Simplii No Fee Chequing Account

The basics

Simplii Financial offers free daily banking with its Simplii No Fee Chequing Account.

• Zero monthly fees. Pay no monthly fees to maintain your Simplii Financial chequing account and enjoy free access to over 3,400 CIBC ATMs across Canada.
• Earn interest. You’ll earn between 0.01% and 0.1% interest on any balance you keep in your account (which is rare for a chequing account!).
• Welcome bonus. Earn $400 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends October 31, 2024.
• Free transactions. Deposit, withdraw and transfer cash domestically or send money overseas with no additional fees.
• No minimum balance. Open a Simplii chequing account and earn interest with no minimum balance requirements.

The perks

In addition to the benefits you’ll receive with the Simplii chequing account, you’ll also get to take advantage of the following additional perks:

• Fully digital sign up. Get started with a Simplii chequing account in a matter of minutes when you complete an application online or on your mobile device.
• Easy automatic deposits. Set up direct transfers through your payroll, pension or employment insurance quickly and easily.
• Banking on the go. Manage your Simplii Financial chequing account on the go using online banking or the Simplii mobile app.
• Overdraft protection. Add up to $5,000 in overdraft protection to help with unexpected expenses (just be prepared to pay interest for this feature).
• Referral bonus. For a limited time, earn $125 when your friend opens a No Fee Chequing Account or another eligible account with your unique referral link. Your friend can earn $50.

What to watch out for

Consider the following drawbacks before opening a Simplii chequing account:

• Welcome offers for new members only. You can only take advantage of a welcome offer if you’re a brand new customer with Simplii Financial.
• Online only. You won’t be able to visit a physical location to manage your Simplii Financial chequing account since Simplii is an online-only bank.
• Not available for certain clients. You won’t be able to open a Simplii No Fee Chequing Account if you’re a business client or you live in Quebec.
• Interest on overdraft. You’ll pay 19% interest whenever you dip into your overdraft protection.

What should I know before I apply?

To open a Simplii No Fee Chequing Account, you’ll need to meet the following criteria:

• Be a resident of Canada with a valid Social Insurance Number
• Be 18 years of age or older
• Have an email account

How do I open a Simplii No Fee Chequing Account?

Follow these steps to open a Simplii No Fee Chequing Account:

1. Click “Go to Site” button on this page to be redirected securely to the Simplii site to begin the application process.
2. Complete the application, which includes providing your name, email address, Social Insurance Number (SIN) and birth date.
3. Review the details of your Simplii chequing 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 No Fee Chequing Account is a fee-free account that offers a generous welcome bonus, unlimited free transactions and the chance to earn interest on your balance. You can sign up for an account in minutes, but you’ll need to be a brand new customer to take advantage of the welcome offer. Find out if you qualify and learn how to apply online today.