Personal Finance

Simplii HISA/TFSA/RRSP saving 2.8% till April 30 2020

  • Last Updated:
  • May 31st, 2020 5:06 am
[OP]
Newbie
Apr 6, 2018
57 posts
113 upvotes

Simplii HISA/TFSA/RRSP saving 2.8% till April 30 2020

https://www.simplii.com/en/special-offe ... vings.html

High Interest Savings Account
2.8%
No minimum balance; save what you want
Great rates on every dollar, all the time
Withdraw cash anytime with no fees1

Already have a savings account with Simplii?
That's great! Speed up your savings: sign up today to earn bonus interest on new deposits. Call us at 1-866-747-8128.
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Last edited by miketss on Nov 1st, 2019 3:18 pm, edited 2 times in total.
310 replies
Deal Fanatic
Oct 7, 2007
7620 posts
3690 upvotes
Dumb question, I know, but is this offer available to EXISTING customers or only NEW customers that don't currently have an account?
[OP]
Newbie
Apr 6, 2018
57 posts
113 upvotes
from their site: Already have a savings account with Simplii?
That's great! Speed up your savings: sign up today to earn bonus interest on new deposits. Call us at 1-866-747-8128.
Banned
Oct 31, 2019
18 posts
13 upvotes
For existing users :

1. Do we have to opt in by calling in or by clicking some link after logging into your account. Or it its automatic & ANY new deposits after today will get 2.8 %.

2. Will the Bonus interest be paid monthly ? Or do we have to wait after April 30, 2020 to get the Bonus interest in one lum sum say in by May 15.
Banned
Oct 31, 2019
18 posts
13 upvotes
Legal and Terms & Conditions :

The Simplii FinancialTM promotional savings interest rate offer (the “Offer”) is available between November 1, 2019 – April 30, 2020 (the “Offer Period”) to Eligible Savings Accounts and Eligible Registered Savings Accounts (together, “Eligible Accounts”) that meet all of the applicable terms and conditions below. Only primary account holders are eligible for the Offer.

“Eligible Savings Accounts” means a Simplii Financial High Interest Savings Account and/or Savings Account. “Eligible Registered Savings Accounts” means a Simplii Financial Daily Interest RRSP Account and/or RRSP Savings Account, or Tax Free Savings Account.

How to Enrol in the Offer

For Eligible Accounts opened before the Offer Period, to participate in the Offer, the primary account holder must enrol during the Offer Period by (i) accepting the online offer through online banking, (ii) selecting the “accept” button for e-mail offers, or (iii) calling 1-866-747-8128 to complete enrolment.

Eligible Accounts opened during the Offer Period will be automatically enrolled in the Offer.

The Offer

The special annual interest rate of 2.80% is a combination of the regular annual interest rate set by Simplii Financial payable on an Eligible Account (“Regular Interest”), plus a promotional annual interest rate (“Promotional Interest”) that is calculated for the Offer Period on, as applicable, the Additional Balance or New Balance (each as defined below). Any change to the Regular Interest rate will result in a corresponding change to the Promotional Interest rate.

For Eligible Accounts opened before the Offer Period, Promotional Interest is calculated, at the end of the Offer Period, on the portion of the applicable account’s average daily closing balance during the Offer Period that exceeds the closing balance as at October 31, 2019 (the “Additional Balance”), to a maximum Additional Balance amount of $500,000 in each of a primary account holder’s (i) Eligible Savings Accounts, collectively, (ii) Simplii Financial Daily Interest RRSP Account and/or RRSP Savings Account (together “RRSP Accounts”), and (iii) Tax Free Savings Account (“TFSA”). If an Eligible Account is overdrawn as at October 31, 2019, the closing balance is deemed to be $0.00.

For Eligible Accounts opened during the Offer Period, Promotional Interest is calculated, at the end of the Offer Period, on the Eligible Account’s average daily closing balance from the date the Eligible Account is opened to the end of the Offer Period (the “New Balance”), to a maximum New Balance amount of $500,000 in each of a primary account holder’s (i) Eligible Savings Accounts, collectively, (ii) RRSP Accounts, and (iii) TFSA.

Promotional Interest will not be paid on existing funds that were in any Simplii Financial deposit or registered account as at October 31, 2019 and are transferred to an Eligible Account during the Offer Period.

Promotional Interest will be paid in May 2020 into a single Eligible Savings Account held by the primary account holder and separately into the RRSP Account or TFSA where it was earned. Promotional Interest will not be paid into any Eligible Savings Account unless at least one of the primary account holder’s Eligible Savings Accounts is active and in good standing as at April 30, 2020, or into any RRSP Account or TFSA that is not active and in good standing as at April 30, 2020.

If a primary account holder holds more than one Eligible Savings Account, Promotional Interest will be paid to an Eligible Savings Account in the following sequence: (i) to the High Interest Savings Account with the most recent date of activity; (ii) to the Savings Account with the most recent date of activity.

