Simplii No Fee Chequing Account

Our verdict

Our verdict

Simplii Financial has some of the lowest fees in Canada. The Simplii No Fee Chequing Account comes with no monthly account fee, no transaction fees, no e-Transfer fees, no minimum deposit requirements and a chance to earn interest on your account balance. What's more, you'll also earn a welcome bonus.

Best for: Those looking to earn interest on their money and bank with no eveveryday banking fees.

Pros

• Earn a welcome bonus of up to $400
• Enjoy unlimited free transactions and e-Transfers
• No monthly account fee
• Earn 0.05% to 0.1% interest on your balance
• No minimum deposit requirements
• Earn a referral bonus

Cons

• Simplii is an online only provider
• You can only earn the welcome bonus if you're a new Simplii customer
• Residents of Quebec cannot open a Simplii account

Go to site

Free Transactions

unlimited

Interac e-Transfer Fee

$0

Monthly Account Fee

$0

Hide

Simplii No Fee Chequing Account

Learn more on Simplii Financial's secure site

Go to site

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 0.05% 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 June 30, 2023.
• 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.

Simplii No Fee Chequing Account FAQs

• Do I have to pay a monthly fee with the Simplii No Fee Chequing Account?

  No. Simplii Financial offers some of the lowest fees in Canada, and for the Simplii chequing account, you won't pay a monthly fee at all.

• Is Simplii Financial safe?

  Yes. You can enjoy peace of mind knowing that Simplii is a trademark of CIBC (a Big Five bank) and a member of the Canada Deposit Insurance Corporation, which will protect a portion of your money if Simplii Financial goes bankrupt.

• Can I manage my Simplii No Fee Chequing Account through mobile banking?

  Yes! You can definitely manage your Simplii No Fee Chequing Account online or over your mobile phone. Just sign in to Simplii Financial's online browser or download the Simplii app on your phone to get started.

• Who can I contact if I have questions about my Simplii No Fee Chequing Account?

  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 offers a savings account in both US and Canadian dollars. You can also sign up for a Simplii credit card, line of credit, personal loan or mortgage – or take advantage of a wide range of investment products (such as GICs or mutual funds). Find out more here.