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Simplii Financial

5% for existing customers, (YMMV), Dec. 1 - Apr. 30

  • Last Updated:
  • May 11th, 2023 4:52 pm
Member
May 27, 2007
306 posts
191 upvotes
cardero wrote: Please let us know once you chat with CSR, thanks.
Agent said it can take up to 5 business days for email confirmation if responding to email and 1 business day if accepted through online banking. As an aside, he was unable to actually look at my account as his system showed me logged into Chat as a guest even though I was logged into my account - said that might be related to the device I was using and suggested waiting 5 business days or calling in. Simplii aren't making it easy - I just got the Tangerine 4.75% teaser so no major incentive to move funds to Simplii anyway.
Sr. Member
Sep 14, 2009
982 posts
670 upvotes
Kingston
davvos wrote: Agent said it can take up to 5 business days for email confirmation if responding to email and 1 business day if accepted through online banking. As an aside, he was unable to actually look at my account as his system showed me logged into Chat as a guest even though I was logged into my account - said that might be related to the device I was using and suggested waiting 5 business days or calling in. Simplii aren't making it easy - I just got the Tangerine 4.75% teaser so no major incentive to move funds to Simplii anyway.
Much appreciated for your update. Since yesterday, I received the offer by pop up when logged in too, and received an email confirmation this morning. I got the new Tangerine promo too so timing is almost ideal with the HSBC offer ending on Jan 27th.
Deal Addict
Dec 8, 2006
1464 posts
1517 upvotes
enforcerviper wrote: The real reason this offer sucks - They will only give you 5% on new deposits. Whatever your closing balance was as of November 30th is exempt from the bonus interest.

Source: I called to confirm.
Oh this is pretty garbage. So you cant withdraw your funds, and redeposit it?
-
Deal Fanatic
Jul 26, 2007
7579 posts
5272 upvotes
Toronto
LDN2012 wrote: Oh this is pretty garbage. So you cant withdraw your funds, and redeposit it?
Only works if you have done that before Nov 30. 5% applies to new money so if you deposit $10k today but had $1k Dec 1 balance, you would get $9k at 5% and $1k at 1%.
Sr. Member
Feb 13, 2008
977 posts
765 upvotes
Edmonton, AB
I never got the last promotion. The manager said my average daily balance was below my original balance before the promotion which is bs. I am sick of these people.
Jr. Member
User avatar
Nov 20, 2019
178 posts
323 upvotes
Calgary
Make sure you call them to confirm that the promo is applied to your account before transferring money into it.

I clicked "sign up" then called half an hour later. I was told the promo was not applied to my account yet, and she manually applied it to my account.
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Deal Addict
User avatar
Aug 28, 2001
2504 posts
317 upvotes
CIBC offers a redeemable (cashable anytime) variable rate GIC currently at 4.25% which seems like a better deal since it applies to the entire amount invested.
Deal Fanatic
Mar 10, 2014
5032 posts
5819 upvotes
Simplii HISA is a mickey mouse option for investing. If you want real investing, buy a 1 year GIC and put the entire amount in. HISA should only be for emergency funds or very liquid cash flow.
Deal Addict
Nov 4, 2015
2299 posts
2095 upvotes
Ontario
I got this and the Tangerine 4.75% offer. My simplii account as of Nov 30 has nothing in it. Have we established that however people interpret Simplii's wording, the interest calculates to be the same? If so, is the Simplii offer better than the Tangerine offer once you factor in the compounding?
Virgin Plus ($29/35GB BYOD)
Deal Addict
Aug 22, 2012
1280 posts
2648 upvotes
arandomguy wrote: I'm not understanding what the issue is with the average closing balance wording and why people feel you would be losing money enrolling later.

Let's just assume a simplified 5 day term with $100 at 1% interest for the term (not annual, just to simplify the calculation). And you only deposit in $100 on the 3rd day and immediately take it out the next day.

