Simplii Financial offers some of the highest bonus interest rates and cash bonus offers on the market when you sign up for a new account. We’ve gathered together the Simplii new account offers and promotions available now — including how the Simplii referral bonus works — to help you compare options and earn more.
All Simplii new account offers and promotions on now
We’ve compiled the latest Simplii offers available now so you can easily browse through the current Simplii promotions and compare deals.
Simplii No Fee Chequing Account
Earn $300 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends April 30, 2025.
After signing up for a new Simplii Financial account, you'll be able to qualify for a welcome bonus of up to $300 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends April 30, 2025.
You’ll receive the cash bonus as a deposit in your new No Fee Chequing Account within 3 business days of completing the offer qualifying actions.
Qualifying direct deposits include payroll, pension, Employment Insurance and Provincial Parental Insurance.
Keep in mind that Interac e-transfers and transfers between accounts do not qualify for the Simplii new account offer.
What types of direct deposits qualify for the new account offer?
Simplii Financial doesn’t accept just any direct deposit as part of its new account offer. The following direct deposits are the only types of deposits that you can use to qualify for the Simplii cash bonus offer.
Payroll:
Payroll deposit
Special payroll
Vacation payroll
Overtime payroll
Advance payroll
Commission payroll
Bonus payroll
Adjustment payroll
Insurance:
Employment Insurance
Provincial Parental Insurance
Pension:
Federal pension
Provincial pension
Private pension
Canada Pension Plan
Canada Pension Commission
Government benefit or social assistance:
Canada Emergency Response Benefit
Canada Emergency Student Benefit
Canada Recovery Benefit
Ontario Disability Support Program (ODSP)
Do EFT deposits qualify for the Simplii new account offer?
No, Simplii does not categorize EFT deposits as direct deposits for the new account offer. That includes payroll deposits from your employer listed as EFTs (e.g. “EFT Deposit [company name]”).
So if you’re planning to use your paycheque as your qualifying direct deposit, double check that it isn’t actually an EFT. Otherwise you may think you’re going to receive the cash bonus offer, only to find out later that you haven’t completed the qualifications for it.
What is the Simplii referral bonus?
Simplii Financial offers a very competitive referral program. It offers a $125 cash bonus when you refer a friend who signs up for a Simplii account, credit card or loan. Your friend will also get a $50 bonus for signing up.
If your referred friend sends an international money transfer through Simplii’s Global Money Transfer service, both you and your friend will earn a $50 cash bonus.
How to qualify for the Simplii referral bonus
To refer a friend and qualify for Simplii’s referral bonus you have to meet the following conditions:
Be a Canadian resident
Be the age of majority in your province or territory of residence
Be registered for Simplii Financial Mobile or Online Banking
You’ll need to first get your unique Simplii referral info by signing into your mobile or online banking profile and selecting “Refer a friend.” You’ll then be given a unique link and referral code, which you can share with your friends.
Once your friends sign up using your link or code, and after completing a few setup actions, you’ll be given a $125 cash bonus and your friend will receive $50.
Are there any conditions for getting the Simplii referral bonus?
Yes, your friend will have to do more after signing up for an account before you can both receive the referral bonus.
If your friend uses your referral bonus to sign up for a Simplii chequing or savings account, they will have to deposit at least $100 within 6 months of opening the account and maintain a balance of at least $100 for a minimum of 30 days.
If your friend opens a credit card, they will have to spend at least $100 on the card within the first 6 months. Alternatively, if your friend opens a line of credit, they will have to borrow at least $100 from the account within 6 months,
Is it worth switching to Simplii for a new account offer or promotion?
Yes, it’s definitely worth considering switching to Simplii for one of its promotional offers because it typically offers some of the highest new account offers on the market for both its chequing and savings accounts.
As a bank, Simplii Financial is a division of the Canadian Imperial Bank of Commerce and is CDIC insured. It was founded in 2017, and has since grown to offer bank accounts, investment options, lines of credit, loans and mortgages.
Simplii promotions vs. other Canadian bank offers on now
Although Simplii offers some of the best promotions in Canada, other banks and credit unions are offering competitive promotions right now. Here are some other options you can use to compare with Simplii new account offers:
Scotiabank Preferred Package
Earn up to $800 with a Scotiabank Preferred package and an investment plan. Valid until March 3, 2025. Plus, earn up to 5.05% interest for 3 months on your MomentumPLUS Savings Account.
The monthly account fee will be waived if you have at least $4,000 in your account at all times.
Interest rate
0%
Transactions
unlimited
Interac e-transfers
$0
Non-network ATM in Canada
$2
Highlights
Unlimited debit transactions & Interac e-Transfer transactions One free non-Scotiabank ABM withdrawal per month in Canada First year annual fee waiver (up to $139) on select credit cards Pay just $1.99 for each Scotia International Money Transfer Preferred rates on select GICs Earn Scene+ points and redeem for various rewards
Scotiabank Ultimate Package
Earn up to $800 with a Scotiabank Ultimate package and an investment plan. Plus, earn up to 5.10% interest for 3 months on your MomentumPLUS Savings Account. Valid until March 3, 2025.
Monthly account fee waived if you have at least $6,000 in your account at all times or a combined balance of $30,000 across your Ultimate Package and a MomentumPLUS Savings Account.
Interest rate
0%
Transactions
unlimited
Interac e-transfers
$0
Non-network ATM in Canada
$0
Highlights
Unlimited debit transactions & Interac e-Transfer transactions Unlimited free Global non-Scotiabank ABM withdrawals (terms apply) Up to $139 annual fee waiver each year on select credit cards No monthly Overdraft Protection fee Special rates on select GICs Earn Scene+ points and redeem for rewards 10 free equity trades at Scotia iTRADE in your first year (approximately $100 value), and 5 free equity trades every year after Free personalized cheques and drafts $60 annual fee waiver (equivalent to a small safety deposit box)
Scotiabank MomentumPLUS Savings Account
Earn up to 5.10% for 3 months on your first account opened.
