† The Simplii FinancialTM 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.
How to Enrol in the Offer
For Eligible Accounts opened before the Offer Period, to participate in the Offer, the primary account holder must enrol during the Offer Period by (i) accepting the online offer through online banking, (ii) selecting the “accept” button for e-mail offers, or (iii) calling 1-866-747-8128 to complete enrolment.
Eligible Accounts opened during the Offer Period will be automatically enrolled in 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.
For Eligible Accounts opened before the Offer Period, Promotional Interest is calculated, at the end of the Offer Period, on the portion of the applicable account’s average daily closing balance during the Offer Period that exceeds the closing balance as at October 31, 2019 (the “Additional Balance”), to a maximum Additional Balance amount of $500,000 in each of a primary account holder’s (i) Eligible Savings Accounts, collectively, (ii) Simplii Financial Daily Interest RRSP Account and/or RRSP Savings Account (together “RRSP Accounts”), and (iii) Tax Free Savings Account (“TFSA”). If an Eligible Account is overdrawn as at October 31, 2019, the closing balance is deemed to be $0.00.
For Eligible Accounts opened during the Offer Period, Promotional Interest is calculated, at the end of the Offer Period, on the Eligible Account’s average daily closing balance from the date the Eligible Account is opened to the end of the Offer Period (the “New Balance”), to a maximum New Balance amount of $500,000 in each of a primary account holder’s (i) Eligible Savings Accounts, collectively, (ii) RRSP Accounts, and (iii) TFSA.
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.
Promotional Interest will be paid in May 2020 into a single Eligible Savings Account held by the primary account holder and separately into the RRSP Account or TFSA where it was earned. Promotional Interest will not be paid into any Eligible Savings Account unless at least one of the primary account holder’s Eligible Savings Accounts is active and in good standing as at April 30, 2020, or into any RRSP Account or TFSA that is not active and in good standing as at April 30, 2020.
If a primary account holder holds more than one Eligible Savings Account, Promotional Interest will be paid to an Eligible Savings Account in the following sequence: (i) to the High Interest Savings Account with the most recent date of activity; (ii) to the Savings Account with the most recent date of activity.
For RRSP Accounts and TFSAs, you can contribute up to your personal contribution limit. A penalty tax applies to all excess contributions. Please contact the Canada Revenue Agency for your TFSA contribution room or RRSP deduction limit. The Promotional Interest recipient is solely responsible for any tax consequences associated with the receipt of Promotional Interest.
PLEASE NOTE: Eligible Savings Accounts and Eligible Registered Savings Accounts will continue to earn Regular Interest on balances, calculated daily and paid monthly. Promotional Interest and Regular Interest rates are subject to change at any time without notice; visit https://www.simplii.com/en/rates.html for current regular rates.
Additional terms, conditions and limitations apply to the opening of and making deposits into Eligible Accounts. Individuals must meet the criteria set by Simplii Financial to open or hold an Eligible Account in order to qualify for the Offer. The Promotional Interest cannot be substituted or transferred to a third party. Details are available upon request.
The Offer is non-transferable and cannot be combined with other promotional rate offers. The Offer may be withdrawn, cancelled or changed without notice, at any time, for any reason. The Offer may be revoked if you appear to be manipulating or abusing it, or are engaged in any suspicious or fraudulent activity, as determined by Simplii Financial, in its sole discretion. The Offer is subject to the terms and conditions of the Simplii Financial Products and Services Agreement.
1 The High Interest Savings Account is not eligible for withdrawals through bank machine or Interac® Direct Payment transactions. To withdraw funds from your HISA, you must transfer funds into another account such as the no fee bank account.
2Contributions in excess of your personal contribution room will be subject to a penalty tax. Interest earned on amounts that are deliberately over-contributed may be subject to income tax. You are solely responsible for any tax consequences associated with your account. Contributions withdrawn are added to your contribution room for the next calendar year, except for withdrawals to correct over-contributions
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Simplii Financial is a division of CIBC. Banking services are not available in Quebec.