Targeted offer: 2.75% for new money from March 1st to June 30th | Page 2 | Simplii Financial | Discussion forum

maGIC said
I asked how I can confirm this offer in an on line chat. Was told I would receive an email within 24 hours. Here is that email. If I had not asked, It appears I would not have received anything. Email starts with “As requested”  

I asked the same question and was told I was not in their targeted group. Needless to say that I will not be transferring funds to my simplii account to take advantage of their high interest rate of 0.1% ...

cgouimet said

I asked the same question and was told I was not I their targeted group. Needless to say that I will not be transferring funds to my simplii account to take advantage of their high interest rate of 0.1% ...  

Are you not able to transfer the funds directly to your savings account? BTW: I simply go to my local CIBC ATM and deposit the funds directly to my Simplii savings account.

vayerrox said
Just adding my perspective and maybe get a verification.
I initially received the offer of 2% from Simplii and 1.6% from Tangerine, so I split my deposit between them. I liked how Tangerine shows my bonus interest each month, but I forgot about Simplii until the other day when they sent me a note confirming that my bonus interest was going to be deposited early March. Then two days ago I received the 2.75% offer, so as stated in (POST 20) I won't receive any interest on the balance of the account as current and the bonus interest is only paid on the average amount of deposits that are above the balance as of Feb 28. So in effect I don't really get 2.75%, it is really much lower. I guess reading the fine print is so very important.
It is Fantastic that a site like this exists to be able to get information.
Hopefully with rates going up , some new offers will be popping up soon. I think I will just transfer everything to EQ for now and wait.  

thats how all "new deposit only" promo works at all FIs

I've been with Simplii and its predecessor brand, PC Financial, since it opened around 1996 I think it was, that's the span of time I was referring to re the 80%-or-so "account empty" status.

Bruford said
I transferred funds in from Tangerine to take advantage of this offer. Unfortunately Simplii is obstinate about releasing the hold to transfer from the checking to the HI account. Even internal transfers they will not entertain. As a result, it is sitting in a no interest checking account for one week.  

Thank you for sharing your experience. If Simplii will not move one's incoming transfer from Simplii chequing to Simplii savings, while 'on hold', this is valuable & cautionary info. It sounds like you did your best, and Simplii was 'obstinate'...did you escalate?

I had this happen once, perhaps it was Tangerine, and they did move it to savings from my chequing after I called. (if it was PC Financial/Simplii, they apparently are not so keen to do this now!)

Rule-of thumb...transfer it directly to one's savings acct if one can, which may necessitate a 'pull' instead of a 'push', depending on the two banks involved.

(And I got this Simplii 2.75% offer as well, and also the Tangerine 2% offer In February...when it rains, it pours!)

bpwest said
Rule-of thumb...transfer it directly to one's savings acct if one can, which may necessitate a 'pull' instead of a 'push', depending on the two banks involved.

Funds can be pushed directly into the Simplii savings account. I only have HISA and no chequing account and often push funds into my HISA.

savemoresaveoften said
I closed the checking account cuz there is a $20 dormant fee if no activity for 2 years or something like that.  

We have savings accounts in a number of places but only 2 checking accounts (1 for each of us), the same 2 for 30 years. No fees for at least the last 25 years and no hassles with auto-deposit/payment changes. And 2 credit cards (1 each), also long term constants, both free premium point cards for the same auto-payment reason and good points.

So, while long-term finances are a little complicated, short-term finances are simple, without surprises and without frequent monitoring needs ...

cgouimet said
How would they collect a $20 dormant fee on an account with $1 in it?

What is dormant anyways? No $ changes or no logging in?  

Some banks (i.e. Tang, I think) consider logging onto the system sufficient activity. Other banks, i.e CIBC, require actual transactions to occur. To maintain activity on an annual basis, I just try to set up a link to the bank and the two micro-transactions are usually sufficient to show activity. I then cancel the link set-up process and repeat next year.

Sadly, some institutions are now declaring accounts inactive after only 6 months and then requiring you to call in to verify yourself before re-activating them.

I believe that a dormant account with a negative balance can still be pursued as a debt outstanding and can be collected as such. They may not take action on it, but they will certainly demand payment if you should ever try to close the account. Failure to do so will likely be reported to your credit bureau.