Finance, Personal

Simplii High-Interest Savings Account Review For 2023

Saving money is probably one of the most generic “cultures” that is practiced by many people from different parts of the world.

There is no denying that lots of benefits often come with saving some money from whatever monthly or yearly income you make. 

Fortunately, saving money in Canada today has become easier with the emergence of multiple online-only banks. 

You can now get very high interest, lower transaction costs and so much convenience when you choose to save money with any of the Canadian online banks.

One of such banks is Simplii financial and there is currently a lot of “hype” around the savings accounts offered by the bank. 

If you are looking for a great high-interest savings account, the Simplii Financial High Interest Savings Account is one of the best on the market. 

This Simplii High-Interest savings account review covers everything you need to know about the account.

It also covers a brief comparison of Simplii Simplii High-Interest Savings Account with that of other online banks in Canada.

Without further ado, let’s jump right in!

Simplii High-Interest Savings Account Review

Photo Credit:Marchmeena29

About Simplii Financial

Simplii Financial is currently one of the fast-growing online banks in Canada. 

It is a digital subsidiary of CIBC (Canadian Imperial Bank of Commerce) – a popular bank with over 150 years of experience in the finance industry.

Back in 2021, Simplii Financial was celebrated as the very first Canadian bank to enable complete digital identity verification. 

This technology literally gave new Canadian residents and international students a chance to open an account from wherever they are. 

The institution number of Simplii Financial is 010 and that is also the same as its parent company, CIBC. 

All Simplii Financial customers also get to use a SWIFT code CIBCCATT for transactions requiring such. 

Simplii Savings Accounts

Simplii Financial offers you several banking products including different types of savings accounts.

With Simplii Financial, you get to choose between four types of savings accounts which are as follows:

  • High-Interest savings account
  • U.S. Dollar Savings account
  • Tax-Free Savings account
  • RRSP Savings Account

Each of these four Simplii savings accounts is slightly different from the others in some unique ways.

Now, let’s take a closer look at each of the Simplii Financial savings account types below.

Simplii High-Interest Savings Account

This type of savings account is best for people looking to earn high interest on their savings with any minimum balance requirement or monthly fees.

When it comes to interest rates, the amount of money you save in a Simplii High-Interest Savings account will determine the interest rate you get.

The table below explains the interest rate you can get on the Simplii High-Interest Savings Account based on the amount you save:

Deposit amountSimplii HISA rate
$0.00 to $500,0000.40%
$500,000.01 to $1,000,0001.00%
$1,000,000.01 upwards2.00%

Key Features

Here is a highlight of the key features of the Simplii High-Interest Savings Account:

  • It is only available to Canadian residents above the age of majority
  • No monthly fees or transaction charges
  • High-interest rate on every dollar you save in the account
  • No minimum required balance
  • Easy setup for auto deposits

You should note however that, Simplii Financial only allows customers to move money from their High-Interest Savings account into a Simplii Chequing account. 

Also, other standard money transfer methods like Interac e-Transfer are inaccessible on a Simplii High-interest Savings account. 

RELATED: Tangerine High-Interest Savings Account Review

Simplii Financial U.S. Dollar Savings Account

This is another special type of savings account. It is the perfect account for anyone looking to have his/her savings in United States dollar currency. 

Simplii Financial allows customers to move money in Canadian dollars from other SImplii accounts into the U.S. Dollar Savings account for free. 

Key Features

Check out this highlight below to get familiar with the features of the Simplii Financial U.S. Dollar Savings account.

  • 0.10% interest rate on savings
  • Competitive exchange rates for conversion of Canadian dollar to U.S. dollar and vice versa
  • No monthly fees or service charges
  • No minimum required balance
  • Free transfers to U.S. banks
  • Global money transfer to more than 130 countries worldwide
  • Both USD and non-USD cheques can be deposited into this account
  • Cash withdrawals or deposits are not available on this account
  • Point-of-Sale capability and ATM access is not available on this account

Simplii Tax-Free Savings Account

If you are looking to save money for a specific goal, the Simplii Tax-Free Savings account is designed for that. 

With this account, you save money for different goals and also earn a competitive interest rate on your savings.

The best part is that all the interest you earn on this account is tax-free. This means you won’t be charged any tax on your earnings in the account.

Key Features

There are so many advantages that come with the Simplii Financial TFSA. Check them out below.

  • 0.40% interest rate
  • Tax-free interest
  • Up to $6,000 contribution limit and even more if you have an unused contribution room
  • Tax-sheltered contributions 
  • and withdrawals
  • No minimum required balance
  • Saved funds are accessible at any time with no penalty 
  • No compulsion to close your account when you reach a specified age

Simplii RRSP Savings Account

In life, retirement is probably one of the most important things everyone needs to plan for. This crucial need is the main motivation behind the Simplii RRSP Savings account. 

The RRSP Savings account is structured in such a way as to help people save money for their retirement. 

Key Features

Check out the highlight below to see the features of the Simplii RRSP Savings account.