You may be eligible to earn three different types of interest on this account. The first is a base rate of 0.65% that you'll earn on your entire balance, plus a package interest rate boost of 0.10% for Ultimate Package holders and a 0.05% rate for Preferred Package holders.
The second is a premium interest rate of 0.55%, which is earned when you choose 360-day premium period (or earn lower rates with 90, 180 and 270 periods). A longer premium period earns a higher premium period interest rate, provided you don't make any withdrawals within the selected period. Premium period interest is calculated daily and paid at the end of the applicable premium period.
The third is a welcome bonus interest rate of 3.80% for 3 months, calculated daily and paid monthly for 90 days (3 months) on your first MomentumPLUS Savings Account.
Coast Capital Free Chequing, Free Debit, and More Account
New members can get $150 when they open and use a Free Chequing, Free Debit and More Account. Conditions apply. Valid until March 31, 2025.
Get up to $700 in cash bonuses. Earn $450 when you open a new BMO Performance Chequing Account, $200 (plus a 5.00% promo interest rate) when you open a Savings Amplifier Account and $50 when you make it a BMO Family Bundle. Valid until March 3, 2025.
The monthly account fee is waived if you maintain a minimum monthly balance of at least $4,000.
Interest rate
0%
Transactions
unlimited
Interac e-transfers
$0
Non-network ATM in Canada
$2
Highlights
monthly fee is waived for members of the Canadian Defence Community
BMO Premium Plan Chequing Account
Get up to $700 in cash bonuses. Earn $450 when you open a new BMO Premium Plan Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until March 3, 2025. Also earn a 5.00% bonus interest rate when you add a Savings Amplifier Account.
Monthly account fee waived if you keep a balance of at least $6,000 in your account each month.
Interest rate
0%
Transactions
unlimited
Interac e-transfers
$0
Non-network ATM in Canada
$0
Highlights
free overdraft protection
RBC Signature No Limit Banking Account
Get an Apple Watch when you open your first RBC Signature No Limit Banking Account and complete two of the ”Qualifying Criteria”. Apply by June 2, 2025.
Monthly fee
$16.95
Waiver
Through RBC's Value Program Rebate, pair this account with other eligible RBC accounts and save up to $11.95 per month. Only pay $10.95/month for this account with 2 other eligible RBC products.
Transactions
unlimited
Interac e-transfers
$0
Non-network ATM in Canada
$2
Highlights
5 free cross-border debits per month ($1.00 each afterwards)
RBC VIP Banking Account
Get an Apple Watch when you open your first RBC VIP Banking Account and complete two of the ”Qualifying Criteria”. Apply by June 2, 2025.
Monthly fee
$30
Waiver
Through RBC’s Value Program Rebate, pair this account with 2 other eligible RBC accounts and get cashback for some or all of your monthly fees—for example, only pay $19.95/month for this account.
Transactions
unlimited
Interac e-transfers
$0
Non-network ATM in Canada
$0
Highlights
free cross-border debit transactions, free RBC VIP Style personalized cheques and up to 2 additional Canadian dollar accounts and 1 U.S. dollar account
CIBC Smart Account
Get a $600 cash offer when you open a CIBC Smart Account as your first chequing account, then open your first CIBC eAdvantage Savings Account in the same calendar month and complete the qualifying actions within 2 months.
Monthly fee
$16.95
Waiver
The monthly fee is waived if you have a minimum of $4,000 in your CIBC chequing account.
Transactions
Unlimited
Interac e-transfers
Free
Non-network ATM in Canada
$2
Highlights
The lowest monthly fee is $6.95 for 12 transactions and the highest monthly fee is $16.95 for 20 or more transactions.
TD Unlimited Chequing Account
Earn a welcome bonus worth $500 ($400 when you open this account and complete qualifying tasks plus $100 when you open a new eligible savings account and complete qualifying tasks. Terms and conditions apply). Offer ends February 25, 2025.
Monthly fee
$16.95
Waiver
maintain a $4,000 minimum balance to receive a monthly fee rebate.
Transactions
unlimited
Interac e-transfers
$0
Non-network ATM in Canada
$0
Highlights
Earn up to $500 when you open a new chequing account and set up direct deposit.
Tangerine No-Fee Daily Chequing Account
Earn up to $250. Open a No-Fee Daily Chequing Account and switch your payroll deposits to your new Tangerine Chequing Account for 2 consecutive months to receive $250.
Monthly fee
$0
Interest rate
0.01%
Transactions
unlimited
Interac e-transfers
$0
Non-network ATM in Canada
$1.50
Tangerine Savings Account
Earn 5.40% interest for 5 months (on the first $1,000,000 in deposits) when you sign up by March 31, 2025.
Interest rate
0.3%
Minimum balance
$0
Monthly fee
$0
Transactions
$0
Frequently asked questions about Simplii new account offers
Simplii accounts come with $0 minimum deposit to open and $0 minimimum balance requirements.
Qualifying government benefits include the Canada Emergency Response Benefit, Canada Emergency Student Benefit, Canada Recovery Benefit, Ontario Disability Support Program (ODSP) and old age security from an employer or the Canadian government.
Yes, Simplii Financail offers a referral program where you can earn $125 when you refer a friend and where your friend can earn $50 after completing qualifying actions.
Chelsey Hurst is a publisher at Finder, specializing in banking and investments. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature. See full bio
Your guide to the rates, fees, eligibility criteria and pros and cons of the Simplii Financial High Interest Savings Account.
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