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Simplii Financial High Interest Savings Accounts Review 2024


Fact Checked

Simplii Financial’s savings account interest rates are not the highest in Canada if you look past its promotional offers.

While they are competitive compared to bigger banks like RBC, TD, or CIBC, you will have to look elsewhere for a high-interest Savings account rate that is not time-limited.

That said, if you want 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 0.40% to 5.50% interest.

For a limited time (5 months), new clients earn 5.90% 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 2024 is up to a maximum of $31,560.

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 2024 is $7,000, 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 2.50% 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 High Interest Savings Accounts Review

Simplii Financial Savings Account Promotion.

While the regular interest rate a Simplii HISA pays is 0.40% to 5.50%, it often has promotional rates to attract new clients.

For example, as of this writing, you could earn 5.90% interest on your savings account when you open a new account.

In addition, if you open a free chequing account, you get a $400 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 $400 bonus is deposited five months after the account is opened.

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.

Cons of Simplii Savings Account

Some downsides to note for the Simplii high-interest savings account:

  • The promotional rate often only applies to new deposits and is for a limited time
  • The standard interest rate is low compared to several competitors

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 your purchase. 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. EQ Bank is a subsidiary of Equitable Bank.

EQ Bank Personal Account


Earn up to 4.00% interest

No monthly account fees or minimum balance

Unlimited debit transactions and e-Transfers

Free cashback card & no ATM fees

Supports mobile cheque deposits

EQ Bank also offers its HISA in TFSAs, RSPs, and USD Accounts.

Simplii Financial vs Neo Financial Money Account

The Neo Money Account offers one of the best non-promo savings interest rates in Canada and includes unlimited Interac e-Transfers and bill payments.

Neo Money Account

neo logo

Earn cash back on purchases

No monthly fees

1.00% non-promo interest rate paid on balance

Unlimited free transactions

Get a Mastercard for payments online and ATMs

Simplii Financial vs Tangerine Savings Account

Like Simplii Financial, Tangerine Bank offers several savings accounts, including the Tangerine Savings Account, which pays a regular 1.00%.

Simplii Financial Savings Account FAQs

What is Simplii Financials’ interest rate?

The regular interest rate on the Simplii Financial savings account is 0.40% to 5.5%. Simplii’s promo interest rate is 5.90%.

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.


Top Banking Offers for July

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 5.00% interest on your savings account

Earn up to 5.00% interest on every dollar when you set up a 30-day notice.

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.

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).


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

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