3.15% Interest at Simplii for 4 months | Simplii Financial | Discussion forum

*The Simplii FinancialTM promotional interest offer (the “Offer”) is available between November 1, 2018 – February 28, 2019 (the “Offer Period”) to savings accounts: Eligible Savings Accounts and Eligible Registered Savings Accounts (as defined below). For existing savings account holders, to participate in the Offer, the primary account holder must enrol during the Offer Period by accepting the online offer through online banking, by selecting the “accept” button for e-mail offers or by calling 1-888-236-5999 to complete enrolment. Account holders who do not have a Simplii Financial savings account as at October 31, 2018 will be automatically enrolled for the Offer if they open a Simplii Financial savings account during the Offer Period. The special annual interest rate of 3.15% is a combination of the regular annual interest rate set by Simplii Financial payable on an Eligible Savings Account or Eligible Registered Savings Account balance (“Regular Interest”), plus promotional interest (“Promotional Interest”) that is calculated for the Offer Period on the Additional Balance or Registered Additional Balance, as applicable.

A. Non-Registered Savings Offer

“Eligible Savings Account” means a High Interest Savings Account and/or Savings Account. Only primary account holders are eligible for the Offer.

The Promotional Interest is calculated on the portion of an Eligible Savings Account’s average daily closing balance during the Offer Period that exceeds the closing balance as at October 31, 2018 (the “Additional Balance”) to a maximum of $500,000 in Additional Balances across all of an account holder’s Eligible Savings Accounts. If an Eligible Savings Account is overdrawn as at October 31, 2018, the closing balance is deemed to be $0.00. Promotional Interest will not be paid on existing funds that were in any Simplii Financial deposit account as at October 31, 2018 and are transferred to an Eligible Savings Account during the Offer Period.
Promotional Interest will be paid in March 2019 into a single Eligible Savings Account held by a primary account holder. Promotional Interest will not be paid unless at least one of the primary account holder’s Eligible Savings Accounts is active and in good standing as at February 28, 2019. 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 priority sequence:
a) to the primary account holder’s High Interest Savings Account, if it is active and in good standing; otherwise

b) to the primary account holder’s Savings Account, if it is active and in good standing.

In the event the primary account holder has more than one of the same account type, Promotional Interest will be paid to the account with the most recent date of activity.

B. Registered Savings Offer

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

The Promotional Interest is calculated on the portion of an Eligible Registered Savings Account’s average daily closing balance during the Offer Period that exceeds the closing balance as at October 31, 2018 (the “Registered Additional Balance”) to a maximum of $500,000 in Registered Additional Balances across all of an account holder’s Eligible Registered Savings Accounts. If an Eligible Registered Savings Account is overdrawn as at October 31, 2018, the closing balance is deemed to be $0.00. You can contribute up to your personal contribution limit. A penalty tax applies to all excess contributions. Please contact CRA for your TFSA contribution room or RRSP deduction limit.
All Promotional Interest will be paid in March 2019 into a single Eligible Registered Savings Account held by a primary account holder. If an account holder has multiple Eligible Registered Savings Accounts, the Promotional Interest for each Eligible Registered Savings Account will be paid separately into that Eligible Registered Savings Account. Promotional Interest will not be paid into any Eligible Registered Savings Account that is not active and in good standing as at February 28, 2019.
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 an Eligible Savings Account or Eligible Registered Savings Account. Individuals must meet the criteria set by Simplii Financial to open or hold an Eligible Savings Account or Eligible Registered Savings Account in order to qualify for the Offer. Promotional Interest recipient is solely responsible for any tax consequences associated with the receipt of Promotional Interest. 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. Simplii Financial, reserves the right to cancel or change the terms of the Offer at any time, for any reason, and revoke the Offer for any customer who appears to be manipulating or abusing the Offer, or is engaged in any suspicious/fraudulent activity. The Offer is subject to the terms and conditions of the Simplii Financial Products and Services Agreement.

“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.

gamgam said
… For existing savings account holders, to participate in the Offer, the primary account holder must enrol during the Offer Period by accepting the online offer through online banking, by selecting the “accept” button for e-mail offers or by calling 1-888-236-5999 to complete enrolment. …

No sign of the offer via online banking or e-mail yet. Calling in is the only way for existing account holders to sign up right now.

…Promotional Interest will not be paid on existing funds that were in any Simplii Financial deposit account as at October 31, 2018 and are transferred to an Eligible Savings Account during the Offer Period. …

Must be new money to Simplii and not just new money to the savings account.

The offer terms posted by gamgam at the bottom of Simplii Financial: High Interest Savings Account. Click on the "Legal" link there to show a popup with the terms.

Perfect. I emptied out all my savings and brought my Chequing account down to $25 on Oct 20...hoping a promo would come. So basically any money above the $25 I'll get the bonus interest on.

So its not a by invitation but open to all I suppose ?
When I click on the offer and product, I see it under the high interest savings on the right but it just says click for more detail. Does not seem like I can "enroll" online myself.
Did not rec email invite...

In this climate of rising interest rates on savings accounts, I am reluctant to buy GICs at what I consider lower rates (currently anything under 3%) and thus to be locked in. I did get some 33 month GICs at Coast for 4% earlier this year, but they are likely to still be at the high end even a year from now.

My strategy remains to move money to whichever FI pays me the best rate on my HISA. This latest offer from Simplii fits into that strategy.

I didn't get the email, but I guess it is open to all new customers or new deposits for existing customers.

Do I have to call the number to get it or is there a link I can use to click on, when I log in to get 3.15 % on new deposits.

Also after I enroll can I see the 3.15 % rate mentioned anywhere in my account just for my record and confirmation ? Maybe I can take a screen shot of it or something for my records :). Can't just trust a phone rep that the rate has been applied and then wait 4 months, only for it to not show up 🙁

Tangerine clearly shows the bonus promo rate, when you log in.

Or do I just trust them and assume that the rate gas been applied and wait for March, 2019 to see the promo rate.

I got the offer when I logged in to online banking.

Jim, your Oct 31 HISA balance excluded the GIC amount and it will be deposited after Oct 31, so why are you thinking it won't qualify?

By the way if you already have an account the fine print on their site refers to 3 ways to sign up: "For existing savings account holders, to participate in the Offer, the primary account holder must enrol during the Offer Period by accepting the online offer through online banking, by selecting the “accept” button for e-mail offers or by calling 1-888-236-5999 to complete enrolment."

Jim Sherat said
Question: I have a 1yr GIC with Simplii that matured Nov 1st (yesterday), and was instructed to pay out to my HISA; this morning, online banking still shows the GIC as open. Will be following up on that pronto, but my question is, will these funds be eligible for the 3.15% interest ?

I have a feeling the answer is 'No', in which case I'll be transferring it out immediately to my still New, RBC HISA [3% for 6 months]. 

Bill said
Jim, your Oct 31 HISA balance excluded the GIC amount and it will be deposited after Oct 31, so why are you thinking it won't qualify?
… 

There is this exclusion in the terms and conditions:

Promotional Interest will not be paid on existing funds that were in any Simplii Financial deposit account as at October 31, 2018 and are transferred to an Eligible Savings Account during the Offer Period.

Not sure if a Simplii Financial GIC would count as a "Simplii Financial deposit account" or not.

Guess that's the answer, a GIC is a "deposit account".