If you are a student looking for access to a no-fee chequing account, credit card, and other banking products in one place, a Simplii Financial student bank account may be for you.
Bank account fees can cost you upwards of $200 per year in Canada.
As a student, you could put these fees to better use by offsetting some of your everyday expenses. You could also start to invest in the future.
This Simplii Financial student bank account review covers the products offered, their features, pros and cons, and how to get up to $700 via Simplii’s student banking offer.
It also summarizes Simplii’s bank accounts designed for international students and newcomers.
Simplii Financial Overview
Simplii Financial is the digital banking arm of the Canadian Imperial Bank of Commerce (CIBC), a top-five bank in Canada.
It has almost 2 million customers and is on my list of Canada’s best online banks.
Simplii Financial offers a robust selection of banking products covering deposits, investments, personal loans, mortgages, and credit cards.
Learn more in this detailed review.
Simplii Financial Student Bank Accounts
Students can take advantage of the no-fee bank accounts at Simplii Financial and save money while in school.
The lineup of products and offers specific to students include:
- Simplii Financial Student Chequing Account
- Simplii Financial Student Credit Card
- Simplii Financial Student GICs
As a student, you may also be able to access a line of credit or personal loan depending on your credit score and if you meet the eligibility requirements.
Student customers can also invest using mutual funds in registered and non-registered investment accounts.
Simplii Financial Student No-Fee Chequing Account
The Simplii Financial No Fee Chequing account for students includes unlimited debits, bill payments, and withdrawals.
You also get unlimited free Interac e-Transfers and access to 3,400 CIBC ATMs across Canada.
There are no monthly fees, and you don’t need to maintain a specific balance.
You can request personalized cheques, deposit cheques using the mobile app, set up pre-authorized payments, and deposit your payroll.
New clients who set up payroll deposits of at least $100 for 3 consecutive months receive a $400 cash bonus.
Simplii’s chequing account also pays interest (0.05%) on your balance.
Simplii Financial Student Credit Card
The Simplii Financial Cash Back Visa Card is a top no-annual-fee cash back credit card in Canada.
It offers:
- 4% cash back on restaurant, bar, and coffee shop purchases (limited to $5,000 spend per year)
- 1.5% cash back on gas, groceries, drugstore purchases, and pre-authorized purchases ($15,000 limit spend per year)
- 0.50% cash back on all other purchases
For the first four months, new cardholders earn 10% cash back at bars and restaurants on up to a $500 spend ($50 value).
The Simplii Financial credit card also has a 9.99% introductory interest rate for purchases for six months and 19.99% after.
Learn more about this card and its features in our full review.
Simplii Financial Student GICs
A Guaranteed Investment Certificate (GIC) guarantees your principal and provides a guaranteed interest on your deposit.
You can purchase GICs starting at $100 and for terms ranging from 1 to 5 years.
These GICs can be held in a general (non-registered) account, or you could invest using a TFSA or RRSP account.
Simplii Financial International Student and Newcomer Accounts
Simplii Financial has bank accounts and products designed for international students and newcomers:
- Simplii Financial International Student GIC Program
- Simplii Financial International Student Deposit Program
- Simplii Financial New to Canada Program
Simplii Financial International Student GIC Program
If you are applying for a study permit under the Student Direct Stream (SDS) program, you can set up a GIC at Simplii Financial with $10,000 to $20,000 CAD, as required by the program.
The sign-up process is completed online and is usually processed within one business day.
Citizens of 60+ countries can apply, including Nigeria, China, India, Japan, Pakistan, Brazil, Greece, Senegal, and the Philippines.
After your account is open, you receive all the documents required for your SDS application.
You can also open a no-fee chequing account simultaneously and qualify for a cash back credit card with a credit limit of up to $2,000.
Simplii Financial International Student Deposit Program
International students can open a deposit account with Simplii Financial before arriving here in Canada.
You can open this account online and fund it with $1,000 to $20,000 CAD.
Your debit card is mailed to your preferred address in Canada on your tentative arrival date.
