]
Deal Addict
Oct 18, 2014
1414 posts
609 upvotes
Oakville, ON
bylo wrote:
Nov 6th, 2018 1:16 pm
Yes, they will. But note "a bit of tax deferral too"

On a HISA interest earned in Nov/Dec will appear on the 2018 T5 slip with tax payable in Apr19. With this GIC that interest won't appear until the 2019 T5 and tax won't be payable until Apr20. So there's 2 months of interest that can be deferred for one year.
Why the HISA t5 when this promo can be put towards a tfsa unless your maxed out ?
Deal Guru
Jan 7, 2002
13773 posts
6172 upvotes
Waterloo, ON
mrfrugal83 wrote:
Nov 6th, 2018 1:19 pm
Why the HISA t5 when this promo can be put towards a tfsa unless your maxed out ?
Who said anything about TFSAs? Income earned inside TFSAs isn't taxable so this issue is moot. However interest earned in "open", i.e. taxable, accounts is taxable. Deferring when that tax is payable is a benefit for most people most of the time.
veni, vidi, Visa [!Brim]
Deal Addict
Nov 6, 2003
1453 posts
185 upvotes
Saukrates wrote:
Nov 5th, 2018 10:56 am
I didn't have to call anyone. When I logged in last week, it asked me right away if I wanted to enrol
I enrolled last week and didn't get an email yet.
Deal Addict
User avatar
Jul 31, 2007
1940 posts
112 upvotes
sylvestor2002 wrote:
Nov 7th, 2018 12:05 am
I enrolled last week and didn't get an email yet.
Same here. Simplii really sucks!!!
Jr. Member
Dec 31, 2008
193 posts
120 upvotes
Mississauga, ON
I don't have a Simplii account. I remember last year when they first started, the signup procedure was convoluted (identity verification at the post office or some such nonsense, etc). Has anyone signed up recently? Is it still a hassle? Also, I remember there was an issue with void cheques that made it impossible to link to Tangerine or EQ. Is that still the case?
Member
Aug 11, 2006
285 posts
13 upvotes
Toronto
tsatsa wrote:
Nov 7th, 2018 5:52 am
Same here. Simplii really sucks!!!
I was waiting for Simplii to send email confirmation of interest rate, and instead they sent me the promotional email to sign up again...so in summary i ended up signing up through logging into online banking, on the phone, and through email...hahaFace With Tears Of Joy..still no rate confirmation email.
Deal Expert
User avatar
Dec 12, 2009
16617 posts
5162 upvotes
Toronto
usob wrote:
Nov 7th, 2018 8:47 pm
I was waiting for Simplii to send email confirmation of interest rate, and instead they sent me the promotional email to sign up again...so in summary i ended up signing up through logging into online banking, on the phone, and through email...hahaFace With Tears Of Joy..still no rate confirmation email.
Same here. I am not expecting anything since it has been so long. There will be hell to pay if they fail to deliver in March. I think a lot of customers will be getting their torch and pitchfork out of the closet.
Koodo $35/5GB and $40/6GB
Public Mobile 2016 fall promo $120/12GB/90 days
Fido $0/3GB
Rogers $25 500U home internet
Tangerine Bank
Deal Guru
Jan 7, 2002
13773 posts
6172 upvotes
Waterloo, ON
will888 wrote:
Nov 7th, 2018 11:20 pm
Same here. I am not expecting anything since it has been so long. There will be hell to pay if they fail to deliver in March. I think a lot of customers will be getting their torch and pitchfork out of the closet.
FWIW they've never sent out confirmations in the past yet people generally got their bonuses at the end of the promo period.

There have been the odd complaints on RFD from people who didn't so it's possible for Simplii to drop the ball. That's why I always make a record of when I registered for the promo, how I did it, who I spoke with (if via phone call), screen shot of confirmation (if online), etc.

Of course now with EQ Bank's 3.33% on 3-month GIC with no gimmicks I can't be bothered to go through Simplii's silly hoops to get only 3.15%.
veni, vidi, Visa [!Brim]
Jr. Member
Nov 13, 2017
126 posts
68 upvotes
Check your inbox.
I got my confirmation email this morning.
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Sr. Member
May 3, 2008
598 posts
212 upvotes
Markham
received email confirm too. If it doesnt hit ur inbox by end of today, I suggest to call in, dont want them to drop the ball on u....
Member
Aug 11, 2006
285 posts
13 upvotes
Toronto
Just got my email confirmation as well.

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