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For individuals aiming to enhance their savings, the (Simplii Financial) Simplii High Interest Savings Account provides a multitude of features. And they’re designed specifically to accommodate your financial goals.
This account provides an excellent opportunity to earn attractive interest rates on every dollar you save, with the added benefits of no monthly fees and easy access to your funds.
With the Simplii High Interest Savings Account, you can enjoy attractive interest rates, the convenience of opening an account online, and the absence of monthly charges or required minimum balance.
It also provides 24/7 account access, free Interac e-Transfers, and a robust security system. The account further benefits from an automatic savings program to facilitate regular savings. The account is backed by CIBC, ensuring your funds’ safety.
Let’s take a closer look at the benefits of opening this high interest account and how to go about it.
Features of the Simplii High Interest Savings Account
With the Simplii High Interest Savings Account, you get:
- There is no obligation to maintain a minimum balance, allowing you to commence your savings journey with any sum.
- The generous interest rates applied to each dollar in your account present a remarkable opportunity for the expansion of your savings.
- No transaction fees, allowing you to manage your savings without worrying about additional charges.
- Easy access to your savings whenever you need them.
- Option to set up automatic deposits, making saving effortless.
The pros of the Simplii High Interest Savings Account
High Bonus Interest Rate
This savings account offers a generous bonus interest rate for new clients. This temporary high interest rate of 5.25% is an excellent opportunity to accelerate your savings growth in the first few months of opening the account.
No Monthly Fees
The absence of monthly fees is a significant advantage. This feature ensures that you keep more of your money and contributes directly to your savings growth.
Easy Automatic Deposits
With this savings account, you can set up automatic deposits. This feature simplifies the saving process, ensuring you consistently contribute to your savings without the need for manual transfers.
No Minimum Balance
The high interest rate applies to your account irrespective of the balance you keep. This same rate is applicable whether your account holds a modest $5 or a larger sum of $5,000.
24/7 Access
The availability of online and mobile banking allows you to interact with your account. Through it, you can oversee your finances at your convenience from any location at any time.
Safety and Security
Simplii Financial is a division of CIBC, one of Canada’s major banks, which provides assurance that your money is safe. Furthermore, they’ve implemented strong security mechanisms to guard your account against any potential illicit actions.
Automatic Savings Program
Establishing automated transfers from your checking account to your savings account can simplify your routine of regular savings. This makes it less cumbersome to build your funds.
The cons of the Simplii High Interest Savings Account
Limited Access to Funds
One drawback of the Simplii High Interest Savings Account is the inability to withdraw money using a debit card or at an ATM. To access your funds, you must transfer money to a chequing account first, which might be inconvenient for some users.
Bonus Interest Rate Expiry
The bonus interest rate expires after the initial 5 months, and the savings account reverts to a standard rate of 0.40%. This rate is relatively low compared to the introductory rate.
No Physical Branches
As a fully online bank, Simplii doesn’t provide the facility of a brick-and-mortar branch. This might pose a challenge for those who are more inclined towards face-to-face banking transactions.
Simplii High Interest Savings Account account fees
The Simplii High Interest Savings Account is designed to focus on savings growth, reflected in its fee structure. There are no monthly fees, minimum balance requirements, or transaction fees. However, if the account remains inactive for at least two years, an annual $20 inactivity fee is charged.
Simplii High Interest Savings Account special offers
New clients opening this savings account can earn an impressive 5.25% interest on eligible deposits for the first 5 months. The offer, which ends on July 31, 2023, comes with certain limits.
Simplii promotes a referral incentive program. When a friend sets up a High Interest Savings Account through the unique link you provide, you are eligible to receive a bonus of $125.
Other Simplii Accounts
Simplii Financial provides a No Fee Chequing Account as a convenient solution. It’s ideal for your everyday banking requirements, including ATM cash withdrawals and shopping transactions. And this chequing account complements the High Interest Savings Account, allowing you to transfer funds seamlessly between the two.
How to Open the Simplii High Interest Savings Account
Opening a Simplii High Interest Savings Account is a straightforward online process:
- Visit the Simplii Financial website.
- Click on the “Open an account” button.
- Fill out the application form, providing necessary information like your full name, email contact, birth date, and optionally, your Social Insurance Number.
- Review the details of the Simplii High Interest Savings Account, such as its features, interest rate, fees (if any), and terms and conditions.
- Confirm your understanding and agreement with the terms and conditions by marking the designated checkbox.
- Indicate your preferred savings account type; for this instance, choose the high-interest savings account.
- There could be a requirement for further personal details and validating documents. Verification could necessitate documents like your driver’s license or passport, and evidence of residence, such as a recent utility bill. You can usually upload these documents directly through the online application form.
- Then, you will be asked to provide details about your employment status and annual income. This is a standard step in the account opening process for financial institutions, which they use to comply with regulatory requirements.
- Perhaps you want to deposit money into the account while opening it. In this instance, you’ll be asked for your current bank account details to facilitate the transfer. This is optional and can be done later if you prefer.
- Once you’ve completed the form and submitted all required information, click “Submit” to send your application.
What to Expect After Submission
The bank will then review your application. If everything is in order, you will receive an email confirmation that your Simplii High Interest Savings Account has been successfully opened. The email will also detail how to access your new online account, including setting up your online banking username and password.
As soon as your account is fully set up, you’re able to begin depositing savings and reaping the benefits of high-interest returns on your money. Bear in mind that it may take a few business days for your account to be fully set up and for funds to be transferred into it.
It’s vital to maintain the confidentiality of your account details and sign-in credentials to safeguard your savings. Make a habit of periodically examining your account statements and promptly alert Simplii Financial to any dubious activities.
Simplii High Interest Savings Account conclusion
The Simplii High Interest Savings Account is a strong contender for those seeking a flexible, high-yield savings option. It pairs attractive interest rates with user-friendly online banking services, making it a viable choice for both seasoned savers and newcomers.
With perks like free Interac e-Transfers and no minimum balance requirements, it truly prioritizes customer convenience. Additionally, the account is fortified by CIBC’s robust security measures, ensuring peace of mind for your financial journey.
Your saving objectives may include unforeseen circumstances, a substantial acquisition, or long-term plans. Regardless, this account could serve as a pivotal financial instrument in your wealth management strategy.
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