One of the best new bank account promotions in Canada is from Simplii Financial.
Its no-fee chequing account offers a $400 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% to 2.00%, 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 5.25% for 5 months.
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 $400 bonus when you open a chequing account and set up direct deposits for 3 consecutive months. The cash offer is available until June 30, 2023.
Eligible direct deposits include payroll, government benefits, and pension payments such as Old Age Security.
The $400 cash bonus is paid out after five 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 $400 cash bonus when they open an eligible chequing account, a new client can get a $450 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 five months; however, the regular rate on their savings account is 1.00%.
On its chequing account, you earn a bonus after setting up payroll deposits for three 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.
Visit KOHO or read my detailed review.
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 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. The current offer was recently increased to a $400 bonus.
You earn 5.25% interest for 5 months after opening your first Simplii Financial savings account.
Yes, when you invite your friends, and they sign up using your Simplii referral code or link, you both get a $50 bonus.