The Money Mechanic sent The Accountant and I a note a few weeks ago, letting us know that Simplii Financial was offering up a $200 bonus for new clients that sign up for a No-Fee Chequing Account until July 31, 2019.
*This post is not sponsored.
If you don’t have a no-fee chequing account – It’s 2019, you probably should! And this is a great opportunity, with a nice bonus.
Even if you do already have a no-fee chequing account (like I do) –Maybe you’re thinking ‘Free $200, what a Great Deal!’ and you’re right. BUT it isn’t quite free. It’ll cost you some time signing up, and you have to comply with these conditions:
Clearly, you are going to have to do some ‘work’ to get paid that $200. It actually took me ALMOST AN HOUR (50 minutes) to set up my account. Which included applying (you can start the process here), answering an email and sending in a signature card. Then phoning to activate my account when my debit card arrived in the mail.
Time invested: 50 minutes
Next, I had to choose Option A or Option B to earn the bonus.
My employer is in the stone age… So A was not an option for me, although I think this would be the least time-consuming option.
For me, option 2 was the only way to go. It took me about 20 minutes to set up auto-payments of my medical insurance (phone call) and cable bills (online) to my account.
Time invested so far: 70 minutes.
Of course, I had to fund the Simplii account. The first step was linking this new account to my EQ account (about 3 minutes), then I had to verify the new account and at the same time, I transferred $200 from my Emergency Fund to this new chequing account (about 3 minutes BUT I got $0.12 free through the verification process).
Time invested so far: 76 minutes.
I KNOW THIS ISN’T AN EMERGENCY – DON’T WORRY, the Emergency account will get reimbursed.
I suspect I will spend another 20 minutes reverting my bill payments to my credit card after the bonus has been paid and another 15 to close the account – or maybe I’ll keep it open, it is a no-fee chequing account (and Simplii has a decent no-fee Visa for clients). But to be conservative, let’s assume I close the account.
Estimated Total Time: 111 minutes.
So, I expect to have $200 deposited into my account in about 60 days. That means I’ll have received $200.12 for 111 minutes of work. Definitely not free money, but it is $108.17 per hour AND that’s TAX-FREE money. There’s also the cheques, which are definitely free!
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