Targeted offer: 2.75% for new money from March 1st to June 30th | Page 3 | Simplii Financial | Discussion forum

Simplii requires "customer-initiated activity" to keep an account from becoming dormant.

This is from the "Costs for special requests and additional items" section of Products and Services Agreement:

HermanH said
Failure to do so will likely be reported to your credit bureau.  

Yep, dont want something stupid like that to tarnish a good credit history.
Rather close an account before it gets dormant vs paying $20 in my mind.
Most (not sure if all) FIs will accept even a $1 transfer to keep the account remains active. To me I dont want that hassle. Only need 1 checking account at a big5 anyway. All the other accounts at the other FIs and CUs are for shuffling cash or GIC for me.

yyzgord said
I was targeted for the promotion, but stupidly hadn't emptied my account by February 28th when the last promo ended and it was an all time high that I won't beat.

Was considering creating a joint account to get the promo, I assume Simplii just won't let me create a second savings account as the terms do say that it applies to new accounts. Any insights would be appreciated?

Otherwise I'm shipping a ton of money to Tangerine with a 2% promo to end of April.

Thanks,
Gord  

Correct. Its doubtful any offers would come your way IF there is any link to you. However if it was me, I'd proceed to open a joint account anyway for the future and for estate planning purposes.

yyzgord said

Should have said that better. The offer does actually have a clause that describes terms “for accounts open during the offer period” the bonus starts on the date of account opening so assume that any account I can open would apply. Unless I am missing something, this would I assume mean it would apply to a new joint account or a second savings account if they supported two accounts.  

Open an account. Not a lot of work. It may take some time before simplii finish the process. Then see what the rate is. If you like it move the $ there ...

Long time Simplii/PC Financial customer. I can confirm. No new deposit promo for me.

I would not be surprised if they target offer an extension for at least a few months beyond the end of June as they've done it in the past. Considering the BoC announcement on June 1 and an anticipated 0.50% increase in the rate, they may want to hold on to as much of the deposits as possible at 2.75%.

Has anyone see their promo interest deposit for the period of the promo yet?

Thanks, JC
I had checked earlier today, and nada
Went back now, after I saw your note, and bingo, there it is
(I confess to be something slightly short of 100% trusting on these "delayed" interest payments!)

That's expected.

Simplii is not going to pay interest on the full balance for the entire four months if the money was only in the account for 3½ of the four months.

Paying interest on the average (3½ / 4 x Balance) for the full four months is equivalent to paying interest on the full balance for 3½ of the four months and nothing for the remaining ½ month:

(3½ / 4 x Balance) x i
= 3½ / 4 x (Balance x i)
= 3½ / 4 x (Balance x i) + ½ / 4 x ($0.00 x i)

andied20 said
I have learned a valuable lesson about Simplii's promotions. Previously I have left funds in my account until the promotion was over or until a day of two before, so I never noticed any interest difference from what I was expecting. As others have commented in the past, I generally dislike having to wait until the promo is over to receive the interest, but was not a big issue for me. With the promotion that ended recently, I had reduced my balance substantially well before the end of the promo, and have received substantially less interest than I was expecting, as the many days when my account balance was limited reduced my average balance for the entire period, resulting in significantly less interest.

So simplii averages the daily balance for the entire promotional period. Lesson learned.  

Yes the lesson learned, surprisingly, is that interest is paid on actual account balances, not what could perhaps have been account balances.

Kinda industry standard practice...