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Simplii 5.90% High Interest Savings Account Promotion 2024


Fact Checked

Simplii Financial’s promotional interest rate is one of the best savings account rates in Canada right now, with a 5.90% interest rate for a limited time.

Considering that savings interest rates are still as low as 0.10% at some banks, this offer means you can earn up to 300x more on your deposits.

Read on to learn about the current Simplii savings account promotion, how to sign up for a new account, and how to qualify for a cash bonus when you open a free chequing account.

Simplii Promotional Interest June 2024: Earn 5.90% Interest

If you are looking to deposit your money in a savings account that offers a high-interest rate, the Simplii savings account is currently a good choice.

It offers a 5.90% interest rate on all deposits for 5 months when you sign up here.

There is no minimum balance requirement for taking advantage of this promotional rate. Simply open an account and deposit funds. Also, this savings account has no fees.

Simplii Financial High-Interest Savings Account

Simplii Financial offers a high-interest rate savings account (HISA) that normally pays a tiered 0.40% to 5.5% interest (promo offer is 5.90%).

This no-fee account can be paired with a free Simplii chequing account, so you have access to unlimited transactions, mobile cheque deposits, free personalized cheques, and free access to all CIBC ATMs in Canada.

Interest on your Simplii savings is calculated daily and paid into your account every month.

The Simplii savings account is eligible for deposit insurance via the Canada Deposit Insurance Corporation (CDIC) for up to $100,000.

In addition to its general HISA, Simplii also offers these savings accounts:

  • Simplii tax-free savings account
  • Simplii RRSP savings account
  • Simplii USD savings account

Learn more in this Simplii review.

How To Open a Simplii Financial Savings Account

You can open a Simplii Savings account by visiting the bank’s website.

You must be a resident of Canada and at least the age of the majority in your province (i.e. 18/19 years or older).

When completing the online application, you will need to provide your Social Insurance Number and a digital signature.

Newcomers to Canada and international students can also open an account.

Visit Simplii Financial
Simplii High Interest Savings Account Promotion

Other Simplii Promotions

In addition to Simplii’s special interest rate offer, new customers can also take advantage of these promotions.

$400 New Chequing Account Offer

You can get a $400 cash bonus when you open a new Simplii Chequing account and:

  • Add a direct deposit of at least $100 monthly for three consecutive months. Eligible direct deposits include payroll, pension payments, and EI deposits.

$300 Global Money Transfer Offer

When you send money abroad using the Simplii Financial Global Money Transfer (GMT) service for the first time, you get a cash bonus based on the amount of your transfer:

  • Under $5,000: $50 bonus
  • $5,000 to $14,999.99: $100
  • $15,000 to $24,999.99: $175
  • $25,000 and over: $300

You can send funds internationally to over 130 countries using your Simplii no-fee chequing account, USD savings account, credit card, or line of credit.

Learn more about how to get the special offer on the Simplii GMT here.

Simplii Savings Account Promotion FAQs

How much interest is Simplii high interest savings paying?

The current promotional rate for the Simplii savings account is 5.90%. This offer is available for 5 months after opening an account.

What Canadian bank pays the highest interest?

Simplii’s promotional interest rate is one of the highest in Canada at 5.90%. You can also take advantage of the 4.00% offered by EQ Bank or the 4.00% non-promotional rate offered by Neo Financial.

Who owns Simplii Financial?

Simplii Financial is a division of the Canadian Imperial Bank of Commerce (CIBC).

Can I have more than one Simplii account?

Yes, you can open multiple Simplii accounts, including savings, chequing, mortgage, and investment accounts.

Is Simplii a good bank?

Yes. Simplii is one of the best banks in Canada. It was established in 2017 and has almost 2 million customers.

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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

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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1 thought on “Simplii 5.90% High Interest Savings Account Promotion 2024”

  1. Gravatar for STEVE

    The Simplii website has exclusions for etransfers and transfer between accounts…

    “Most recurring payroll, pension and employment insurance direct deposits (including old age security from an employer or the Canadian government) qualify for the cash bonus. Interac e-transfers or transfer between accounts do not qualify.”

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