Simplii High Interest Savings Account review

Our verdict

Our verdict

The Simplii High Interest Savings Account comes with a generous Simplii promotion bonus interest rate offer, no monthly fees, easy automatic deposits and no minimum balance requirements. However, once the bonus interest rate ends, you'll only earn 0.4% on your savings.

Best for: Those looking to take advantage of a high bonus interest rate offer for a few months.

Pros

• High bonus Simplii promotion interest rate of 5.25% until April 30
• Refer a friend bonus
• Free unlimited transactions
• No account fee
• No minimum balance required

Cons

• Once the bonus rate ends, you'll only earn 0.4%
• Can't withdraw money using a debit card or at an ATM
• If you're already a Simplii member, you won't get the bonus rate
• Online only with no physical branches
• Residents of Quebec cannot use Simplii

Go to site

Bonus Interest Rate

5.25%

Ongoing Interest Rate

0.4%

Monthly Account Fee

$0

Hide

Simplii High Interest Savings Account

Learn more on Simplii Financial's secure site

Go to site

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 $50 when you refer a friend to Simplii and they set up an account (they'll earn $50 too, 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.

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.

Simplii High Interest Savings Account FAQs

• Do I have to pay a monthly fee with the Simplii High Interest Savings Account?

  No. You won't need to pay a monthly fee to maintain your Simplii High Interest Savings Account.

• What's the Simplii promotional interest rate with the Simplii Financial High Interest Savings Account?

  Earn 5.25% interest on your savings. Open an account and get a special interest rate for deposits up to $500,000. Conditions apply. Valid until April 30, 2023. Outside of the Simplii promo interest rate you'll earn 0.4% with the Simplii High Interest Savings Account and a generous welcome bonus interest rate of for a limited time.

• Can I manage my Simplii Savings Account through mobile banking?

  Yes, no problem. You can access your mobile account by downloading the Simplii app on your phone. You can also sign in via the online browser if you don't want to download the app.

• Who can I contact if I have questions about my Simplii HISA?

  You can easily get in touch with Simplii Financial's support team by email or over the phone. You can also sign into your online or mobile banking to live chat with an agent.

• Does Simplii Financial offer any other banking products?

  Yes! Simplii Financial offers a no-fee chequing account and a US savings account. You can also sign up for a Simplii credit card, line of credit, personal loan, money transfer or mortgage – or take advantage of a wide range of investment products (such as Simplii GICs or mutual funds).

• What's this Simplii Savings account interest rate?

  The Simplii High Interest Savings Account comes with an interest rate of 0.4% on your regular balance. Interest is calculated daily and paid into your account every month. However, there's a Simplii promo interest rate of Earn 5.25% interest on your savings. Open an account and get a special interest rate for deposits up to $500,000. Conditions apply. Valid until April 30, 2023..