Unlocking the Legal Jargon: How AI Legalese Decoder Can Help Navigate Bank Offers for Maximum Returns on Deposits
- May 26, 2024
- Posted by: legaleseblogger
- Category: Related News
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### Financial Situation and Goals
Currently, I own a house with no mortgage and have approximately 50k in savings, which is currently sitting in my chequing account. In the near future, I am considering either purchasing a new house or undertaking renovations, so I want to ensure that my money is easily accessible and not tied up in any long-term investments.
### Seeking Higher Returns on Savings
I had recently taken advantage of Simplii’s ~5.5% return on their savings account through a promotional offer. However, the promotion has since ended and any new promotional offers are only applicable to new deposits.
### Exploring Potential Strategy with AI Legalese Decoder
One potential strategy I am considering is moving my money from one bank to another to take advantage of similar ~5.5% promotional offers on new deposits, such as those offered by CIBC. I am curious if this approach would work effectively, allowing me to move my money back to Simplii and qualify for their promotional offer again by considering it as a “new deposit.”
I am interested to know if banks would have any mechanisms in place to prevent customers from shifting their funds between institutions to take advantage of promotional offers. Would there be any risk of being denied a promotional offer if the bank suspects that the money was recently withdrawn?
### How AI Legalese Decoder Can Help
The AI Legalese Decoder can assist in analyzing the terms and conditions of various banks’ promotional offers, highlighting any clauses that may impact the strategy of moving funds to take advantage of these offers. By decoding and providing a clear explanation of the legal language used in these offers, the AI tool can help ensure that the proposed strategy aligns with the banks’ policies and guidelines. This can provide peace of mind and help maximize the benefits of promotional offers without any risks of being penalized for moving funds between banks.
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****** just grabbed a
They don’t care. It’s part of the game.
People do it all the time. Wealth simple -> Tangerine -> Simpliii
Make sure you take your money out of the account as soon as offer expires or even before if you get different offer from someone else.
Rotate between Simplii and tangerine if you can.
I do it with my Tangerine accounts. I take money out of my savings back into my chequing account a couple of days before the promotional interest period ends. This resets the base from which the bonus rate interest applies. It usually takes about a week before they send another promotional offer. I don’t even have to transfer money to a different bank.
I just ask my credit union and they give me the rate, don’t even have to move money around
I’ve done it many times, switching between BMO & Tangerine, never had a problem
Why not buy cash.to and call it a day?
What’s the best way to move large amounts back and forth like this? Cheque? E transfer?
It’s called Rate hopping. If you are holding cash for some reason in a bank account it’s dumb NOT to do it. I never understand people who leave money at a bank out of “loyalty”
I have 50k flipping between Simplii and Tangerine. (RRSP & TFSA maxed….husband has job insecurity right now, so we want the $$ accessible)
I rotate my money between like 5 banks and recently got a mortgage with one of the big banks. It was absolutely hell trying to send them all of my bank statements trying to justify where the money was moving from. I ended up having over 100 PDFs and a year’s worth of bank statements between my wife and I. They do these checks to look out for money laundering and it’s becoming much more stringent the last few years.
Long story short if you are getting a mortgage soon make sure to keep all of that down payment money in ONE ACCOUNT for at minimum 90 days before you seek a mortgage
Do you have close down the account and transfer the money out?
Who cares? You meet the eligibility requirements so they owe you the money.
You would have to check the terms and conditions.
I don’t even rotate between banks. I just move my money out of my Simplii savings account into my Simplii chequing account a couple days before the promo rate ends. Then a couple weeks later, I get a new promo rate and move it back into savings.
I do lose some interest in the time when the money is sitting in the chequing account, but I’m too lazy to deal with another bank.
A lot less energy to just open a Wealthsimple cash account…
don’t notice or they don’t care .. i’ve been shufflin’ for the better HISA promo rate between multiple banks for years.
So, in your title you asked “do banks notice”. And the answer to that is, “probably”. I know someone who works in the department of a bank responsible for evaluating different promotions they do, of all types. I won’t give any specifics, (because they can’t discuss that, so I don’t know any details), but from general conversations we’ve had, they do tons of statistical analysis on different promotions, to see which ones work the best and which ones don’t, and they can break it down by different types of customer and account and so forth based on the data they have about you.
So I don’t know what they do with this info, but I do think it is very possible that they might notice such a pattern and stop sending you these promotional offers if you do it too much.
Anecdotally, I have kited my money around following these promotions in the past, and I find I rarely get such promo offers anymore. Are they connected? Who knows? Definitely could be though.
They dont give two shits. They are playing you just as much lol
Just use CASH
Same with tangerine, they wont care
I rotate all the time.
They don’t give you that percentage because they are being nice.
They are making money, and you’re making money. If you stop making more money, take your business elsewhere till you return.
I did that for a while, and got tired of the hassle. I moved everything to Wealthsimple and am getting 4.5% indefinitely. Yes it’s less earnings but I had actually given up moving money around for a while because it was such a hassle to get my money out of Simplii. Wealthsimple made it easy though, and I’m going to stick with them for the time being.
They don’t care. Just move money from WS to Tangerine. Come September I’ll move it again.
I always transfer out money after promotion ends immediately to whichever bank I can park with.
I have EQ, Tangerine, wealthsimple and RBC. Mostly, I get promotion offers from Tangerine.
They don’t care how many times you transfer.
For now though, I get better non promotion rate of 5% with wealthsimple, so I Mostly keep it in there unless Tangerine offers more like 5.5%
Just buy [CASH.TO](http://CASH.TO) or CBIL.TO.
No need to switch constantly.
I’m sorry to ask ,
Do they require me to open a new account , or just keep rotating the money , then it’s fine to have the promotion rate ?
Coz mine is ending on mid of June 🫠
I think it’s called churning.
They can’t stop you. It’s your money.
Just say you have no more use for the account and would like to close it. Will come back in future when you have a requirement.
I’m lazy. I just leave it in Wealthsimple Cash for 5% and call it a day rather than chasing a few percentage points.
I’ve been moving money around between 3 banks for 2 and a half years now cause I didn’t wanna use cash.to
They don’t care
Short answer: No. They don’t care. It’s called “promo churning”, and other people do that as well
Long answer: for a difference of 0.6% ($300 on your 50K) compared to a HISA, or about $150year compared to a HISA ETF…Is it really worth the hassle?
If it’s one of those accounts where you only get the offer from direct deposit, your payroll/hr may not like it.
I was previously in a payroll gig, and when people did this, they created some rule where you could only change institutions annual after your first change.
So someone explain to me how exactly this works please?
Short answer: No. Long answer: promos typically apply to new clients only, the terms and conditions will provide a definition. So, if you go back to Simplii after closing your Simplii accounts for 6 months, chances are you won’t be considered a new client. Maybe after 2 years. Check the terms.
Banks are not dumb. They’ll know that if you deposit $50k then withdraw after the promo period, then a few months later you drop in $50k again when they have a promo, they know it’s the same money and will not count it as a new deposit. You’d have to add back the $50k and then anything above that for the year would count as a new deposit. I believe new deposit amounts reset every fiscal year, so if you waited until the next year and deposited the $50k they might see it as new money, but it’s still not guaranteed.