  • 0.40% interest rate
  • No minimum required age for account opening (you only need to have earned income & filed tax return)
  • No minimum deposits or account balance requirement
  • Principal and interest are risk-free and always guaranteed
  • Reduces your taxable income 
  • Contributions and earned income are tax-sheltered before withdrawal

Simplii Savings Account Promotion

Simplii Financial is currently offering a juicy interest rate of 5.00% on new Savings accounts that are opened between the 1st of November 2022 and the 31st of January 2023.

This promotional rate is applicable to deposits of up to $500,000 in any new Simplii savings account type.

Below is useful information about the ongoing Simplii savings account promotion:

  • Only new Simplii clients are eligible for this offer
  • All interests will be paid by February 2023
  • No minimum balance is required to enjoy this offer
  • No hidden fees attached
  • Only deposits below $500,000 are eligible for the 5.00% interest rate; any excess deposit beyond that amount will earn you the regular Simplii savings rate

Aside from savings accounts, the ongoing Simplii Financial promotion also applies to new chequing accounts as well. 

The bonus available for each new Simplii chequing account is a $350 cash back. So how do you get this $350 cash back from Simplii?

Below are the conditions attached to getting this Simplii cash-back bonus:

  • The new Simplii No Fee Chequing Account must be opened before 31 January 2023
  • A minimum deposit of $100 per month must be made for three straight months into the new Simplii chequing account
  • The cashback is only paid after 5 months of opening the No Fee Chequing account

Is Simplii Financial Safe and Secure?

When it comes to our finances, we all want to be sure that our money is safe and secure. 

As a result, when we hear about a financial institution, it’s only natural that we would have some questions about whether or not it is a safe place to keep our money. 

So, is Simplii Financial safe and secure? Currently, the bank boasts of having close to 2 million customers all over Canada. 

But beyond that, the bank operates with the top security standard. In fact, Simplii Financial is a subsidiary of the Canadian Imperial Bank of Commerce – a financial institution with 150+ years of experience in the industry. 

Also, all deposits made into a Simplii Financial account are protected by CDIC for up to $100,000.

And if you ever have any concerns or questions, Simplii Financial’s award-winning customer service team is available 24/7 to help you out.

So when it comes to safety and security, you can rest assured that your money is in good hands with Simplii Financial.

Benefits of Simplii Financial Savings Account

A savings account with Simplii Financial can help you reach your savings goals faster. 

The high-interest rate on every dollar you save in the account plus no monthly fees or transaction charges make it easy to save money. 

Also, you don’t have to worry about keeping a minimum required balance, so you can save as much or as little as you want. 

Additionally, when it comes time to withdraw your funds, there are no penalties so you can access your money at any time. 

Whether you’re saving for a rainy day fund or trying to reach a long-term savings goal, Simplii Financial can help you get there.

Downsides of Simplii Savings Account

Aside from the 5.00% promotional savings rate offered by Simplii Financial, the regular interest rates on Savings accounts are relatively low. 

Also, unlike some other online banks, Simplii Financial only allows customers to transfer money from a Savings account into a Chequing account. 

Other standard options like Interac e-Transfer are inaccessible on Simplii Savings accounts. 

Additionally, Simplii Financial promotion is stated to be ending by 31st January 2023 whereas other banks like Tangerine have promotions running till 30th March 2023.

Other Financial Products Offered by Simplii Financial

Just like many other Canadian online banks, Simplii Financial offers a number of other financial products aside the High-Interest savings accounts.

Discussed below are all other financial products offered by Simplii Financial. Check them out to see which one best suits your financial needs.

Simplii Financial No-Fee Chequing Account

This is a “No Fee” chequing account type that is perfect for the everyday banking needs of Canadian residents. 

As mentioned earlier, if you open a new Simplii No Fee Chequing Account, you will get a cash bonus of $350.

However, to get this offer, you must open the account on January 31, 2023, and add a qualified direct deposit worth a minimum of $100 monthly for 3 consecutive months.

Some of the key features of this account type are as follows;

  • Free unlimited debits
  • Easy bill payments
  • Interac e-Transfers
  • Free access to 3,400 (CIBC) ATMs all over Canada

Simplii Mortgages

Simplii Financial is one of the few online-only banks in Canada that offer mortgage packages. 

Simplii Mortgages offer fixed and variable rate packages that are very close to what other big Canadian banks advertise. 

The best part about the Simplii mortgage is that when you switch your mortgage to Simplii, you could earn a cash bonus of up to $3,000. This cash bonus can help you with your mortgage payment. 

You should note, however, that this Simplii mortgage offer is for a limited time. The offer will end by October 31, 2023. 

If you would like to know more about Simplii Mortgages, please request a call by clicking this link

Simplii Personal Loans

Lines of credit and personal loans are part of the financial products currently offered by Simplii Financial to its clients. 

For whatever reason you need money, Simplii Financial offers a very convenient way by which you can borrow a “lump-sum” amount as a personal loan.

This lump sum you get from Simplii can be great for consolidating high-interest debt or buying a new car.

Simplii Financial ensures that you know exactly how much you’re going to repay. You can repay the loan at any time without paying any fees. 

