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Simplii High Interest Savings Account

Pay no monthly fees and earn market-leading interest rates on every dollar you put away with a Simplii savings account.

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0.10%

Interest Rate

$0

Minimum Balance

3.00%

Promotional Interest Rate

Details

OfferEarn 3.00% interest on your savings. Open an account and get a special interest rate for deposits up to $1,000,000. Conditions apply. Valid until October 31, 2022.
Promotional Interest Rate3.00%
Minimum Balance$0
Deposit InsuranceDeposits are guaranteed up to $100,000 by the CDIC
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More Info
Simplii Financial aims to disrupt the conventional mindset of what banking is about and the Simplii High Interest Savings Account is no exception. This competitive savings account lets you earn a solid return on every dollar you save and comes with a generous welcome offer, no monthly fees, easy automatic deposits and no minimum balance requirements.

30-second take

  • Think about the Simplii savings account if you want leading interest rates and an extra generous bonus rate for your first few months.
  • Choose something else if you’d prefer to bank in person or you need a chequing account for everyday banking and ATM withdrawals.
  • This account comes with no monthly fees and free unlimited transactions; sadly, it’s not available to business clients or residents of Quebec.

The basics

Simplii Financial offers some of the lowest fees in Canada and pays high interest rates for the Simplii High Interest Savings Account.

  • No monthly fees. You won’t pay monthly fees to maintain the Simplii HISA.
  • Competitive rates. Get an interest rate of 0.1% on your regular balance, with your interest calculated daily and paid into your account monthly.
  • Free transactions. Deposit, withdraw and transfer cash at no extra cost with zero transaction fees.
  • No minimum balance. Open a Simplii High Interest Savings Account with as little as $1 and earn interest with no minimum balance requirements.
  • Welcome bonus. Earn 3.00% interest on your savings. Open an account and get a special interest rate for deposits up to $1,000,000. Limits apply. Valid until October 31, 2022.

The perks

  • Quick online registration. Sign up for an 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

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?

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
  • Be 16 years of age or older
  • Have an email account

How do I open a Simplii 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 “Go to Site” on this page to be redirected to your Simplii High Interest Savings Account.
  2. Complete the 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, market-leading interest rates and a generous welcome bonus. 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.

Frequently asked questions

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