Personal Finance

Official RFD thread for High Interest Savings Accounts (See Thread Summary for Updates)

Deal Fanatic
Oct 7, 2007
9406 posts
5374 upvotes
Is Simplii still sending out the 2% offer or is this pretty much done now?
Deal Addict
User avatar
Oct 13, 2008
2200 posts
4616 upvotes
Mississauga
markdweasel wrote: Can't get Simplii offer. I didn't see it in my splash screen when I logged in ( visa offer only) and when I called I was told I wasn't targetted and couldn't be enrolled.
my promo at Manulife just ended and next best thing is EQ @1.25.
Thanks for any insights u can offer.

Mark
What about DUCA at 1.5% till Jan.31, 2022?
Telus $30/75gb US-Canada Plan x 3 lines, $10/Talk& Text line - 24 mths
VVM, 2000 LD minutes, CAN-Int'l Text ($0), 0$ AppleWatch, 5$ CAN-US only Tablet
Rogers $48.99 /24 mths, Ignite 1.5G internet
CIBC, Tang and EQ
Sr. Member
Sep 14, 2009
982 posts
670 upvotes
Kingston
jadoogar wrote: What about DUCA at 1.5% till Jan.31, 2022?
For those not residing in ON., opening an account at DUCA only open to those in the Province. Had my application rejected and called in only to find this out then (must have glossed over the small print.)
Deal Addict
Dec 12, 2003
2883 posts
1622 upvotes
HSBC 1.75% in new money until December 16,2021
Deal Addict
Dec 21, 2012
2058 posts
334 upvotes
Toronto, ON
Anything promising with the big 5? lol

Edit: Found 1.25% at CIBC for the first 120 days.
Deal Addict
User avatar
Aug 30, 2003
3409 posts
223 upvotes
I wasn't credited the 2% interest I'll have to call Simpli and find out what happened. FYI check your account.
Deal Expert
Jan 7, 2002
29711 posts
29135 upvotes
Waterloo, ON
rilhouse wrote: I wasn't credited the 2% interest I'll have to call Simpli and find out what happened. FYI check your account.
If your promo ended 30Sep then you won't see the bonus interest payment until ~15Oct. This has been discussed upthread many, many times. It's how Simplii works.
veni, vidi, Visa
Deal Addict
User avatar
Feb 6, 2003
2158 posts
518 upvotes
COU
bylo wrote: If your promo ended 30Sep then you won't see the bonus interest payment until ~15Oct. This has been discussed upthread many, many times. It's how Simplii works.
Thanks. I didn't get my 2.2% for the new client offer and thought it was the typical CIBC delay in doing just about anything. I see the 2.2% is paid in November.
Deal Addict
User avatar
Aug 30, 2003
3409 posts
223 upvotes
bylo wrote: If your promo ended 30Sep then you won't see the bonus interest payment until ~15Oct. This has been discussed upthread many, many times. It's how Simplii works.
The promo started Sept. 1 and ends Feb 28, 2022. But what you are saying is correct, I read the fine print on the offer confirmation email and it says promo interest will be paid in March 2022. Personally I like that so I won't be paying tax on it until the next year.
Deal Guru
Jan 30, 2012
10045 posts
3759 upvotes
multi city dweller
rilhouse wrote: The promo started Sept. 1 and ends Feb 28, 2022. But what you are saying is correct, I read the fine print on the offer confirmation email and it says promo interest will be paid in March 2022. Personally I like that so I won't be paying tax on it until the next year.
technically, taxpayers have to pay tax on interest in the period/year the interest was earned/accrued ... not in the year it was paid or credited to the taxpayer ...
Deal Expert
Jan 7, 2002
29711 posts
29135 upvotes
Waterloo, ON
rilhouse wrote: Personally I like that so I won't be paying tax on it until the next year.
As do I when I get a Simplii promo that ends in a new year. In your situation you won't get the T5 until a year later (by end of Feb23) and won't have to pay tax on it until end of Apr23.
LOL808 wrote: technically, taxpayers have to pay tax on interest in the period/year the interest was earned/accrued ... not in the year it was paid or credited to the taxpayer ...
Not quite. With one year or shorter term deposits (HISAs, GICs, bonds, etc.) interest is paid either on a regular basis (e.g. monthly) or at maturity. Regardless the T5 gets issued in Jan/Feb of the following year. That's the situation that @rilhouse is in.

