Simplii Financial’s savings account interest rates are not the highest in Canada if you look past its promotional offers.
That said, if you are looking for a quick boost to your deposits, Simplii’s promotional interest rates are worth checking out.
Read on to learn about the various savings accounts offered by Simplii Financial, their pros, cons, and alternatives for earning high interest rates in Canada.
Simplii Savings Accounts
Simplii Financial offers four savings accounts:
- RRSP Savings Account
- High Interest Savings Account
- Tax-Free Savings Account
- USD Savings Account
Simplii Financial High Interest Savings Accounts
The Simplii Financial High Interest Savings Account (HISA) has no monthly account fee and pays a regular 0.10% interest.
For a limited time, new clients earn 3.00% interest on every dollar.
You can easily set up automatic contributions to this account and your deposits are eligible for the Canada Deposit Insurance Corporation (CDIC) guarantee.
Simplii Financial RRSP Savings Account
You can open a Simplii Financial RRSP Savings Account and save for your retirement.
Each year, you get an RRSP contribution limit that is equivalent to 18% of your earned income for the previous year, up to a specified limit.
The RRSP contribution limit for 2022 is up to a maximum of $29,210.
The interest rate for the RRSP savings account is 0.40%. Here are some other RRSP investments to consider.
Simplii Financial TFSA
You can open a Simplii Financial TFSA and earn tax-free interest on your deposits.
The TFSA contribution limit for 2022 is $6,000, and you could contribute a higher amount if you have unused contribution room from previous years.
The Simplii TFSA HISA pays a 0.40% interest rate.
Here are some other TFSA investments you can consider.
Simplii Financial USD Savings Account
You can keep your US dollars in a Simplii USD Savings Account and earn a 1.65% interest rate on every dollar.
This account can be used for international money transfers to over 130 countries via the Simplii Financial Global Money Transfer service.
You can also order bank drafts and orders, receive wire transfers, and deposit USD cheques.
Learn about the best USD savings accounts in Canada.
Simplii Financial Savings Account Promotion.
While the regular interest rate paid by a Simplii HISA is 0.40%, it often has promotional rates to attract new clients.
For example, as of this writing, you could earn 3.00% interest on your savings account when you open a new account.
In addition, if you open a free chequing account, you get a $350 cash bonus.
To qualify for the cash bonus, you must add a direct deposit (such as your paycheque, government benefits, or pension) to your account and have deposits of $100 or more for 3 consecutive months.
Your $350 bonus is deposited 5 months after account opening.
Is Simplii Financial Safe?
Yes, Simplii Financial is a safe Canadian bank. It is owned by CIBC, one of the largest banks in Canada, and has about 2 million clients.
It has also been voted as one of the world’s best banks by Forbes.
As a division of CIBC, your deposits at Simplii are eligible for deposit insurance by the CDIC up to $100,000 per category per depositor.
Other Simplii Financial Products
Simplii Financial No-Fee Chequing Account: This free chequing account offers unlimited free debits, bill payments, and Interac e-Transfers. Clients also get free access to 3,400 CIBC ATMs across Canada.
Simplii Financial Cash Back Visa Card: This no-fee credit card offers cash back ranging from 0.50% to 4% depending on what you are buying. It also provides purchase security and extended warranty coverage.
Learn more about it in this review.
Simplii Mortgages: You can obtain a fixed rate or variable rate mortgage at competitive rates. Learn more about Simplii Mortgages.
Simplii Financial Investments: You can invest with Guaranteed Investment Certificates (GICs) in RRSP, TFSA, and non-registered investment accounts. Simplii also offers mutual fund accounts.
Simplii Personal Loans: Personal loans and lines of credit are offered to Simplii Financial clients.
Simplii Financial vs. EQ Bank Savings Account
The EQ Bank Savings Plus Account is one of the best high interest savings accounts in Canada.
It pays a non-promotional 1.65% interest rate and you get:
- Free and unlimited debits, bill payments, and withdrawals
- Free and unlimited Interac e-Transfers.
- No monthly account fees
- Mobile cheque deposits
For a limited time, you can get a $150 bonus via EQ Bank promotions.
Simplii Financial vs Tangerine Savings Account
Like Simplii Financial, Tangerine Bank offers a number of savings accounts, including the Tangerine Savings Account that pays a regular 0.10%
Simplii Financial Savings Account FAQs
What is Simplii Financials’ interest rate?
The regular interest rate on the Simplii Financial savings account is 0.40%. Simplii’s promo interest rate is 3.00%.
What is the difference between President’s Choice and Simplii?
President’s Choice bank accounts became Simplii Financial bank accounts when CIBC and Loblaw’s parted ways in 2017. If you owned a PC Financial credit card, those are managed directly by President’s Choice Bank.
Is Simplii a good bank?
Yes, Simplii Financial is one of the best online banks in Canada.
Can Simplii customers use CIBC tellers?
Simplii clients can use CIBC’s automated teller machines for free across Canada.