If you calculate it based on daily payout it would be -

(0.01/5)x$0.00 + (0.01/5)x$0.00 + (0.01/5)x$100.00 + (0.01/5)x$0.00 + (0.01/5)x$0.00 = $0.20

If calculated it based on average closing balance per day -

($0.00 + $0.00 +$100.00 +$0.00 + $0.00)/5 = $20.00 (average daily closing balance) -> $20.00 x (0.01) = $0.20

In both cases the payout is 1/5th of $100x0.01=$1.00 for leaving it for the entire term untouched.

Unless it's because people want to retroactively apply to money that was already in their account before they enrolled? But these promotions typically from other banks would have phrasing that precludes that as well.

The slightly lower effective payout due to Simplii paying out as one lump sum after the promotion period from loss of monthly compounding is separate from this.
theshowman wrote: I don't know why people are spreading false information. As the poster prior to mine indicated, you should get your promised interest based on your average daily balance. No scams, aside from the YMMV on being targetted for the promo.
savemoresaveoften wrote: The math is the same guys !! The days u have zero in the account, u earn $0, nothing wrong with that.
They take the average but also calculate interest based on the full 150 days, not the days u have non zero balance…..

It really is quite simple.
Ya'll need Jesus, and to read this post from @Britex

Pretty confident they got it right, it aligns with the wording of the promo

https://forums.redflagdeals.com/officia ... #p37054022
Arrow wrote: Here you go guys...

interest.jpg
In the left example, you missed the key point that they will calculate on the average on the first 15 days of 0's as well.
It would be $3.125
Deal Addict
Jan 22, 2009
3637 posts
1646 upvotes
enforcerviper wrote: CIBC offers a redeemable (cashable anytime) variable rate GIC currently at 4.25% which seems like a better deal since it applies to the entire amount invested.
I saw 4%.

Could you post the link for 4.25%?
Member
Dec 5, 2010
327 posts
417 upvotes
Toronto
If I have money in a savings accoutn already can I transfer that out and back in for 5% interest?
Deal Addict
User avatar
Jul 29, 2013
2115 posts
1929 upvotes
Ontario
raftermania wrote: If I have money in a savings accoutn already can I transfer that out and back in for 5% interest?
No
Deal Addict
User avatar
Aug 28, 2001
2504 posts
317 upvotes
braveblade wrote: I saw 4%.

Could you post the link for 4.25%?
You're correct. It just changed since 2 days ago. It was their prime rate minus 2.2000%.
Deal Addict
May 3, 2008
3946 posts
2935 upvotes
Markham
enforcerviper wrote: You're correct. It just changed since 2 days ago. It was their prime rate minus 2.2000%.
It started off as Prime minus 2, then minus 2.2, now minus 2.45....
Member
Aug 2, 2011
236 posts
191 upvotes
Vancouver
Enforcer22 wrote: Ya'll need Jesus, and to read this post from @Britex

Pretty confident they got it right, it aligns with the wording of the promo

official-rfd-thread-high-interest-savin ... #p37054022



In the left example, you missed the key point that they will calculate on the average on the first 15 days of 0's as well.
It would be $3.125
Yes, you are correct. The point is that if you had $0 balance at the start of the promotion then you get 5% interest on every penny, you only miss out on the tiny fraction from lack of compounding, and you don't get your bonus interest until the end. If you had money in Simplii when the snapshot date happened, then this promo is probably not for you.
Deal Addict
Jun 1, 2015
1446 posts
729 upvotes
Calgary, AB
Which option would earn higher interest

5% at simplii OR
4.75% at tangerine (due to compounding interest since tangerine pays interest monthly so you earn interest on interest)
Deal Fanatic
Apr 11, 2012
5865 posts
3138 upvotes
Winnipeg
enforcerviper wrote: The real reason this offer sucks - They will only give you 5% on new deposits. Whatever your closing balance was as of November 30th is exempt from the bonus interest.

Source: I called to confirm.
closing balance on HISA only or it includes checking account?
Lucky Mobile | Public Mobile | Simplii | Tangerine | CIBC
Deal Addict
User avatar
Jul 29, 2013
2115 posts
1929 upvotes
Ontario
Wpegger wrote: closing balance on HISA only or it includes checking account?
Chequing account is not included in the bonus offer.

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