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Discussion Starter #1
Simplii Financial (former PCF) started to operate today and offers 3% interest until Feb 28.
Initiated transfer from Tangerine to take advantage of it :).
btw, EQ Banks servers crushed today , probably as a result of huge outflow to Simplii
 

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Hi gibor, what did you have to do to get 3% ? I'm glad they boosted it because with the uncertainty of the switch, I was about to send a bunch of cash over to my credit union.
 

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I'm now planning to transfer cash from my credit union to Simplii. I have a GIC maturing and realized that I have insufficient liquidity, so instead of reinvesting into more GICs, I will accumulate cash at Simplii for a few months.

I hate the name though.
 

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Discussion Starter #11
I'm now planning to transfer cash from my credit union to Simplii. I have a GIC maturing and realized that I have insufficient liquidity, so instead of reinvesting into more GICs, I will accumulate cash at Simplii for a few months.

I hate the name though.
I have also few GICs from Oaken that will mature Dec/Jan, so will move $$$ to Simplii.... however, i need to open another JOI account with them to stay within CDIC limits just in case, even though IMHO , because it belongs to CIBC, I don't believe there is even smallest chance of default
 

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I have an account at EQ BANK paying 2.3% and
another at TANGERINE paying 2.5% til Dec 25
right now I'm staying put because I'm wondering
what will the 3% at SIMPLII fall to after Feb 28
 

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Discussion Starter #13
I have an account at EQ BANK paying 2.3% and
another at TANGERINE paying 2.5% til Dec 25
right now I'm staying put because I'm wondering
what will the 3% at SIMPLII fall to after Feb 28
3% is still better than 2.3% and who knows what you gonna get at tangerine after Dec 25?!
I'm just move money back from Simplii on Mar 1 to Tangerine/EQ...
Also, I've read rumors on RDF that on jan 5, 18 Tangerine gonna do "lottery" for promo rates on new money.
 

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the 3% gets paid on March 1st
I really like getting my interest at the end of each month
then transferring it out as part of my monthly income.
 

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Discussion Starter #16
the 3% gets paid on March 1st
I really like getting my interest at the end of each month
then transferring it out as part of my monthly income.
I aslo would prefer to get interest at the end of every month, just to clarify 2% paid on Mar 1 and 1% at the end of each month
 

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Would not transfer any RRSP or TFSA into simplii fees to transfer out are probably about $100 if interest rates drop as well getting money transferred out could take weeks/months to get a better interest somewhere else when accounts are registered the process can be slow when feet are dragged.
 

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From the fine print, it looks like the RRSP or TFSA transfer is $50 per transfer.

The TFSA is more flexible as most Financial Institutions don't charge for withdrawals.

If there is TFSA contribution room that can handle the withdrawal, the withdrawal then contribution can happen this year, where the withdrawal amount becomes new contribution next year. If there is no TFSA contribution room, the withdrawal can be Dec with the contribution in Jan will have no issues as the withdrawal has become the same $$ of contribution room.

What the potential earnings are will factor into this. If the TFSA $$ are emergency funds where the usual earning in 1%, there likely is no down side as the PCF rate has been 1% for a while, with no reason to believe Simplii will drop the rate after the promo ends. If the TFSA $$ are long term in a brokerage - the potential earnings varies a lot more that 1%.


The TFSA transfer timing may match the weeks/months while the withdrawals are at maximum a couple of days.


Cheers
 

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James I received my card about a month ago. No issues. Was usuing my old one at the machines till my new one came. Once the new one came I tried it at the machines and verified ir worked then cut up my old one.
 
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