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Email this6:00 pm
September 11, 2013
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Same message for me and wife too. Grammar not taught for a long while now, i.e. poor grammar results in imprecision, lack of clarity, the result being confusion.
7:53 am
December 7, 2011
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8:08 am
March 15, 2019
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Winnie said
Interesting! I had to call and ask and have nothing in writing.
2:37 pm
December 7, 2011
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I also received today letter from Simplii via regular Canada Post dated Oct 3, 2022 "Notice of offer expiry".
Simplii wants me to know, that after this current offer will end (Oct 31, 2022), the interest rate for my HISA will be 0.40% and if I feel, that this account no longer fits my needs, I can close my account at any time.
Yes Simplii, thanks. You should save the trees and stop sending stupid letters. Instead, you should just post your regular and offers rates online, where I can see them together with my balances. It's 2022, not 1992, Simplii!
Anyone else also got that wonder letter "Notice of offer expiry"?
4:00 pm
September 11, 2013
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Do they have your email address, and still they sent paper mail? I've received nothing.
Tangerine, online, for a while now has provided almost the exact same message before a promo ends when you sign in. I wonder if it's some new nanny state rules that tell fi's they have to "be transparent" about this stuff. Seems like I'm getting alerts about all kinds of stuff these days.
4:06 pm
April 14, 2021
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Winnie said
Anyone else also got that wonder letter "Notice of offer expiry"?
I got one, too. I am soooo tempted to just close the account. It might allow me to be a 'new' customer in the future. I just hate the hassle of re-opening.
4:55 pm
January 10, 2017
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COIN said
Interesting! I had to call and ask and have nothing in writing.
Log in with a Simplii phone app and see what happens.
Question: if a client withdraws funds in July (3.85%) and then redeposits the funds in September, will they get 3.85% or 4.75% in September and October?
5:47 pm
September 11, 2013
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If your funds are getting the promo rate, i.e. the funds over your June 30 balance, then 4.75% is the promo interest rate for Sept & Oct.
7:36 am
December 7, 2011
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HermanH said
I got one, too. I am soooo tempted to just close the account. It might allow me to be a 'new' customer in the future. I just hate the hassle of re-opening.
Exactly. I closed my account last year.
This year Simplii offered to me this offer, asked me to open new HISA.
I did it online very quickly, no problem with opening, no hassle, easy.
8:03 am
January 10, 2017
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Bill said
If your funds are getting the promo rate, i.e. the funds over your June 30 balance, then 4.75% is the promo interest rate for Sept & Oct.
That does not match what is written in the Simplii screenshots in posts above, which references "deposits made in September-October" get 4.75% for these 2 months.
8:43 am
September 11, 2013
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You're right, Lodown, maybe it's only 3.85%, there's conflicting info via chat and phone calls out there so to be conservative you could assume 3.85% for deposits in September and October for those on the promo, with the possibility of a pleasant surprise on promo interest payout day. With Simplii you're never sure until payout day.
9:05 am
April 6, 2013
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Simplii still hasn't updated the terms and conditions of the targeted offer with details of how the updated 4.75% rate will be applied.
So, we can't be sure if the text of the screenshots is just missing a comma, like this:
We’re upping your interest rate from 3.85% to 4.75%
This applies to eligible deposits made to your High Interest Savings Account, between September 1 and October 31. …
There would be extra work if Simplii only wished to pay 4.75% on new money deposited September 1 or later.
Their offers work on average balance over a period. They would need to calculate average balance from July 1 to October 31 and pay 3.85% on the portion of the average balance that exceed closing June 30 balance.
They would then need to calculate average balance from September 1 to October 31 and pay an extra 4.75% - 3.85% = 0.9% on the portion of the average balance that exceeds both closing June 30 and closing August 30 balances.
9:31 am
September 11, 2013
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I agree, that's normally how their promos work but this one is different due to the interest rate bumps during it plus the much higher rates than anywhere else on HISAs. But bottom line is there's a lack of clarity so best just to assume the worst in your decision making.
Actually for real clarity there should be another comma after "applies" but no way you're getting that level of precision these days.
11:27 am
December 7, 2011
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Bill said
Do they have your email address, and still they sent paper mail? I've received nothing.
Yes, they have my email address.
They probably sending me paper mail because I closed HISA last year and they consider me "complainer", maybe, I don't know and absolutely don't care about what Simplii thinks about me.
11:41 am
September 11, 2013
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Oh, I see, so they're probably just sending paper letters to former customers, not to everyone.
I've had a lot of money with them for this promo and am starting to draw it out in a week or so, wonder if CIBC has a plan for the inevitable massive outflow by lots of us.
Some big bank yields are tempting right now, BNS at 6.4%.
9:09 pm
April 6, 2013
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I'm sure CIBC does have a plan.
In the past, a subsequent offer is sent to some of the Simplii clients, presumably to retain a certain amount of the deposits. No offer to the rest of the clients so that those excess deposits are transferred out.
2:02 am
November 18, 2017
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Bill: Wait-WHAT? What's this BNS product yielding 6.4%? Or are you referring to an equity?
RetirEd
RetirEd
4:46 am
March 30, 2017
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Let’s say if they do their annual promo for all depositors this year….
4:56 am
September 11, 2013
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I remember many years when Simplii had no promos for anyone, I don't recall a predictable pattern.
BNS is the stock ticker for Bank of Nova Scotia common shares.
7:38 am
December 7, 2011
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Bill said
Oh, I see, so they're probably just sending paper letters to former customers, not to everyone.
Bill, I remained Simplii customer all the time.
I only closed my HISA last year, because I did not received special offer and 0.1% was not "high interest" in my opinion.
I retained my checking account all the time.
This year I received an invitation to open again HISA with this current offer. I did it. Not sure, if I will close it again after interest will be paid in November.
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