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Simplii Financial No Fee Chequing Account Review (2024)

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If you are looking for a chequing account with no monthly fees and unlimited free transactions, the Simplii Financial No Fee Chequing Account ticks both boxes.

It also goes a step further by paying interest on your cash balance.

This Simplii Chequing Account review covers its benefits, downsides, fees, alternatives, and how to get a $400 welcome bonus.

Simplii Financial Product Offerings

Simplii Financial is an online bank owned by the Canadian Imperial Bank of Commerce (CIBC).

It offers a variety of products and services, including the following:

  • Simplii chequing account
  • Simplii savings account
  • Simplii cash back credit card
  • Guaranteed Investment Certificates (GICs)
  • Mortgages
  • Mutual funds

Simplii Financial has almost 2 million customers and is one of Canada’s best online banks.

Simplii No Fee Chequing Account

The Simplii chequing account has zero monthly account fees and includes unlimited debit purchases, bill payments, and Interac e-Transfer transactions.

As an account holder, you get free access to over 3,400 CIBC ATMs, and you can set up direct deposits and pre-authorized bill payments.

You can also use this account for international money transfers and earn interest on your balance.

This chequing account provides free personalized cheques, and new clients receive a welcome bonus.

Simplii Chequing Account Offer

Simplii Financial has one of the best new bank account offers on the market.

You receive a $400 cash bonus if you open a no-fee chequing account and add a direct deposit of at least $100 for three consecutive months.

Direct deposits that qualify for this offer include payroll, pension, and EI direct deposits.

Visit Simplii Financial.

Simplii Financial Chequing Account Fees

The Simplii chequing account does not have a monthly fee. That said, some service charges may apply depending on whether you have special service requests:

  • Overdraft protection: $4.95 per use (charged no more than once per month). A 19% interest rate applies to overdraft balances
  • Non-sufficient funds (NSF) fee: $45
  • Stop Interac e-Transfer: $3.50
  • Stop payment requests: $10 to $16.50
  • Money orders and bank drafts: $7.50
  • Outgoing wire transfers: $30 to $80 per payment, depending on the amount
  • Retrieval of past statements: $5/statement
  • Paper statements: $1 per statement
  • Inactive accounts (after 2 years): $20/year

Pros of the Simplii No Fee Chequing Account

The benefits of a Simplii chequing account include:

  • No monthly account fees
  • $400 bonus
  • Free and unlimited transactions
  • Free access to CIBC ATMs across Canada
  • Interest is paid on your balance
  • Access to free international money transfers
  • Deposits are insured by the Canada Deposit Insurance Corporation (CDIC) up to specified limits.

Cons of the Simplii Chequing Account

Some downsides to consider when you have a chequing account at Simplii:

  • There is no in-person support. While not a big deal these days, it is worth noting
  • Not available in Quebec
  • Does not offer business accounts
Simplii Financial No Fee Chequing Account Review

How To Open a Simplii Chequing Account

To open a Simplii bank account, you must be the age of the majority in your province of residence.

Visit Simplii Financial here to start the application process.

You will need your social insurance number and will also be required to provide a digital signature during the application process.

You can deposit cheques to your account using a CIBC ATM or the Simplii Financial Mobile Banking App. You can also add funds by setting up a direct deposit or linking an external bank account.

No Fee Free Chequing Accounts in Canada

In addition to Simplii, online banks like Tangerine and EQ Bank do not charge monthly account fees.

Simplii FinancialEQ BankTangerine
Monthly fee$0$0$0
Minimum balanceNoneNoneNone
Free debit transactionsUnlimitedUnlimitedUnlimited
Free chequesYesN/AFirst chequebook free
Free ATMsCIBC ATMsN/AScotiabank ATMs
CDIC insuranceYesYesYes
Other productsSavings, GICs, mutual funds, mortgages, credit cards, loansGICs, mortgages, money transferGICs, savings, credit cards, mortgages, etc
High-interest savings0.40% – 5.50% (6% promo for a limited time)Up to 4.00%0.70%
Learn moreRead reviewRead review

Conclusion

The Simplii No Fee Chequing account works well for those looking to cut their banking fees.

It comes with free and unlimited transactions, and you won’t be compelled to maintain a high balance just to avoid fees.

If you prefer to visit a branch in person for your banking, this account is unsuitable.

Simplii Chequing Account FAQs

Is Simplii Financial safe?

Yes, Simplii is safe. It is a legit online bank owned by CIBC, and your deposits are insured by the CDIC.

Is Simplii Financial free?

Yes, the Simplii chequing account is free with no monthly account fees. That said, some service charges may apply if you make ‘special requests.’

Which banks have no fee chequing accounts?

Banks with free chequing accounts include Simplii, Tangerine, motusbank, Motive Financial, and Alterna Bank.

Is Simplii a good bank?

Yes, Simplii is a good bank. It is one of the best digital banks in Canada.

Does Simplii have overdraft?

Yes. You can add overdraft protection to your Simplii No Fee Chequing Account. There is a $4.95 fee, and the overdraft interest rate is 19%.

Is CIBC and Simplii the same bank?

No, CIBC and Simplii are different banks. Simplii Financial is owned by CIBC, but its accounts are separate.

Related:

Top Banking Offers for May

Stop paying monthly fees with a free chequing account + $400 bonus

Get $400 cash bonus when you direct deposit $100 for three months.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly account or transaction fees.

Get a high interest rate on your savings (6.00% interest rate offer).

Get the TOP spending and savings account with 5% rewards and $20 bonus

Instant approval and a $20 welcome bonus when you make your first purchase.

Earn up to 5% unlimited cashback on purchases while paying no fees!*

Earn 5.00% interest on your entire account balance.

Free debits, e-Transfers, bill payments, budgeting app, and access to credit building.

Earn a regular 4.00% interest on your savings account

Earn up to 4.00% interest on every dollar when you set up a direct deposit.

Free access to a hybrid account with unlimited transactions & e-transfers.

Access to a prepaid card that pays 0.5% cashback on all purchases.

No monthly or annual account fees; free ATMs in Canada.

Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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