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Yes 2.8% but that's only on new money beyond your Oct 31 balance. In other words, you have to bring new money in to get the new rate, and any $ you have there already only earns 1.1%.
Wasn't the October 31 promotion the same where only new funds deposited into the savings account are eligible for 3%? Also, if they are basing the opening balance on the closing balance on October 31 in the savings account, couldn't one theoretically transfer the money from the savings account to the chequing account on October 30 or even on the 31st?

I also wonder how they calculate this. I see in prior offers (and most likely the current one) that it is based on the average daily closing balance in excess of the opening amount. Is the average based on simple average? Weighted average? Has anyone successfully verified the promotional interest amount from prior promotions?

Also, is it 2.8% on top of the 1.1%? Or is it an additional 1.7% to get to the 2.8%?
 

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I'm virtually positive that the money has to be new money into Simplii. The whole point is attracting deposits into the bank. There is no way they would permit just sloshing the money between two Simplii accounts to get extra interest.

I have tried in the past to verify the promotional interest calculation and was unable to replicate it exactly but the result was in the right ballpark.
 

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This is the same technique that was used by the old PC Financial. I used to move money out a few days before the promotion was over, and then wait for the next promo to be announced within days.
 

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It's kind of funny that the bank thinks this is healthy. I am actually working on setting up a group chat with a circle of friends so that we can all remember to withdraw our cash on time, to reset our promotion periods. Is that what CIBC wants -- tons of people all withdrawing tens of thousands of $ on the same day?
 

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According to their legal disclaimer:

The Simplii Financial promotional savings interest rate offer (the “Offer”) is available between November 1, 2019 – April 30, 2020 (the “Offer Period”) to Eligible Savings Accounts and Eligible Registered Savings Accounts (together, “Eligible Accounts”) that meet all of the applicable terms and conditions below. Only primary account holders are eligible for the Offer.

“Eligible Savings Accounts” means a Simplii Financial High Interest Savings Account and/or Savings Account. “Eligible Registered Savings Accounts” means a Simplii Financial Daily Interest RRSP Account and/or RRSP Savings Account, or Tax Free Savings Account.

The Offer

The special annual interest rate of 2.80% is a combination of the regular annual interest rate set by Simplii Financial payable on an Eligible Account (“Regular Interest”), plus a promotional annual interest rate (“Promotional Interest”) that is calculated for the Offer Period on, as applicable, the Additional Balance or New Balance (each as defined below). Any change to the Regular Interest rate will result in a corresponding change to the Promotional Interest rate.
Just from my interpretation, they shouldn't include the chequing account if they are truly only looking at "eligible accounts". But until we can reconcile the promotional interest, we'll never truly know...
 

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I think you missed this part:

Promotional Interest will not be paid on existing funds that were in any Simplii Financial deposit or registered account as at October 31, 2019 and are transferred to an Eligible Account during the Offer Period.
I think that is clearly saying that money you transfer from chequing, or anywhere within Simplii, doesn't earn the promotional interest. The money has to come from outside Simplii.

So I think you would have had to transfer the cash to another bank before the October 31 deadline (which I missed). Then transfer it back in.
 

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I think that is clearly saying that money you transfer from chequing, or anywhere within Simplii, doesn't earn the promotional interest. The money has to come from outside Simplii.

So I think you would have had to transfer the cash to another bank before the October 31 deadline (which I missed). Then transfer it back in.
You are indeed correct. Always has been this way.
 

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I hate the current meta of transferring money around for promos but started doing it between EQ and Tangerine

Now if I open a chequing account with Simplii I can get $200 plus the 0.5% additional interest boost
 

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Great timing, my current promo ends with Tangerine on Nov 30th. Thanks for the update on the new promo. Called in and activated the offer. It's crazy how many of the banks are doing this now.
 

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I saw a new Simplii promo rate pop up when I logged into my account today.

This one is 2.8% interest (May 1 - August 31) on the amount that exceeds the October 31, 2019 balance.

The interesting twist here is that they are using an old date for the baseline, way back to October 31, instead of resetting the baseline this month.

Are others seeing the same October 31 date in their Simplii promo offers? The interest rate you see could change, because they appear to give different rates to different people.
 

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I also did not see the offer. However I did not expect it because back in Oct 2019 my Simplii balance was low. Did not put significant money in for the 2.8% deal until Nov 27, 2019.
 

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No offer here, maybe they are using the old date because they are essentially extending the original offer?
 

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No offer here, maybe they are using the old date because they are essentially extending the original offer?
Interesting. I had a pretty high balance at Oct 31, so it's just about impossible for me to actually add more cash. Perhaps their algorithm extended this offer to me (extending previous one in effect based on Oct 31) in the faint hope that I might actually bring more cash.

It could be they custom tune these more than I previously thought. Realistically I don't think I can use this promo anyway, just because I can't exceed the Oct 31 balance.

Maybe they will have a different promo coming out in the summer months, starting June 1 for example? Now I'm wondering if, despite the promo, I should transfer all my cash out in anticipation for a new promo coming soon?
 

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I logged into my Simplii account last night and noticed it said "dormant"... so I called and asked them to reactivate my account, which they did. I checked it again immediately after and verified it was back to normal. Then I log in this afternoon and it's already dormant again... wtf???

I'm not sure why I even bother with these guys. They rarely offer any promos, and the website is pretty mediocre as well.

I am not seeing the offer on my account either.
 

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Thanks AltaRed. Given their historical pattern, do you know when they might post a new offer?

I just transferred out all my cash because we're a few days from the end of the month.
 

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For the years I was with PCF (then Simplii), a new offer came out somewhere between 1 and 10 business days after the expiry of the last offer. I always moved my money out 2-3 business days before the end of the month so as to have a near zero balance in event of a new offer. Not been with them for about 3? years now, so am not necessarily current.
 

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No offer for us and I doubt that they will offer any promotional interest rate anytime soon since the prime interest rate is too low lately.
 
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