High interest rates for savings, GICs and MMFs (2017)

Banking and Saving strategies, maximizing interest rates, budgeting, GICs, HISAs.
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amphitryon
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by amphitryon »

Simplii was eventually okay yesterday, after making me pick a new password, and showed the last interest on account after I had pulled all out from Pres. Choice a few days earlier. Now waiting for Can. Tire transfer out to CIBC again, in order to put back to Simplii for the duration of the 3% offer. Can Tire seems to have slowed down a bit now. :)
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by IdOp »

Koogie wrote: 02 Nov 2017 14:24 It is still down this afternoon... :x

A conspiracy minded individual would say it is suspiciously like they are trying to stop
the outflow of money to Simplii...
I was thinking that too. :)

I called them just before 4pm ET. They say it is not a security-related incident. They say prior to the outage customers were having latency issues -- i.e., the system was responding slowly. They decided to reboot the web interface and it doesn't come up. They are investigating. At the time I called them, the agents had been cut off from customer info (on purpose) and they can't tell you anything or do anything. Customer info in the back end is claimed to be safe. There is a website where you can check the status and they are posting updates throughout the day:

eqbankstatus.ca
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amphitryon
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by amphitryon »

For what it's worth, EQ is/was up and running just minutes ago. Had no trouble signing in.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by IdOp »

Thanks, I was able to sign in too and set up the transfers to PCF Simplii. The EQ status page says most things are working except a few troublesome features they are investigating.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Koogie »

EQ seems back to normal this morning and got the obligatory mea culpa email from their IT department.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by AltaRed »

Speaking of EQ, those of you with them, or contemplating them, might be interested in:

http://www.canadianbusiness.com/lists-a ... n=cb_daily

But can they really put all that money to work with acceptable margin and risk?
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by poedin »

Well, I simplii could not pass their promo.
Initiated the process as a new client on Monday, replied with the digital signature, yesterday - off to the post office for an ID verification ... now waiting for the bank card to arrive in 2-5 business days, register it, transfer some funds, etc. & complete this rather convoluted (isn't there a simpliier way) process of opening an account. :?
Apparently on the RFD site, others haven't even received a notice that their application has been acknowledged.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by amphitryon »

isn't there a simpliier way) process of opening an account.
Yes, if you had a Pres. Choice account, it was all done in the background for you. All I needed was to pick a new password once I was re-directed to the new site. Also could not resist the %.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by poedin »

amphitryon wrote: 10 Nov 2017 14:58
isn't there a simpliier way) process of opening an account.
Yes, if you had a Pres. Choice account, it was all done in the background for you. All I needed was to pick a new password once I was re-directed to the new site. Also could not resist the %.
New client status so it's the whole step-by-step application process:
bank card arrived, phoned in to activate, had to resend "signature card form" (and another two business days for back-office to process, which now takes me into next week). Lost count how many times communicating with customer service.
Looking at week #3 just to open an account? :roll:
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Donut »

TD Canada Trust is offering a "ePremium" savings account that pays .75% plus a bonus of 1.75% per annum for a total of 2.5% per annum from now till March 31/18. The catch is you have to have a minimum balance of $10k. I moved $50k from Tangerine to TD but will probably move it back in the Spring.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by deaddog »

For those fortunate enough to have caught the narrow window to get 2.5% from Ideal Savings the offer has been extended to the end of April 2018.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Arby »

Donut wrote: 17 Nov 2017 14:17 TD Canada Trust is offering a "ePremium" savings account that pays .75% plus a bonus of 1.75% per annum for a total of 2.5% per annum from now till March 31/18.
Can you provide a link to the 1.75% bonus offer for the ePremium savings account?
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Arby »

Thanks. I guess I don't quality as a targeted customer.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by AltaRed »

If you have a good relationship with TD CT, I'd phone them and demand why not....and why some customers appear to be more special than others. It may, or may not, work.

Anecdote: That tactic didn't work for me at PCF earlier this year, so I told them to transfer every last cent of my account out and to close my account. They obliged. :lol:
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by schmuck »

poedin wrote: 16 Nov 2017 18:56
amphitryon wrote: 10 Nov 2017 14:58
isn't there a simpliier way) process of opening an account.
Yes, if you had a Pres. Choice account, it was all done in the background for you. All I needed was to pick a new password once I was re-directed to the new site. Also could not resist the %.
New client status so it's the whole step-by-step application process:
bank card arrived, phoned in to activate, had to resend "signature card form" (and another two business days for back-office to process, which now takes me into next week). Lost count how many times communicating with customer service.
Looking at week #3 just to open an account? :roll:
Unfortunately, dealing with Simplii has not been as simplii as I had expected. As a PCF account holder I did not have to reapply, but I'm into week #3 just trying to create a link to another institution after receiving conflicting instructions from their reps. Not only were the first instructions to email a scanned copy of a voided cheque or an account confirmation form incorrect, but I'm still waiting for confirmation that the form (stamped by the other bank) that I mailed in is original and not a photocopy. In the meantime, my wife has also applied to open an account which has been acknowledged online, but without any indication of the processing time or the next step which will obviously require the same procedure to create a link to another institution. I asked by phone if I could send the forms for that to speed up the process, only to be told that it would be rejected if received before the account was activated.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by CROCKD »