For deposits with a longer maturity and where interest is compounded, the full interest is paid only at maturity. But CRA requires that accrued interest is accounted for on every annual anniversary. So e.g. if I buy a 5-year compound interest GIC today, the first annual accrual will be on 01Oct22. No interest will get paid then. A T5 for that interest will be sent out in Jan/Feb23 and I'll have to pay tax on that by 30Apr23. I won't actually get the interest until the GIC matures on 01Oct26. (And since I've already gotten T5s for annual accruals in years 1 through 4 and paid tax on them, the T5 for 2026 that gets sent in Jan/Feb27 will only include the last year's interest.)
veni, vidi, Visa
Deal Fanatic
Mar 21, 2013
6156 posts
10805 upvotes
Canada
Manulife 2% promo coming to an end Oct 15, anywhere worth the hassle to send my $100k or just go back to EQ bank?
Sr. Member
Oct 7, 2013
740 posts
534 upvotes
Blubbs wrote: Manulife 2% promo coming to an end Oct 15, anywhere worth the hassle to send my $100k or just go back to EQ bank?
My Manulife promo ended early last month

I moved directly to DUCA - they're paying 1.5 % 'til January 31 2022

I've been with DUCA off and on for 3 plus years now

And I would recommend them - all thing being equal - to anyone and everyone
Deal Addict
Mar 14, 2014
1354 posts
2023 upvotes
Blubbs wrote: Manulife 2% promo coming to an end Oct 15, anywhere worth the hassle to send my $100k or just go back to EQ bank?
Promotions come and go, if you need an temporary place to park funds, there's always the HSBC 1.75% until Dec 16th. With luck something else will come up in the interim, ie, another Manulife offer, Simplii opens up their current 2% to everyone, or you get targeted by Tangerine again with another offer. All those offers are typically only helpful if you've already emptied out your accounts.
unclefester wrote: My Manulife promo ended early last month

I moved directly to DUCA - they're paying 1.5 % 'til January 31 2022

I've been with DUCA off and on for 3 plus years now

And I would recommend them - all thing being equal - to anyone and everyone
Duca is great if you're a Ontario resident, many of us are not.
Deal Addict
Dec 8, 2008
1887 posts
225 upvotes
GTA
unclefester wrote: My Manulife promo ended early last month

I moved directly to DUCA - they're paying 1.5 % 'til January 31 2022

I've been with DUCA off and on for 3 plus years now

And I would recommend them - all thing being equal - to anyone and everyone
can i open a DUCA account online? i am abroad right now and can't visit/hard to mail stuff in
Sr. Member
Oct 7, 2013
740 posts
534 upvotes
leoben wrote: can i open a DUCA account online? i am abroad right now and can't visit/hard to mail stuff in

Yes I believe that you can
Deal Addict
Aug 12, 2004
2822 posts
1198 upvotes
flyjazz wrote: Promotions come and go, if you need an temporary place to park funds, there's always the HSBC 1.75% until Dec 16th. With luck something else will come up in the interim, ie, another Manulife offer, Simplii opens up their current 2% to everyone, or you get targeted by Tangerine again with another offer. All those offers are typically only helpful if you've already emptied out your accounts.



Duca is great if you're a Ontario resident, many of us are not.
What is the maximum amount that can be placed in the DUCA account to earn the 1.5%? I am not able to see any limits in the fine print:
Interest rate is per annum, calculated daily and paid monthly. Rate expires after January 31, 2022 and is subject to change or withdrawal before that date. Eligible deposits must be new money deposited at DUCA from a new or existing Member. Money already on deposit at DUCA in the form of a term deposit, savings/chequing account, or other investment is not an eligible deposit. The Promotion account is not accessible at an ATM and cannot be used for bill payments, telephone banking, remote cheque deposits, or any type of e-transfer. At the end of the campaign, all funds in the Promotion account will automatically transfer into the Member's regular (non-promotional) Earn More Savings Account.
Sr. Member
Oct 7, 2013
740 posts
534 upvotes
iamdman wrote: What is the maximum amount that can be placed in the DUCA account to earn the 1.5%? I am not able to see any limits in the fine print:

There is no limit

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