New client offer - earn 6% for 5 months | Simplii Financial | Discussion forum

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That's ⬆ gonna raise some eyebrows ❗

Whoda thought

Dean

Alexandre said

To be eligible for this HISA Offer, you must: be a new client with no prior relationship with Simplii Financial (a “New Simplii Client”).

Apparently, not for those who used to be Simplii client, but closed their account.  

Mmmm, as an existing client, they could have had my money for less than 6%. So they think the new clients are going to leave their money with Simplii for niblets after the promo is over? Simplii has really sent a message that they don’t care about their clients, imho. I use them for all their free banking services.

Norman1 said
Simplii Financial is CIBC. CIBC is not really interested in savings account deposits unless one is depositing more than $1 million.

The rate structure on the Simplii HISA reflects that:

If your account balance is:	Annual rate
$0.00 to $50,000.00	0.40%
$50,000.01 to $100,000.00	0.40%
$100,000.01 to $500,000.00	0.65%
$500,000.01 to $1,000,000.00	1.25%
$1,000,000.01 and up	5.50%

  

Just curious. Is the 5.5% on the full $1,000,000.01?

Norman1 said
It looks like the 5.5% would be on the full $1,000,000.01.

The text below the rate table mentions only one calculation for the entire balance of the account and not a separate calculation for the funds within each balance level:

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.

  

Thanks. There's a huge rate difference between $1,000,000.00 (1.25%) and $1,000,00.01 (5.5%)

Dean said
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Thanks for the heads-up, Hwyc. On the surface, that 6% rate looks
Very Enticing ❗

But given the FI involved ... I'm just 'Simplii' not going to bother.

Others may differ,

Dean

  

I would say that many others with a mil in savings are thinking exactly the same thing. Maybe their plan is to get many investors at lower rates but I don’t think those rates will attract smaller savings either. And the parent CIBC isn’t exactly a Canadian big bank stock market leader at this time.

hwyc said
6% offer available between August 1, 2023 and October 31, 2023

This also new?

Regular Interest and Promotional Interest are calculated daily and paid monthly.

  

On this promo offer, does anyone know what the footnote beside the 6% says?
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Also, what are the "limits" that apply, and what is an "eligible" deposit?

I've always avoided Simplii but can be bought if the deal is sweet enough...

Thx

The footnote text is on the Legal panel at the bottom of the HISA product page.

There is lots of text to that footnote:

^† The Simplii Financial™ High Interest Savings Account Promotional Interest Rate Offer for New Simplii Clients (the “HISA Offer”) is available between August 1, 2023 and October 31, 2023 (the “Offer Period”). The following terms and conditions (“Terms”) explain in detail how you can earn a special annual interest rate of 6.00% for 5 months on your first Simplii Financial High Interest Savings Account (“HISA”). To accept this offer, you must open an Eligible HISA during the Offer Period and make a deposit to your Eligible HISA during the Promotional Rate Period (as such capitalized terms are defined in these Terms).

1. Promotional Rate Period

If you meet the eligibility criteria and other conditions described in these Terms, the balance of your Eligible HISA (up to $1,000,000) will earn Promotional Interest for 153 days (which is about 5 months) from the date the HISA was opened (the "Promotional Rate Period").

2. Eligibility

To be eligible for this HISA Offer, you must:

• be a new client with no prior relationship with Simplii Financial (a “New Simplii Client”). To become a Simplii Financial client, you must apply and be approved for a Simplii Financial product. When you apply for your first Simplii Financial product, we will create a unique client identification number for you (your “Client Number”); and
• open a HISA for the first time as the primary accountholder during the Offer Period and within 30 days after your Client Number was created (“Eligible HISA”).

If you qualify, your Eligible HISA will earn promotional interest during the Promotional Rate Period (subject to certain restrictions as outlined in Section 4). Only your first Eligible HISA will qualify for promotional interest under this HISA Offer (no matter how many HISAs you open). For joint HISAs, the HISA may be eligible to earn promotional interest if the primary accountholder is a New Simplii Client and meets all of the terms and conditions set out in these Terms.

3. How Interest is Calculated and Paid
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Simplii will allow ATM deposits of cheques directly to their HISA. But, one will need to have a Simplii bank card that comes with the chequing account.

Thanks.

I was thinking about depositing cheque by App. Do they not have an app? I suppose it too would have to go through chequing acct? And that would involve a delay before you can transfer?

I'm just trying to anticipate ways in which this offer could get messed up - e.g. you open a chequing account first, for deposits, but that would disqualify you. Or a delay getting the money into HISA because of route required, resulting in reduced promo period.

Norman1: That looks like it's saying an existing client may qualify by opening a joint account and making themselves the secondary member!
RetirEd