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Email this4:54 am
July 12, 2024
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I think I just figured out their formula. The offer ends July 15. If you are like me, you then think about transfering your $$ to another account, perhaps at another institution to keep earning respectable interest, say as of July 16, so that you don't lower your average in the time period. BUT, the next promotional offer will look at your account balance as of July 14!!! So, you are always having to add to this account to take advantage of the promotional offers... This is what happened to me this time around, if I remember correctly, to take advantage of the current offer which expires July 15... Any comments? Am I wrong?
10:14 am
April 14, 2021
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Leftatalbuquerque said
BUT, the next promotional offer will look at your account balance as of July 14!!! So, you are always having to add to this account to take advantage of the promotional offers.
If it concerns you so greatly, just move the funds a day or two before the end of the promotional period.
I was screwed by leaving a 2K balance in a promo account, as it waited on hold. I did not think it mattered much. I could have moved it to the another account, but did not think that I would receive a promo offer. Alas, I got a promo offer and thus only funds over 2K could be considered 'new funds'.
8:06 pm
August 30, 2023
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HermanH said
I was screwed by leaving a 2K balance in a promo account, as it waited on hold. I did not think it mattered much. I could have moved it to the another account, but did not think that I would receive a promo offer. Alas, I got a promo offer and thus only funds over 2K could be considered 'new funds'.
I have my new account promo ending on 31st July in Simplii. So do I transfer the whole amount on 1st Aug from HISA to the Chequing Account in Simplii and wait for their next offer. This is the process I follow at Tangerine.
So same process is applicable to Simplii?
So then I wait for new offer as they will always be for new funds. Then I transfer it back from Chequing to HISA?
9:39 pm
April 14, 2021
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I'm not certain how Simplii calculates account balances. You are correct in how Tangerine sometimes allows chequing account balances to not be included. I think that Simplii counts chq and sav accounts together. I closed my Simplii acct, so I have no access to any terms and conditions.
4:35 am
December 7, 2023
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zgic said
I have my new account promo ending on 31st July in Simplii. So do I transfer the whole amount on 1st Aug from HISA to the Chequing Account in Simplii and wait for their next offer. This is the process I follow at Tangerine.
So same process is applicable to Simplii?
So then I wait for new offer as they will always be for new funds. Then I transfer it back from Chequing to HISA?
You have to transfer out the fund before current promo ending date. The next promo offer will be " Promotional Interest is calculated daily on each day's closing balance that exceeds the closing balance as at July 31, 2024". My current promo offer will end on July 15, I transferred out the fund before July 12, the last business day before current promo offer ending date.
I do not know if you can transfer to " No fee chequing AC" or not, read your promo offer term and condition. For me I transfered all fund to another institution.
12:48 pm
August 30, 2023
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usephrase said
You have to transfer out the fund before current promo ending date. The next promo offer will be " Promotional Interest is calculated daily on each day's closing balance that exceeds the closing balance as at July 31, 2024". My current promo offer will end on July 15, I transferred out the fund before July 12, the last business day before current promo offer ending date.
I do not know if you can transfer to " No fee chequing AC" or not, read your promo offer term and condition. For me I transfered all fund to another institution.
Thanks usephrase. But I have not yet got the promo and I believe, I will get it after the promo ends. I am not sure if we get new promos before end of existing promo, unless probably it is an extension.
Did you get a new offer before your end date July 15? If not why would you transfer and loose interest for the remaining days.
Also if you see your existing promo it started on 11 April which is not a end of the month date. So most people would have moved the funds after promo ended on 31 March or even after getting the promo interest.
1:12 pm
December 7, 2023
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Simplii always provides a new promo offer after the current offer, I have not got a promo offer for the time after July 15. The same in Tangerine.
I have 5.75% offer in Tangerine now, that was why I transferred the fund to Tangerine.
There are more chances to receive promo offers in Tangerine than Simplii. Simplii does not have promo offer sometimes, but most of time, Simplii had offers in the past 1.5 year, do not know if Simplii will have offers or not in the future.
