† The Simplii Financial™ promotional savings interest rate offer (the “Offer”) is available between October 1, 2020 – March 31, 2021 (the “Offer Period”) by invitation only to primary account holders of Eligible Savings Accounts and Eligible Registered Savings Accounts (together, “Eligible Accounts”) who meet all of the applicable terms and conditions below.
“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, RRSP Savings Account, or Tax Free Savings Account.
How to Enroll in the Offer
For Eligible Accounts opened before the Offer Period, to participate in the Offer, the primary account holder must enroll 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 enrollment.
Eligible Accounts opened during the Offer Period will be automatically enrolled in the Offer.
The special annual interest rate of 2.00% is a combination of the regular annual interest rate set by Simplii Financial payable on an Eligible Account balance (“Regular Interest”), plus the promotional annual interest rate (“Promotional Interest”) that is calculated at the end of the Offer Period on the Additional Balance as defined below. Any change to the Regular Interest rate will result in a corresponding change to the Promotional Interest rate so that the overall special annual interest rate of 2.00% will remain the same during the Offer Period.
For Eligible Accounts opened before the Offer Period, Promotional Interest is calculated as follows:
(a) for Eligible Savings Accounts, on the portion of the applicable account’s average daily closing balance during the Offer Period that exceeds the closing balance as at September 30, 2020 (the “Additional Balance”) up to a maximum Additional Balance limit of $500,000 aggregated across all Eligible Savings Accounts; and
(b) for Eligible Registered Savings Accounts, on the Additional Balance in each individual Eligible Registered Savings Account up to a maximum Additional Balance limit of $500,000 per account.
If an Eligible Account is overdrawn as at September 30, 2020, the closing balance is deemed to be $0.00.
For Eligible Accounts opened during the Offer Period, Promotional Interest is calculated as follows:
(a) for Eligible Savings Accounts, on the account’s average daily closing balance from the date the Eligible Account is opened to the end of the Offer Period (the “New Balance”), up to a maximum New Balance limit of $500,000 aggregated across all Eligible Savings Accounts; and
(b) for Eligible Registered Savings Accounts, on the New Balance in each individual Eligible Registered Savings Account up to a maximum New Balance limit of $500,000 per account.
Promotional Interest will not be paid on existing funds that were in any Simplii Financial deposit or registered account as at September 30, 2020 and are transferred to an Eligible Account during the Offer Period.
Promotional Interest will be paid in April 2021 into a single Eligible Savings Account held by the primary account holder and separately into the applicable Eligible Registered Savings Account where it was earned. Promotional Interest will not be paid: (i) 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 March 31, 2021; or (ii) into any Eligible Registered Savings Account that is not active and in good standing as at March,31 2021.
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; and then (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 Accounts will continue to earn Regular Interest calculated on the daily closing balance 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.
“SIMPLII FINANCIAL” and the SIMPLII FINANCIAL DESIGNS are trademarks of CIBC.
Simplii Financial is a division of CIBC. Banking services are not available in Quebec.