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.
Simplii Financial
5% for existing customers, (YMMV), Dec. 1 - Apr. 30
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- davvos
- Member
- May 27, 2007
- 306 posts
- 191 upvotes
- cardero
- Sr. Member
- Sep 14, 2009
- 982 posts
- 670 upvotes
- Kingston
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.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.
- LDN2012
- Deal Addict
- Dec 8, 2006
- 1464 posts
- 1517 upvotes
Oh this is pretty garbage. So you cant withdraw your funds, and redeposit it?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.
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- peteryorkuca
- Deal Fanatic
- Jul 26, 2007
- 7579 posts
- 5272 upvotes
- Toronto
- cocotheparrot
- 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.
- 5eight7
- Jr. Member
- 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.
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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- enforcerviper
- Deal Addict
- 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.
- jmc111
- 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.
- RichRFD
- 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)
- Enforcer22
- 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.
Ya'll need Jesus, and to read this post from @Britexsavemoresaveoften 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.
Pretty confident they got it right, it aligns with the wording of the promo
https://forums.redflagdeals.com/officia ... #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
- braveblade
- Deal Addict
- Jan 22, 2009
- 3637 posts
- 1646 upvotes
I saw 4%.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.
Could you post the link for 4.25%?
- raftermania
- 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?
- profile
- Deal Addict
- Jul 29, 2013
- 2115 posts
- 1929 upvotes
- Ontario
Noraftermania wrote: ↑ If I have money in a savings accoutn already can I transfer that out and back in for 5% interest?
- profile
- Deal Addict
- Jul 29, 2013
- 2115 posts
- 1929 upvotes
- Ontario
Double post
- enforcerviper
- Deal Addict
- Aug 28, 2001
- 2504 posts
- 317 upvotes
You're correct. It just changed since 2 days ago. It was their prime rate minus 2.2000%.
- savemoresaveoften
- Deal Addict
- May 3, 2008
- 3946 posts
- 2935 upvotes
- Markham
It started off as Prime minus 2, then minus 2.2, now minus 2.45....enforcerviper wrote: ↑ You're correct. It just changed since 2 days ago. It was their prime rate minus 2.2000%.
- OakesTester
- Member
- Aug 2, 2011
- 236 posts
- 191 upvotes
- Vancouver
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.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
- RigorMortis
- 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)
5% at simplii OR
4.75% at tangerine (due to compounding interest since tangerine pays interest monthly so you earn interest on interest)
- Wpegger
- Deal Fanatic
- Apr 11, 2012
- 5865 posts
- 3138 upvotes
- Winnipeg
closing balance on HISA only or it includes checking account?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.
Lucky Mobile | Public Mobile | Simplii | Tangerine | CIBC
- profile
- Deal Addict
- Jul 29, 2013
- 2115 posts
- 1929 upvotes
- Ontario