For RRSP Accounts and TFSAs, you can contribute up to your personal contribution limit. A penalty tax applies to all excess contributions. Please contact the Canada Revenue Agency for your TFSA contribution room or RRSP deduction limit. The Promotional Interest recipient is solely responsible for any tax consequences associated with the receipt of Promotional Interest.

PLEASE NOTE: Eligible Savings Accounts and Eligible Registered Savings Accounts will continue to earn Regular Interest on balances, calculated daily and paid monthly. Promotional Interest and Regular Interest rates are subject to change at any time without notice; visit https://www.simplii.com/en/rates.html for current regular rates.

Additional terms, conditions and limitations apply to the opening of and making deposits into Eligible Accounts. Individuals must meet the criteria set by Simplii Financial to open or hold an Eligible Account in order to qualify for the Offer. The Promotional Interest cannot be substituted or transferred to a third party. Details are available upon request.

The Offer is non-transferable and cannot be combined with other promotional rate offers. The Offer may be withdrawn, cancelled or changed without notice, at any time, for any reason. The Offer may be revoked if you appear to be manipulating or abusing it, or are engaged in any suspicious or fraudulent activity, as determined by Simplii Financial, in its sole discretion. The Offer is subject to the terms and conditions of the Simplii Financial Products and Services Agreement.

1 The High Interest Savings Account is not eligible for withdrawals through bank machine or Interac® Direct Payment transactions. To withdraw funds from your HISA, you must transfer funds into another account such as the no fee bank account.

2Contributions in excess of your personal contribution room will be subject to a penalty tax. Interest earned on amounts that are deliberately over-contributed may be subject to income tax. You are solely responsible for any tax consequences associated with your account. Contributions withdrawn are added to your contribution room for the next calendar year, except for withdrawals to correct over-contributions

“SIMPLII FINANCIAL” and the SIMPLII FINANCIAL DESIGNS are trademarks of CIBC.

Simplii Financial is a division of CIBC. Banking services are not available in Quebec.
Sr. Member
Mar 30, 2011
536 posts
133 upvotes
North York
Moved my money out from the last promotion on the 29th to EQ Bank.

Just phoned in and applied for this promotion.

Time to move my money back from EQ Bank :)
Banned
Oct 31, 2019
18 posts
13 upvotes
I haven't received any email from them so far and also NO pop up when I log in.

But I chatted online with the web rep and he said I am eligible. But he said call in and apply for it as he can't do it through web chat. Also takes about a week for their promo email to co in email.

So better to call in if you want it to be applied faster, instead of waiting for an email or pop in to come.
Banned
Oct 31, 2019
18 posts
13 upvotes
Call in and activate it, if you haven't received the pop up message or promo email.
Newbie
Jan 22, 2008
81 posts
62 upvotes
Vancouver
Oh good lord. I bank with Simplii and have spent the past few weeks going through the convoluted process of setting up accounts at Access CU and Motive to take advantage of their 2.8% rates and now... this. But seeing as I had that money already in their HISA, I guess this offer isn't really applicable to me.
Newbie
Feb 28, 2019
10 posts
2 upvotes
I have only checking with Simplii.
Just opened HISA and TFSA online.
Took about 10 minutes.
Just in case asked live chat agent if I'm enrolled.
He said that everyone who opened these accounts starting today automatically have 2.8%
He double checked my account and everything looks well.
Great! Thanks!
Deal Addict
User avatar
Jul 29, 2013
1246 posts
869 upvotes
What if the rate goes down and you take $ out before April 30th will you get the interest in May 2020 for the time you had the money there?
Meaning do you have to keep your money in the whole time to receive the promotional rate?
Banned
Oct 31, 2019
18 posts
13 upvotes
profile wrote: What if the rate goes down and you take $ out before April 30th will you get the interest in May 2020 for the time you had the money there?
Meaning do you have to keep your money in the whole time to receive the promotional rate?
Yes. You will get for each & every day, you kept the money there, even if you withdraw early. Both the regular and bonus interest.
Deal Fanatic
User avatar
Jan 31, 2006
6694 posts
1563 upvotes
Toronto
2.75% and 2.8% does not have much difference. I am waiting for Simplii to activate my offer and move $ from Tangerine by year end. B2B offer is better but the hassle opening an account is a big headache.
Deal Fanatic
Oct 7, 2007
7620 posts
3690 upvotes
cgtlky wrote: 2.75% and 2.8% does not have much difference. I am waiting for Simplii to activate my offer and move $ from Tangerine by year end. B2B offer is better but the hassle opening an account is a big headache.
It also sounds like the headache doesn't end even after opening the B2B account. People have reported headaches with setting up transfers, etc.
Deal Fanatic
User avatar
Sep 7, 2004
5552 posts
1934 upvotes
GTEH!
Posting looks like it's for opening a NEW Savings Account, not for existing Account holders.
Didn't receive an email from Simplii about this new promo interest. Normally I would receive something from Simplii.

Their 3% promo interest just ended Oct.31. Time to move my money out.

OP, please put this in your title, for NEW Savings Account opening.
😎

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