Simplii Financial Investments

When it comes to financial investments, Simplii Financial gives its clients a handful of options to choose from. 

Some of these investment options you can get from Simplii Financial include:

  • GICs
  • Mutual Fund Accounts

Simplii Financial Cash Back Visa Card

Another great product of Simplii Financial is the Cashback Visa Credit card offered by the bank to clients. 

This credit card offered by Simplii Financial is a no-fee credit card that offers you cash back on almost every purchase you make with the card.

The card gives you a cash back of between 0.50% and 4.00% depending on your purchases. 

Simplii Financial HISA Alternatives

Having said enough about the High-Interest savings account offered by Simplii Financial, let us compare it with that of other Canadian banks.

Simplii Financial HISA vs EQ Bank Savings Account

The popular online-only EQ Bank currently offers a much higher savings rate than other online banks like Simplii Financial.

Check out this table below to see a side-by-side comparison between Simplii Financial HISA and EQ Bank Savings Plus accounts.

FeaturesSimplii Financial HISAEQ Bank Savings Plus Account
Interest rate0.40% – 2.00% (depending on deposit)2.50% (for all deposits)
Monthly feesNoneNone
Interac e-TransfersNoneFree Unlimited
Bill payments and DebitsNoneFree Unlimited
Minimum account balanceNoneNone

READ ALSO: EQ Bank e-Transfer Limit

Simplii Financial HISA vs Tangerine Savings Account

Tangerine is another online-only bank in Canada that offers high-interest savings accounts. 

Let’s see how Tangerine’s savings account compares with Simplii Financial HISA.

FeaturesSimplii Financial HISATangerine Savings Account
Interest rate0.40% – 2.00% (depending on deposit)1.00% (for all deposits)
Monthly feesNoneNone
Interac e-TransfersNoneNone
Bill payments and DebitsNoneNone
Minimum account balanceNoneNone

Learn more: Tangerine Promotions

Simplii Financial HISA vs Neo Financial Money Account

Another online bank currently making waves in Canada is Neo Financial. This bank offers a unique type of account called Neo Money

This particular account is more like a hybrid combination of savings and chequing accounts into one.

Let’s compare the Neo Financial Neo Money account to the Simplii Financial HISA.

FeaturesSimplii Financial HISANeo Financial Neo Money Account
Interest rate0.40% – 2.00% (depending on deposit)2.25% (for all deposits)
Monthly feesNoneNone
Interac e-TransfersNoneFree Unlimited
Bill payments and DebitsNoneFree Unlimited
Minimum account balanceNoneNone

Final Thoughts on Simplii High-Interest Savings Account

Simplii Financial currently offers one of the best high-interest savings accounts in Canada.

The Simplii High-Interest Savings Account is a great option for individuals who are looking to earn a high rate on their savings. 

It offers a high-interest rate with no minimum balance and no monthly fees, which makes it even more appealing. The account also comes with great mobile banking features. 

I hope this Simplii High-Interest Savings Account review has helped you to decide if this account is right for you or not. 

If it has, please share it with your friends and family who may be interested in finding out more about the Simplii High-Interest Savings Account.

Also, if you have any questions about the account or anything else discussed in this article, feel free to leave a comment below and I will be more than happy to help you out. 

FAQs on Simplii High-Interest Savings account

Is Simplii a real bank?

Yes, Simplii Financial is a real digital bank that operates completely online. 

Simplii has 2 million+ customers and offers 100% guaranteed deposit protection via CDIC. 

Who can I refer to open a Simplii account?

All your family and friends who are not already clients of Simplii Financial. It is highly recommended that you have a good relationship with anyone you are referring to become a client of Simplii Financial.

How do I refer a friend to open a Simplii account?

Follow these simple steps below.

  • Sign on to your Simplii mobile app or online banking platform
  • Navigate to the “Refer a friend” section to get your unique referral link or code
  • Share this code with any eligible Canadian resident who will like to become a Simplii Financial client
  • Advice them to open an account with Simplii Financial and deposit money into the new account to keep it running

What transactions can I make with a Simplii USD Savings Account?

Below is a list of transactions supported on the Simplii US Dollar Savings account type.

  • Transfer between a Simplii CAD account and a Simplii USD account at a competitive exchange rate
  • Send U.S. dollar funds to the United States for free
  • Transfer U.S. dollars between different Simplii U.S. Dollar accounts
  • Send USD funds to over 130 countries worldwide with GMT (Global Money Transfer)
  • Receive incoming wire transfers
  • Deposit non-USD and US dollar cheques
  • Get a Money Order or bank draft
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About John Adebisi

John Adebisi is a CPA, FCCA and MBA holder with a Bachelor's degree in Accounting & Finance. He has over a decade of experience in writing personal and business finance content for audiences across North America, Europe, the UK and Africa. In addition to his writing experience, he also has a strong background in financial research and analysis, giving him a unique perspective of the financial markets. John derives pleasure in helping people make smart financial decisions, and he believes that knowledge and experience can be valuable resources for anyone who wants to learn how to manage their money.

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