Targeted Simplii HISA offer of 4.75% (was 3.00% and 3.85%) ending October 31st 2022 | Page 3 | Simplii Financial | Discussion forum

AllanB said
There's no Simplii promo it's targeted mostly to those who already have cash there thereby lowering the yield. It's unlikely you will be offered the 3.85 promo if you log in or call. They will pitch you on a credit line or US$ 1.65% savings which stinks.  

As kindly posted by Bryguy:

† Available by invitation only. The special annual interest rate of 3.85% is a combination of promotional and regular annual interest rates payable on deposits made to eligible Simplii Financial High Interest Savings Accounts (“Eligible Savings Accounts”), between July 1, 2022 to October 31, 2022 (the “Offer Period”). Eligible Savings Accounts opened before the Offer Period must be enrolled in the offer by the primary account holder. Eligible Savings Accounts opened during the Offer Period are automatically enrolled in the offer.
For Eligible Savings Accounts opened before the Offer Period that have been enrolled in the offer, promotional interest is calculated on the portion of the applicable account’s average daily closing balance during the Offer Period that exceeds the closing balance as at June 30, 2022 (the “Additional Balance”).
For Eligible Savings Accounts opened during the Offer Period, promotional interest is calculated on the portion of the applicable account’s average daily closing balance from the date the account is opened to the end of the Offer Period (the “New Balance”).
The maximum balance (which includes the Additional Balance and New Balance) that is eligible for promotional interest is $500,000 aggregated across all Eligible Savings Accounts of the primary account holder. Promotional interest will be paid in November 2022 into a single Eligible Savings Account held by the primary account holder that is open and in good standing at the time of payment.
Eligible Savings Accounts will continue to earn regular interest, calculated on the daily closing balance and paid monthly.
The offer is non-transferable and cannot be combined with other promotional rate offers. Promotional interest and regular interest rates are subject to change at any time without notice. Please review the full terms and conditions.

My thoughts. There is no significant "lowering of the yield" the yield is 3.85% (combined annum, 0.40+3.45) on amounts exceeding June 30, 2022 balance, and 0.4 for June 30 balance, unless you had a large amount on June 30, then the overall yield will be, depending on your balances, less than 3.85%.

Many posters have stated that a savvy HISA investor should move their $ out prior to the end of the Promotion, thereby starting any new Promo with a lower start amount and new deposits (when new Promo starts) would earn a higher Promo amount.

Simplii's targeted promotions are like Tangerine's.

If one doesn't receive a pop up when one logs in or an e-mail invitation, then one hasn't been selected by Simplii.

Simplii's promotions are unlike Tangerine's in that, unlike Tangerine which seems to have a number of different deals in place for different people at all times, Simplii has the same deal for everyone who they select and also has stretches of time when they have no promotions. Historically, generally.

Simplii's method of calculation has been discussed numerous times on this site, there is no funny business except the promo part being paid out sometime in the month following the promo end is unorthodox. But if you think CIBC is out to trick you in some way then obviously don't give them your money.

In what world is me now making 3.85% instead of previous 3%, and applied back to July 1, a lowering of yield? And of course they won't give you the offer if you phone in, the first thing they point out is it's by invitation only. Basic arithmetic and reading comprehension.

Good question, nothing explicit, I'd assume not too but it's worth a call I suppose, not sure if agent would know for sure. Last 2 times I've called (weekend and evening) the wait has been a minute or so.

Norman1 said
The offer applies to the "Simplii Financial High Interest Savings Account".

I don't think the offer applies to the registered accounts that are called "RRSP Savings Account" and "Tax-Free Savings Account".  

You are absolutely correct as stated in the first paragraph. Here is the PDF link to the offer:

https://www.simplii.com/content/dam/simplii-public-assets/documents/pdf/simplii_financial_promotional_savings_rate_July_2022.pdf

AllanB said
There's no Simplii promo it's targeted mostly to those who already have cash there thereby lowering the yield. It's unlikely you will be offered the 3.85 promo if you log in or call.

Yup. I called about it and was told that my current 2.8% promo is all I could have.

rhvic said
The issue of course with Simplii is that you never find out until a few weeks after the promo period is over whether or not you actually get the promised higher rate, since they wait until then to pay out the 'bonus' interest.  

Shenanigans like these, (potential or otherwise), are the primary reason I just avoid all convoluted promo schemes like those offered by BNS and CIBC.

Unfortunately, unlike most other financial institutions, Simplii does not show the interest rate you are earning on your savings account when you log in.

It could be an error. A separate link should have been created for the 3.85% offer terms and conditions. New confirmation e-mails for the 3.85% offer should be using the new link.

It could also be intentional. There is no new offer. The 3.85% offer is just the 3% offer with its rate amended to 3.85%. Everyone who was on the 3% offer is now on a 3.85% offer!

Perhaps that red "accept" button wasn't missing on the login pop up. The "accept" button wasn't actually needed by those who were already on the 3% offer.