I avoided any hassles with Simplii by taking all my money out of PCF before the end of October and waiting for them to start up as Simplii. My PCF user ID and password was valid for Simplii as they had previously advertised, so I was able to transfer money in.
I got tired of the Tangerine two step one cycle ago when they offered me a rate I would not accept so I transferred every last cent out. After being out for a 3 months cycle they came with an email offer of 2.75%. From here on I will not waste my time calling them for an extension (smacks of begging), I will transfer everything out at the end of each promotion cycle.
I have received the promotional bonus interest offer by email from TD and am sitting on it for the moment.
It is obvious if these three major banks, Tangerine (BNS), Simplii (CIBC) and now TD want to play games with their HISA's, you need to develop your own strategy to deal with them.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by poedin »

poedin wrote: 16 Nov 2017 18:56 New client status so it's the whole step-by-step application process:
bank card arrived, phoned in to activate, had to resend "signature card form" (and another two business days for back-office to process, which now takes me into next week). Lost count how many times communicating with customer service.
Looking at week #3 just to open an account? :roll:
Yesterday ... finally was able to confirm a transfer to simplii[not] HISA from an external financial institution - 18 days from first step (applying online) to $ in the account.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by SQRT »

Donut wrote: 17 Nov 2017 14:17 TD Canada Trust is offering a "ePremium" savings account that pays .75% plus a bonus of 1.75% per annum for a total of 2.5% per annum from now till March 31/18. The catch is you have to have a minimum balance of $10k. I moved $50k from Tangerine to TD but will probably move it back in the Spring.
I wonder how long they have had this account? Converted my HISA over to ePremium today but didn’t qualify for the bonus. Still the base rate is 25bps higher than HISA.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by poedin »

Re: Simplii
Attempted to link TangerineHISA-Simplii. Not possible unless the external account is a chequing account (according to customer rep: a "void" cheque is always necessary to confirm the link, another peculiarity with Simplii-not-so-simple :roll: ). Odd since I have non-chequing external accounts linked with Tangerine.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by adrian2 »

poedin wrote: 28 Nov 2017 09:38 Re: Simplii
Attempted to link TangerineHISA-Simplii. Not possible unless the external account is a chequing account (according to customer rep: a "void" cheque is always necessary to confirm the link, another peculiarity with Simplii-not-so-simple :roll: ). Odd since I have non-chequing external accounts linked with Tangerine.
Link it the other way around.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by CROCKD »

adrian2 wrote:Link it the other way around.
+1. Exactly what I did. After providing Tangerine the instit no, transit no and account no at Simplii they send two small deposits to your account. After they arrive you confirm receipt and your accounts are linked.
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by poedin »

CROCKD wrote: 28 Nov 2017 12:54
adrian2 wrote:Link it the other way around.
+1. Exactly what I did. After providing Tangerine the instit no, transit no and account no at Simplii they send two small deposits to your account. After they arrive you confirm receipt and your accounts are linked.
-1 :wink: Tried that earlier this week - Tangerine sent the deposits, (Simplii accepted), confirmed it, yet Simplii then cancelled (kept the pennies) - link has to be a "chequing account", but we only have savings accounts at Tangerine. To open another chequing account just to have a direct link? Simplii not simpliier...
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by Pickles »

That's the way PCF bank worked too. It's annoying, especially when you have to schedule a transfer from savings to chequing a day in advance, and then wait another day to transfer the funds to an outside bank. It is not at all as convenient as most online banks (but it's paying 3% until Feb....)
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Re: High interest rates for savings, GICs and MMFs (2017)

Post by CROCKD »

I am having trouble getting my head around this. I only ever have had a savings account at Tangerine (used to be my ING account). I also used to have a USD account but cancelled when BNS screwed the rates. I just checked my Simplii account. I received the two micro deposits on
Nov. 7. Confirmed with Tangerine and made a large transfer to Simplii on Nov. 9
Something doesn't add up here.
From a long time link between my credit union and PCF I never made any transfers to my PCF PCA to transfer money out. (In fact I hardly ever used it except the occasional withdrawal from an ATM). I just scheduled transfers from my Interest Plus Savings account 1 day in the future as per instructions.
Maybe with the change in ownership to CIBC the CSRs don't know what they are doing, in which case they have good company with all the shenagigans that has gone on at Tangerine since BNS took over!
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