From November 2017 till February 28, 2018, Simplii Financial is offering 3% annual interest on increased balances in your savings accounts. So I’m going to move some money in from our CIBC chequing account, which is already linked, to our Simplii Financial savings account.
Submitting a Pull Transfer Request from an External Bank to Simplii Financial
This is only easy if the accounts are already linked ready to make transfers. Fortunately, when Simplii Financial took over the business from PC Financial, they left the existing links intact. So I can do this transfer quickly.
- Sign on to your Simplii Financial account.
- On the Accounts Transfer page, there is a box near the right side of the screen called Quick Transfer.
- From the drop-down list Choose an account, select your external bank account.
I selected our CIBC joint chequing account. - From the drop-down list Choose an account, select your Simplii Financial savings account.
- Type in the amount you want to move in the Amount: text box.
- Click on the Continue button.
The Transfers Page
As usual, it will not let you ask for the transfer to occur on today’s business date.
- From the Transfer Date: drop-down lists, select the next day.
- If the other details are correct, click on the Continue button.
The Transfer – Verification Page
- Review the details.
- If they are correct, click on the Confirm button.
If not, click on the Back or Cancel buttons. - You should get a confirmation message for a successful transfer.
- Copy the Reference Number in case there are any problems over the next few days.
- If you have other banking requests, click on the appropriate links.
- When you are finished banking, click on the sign out button.
- Clear your browser history and cache and close your browser session for increased security.
You’re done!
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Have you moved some cash to Simplii to take advantage of the 3% annual interest rate? Do you intend to move it out again if the rate drops to 0.9%? Please share your views with a comment.
I have a Single ( not Joint ) account with Simplii which I just opened. Only my name is on it.
My external bank account is a Joint account. The checks from the external accounts also have BOTH our names printed on them.
Will I have problems linking my external JOINT account with my Simplii Single account ?
Either/Or can operate this external JOINT account and either/or signature works on this external JOINT account.
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Because on Simplii website it says something like :
Conditions for adding an account:
Accounts which require multiple signatures to transfer cannot be added.
I honestly don’t know if you’ll have trouble setting up the link or not. Unfortunately, I don’t work for Simplii or know anyone who does.
I “think” by “accounts which require multiple signatures” they mean ones where no one can issue a cheque without at least 2 of the parties to the account signing it. For example, some big businesses and some charities require two people to sign any payment cheque before it goes out to try to reduce fraud and embezzlement. So I don’t think that reference applies to a regular joint account where EITHER party can sign a cheque and the cheques does not require BOTH parties to sign.
I’d try by sending in the cheque or by phoning Simplii to ask ahead of sending it in.
If you find out, I’m sure other readers would appreciate it if you let us know!
Can you let me know if CIBC will charge money in the scenario you specified?
Simplii itself will not charge any fees if I request it “pull” money in from CIBC. Whether I have to pay a fee to CIBC depends on the type of account I have at CIBC. Some accounts charge a fee for any withdrawal, or any withdrawal above a certain number each month. For e.g. my CIBC US dollar account will charge me a fee if I pull money out of it to another bank. If you have unlimited free withdrawals from your CIBC account, or if you have still got any free withdrawals left that month for your CIBC account there will not be a fee.