One of the best new bank account promotions in Canada is from Simplii Financial.
Its no-fee chequing account offers a $350 cash bonus when you meet the eligibility requirements.
And depending on the current offers available, you may also earn a promotional interest rate when you open a savings account at Simplii Financial.
Related: Simplii Financial Review.
Simplii Financial Interest Rate
A Simplii Financial high-interest savings account has no monthly fees or minimum balance requirement.
You earn a regular interest rate of 0.40%, which is better than what some big banks offer but is less competitive than the best savings rates as of today.
That said, new Simplii customers get a decent promotional interest rate of 5.00% until January 31, 2023.
The promo rate is earned on deposits up to $500,000.
Simplii New Chequing Account Promotion
Simplii Financial’s chequing account has these features:
- No monthly account fees
- Unlimited free debits, bill payments, and Interac e-Transfers
- Access to 3,400 CIBC ATMs
- No minimum balance requirement
- Earn interest on your balance up to 0.05%
- Access to international money transfers
If you are new to Simplii Financial, you can get a $350 bonus when you open a chequing account and set up direct deposits for 3 consecutive months. The cash offer is available until January 31, 2023.
Eligible direct deposits include payroll, government benefits, and pension payments such as Old Age Security.
The $350 cash bonus is paid out after 5 months of opening your account.
Simplii $50 Referral Program
When your friends sign up for a Simplii account using your Simplii referral link, you both earn cash bonuses.
Simplii $50 offer:
When your friend uses your referral link and opens an eligible account, you both earn a $50 cash bonus.
The following accounts qualify:
- No-fee chequing account: They must deposit at least $100 within 6 months of opening the account and maintain this balance for at least 30 days.
- Personal line of credit: They must use at least $100 from their line of credit within 6 months of getting approved.
- High-interest savings account: They must deposit at least $100 within 6 months of opening the account and maintain this balance for 30 days or longer.
Combined with the $350 cash bonus when they open an eligible chequing account, a new client can get a $400 bonus total.
Simplii Financial $75 Offer:
If your referral gets a Simplii Financial Cash Back Visa Card and spends at least $100 within 6 months, you both get a $75 bonus.
You can refer as many as 10 friends per year.
Simplii $500 Offer:
If your friend obtains a mortgage from Simplii and uses your referral code (0008149464), they get a $100 bonus, and you get $500.
They must mention your unique mortgage code when they speak with a Simplii mortgage specialist or mortgage broker.
Simplii Financial Credit Card Promotion
The Simplii Cash Back Visa Card pays 4% cash back on restaurant purchases, 1.5% on gas, groceries, drugstore purchases, and pre-authorized payments, and 0.5% on everything else.
For a limited time, new applicants get the following offers:
- Bonus 10% cash back at restaurants and bars for the first 4 months ($0.50 value)
- 9.99% purchase interest rate for the first 6 months
Given its low minimum income requirement of $15,000, this card also qualifies as a student credit card.
What is Simplii?
Simplii is a digital bank owned by CIBC. It was established in 2017 and has more than 2 million clients.
Simplii offers a complete suite of banking products, including:
- Chequing account
- Savings account (RRSP, TFSA, General savings)
- Guaranteed Investments Certificates (GICs)
- Credit Card
- Mortgage loans
- Loans; Personal loans and lines of credit
Simplii vs. Tangerine Promotions
New Tangerine clients can earn a higher promotional interest rate for 5 months; however, the regular rate on its savings account is 1.00%.
On its chequing account, you earn a bonus after setting up payroll deposits for 3 consecutive months.
Learn more about Tangerine promotions.
Simplii Financial vs. EQ Bank Promotions
EQ Bank’s Savings Plus Account has one of the best non-promotional interest rates in Canada.
In addition to earning a top-rated 2.50% interest on every dollar (this rate is non-promotional and does not expire after a few months), you also get the following benefits:
- No monthly account fees
- Unlimited free debit transactions and bill payments
- Unlimited free Interac e-Transfers
- Mobile cheque deposits
- No minimum balance
Learn more about what EQ Bank offers.
Simplii vs. KOHO Promotion
A regular KOHO account is free and comes with several benefits and features, including:
- A free reloadable prepaid Visa card that pays up to 5% cash back on purchases
- Free budgeting app with automatic savings using Roundup
- Earn interest on your balance when you set up a direct deposit to your KOHO account
- $20 welcome cash bonus (use CASHBACK referral code)
KOHO is free to join. Use our promo code CASHBACK to get a welcome bonus.
Simplii vs. Wealthsimple Promotions
A Wealthsimple Save account offers a 1.50% interest rate.
This account has no fees, and you don’t need to maintain a minimum balance to take advantage of the interest rate offer.
While Wealthsimple Save currently has no promotional offers, you can get a $25 cash bonus by signing up for a Wealthsimple Invest account.
To be eligible for this offer, you must deposit at least $500 in your investment account.
Wealthsimple automatically invests your funds using low-cost ETFs.
Learn more about Wealthsimple.
Simplii Financial Promotion FAQs
You need to open a new Simplii chequing account and add a direct deposit of at least $100 for 3 straight months.
You earn 5.00% interest until January 31, 2023, and 0.40% after that.
Yes, when you invite your friends, and they sign up using your Simplii referral code or link, you both get a $50 bonus.
Do you already bank with Simplii? Let us know about your experience in the comments.