There was a typo error, I meant The next promo offer will be " Promotional Interest is calculated daily on each day's closing balance that exceeds the closing balance as at July 15,", which was just my guess, I do not know if Simplii will have promo offer or not after July 15
2:18 pm
September 20, 2016
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I receive emails from Simpli a few weeks before the promo ends reminding me that interest drops after this date and then I set up a post dated transfer moving the funds to another institution prior to that day. When I signed into my account to check on the transfer, a notification popped up to remind me again that their offer was ending. I have also been getting reminders from RBC about special offers ending. I use to set up my own calendar reminders but the government must have mandated financial institutions send out notices because too many clients were getting hit with the "new " money only eligibility clause. (Or too many customers complaints)
7:28 pm
September 28, 2023
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Question...
Background: I pulled funds with 2 different FI's from my Simplii account on Thurs (Jul11)... I got the low account balance email just before 11pm last night (Fri Jul12). But when I sign in, the online ledger has the transaction dates listed as Mon Jul15, presumably because it happened after business hours on Friday, and the next business day is Monday.
If the next promo uses July15 as the base date for old/new money determination, will these funds be considered still in Simplii on that date for their calculations?
6:31 am
December 7, 2018
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everhopeful:
You would have moved the funds from your HISA to your chequing account first though, right? If so, the HISA should show the funds leaving on the 11th.
7:43 am
March 14, 2023
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everhopeful said
If the next promo uses July15 as the base date for old/new money determination, will these funds be considered still in Simplii on that date for their calculations?
FIs usually use the closing balance on the base date.
3:45 am
July 12, 2024
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HermanH said
Leftatalbuquerque said
BUT, the next promotional offer will look at your account balance as of July 14!!! So, you are always having to add to this account to take advantage of the promotional offers.If it concerns you so greatly, just move the funds a day or two before the end of the promotional period.
I was screwed by leaving a 2K balance in a promo account, as it waited on hold. I did not think it mattered much. I could have moved it to the another account, but did not think that I would receive a promo offer. Alas, I got a promo offer and thus only funds over 2K could be considered 'new funds'.
Just got off the phone with them. The Promotion ends at midnight on the 15th of July - remove any funds before that and your average goes down. So, it's gotta stay in order to maintain a level. I will shuffle my cards tomorrow, and perhaps catch the next promotion down the road, rather than the next one in line.
8:23 pm
September 30, 2017
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Leftatalbuquerque, did you have a copy of the T&C that mention the word "average"?
… not sure "average" is still a thing at Simplii
9:49 pm
September 28, 2023
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It is not an average... from the terms it states:
Promotional Interest is calculated daily on each day's closing balance that exceeds the closing balance as at April 9, 2024 (the “Additional Balance”) beginning on the enrolment date until the end of the Offer Period;
so pulling out early only loses the daily interest from the last few days.
I should have read this earlier, I just answered my own question from post #49... I am all good because I moved the funds out of my HISA all the way back on the 10th. I thought the balance calculation used to include the chequing account balance (it used to if I recall correctly, or is my mind wonky again? 
), which I couldn't close out earlier due to my payroll going in on the 11th, and I did not want to risk an NSF by initiating a pull from another FI before seeing the funds in the account.
4:54 am
October 27, 2018
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everhopeful said
Question...If the next promo uses July15 as the base date for old/new money determination, will these funds be considered still in Simplii on that date for their calculations?
There is no guaranteed that the next Promo will use July 15 as base date.
IMO, the next Promo is dependent on how much deposits SF needs or desires. If the aggregate deposits are decreasing rapidly, then SF will be more motivated to "do something about the fleeting deposits i.e. New Promo Offer". If the deposits are still within the SF family whether in 0.4% HISA or 0.1% Chequing, well SF is happy, so why present a New Promo if the depositors are ok with lesser returns?
i.e the more assets (in aggregate) that stay at SF, then the less motivation for SF to present an attractive New Promo.
For me, at the end of any Promo (whether SF or Tang etc.) everything, except for $1, transfers to an External FI. I'll be earning a rate at the External FI (say 5.5%) which is 13.75 times greater than SF 0.4%. When/if SF presents a new offer, it has to be worthwhile higher than the External FI offer, otherwise why transfer back to SF (and losing a few days interest in the transfer time).
8:37 am
December 7, 2023
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Before the end of my previous rate offer, I got Simplii message "Your high interest saving offer ends soon, you can park those funds in a No Fee Chequing account . keep an eye out for more saving offers".
Luckily, I transferred out my fund to an external bank, so far, no new offer for me.
I contacted Simplii, she told me "there MAY be one next month or September. If you are eligible for a new promotional offer….."
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