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Simplii Financial

2% interest on eligible deposits until 28 February 2022 (YMMV, targeted offer)

  • Last Updated:
  • Sep 15th, 2021 7:40 am
[OP]
Newbie
Jul 25, 2018
81 posts
158 upvotes

2% interest on eligible deposits until 28 February 2022 (YMMV, targeted offer)

Expiry:
February 28, 2022
Retailer:
Simplii Financial
Received this notification when I logged on to my Simplii account this morning. 2% interest on eligible deposits until February 2022, up to $500,000. Bonus will be paid out on March 2022
Images
  • Screenshot_20210903-030836_Simplii.jpg
Last edited by MrDisco on Sep 4th, 2021 12:28 pm, edited 1 time in total.
Reason: edited title
Thread Summary
Available by invitation only. The special annual interest rate of 2.00% is a combination of promotional and regular annual interest rates payable on deposits made to an eligible Simplii Financial High Interest Savings Account (Eligible Savings Accounts"), RRSP Savings Account or Tax-Free Savings Account (together, "Eligible Registered Savings Accounts" and together with "Eligible Savings Accounts", the "Eligible Accounts") between September 1, 2021 to February 28, 2022 (the "Offer Period"). Eligible Accounts opened before the Offer Period must be enrolled in the offer by the primary account holder. Eligible Accounts opened during the Offer Period are automatically enrolled in the offer.

For Eligible Accounts opened before the Offer Period that have been enrolled in the offer, promotional interest is calculated as follows: a) for Eligible Savings Accounts, on the portion of the applicable account's average daily closing balance during the Offer Period that exceeds the closing balance as at August 31 , 2021 (the "Additional Balance") up to a maximum Additional Balance limit of $500,000 aggregated across all Eligible Savings Accounts; and b) for Eligible Registered Savings Accounts, on the Additional Balance in each individual Eligible Registered Savings Account up to a maximum Additional Balance of $500,000 per account.

For Eligible Accounts opened during the Offer Period, promotional interest is calculated as follows: a) for Eligible Savings Accounts, on the portion of the applicable account's average daily closing balance from the date the account is opened to the end of the Offer Period (the "New Balance") up to a maximum balance limit of $500,000 aggregated across all Eligible Savings Accounts; and b) for Eligible Registered Savings Accounts, on the New Balance in each individual Eligible Registered Savings Account up to a maximum New Balance limit of $500,000 per account.

Promotional interest will be paid in March 2022 into a single Eligible Savings Account held by the primary account holder and separately into the applicable Eligible Registered Savings Account where it was earned.

Eligible Accounts will continue to earn regular interest, calculated on the daily closing balance and paid monthly.

For RRSP Accounts and TFSAs, you can contribute up to your personal contribution limit, with a penalty tax applying to all excess contributions. The offer is non-transferable and cannot be combined with other promotional rate offers. Promotional interest and regular interest rates are subject to change at any time without notice.
187 replies
Jr. Member
User avatar
May 5, 2010
130 posts
132 upvotes
Simplii offering 0.10% afterwards, am I seeing this right?

