Targeted 3.50%-5.25% for new HISA funds (Nov 19, 2024 to Feb 28, 2025) | Page 3 | Simplii Financial | Discussion forum

Promo interest is calculated daily, and paid just after the first of the month. For sure they will lump it all together.

Simplii and Tangerine seem to be competing for the sleaziest online bank.

Should we expect any more from the Big 5 in sheep's clothing?
(CIBC owns Simplii and Scotiabank owns Tang)

Having the same issue as many others: the offer doesn't show up on my account when clicking the link in the email, or when checking "my offers" directly on the site. Called in, where the CSR could see the 5.25% offer on my account and activated for me in a few seconds. The CSR acknowledged the issue they are having, and stated they were working on a fix to resolve the "glitch" by end of today.

We should always point out to firms trying to minimize errors or bugs as "glitches." A glitch is an isolated, unrepeatable and usually unexplained issue. If it affects many cases, or repeatedly, it's a BUG or ERROR. Let them know you know.

Neither my wife or myself have seen a decent promo offer from Simplii for a very long time. So, I was pleasantly surprised to see a 5.25% offer in a Nov 20th email. Logged in, went to Offers, Accepted, and got confirming email soon afterwards.

Decided this was a good time to move our TDDI ISA funds [3.30%] over to Simplii. Yippee, even if it is only for 100 days approx.

It was also nice to see in the Agreement Terms that interest will be paid out monthly; was never a fan of waiting till a week or more after the promo end date, to see the 1st, and last, dollar of Interest paid out.

Also nice to see that the 5.25% rate will be respected for the full promo period regardless of any further BofC rate cuts in the interim. Not sure all FI's follow that rule.

For the Tang clients here ... As a non-client, would opening a joint HISA account with them, likely trigger a decent promo offer at some point. Just wondering if its worth the bother as I see several on here are constantly referencing Tang offers, but they seem to be very random. For that reason I've stayed away so far.
thanks

There is randomness, but there are also algorithms.

Nobody knows a surefire way to guarantee promos in the future but our experience in this household suggests that a new client might get successive offers for a year or two, but in declining value. This gives people the feeling they have "succeeded" and gives them a positive impression of Tang. Ever after, they keep trying to recreate this experience and thereby give Tang tons of free advertising. It might be like gambling, where a win convinces you that you can win again, but I don't know as i don't gamble.

After a few promos, they dwindle down to nothing of interest. If you wait around another couple of years or so, your name will eventually come up again. At that point, you can typically extend your promos by gradually adding more products or dollar value. That's when adding the joint account might be useful.
These are just my observations of how it "works". There will be lots of exceptions, no doubt, but, for us, this has been the trend. Spouse's current string of promos began in April 2023 after a lull of a few years. The current promo is five months at 4%, ending March 31. So, that's two full years of promo rates. I suspect this will be the last one for a while, but good while it lasts!

So, if it were me, I'd add the joint account later, when your initial promo may be ending - or later, whenever you need to deliver a "stimulus package" to the algorithm.

Remember, the goal of a promo, in any business, is to stimulate more business. Feed the monkey and it will perform, at least until it tires of your peanuts.

I have been the client at Tangerine and Simplii since their first day acquired by Scotia Bank or CIBC, both followed up the rate guides of BOC, normally Tangerine provided a little bit higher rates than Simplii, more chances you get rate offers from Tangerine. I can say I received rate offers most of time from Tangerine each year.

Banking, like all things have evolved including their way of offering promotions to attract new customers.
If one chooses to be loyal and bank with one establishment only, its a convenience fee one is 'willing' to pay.
Analytic models have shown that attracing new customers will bring in more net revenue over time than just keeping existing customers happy. That model applies to telecom, banking, and other industry. They run a for-profit business after all.

Jim Sherat, doesn't hurt to open and link accounts, you can let them sit empty until you get an offer. I've been with Tangerine since day one, I'm pretty sure you'll start getting offers, likely sooner than later, based on how they've been operating the last few years.

re: 58 Thanks, Bill. I'll be considering doing that.

re Simplii first Interest payment under the promo.
I couldn't make sense of the amount that appeared today as 'Promotional Interest', so I called them, and a CSR explained that their "banking month" ends on the 27th, thus I was seeing less than what I calculated.
That was news to me, but maybe others are aware ? If not ... now you are. 😉