Money for nothing, and Cheques for free

Simplii bank, cash harvesting, Bonus offers

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:

A) Set up an eligible payroll or pension deposit and receive 2 deposits that are $10 or more; or
B) Set up and complete two different Automatic Bill Payments that are $10 or more, for at least two months.

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!

Do you churn credit cards or harvest free cash offers? Is it worth your time? Let us know about your best hacks in the comments below.

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About the Author: The Economist

3 Comments

  1. You’ve got me tempted to go ahead and open an account. If I got my husband to do it too, that’s $400 for us! I’m so swamped with blog stuff right now, but I might just go through with it!

    (Are you sure you don’t have a referral code? I’d be happy to use yours if you have one.)

    1. No, I was not able to find any referral program on their website. They probably think the $200 is enough! (or I’m bad at research).

      Make sure you read the T&C, there is a time limit for setting everything p to ensure you get your bonus. Let us know your hourly rate!

      1. I looked too, and there doesn’t appear to be a referral code. Too bad! I’ll give it some more thought and read the fine print before I go ahead. I’ll keep you posted!

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