I thought they were competitive.
Deal Addict
User avatar
Nov 21, 2006
2777 posts
361 upvotes
Toronto
thanks
Kijiji links aren't permitted in signatures. Only links to our BST forum.
Deal Fanatic
User avatar
Nov 18, 2008
8222 posts
1954 upvotes
Mont-Royal
i have this crap instead
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  • crap.jpg
"Every marathon you run, your heart scars and you will die faster. If you think running a marathon is fitness, then you know NOTHING ABOUT HEALTH & FITNESS."
- Training 101
Sr. Member
Mar 10, 2014
639 posts
515 upvotes
I got the 2% this morning. Better than 0.0001% from other institutions.
Jr. Member
May 13, 2011
139 posts
74 upvotes
Scarborough
I clicked the "Sign me up" button and it prompted me to transfer money so I transferred a dollar from Cheq to Savings account. But afterwards, I do not see any mention of this promotion anywhere. I also did not receive a confirmation email. Did anybody else receive an email or some sort of confirmation that your account now has the promotional rate?
Sr. Member
Mar 10, 2014
639 posts
515 upvotes
MacPod wrote: I clicked the "Sign me up" button and it prompted me to transfer money so I transferred a dollar from Cheq to Savings account. But afterwards, I do not see any mention of this promotion anywhere. I also did not receive a confirmation email. Did anybody else receive an email or some sort of confirmation that your account now has the promotional rate?
I got the same screen. I did not transfer anything. Maybe call them to confirm as I did not see any confirmation either.
Jr. Member
May 13, 2011
139 posts
74 upvotes
Scarborough
jmc111 wrote: I got the same screen. I did not transfer anything. Maybe call them to confirm as I did not see any confirmation either.
I called them and they were able to confirm that I was enrolled in the promotion.
Deal Expert
Jan 7, 2002
23323 posts
18769 upvotes
Waterloo, ON
Nothing here except for their new 2FA prompt. What a totally brain-damaged implementation that is, e.g.
Enter and verify your contact information
Simplii Financial will use this new email address to communicate with you for many reasons including sending you promotional materials, eStatements, alerts, Interac e-Transfer® messages and one-time verification codes. Choose an email address provided by a corporation or educational institution; for account security, Simplii Financial doesn’t send one-time verification codes to personal or free email services.
[my bold]

So Gmail, something that's used by millions of people and is itself protected with a much better 2FA than Simplii's, is out. And not everyone has "an email address provided by a corporation or educational institution." Apparently it hasn't occurred to Simplii that some people are retired or their employer doesn't allow them to use business email for personal communication.

It also turns out their system doesn't play nice with Google Voice numbers either. Texts don't arrive. Voice calls "work" in that the phone rings, but there's no audio.

What a bunch of bozos making such a public display of their utter incompetence. Upon reflection, even if I got the 2% offer I wouldn't trust my money to them.
veni, vidi, Visa
Deal Addict
Nov 4, 2007
1603 posts
795 upvotes
GTA
I accepted the offer but haven’t transferred anything. Don’t they send an email confirmation with all the fine print? I hate that the interest rate doesn’t show up under account details when you log in. Is phoning in the only way to verify the promo is on your account?
Deal Fanatic
User avatar
Jul 15, 2008
9453 posts
2197 upvotes
Toronto
Simplii doesn't show any confirmation you've accepted the offer and it's active?
Deal Addict
Dec 7, 2009
1120 posts
651 upvotes
East of Toronto
Thanks for the heads up. Offer received.
Deal Fanatic
User avatar
Sep 7, 2004
6463 posts
2792 upvotes
West GTEH!
djlonestar wrote: Simplii offering 0.10% afterwards, am I seeing this right?

I thought they were competitive.
Ever since CIBC took over PC Financial ( and before that), Simplii has not been competitive in the HISA Interest rate.
CIBC treats SImplii as any other Big 5 Bank and offers PALTRY Interest Rates on Simplii Savings Accounts.

0.1% is in line with most Big 5 Banks Savings Account Interest Rate.
If you get a PROMOTIONAL higher Interest Rate and you like it, enjoy.
However, you have to wait until the end of the Promo to get your Bonus Interest. Smiling Face With Horns This is what Simplii always does.

Checked my Account, didn't receive Offer. Definitely YMMV.
😎
Jr. Member
Dec 13, 2020
101 posts
86 upvotes
Thanks offer received.. nice to get back to some good interest rates.
Jr. Member
Sep 5, 2011
111 posts
288 upvotes
Toronto
bylo wrote: So Gmail, something that's used by millions of people and is itself protected with a much better 2FA than Simplii's, is out. And not everyone has "an email address provided by a corporation or educational institution." Apparently it hasn't occurred to Simplii that some people are retired or their employer doesn't allow them to use business email for personal communication.
They're using the same system as CIBC's, which removed support for 2FA to Gmail addresses a few years ago. I believe CIBC's rationale at the time was that they'd seen a high correlation between hacked bank accounts and people using Gmail for the CIBC codes (and even though Google has been offering 2FA for years, they weren't necessarily pushing people to use it like they are now). Though of course correlation is not causation.

If pressed, customer support would point out that ProtonMail was still allowed (not sure if it still is).

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