New client HISA earns 5% interest rate until January 31, 2023 | Simplii Financial | Discussion forum

Sounds great, but I suggest that folks be real careful about how they define New Client.

I recently closed my account on 22-10-20. Thus, I have no accounts with Simplii. However, I think that they retained my profile, because they easily brought it up, when I called. So, I asked if I would qualify for the new 5% offer. The CSR said that he would check. He came back and told me that I would. However, I re-read the FAQ:

https://www.simplii.com/en/special-offers/no-fee-chequing-account.html

Do I have to be a new client to get the offer?

Yes, both the No Fee Chequing Account and High Interest Savings Account offers are only available to new clients. That means you don’t already have any accounts with us.

I challenged the CSR and said that there would be a difference of about $7.5K hanging in the balance. If I did not receive the 5% promo and only got their crappy 2% standard rate, the difference would be about $7500 in lost interest. I asked for written confirmation, since I know that Simplii (CIBC) will refuse to pay if I am deemed ineligible. I told him that since he didn't know the original answer, I was hesitant to rely upon a phone conversation. He said that he would ask for it. After a bit, I was 'accidentally' disconnected.

I promptly sent an e-mail request to talktous@simplii.com asking:

I was recently a Simplii member and closed my account 22-10-20
I saw the recent offer for HISA at 5% until Jan 31, 2023

If I open a new HISA account with Simplii, do I qualify for this new 5% bonus rate promotion?

I suspect that I am ineligible, but will likely never receive any reply from these shysters. Just a word of warning. Be really careful. They will use the slightest pretense or error (even on their part) to screw you out of a crapload of money.

This may be part of their practice to only pay bonus interest after the promo. That way, you can never check on their shady and underhanded dealings until it is much too late. Otherwise, I could have put in a few bucks near the end of the month and check on how they calculate the interest.

I am receiving (hopefully) 4.9% at HSBC. I might have made a few hundred more moving the balance over to Simplii, but the risk simply is not worth the reward. Betting $650 in additional interest against the potential loss of $7500 is a sucker's bet. A pox on them.

I can't tell if Simplii are amateur bankers or professional swindlers.

It will be difficult for someone with an open Simplli account the month before to pass as a new client under the terms of the offer.

The 5% offer defines "New Simplii Client" as someone who has "no prior relationship with Simplii Financial before the beginning of the Offer Period" from November 1, 2022 to January 31, 2023:

The following terms and conditions explain in detail how you can earn a special annual interest rate on a new Simplii Financial™ High Interest Savings Account (“HISA”) if you are a New Simplii Client (the “HISA Offer”).

1. Offer Period

This HISA Offer begins on November 1, 2022 and ends on January 31, 2023 (the “Offer Period”).

2. Eligibility

To be eligible for this HISA Offer, you must have no prior relationship with Simplii Financial before the beginning of the Offer Period (a “New Simplii Client”). For joint HISAs, the HISA may be eligible to earn promotional interest if the primary accountholder is a New Simplii Client.

If you are a New Simplii Client and you open a HISA during the Offer Period as the primary accountholder, you may be eligible to earn promotional interest from the date your HISA is opened until January 31, 2023 (subject to certain restrictions as outlined in Section 4 below) (“Eligible HISA”). …

Norman1 said
It will be difficult for someone with an open Simplli account the month before to pass as a new client under the terms of the offer.

The 5% offer defines "New Simplii Client" as someone who has "no prior relationship with Simplii Financial before the beginning of the Offer Period" from November 1, 2022 to January 31, 2023:

And how is relationship defined?

I had no open accounts, but they retained my electronic profile. Does that qualify as a relationship? I certainly think that Simplii would like to believe so.

InterestThis said
If you have a Simplii HISA, you can ask through the chat what your interest rate is right now on the account. I did it several times and it was always correct to this point, as they have the info right there. Then I just screen-shot that chat and saved it. For instance I have a screen-shot of the 4.75% increase that just ended.

Good suggestion for online chat, but I do not use online service. I only use the traditional telephone service with Simplii.

Thanks to everyone for the detailed analysis and helpful hints.

To Simplii's credit, I DID receive a reply:

In order to be eligible for the 5.0% promotional interest rate offer on the High Interest Savings Account, you must be a new Simplii Financial client. I'm afraid because you previously held Simplii Financial accounts, if you were to open a new High Interest Savings Account, you would not qualify as a new client that would automatically earn the promotional rate. I do apologize about that.

Written denial is better than limbo.

In fairness, it makes sense about the "new" client. Otherwise people could close their accounts after every offer. It would be interesting to test it, to close the account, and then reopen it. Then put a little in, and check the rate through the live-chat.

COIN said
Is Simplii offering anything for "old" clients?  

Yes - they offer you their best wishes.