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Email this7:01 pm
October 11, 2015
Offline
***New Crappy Rate
Updates to the interest rate tiers on your High Interest Savings Account
Thanks for banking with Simplii FinancialTM. As a valued client, we’re contacting you to let you know that we are making changes to the interest rate tiers on our High Interest Savings Account. For now, the annual interest rate continues to be 0.40% across all balance tiers. The following changes will take place, effective October 21, 2022. Please keep a copy of this notice for your records.
Current
$0.00 - $1,000.00 $1,000.01+
Effective October 21, 2022:
$0.00 - $50,000.00 $50,000.01 - $100,000.00 $100,000.01 - $500,000.00 $500,000.01 - $1,000,000.00 $1,000,000.01+
0.40% 0.40%
0.40% 0.40% 0.40% 0.40% 0.40%
If your account balance is
Annual rates*
If your account balance is between:
Annual rates*
By continuing to use your High Interest Savings Account after these changes take effect, you’re accepting these changes. If you don’t think these changes fit your needs, you can contact us anytime to close your account at no cost.
Watch for some exciting updates to the interest rates based on the new balance tiers coming later this year. As a reminder, we may change the interest rates at any time without notice. For current rates, please visit simplii.com.
Thank you for choosing Simplii Financial to meet your banking needs. We appreciate your business and we're always happy to help.
Sincerely,
The Simplii Financial Team
* Interest is calculated by multiplying the daily interest rate (based on the applicable annual rate) by the daily closing balance of your account and is paid into your account monthly. Rates are subject to change without notice.
Disclaimer
“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.
7:37 pm
March 15, 2019
Offline
Got the same email. 0.40% across the board, effective October 21, 2022.
Simplii didn't even wait until the expiry of the current promo on October 31, 2022.
11:20 pm
April 14, 2021
Online
Glad that I just closed my account, today.
4:19 am
March 30, 2017
Offline
I will keep my account at $0 just to piss Simplii off lol
4:50 am
October 5, 2017
Offline
What was the HISA interest rate prior to Oct 21 ?
5:18 am
December 20, 2019
Offline
The rate has been the same for a little while
I got the same email but also had to click to get a statement about something exciting coming to tiered.
I am predicting much much higher rates the more money you have in your account with the million+ having the highest rate.
I did a chat and asked if the highest rate would be for all the money in the account and they confirmed that with me. So if you have 1 million and 1 dollar you would have the highest rate on all the funds.
5:28 am
September 11, 2013
Offline
My Simplii accounts have a long history of being empty due to low rates for 90 - 95% of the time interspersed with short intervals of them having pretty much the best promo rate around. For whatever reason CIBC seems to want to shed itself of these deposits right now, at least it looks like it.
6:04 am
April 6, 2013
Offline
The Simplii HISA has been 0.4% as far back as Tuesday, July 5.
Was 0.1% on July 2. Not sure if it was bumped up from 0.1% on July 3, 4, or 5.
6:47 am
March 15, 2019
Offline
KamWest said
The rate has been the same for a little whileI got the same email but also had to click to get a statement about something exciting coming to tiered.
I am predicting much much higher rates the more money you have in your account with the million+ having the highest rate.
I did a chat and asked if the highest rate would be for all the money in the account and they confirmed that with me. So if you have 1 million and 1 dollar you would have the highest rate on all the funds.
Interesting. Historically, Simplii did not offer the promo rate on "old" money.
8:19 am
April 10, 2022
Offline
I got the same email. Not sure why they sent an email to tell us that their rates have changed, when in fact the rates are exactly what they have been for awhile now, .4 percent.
Very low for a high interest account. Even tangerine is at least a full one percent for their equivalent account.
8:23 am
April 6, 2013
Offline
The e-mail is to notify of the change from two rate tiers to five tiers. Rate of each tier, old and new, is still 0.4%.
8:26 am
August 6, 2018
Offline
Why do they even bother sending out these emails...
8:32 am
September 11, 2013
Offline
I think they send them out for goodwill purposes, to show they're fully disclosing that the promo's over.
8:34 am
September 7, 2018
Offline
I spoke to Simplii rep today - good conversation - very knowledgeable - said Simpii is “simply” more interested in selling GICs at this time.
Remember they are part of CIBC.
So rather than complaining about Simplii, if u want some interest on a HISA, there are enough other digital providers.
9:20 am
September 11, 2013
Offline
That makes sense, that Simpii is just an operating arm of CIBC that has specific & changing functions (e.g. harvesting deposits, selling gics, etc) at various times.
9:36 am
March 15, 2019
Offline
I still don't understand why Simplii cut off the current promo on October 21st when the original expiry date was October 31st.
9:39 am
February 20, 2018
Offline
Since Simplii's messaging lately has been unclear, I double checked with Simplii via chat whether the promo ending October 31 would be impacted in any way by the revised HISA rate email (.4%). In case anyone else was wondering, the reply I got was:
"Thank you for your inquiry! In this case once the promo is finished then the Interest rates will go back down to 0.4% so for this month you will still receive the Promotional offer, but next month when the offer is done then you will receive 0.4% Interest"
10:13 am
February 7, 2019
Offline
With Inflation at 6.9%, that's like paying CIBC 6.5% for storage ...
| CGO |
10:14 am
December 12, 2021
Offline
from Terms & conditions
The Offer
The special annual interest rate of 3.85% is a combination of the regular annual interest rate set by Simplii Financial payable on an Eligible Savings Account balance (“Regular Interest”), plus the promotional annual interest rate (“Promotional Interest”) that is calculated at the end of the Offer Period on the Additional Balance or New Balance (as applicable, each as defined below). Any change to the Regular Interest rate will result in a corresponding change to the Promotional Interest rate so that the overall special annual interest rate of 3.85% will remain the same during the Offer Period.
11:52 am
March 15, 2019
Offline
dentgal said
The following changes will take place, effective October 21, 2022. Please keep a copy of this notice for your records.
Current
$0.00 - $1,000.00 $1,000.01+
Effective October 21, 2022:
$0.00 - $50,000.00 $50,000.01 - $100,000.00 $100,000.01 - $500,000.00 $500,000.01 - $1,000,000.00 $1,000,000.01+
0.40% 0.40%
0.40% 0.40% 0.40% 0.40% 0.40%
If your account balance is
Annual rates*
If your account balance is between:
Annual rates*
By continuing to use your High Interest Savings Account after these changes take effect, you’re accepting these changes. If you don’t think these changes fit your needs, you can contact us anytime to close your account at no cost.
Watch for some exciting updates to the interest rates based on the new balance tiers coming later this year. As a reminder, we may change the interest rates at any time without notice. For current rates, please visit simplii.com.
Thank you for choosing Simplii Financial to meet your banking needs. We appreciate your business and we're always happy to help.
Sincerely,
The Simplii Financial Team
* Interest is calculated by multiplying the daily interest rate (based on the applicable annual rate) by the daily closing balance of your account and is paid into your account monthly. Rates are subject to change without notice.
Disclaimer
“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.
Question: What is so magical about October 21, 2022?
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