Simplii High Interest Savings Account review

Simplii Savings Account: The basics

• • No monthly fees. You won’t pay monthly fees to maintain the Simplii HISA.
  • Simplii Financial interest rates. Get an interest rate of 0.4% on your regular balance, with your interest calculated daily and paid into your account monthly.
  • Free transactions. Deposit, withdraw and transfer cash with the Simplii HISA at no extra cost with zero transaction fees.
  • No minimum balance. Open a Simplii HISA with as little as $1 and earn interest with no minimum balance requirements.

Simplii High Interest Savings Account perks

• Quick online registration. Sign up for a Simplii HISA account in less than 5 minutes by completing an application online or on your smartphone.
• Easy automatic deposits. Set up direct transfers from your chequing account or through your payroll to start making deposits to your Simplii High Interest Savings Account.
• Virtual or mobile account. Manage your Simplii Savings account and track your savings on the go using online banking or the Simplii mobile app.
• Secure banking. Rest easy knowing that Simplii Financial is owned by CIBC (a Big Five bank) and it’s a member of the Canada Deposit Insurance Corporation.
• Refer a friend bonus. Earn $125 when you refer a friend to Simplii and they set up an account (they'll earn $50, provided you both meet eligibility criteria). 

What to watch out for with this Simplii HISA

Watch out for the following drawbacks before opening a Simplii High Interest Savings Account:

• No ATM withdrawals. You won’t be able to withdraw money from your Simplii High Interest Savings Account from an ATM using your debit card.
• Only new clients get welcome offers. You’ll only get the welcome offer if you’re a brand new customer with Simplii Financial.
• Online only. It’s not possible to go into a physical branch to do your banking since Simplii is an online-only financial institution.

A promo rate too good to pass up

I opened a Simplii High Interest Savings Account back when they were offering 6.00% interest for 5 months. I moved all of my savings to my new Simplii account in order to take advatage of the high signup rate, which has proved to help grow my savings exponentially over the past 5 months. I had initial problems connecting my Simplii account to my other bank accounts to make quick and easy transfers between accounts, however this was resolved fairly quickly by Simplii. I'm also not a big fan of the slightly dated looking user interface, however the high promo interest rate off-set this for me.

— Emma Balmforth, Producer

What should I know before I apply for the Simplii Savings Account?

To open a Simplii High Interest Savings Account, you’ll need to meet the following criteria:

• Be a resident of Canada with a valid Social Insurance Number (SIN)
• Be 16 years of age or older
• Have an email account

How do I open a Simplii Financial High Interest Savings Account?

To open a Simplii High Interest Savings Account, you’ll need to fill out a quick and easy online application. Follow these steps to get started:

1. Click the green “Go to Site” button at the top or bottom of the page to be redirected to your Simplii High Interest Savings Account.
2. Complete the Simplii HISA application, which includes providing your name, email address, Social Insurance Number and birth date.
3. Review the details of your account and apply quickly and easily with the click of a mouse.
4. Upload your personal documents to verify your ID through Verified.Me as required (if you are new to Simplii).

Bottom line

The Simplii High Interest Savings Account comes with no fees and market-leading interest rates. You can sign up online in a matter of minutes as long as you meet eligibility requirements. Find out what you need to qualify for this type of account and learn how to apply online today.