When do you receive the promotional interest with the promotional interest campaign? | Simplii Financial | Discussion forum

One does not need to keep the money in the savings account until the promotional interest is paid. The money stopped earning promotional interest after April 30 and is now earning just 0.30%.

The account must remain open to receive the promotional interest. But, the money can be withdrawn before then.

Yes, you can have joint accounts with Hubert. I've neer had a joint GIC there, but don't envision a problem.

They don't like to do anything over the phone that you can do online.
However, I found that the online enrolment process did not work (a few years back but spouse had same issue later), so, at that point, you have to phone them. If I remember correctly, they then send you an email attachment to a print-out form that you then mail to them through Canada Post. They didn't seem especially surprised that the online didn't work. Someone else may hve more recent experience.

Mail to/from Toronto tends to be slow at the best of times. Worse now. So, if you are hoping to hold on to that 2.2 rate, it could be dicey, depending...

I've given up worrying about having too many FIs as I haven't found a way to control their proliferation that works for me.
There is no question that it is harder to manage, but I have way more than I intended. The only one I ever closed was Luminus, due to dreadful customer service.
I think Bill has the right attitude on this. He basically says that he has a huge number of accounts but only keeps a few cents in most of them at any one time. It's a nuisance to get them all set up and linked, but that is what I am moving towards now. Then you are ready whenever an offer comes along. Bill says he doesn't care that it could be more work for his executor because it's not likely worthwhile to pursue those few cents here and there after he's gone.

Tip: If you plan to keep accts open, keep at a minimum enough dollars ($4-8) to generate at least $0.01 interest every month...this way the account should never go dormant and be automatically closed.

smayer97 said
Tip: If you plan to keep accts open, keep at a minimum enough dollars ($4-8) to generate at least $0.01 interest every month...this way the account should never go dormant and be automatically closed.  

You need to make a transfer/bill payment/ABM at least once to prevent dormancy. I deposited money via EFT to a chequing account that pays no interest. I went to their ATM for withdrawal. The card did not work. I had to go in branch. They had to give me a new card even though the cards expiry date had not expired. Time frame for no use in excess of one year. One bank I deal with changed their policy from six months to two years. Reason probably issuing to many cards on dormant accounts.

One needs to check the fine print to see what kind of activity is needed.

Sometimes, the activity needed is customer-initiated activity. Interest credited would not count as customer-initiated activity.

According to their Products and Services Agreement, Simplii will start charging $20/year after two years of no customer-initiated activity.

Norman1 said
One needs to check the fine print to see what kind of activity is needed.

Sometimes, the activity needed is customer-initiated activity. Interest credited would not count as customer-initiated activity.

According to their Products and Services Agreement, Simplii will start charging $20/year after two years of no customer-initiated activity.  

what if my account balance is $0, they cant come after me for the $20 can they ?

I received my Simplii bonus/promotional interest today!! Yay!

got mine also