This student account is similar to the International Student GIC program. And you should note that both programs are not offered to students attending schools in Quebec.
Simplii Financial Newcomer Bank Account
Newcomers to Canada can open bank accounts with Simplii Financial for up to 12 months before arriving here.
You can open a no-fee chequing account and get a Cash Back Visa Card with a credit limit of up to $10,000.
No Canadian credit history is required to qualify, which is great.
The application process is completed online, and you will need to upload a copy of your passport and one of these documents:
- Immigration work permit (IMM 1442)
- Permanent resident immigration from (IMM 5292 or IMM 5688)
- Record of landing form (IMM 1000)
- Port of entry (POE) government letter
You can also open a Simplii bank account within 5 years of arriving in Canada and enjoy the New to Canada offers.
Here are some other banking options for newcomers.
Newcomers can easily send money abroad to family using the Simplii Financial Global Money Transfer service.
Simplii Financial Student Banking Offer ($700)
Simplii Financial has a student banking offer that is valued at $700 in cash or more.
Here’s how you can take advantage:
- Open a no-fee chequing account and set up direct deposit, such as payroll of at least $100 for three consecutive months – Earn a $400 bonus
- Apply for a Cash Back Visa Card – Earn a $100 bonus
- Spend $50 on your credit card and get $50 back for up to 4 months – Valued at up to $200
- Earn 10% cash back on spending at restaurants and takeout for the first 4 months – Up to $50 cash back
- Refer a friend to Simplii using your Simplii referral link and earn $50 for each referral
Pros and Cons of Simplii Financial
Pros:
- Access to savings, chequing, credit card, and investing in one place
- No monthly account fees
- Significant sign-up bonuses
- Student-friendly bank accounts
- Free CIBC ATMs across Canada
- Open accounts while abroad
- Competitive interest rates for savings and GICs
- Fast online application
Cons:
- Online bank with no in-person support
Simplii Financial Student Banking Alternatives
Students can also save money with these banks:
EQ Bank
EQ Bank offers a high-interest savings account that doubles as a spending account, with:
- Unlimited transactions (debits, bill payments, withdrawals, and Interac e-Transfers)
- No monthly fees
- High interest rates on savings and GIC deposits
Cons: EQ Bank does not offer paper cheques, and you don’t get a debit card.
EQ Bank Personal Account
Up to 4.00%* interest rate
Unlimited debits and bill payments
Unlimited Interac e-Transfers
No monthly account fees
Tangerine Bank
The Tangerine Money-Back Credit Card is one of the best cash back credit cards in Canada.
You earn unlimited 2% cash back on two categories of spending (or 3 if you deposit your cash back in a Tangerine savings account) and 0.50% cash back on all other purchases.
Tangerine also offers a no-fee chequing account, investments, personal loans, and mortgages.
Cons: The interest rate on savings is not as competitive as some online banks, and you only get one free chequebook (50 cheques).
Tangerine Money-Back Credit Card
Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.
Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value); 1.95% balance transfer rate for 6 months.
Interest rates: 19.95% for purchases, balance transfers, and cash advances.
Annual fee: $0
Is Simplii Financial Safe?
Yes, Simplii Financial is a safe Canadian bank.
It has almost 2 million customers and is operated by one of Canada’s largest banks, CIBC.
Your deposits at Simplii are protected by the Canada Deposit Insurance Corporation (CDIC) for up to $100,000 per insured category.
Simplii Student Account FAQs
Yes, Simplii Financial offers student banking accounts, including chequing, credit cards, savings GICs, lines of credit, loans, and more.
Does Simplii Financial have a youth account? No, Simplii Financial does not have a bank account dedicated to youths. That said, you can open some Simplii Financial bank accounts if you are at least 15 years of age.
Yes, Simplii Financial is one of the best banks in Canada.
You can transfer money from your Simplii Financial bank account to CIBC and other Canadian banks and financial institutions.
Related:
Simplii Financial Student Bank Account
Overall
Summary
Simplii Financial offers a student bank account, credit card, line of credit, and GICs. This Simplii student banking review covers what you need to know.
