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Simplii No Fee Chequing Account Overview

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Banking should be straightforward, convenient, and cost-effective, which is why the (Simplii Financial) Simplii No Fee Chequing Account stands out among its competitors.

The Simplii No Fee Chequing Account offers unlimited, free daily banking with no monthly fees. It features access to over 3,400 CIBC ATMs, direct payroll deposits, and optional overdraft protection.

However, there are additional fees for specific services, such as overdraft usage and non-sufficient funds. Simplii also provides a generous $400 welcome offer for new clients, subject to conditions.

With a host of valuable features, the Simplii No Fee Chequing Account simplifies banking and rewards its account holders. This article will provide you with the essential information needed when deciding if this is the chequing account for you.

Features of the Simplii No Fee Chequing Account

The following list represents the standout features associated with this no fee chequing account:

  • Free daily banking with no monthly fees
  • Unlimited debit purchases, bill payments, and withdrawals
  • Easy setup for pre-authorized payments, direct deposits related to payroll, and transfers from account-to-account transfers.
  • Overdraft protection option
  • Free access to over 3,400 CIBC ATMs across Canada
  • Debit Mastercard offers real-time USD exchange rates
  • Direct payroll and pension deposit features
  • Pre-authorized bill payments
  • Account to Account Transfers
  • Option for digital gift cards

The pros of the Simplii No Fee Chequing Account

simplii financial no fee chequing account - comparewise

Zero Monthly Fees

This account stands out for its absence of monthly fees. With the Simplii No Fee Chequing Account, you’re free to manage your money without worrying about additional charges. It’s an ideal choice for those seeking cost-effective banking solutions.

Access to a Wide Network of ATMs

Account holders can access more than 3,400 CIBC ATMs nationally at no additional fee. This expansive network makes it convenient to withdraw and deposit money anytime, providing a hassle-free banking experience.

Interest on Account Balance

Unlike many chequing accounts, the Simplii No Fee Chequing Account pays interest on your balance. It’s an excellent way to grow your money while enjoying the everyday conveniences of a chequing account.

Global ATM Network

Simplii Financial is a division of CIBC, which means you have access to a vast network of ATMs both locally and globally. This makes for convenient withdrawals without incurring additional charges when using a CIBC ATM.

Excellent Customer Service

Simplii Financial is recognized for its strong customer service. It offers 24/7 support, ensuring that help is available whenever needed. This can be especially beneficial for resolving issues quickly or answering your banking questions anytime.

The cons of the Simplii No Fee Chequing Account

No In-Person Support

Simplii operates solely online. As such, the provider has no physical branches. If you prefer face-to-face interaction for your banking needs, this might not be your best choice.

Not Available in Quebec

Unfortunately, the Simplii No Fee Chequing Account isn’t available to residents of Quebec. Therefore, potential customers may see it as a deal-breaker.

No Business Accounts

Simplii Financial does not offer business accounts. Suppose you’re a business owner looking for a banking solution catering to personal and business needs. In this instance, you might need to look elsewhere.

Fees associated with the Simplii No Fee Chequing Account

While the Simplii No Fee Chequing Account boasts of no-fee daily banking, there are specific instances where fees may apply:

  • Overdraft protection: $4.97 (Note that overdraft balances are subject to a 19% interest rate).
  • Non-sufficient funds (NSF) fee: $45.
  • Stop payment requests: $10 to $16.50.
  • Stop Interac e-Transfer: $3.50.
  • Money orders and bank drafts: $7.50.
  • Outbound wire transfers: $30 to $80 per payment, subject to the amount.
  • Reclamation of older statements: $5 each.
  • Printing of paper statements: $1 each.
  • Inactive accounts (after 2 years): $20/year.

Simplii No Fee Chequing Account special offers

Open a No Fee Chequing Account by February 29, 2024, the new client can earn a $400 welcome bonus after adding an eligible direct deposit of at least $100 a month for 3 straight months.

Customers can also earn $125 for referrals when someone successfully opens an eligible account using a unique referral link.

Other Simplii Financial Solutions

It’s worth noting that Simplii Financial also offers other banking solutions to meet your diverse financial needs. Let’s take a quick look at some of them:

  • Simplii High Interest Savings Account: This account provides a competitive interest rate to grow your savings faster. It also offers free, unlimited transfers to other Simplii accounts, making managing your finances easier.
  • Simplii USD Savings Account: Ideal for those regularly dealing with U.S. dollars, this account lets you earn interest on your USD savings and avoid exchange rate fluctuations. Its no monthly fee feature further enhances its appeal.
  • Simplii Personal Line of Credit: When you need extra cash, Simplii’s Personal Line of Credit allows for flexible borrowing. It features a low, variable interest rate, and you only incur interest payments on money used.
  • Simplii Cash Back Visa Card: This credit card allows you to earn cash back on your everyday purchases, providing a straightforward way to get rewarded for your spending.
  • Simplii Mortgage: If you’re in the market for a home, Simplii’s mortgage options could provide the financing solution you need, with competitive rates and flexible payment options.
Simplii No Fee Chequing Account - comparewise

How to Open the Simplii No Fee Chequing Account

Opening a Simplii No Fee Chequing Account is a straightforward online process. Simply follow these easy steps to get your account up and running:

  • Step 1: Click this link to visit the Simplii Financial website. And select the ‘Open an Account’ button on the home page.
  • Step 2: Choose the ‘No Fee Chequing Account’ from the options available.
  • Step 3: If you’re a new client, click on ‘Apply Now’. If you’re an existing client, log into your account and choose the ‘Open a New Account’ option.
  • Step 4: Input the information requested, including your personal and contact information.
  • Step 5: Evaluate and agree to the terms and conditions.
  • Step 6: Confirm your application. You’ll be notified via email when your application has been received and is being processed.

Remember, you’ll need to be the age of the majority in your province to qualify for a Simplii bank account. Once your account is active, you’ll be able to deposit cheques by means of a CIBC ATM or the Simplii’s mobile banking app. You could also opt to set up a direct deposit or link to an outside bank account.

Simplii No Fee Chequing Account conclusion

Simplii Financial’s No Fee Chequing Account stands out for its cost-effectiveness and simplicity. Its free daily banking and no monthly fees make it a compelling option for those seeking straightforward banking solutions.

With access to thousands of CIBC ATMs and a generous welcome offer, it’s an attractive option for both new and experienced clients. However, keep in mind that supplementary fees could apply for some services. As with any financial decision, weigh the pros and cons carefully to find the account that best fits your needs.

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FAQs about the Simplii No Fee Chequing Account

Can non-Canadian residents open a Simplii No Fee Chequing Account?

No. Simplii Financial requires clients to be Canadian residents to open an account.

Does Simplii offer other types of accounts besides the No Fee Chequing Account?

Yes. Simplii offers various other accounts, including high-interest savings accounts, investment accounts, and mortgages.

Can I deposit a check into my Simplii No Fee Chequing Account remotely?

Yes. Simplii offers a mobile banking app that lets you deposit cheques remotely using your smartphone camera.

Simplii No Fee Chequing Account Details

Transaction Fee
No fee
Interest Rate
0.01%
E-Transfer Fee
No fee
Number of Monthly Transactions
Unlimited
Travellers Cheques
Free
Personalized Cheques
Commission Fee
Overdraft Fee
$4.97
Overdraft Interest Rate
19%
Paperless Statements
No fee
Mailed Monthly Statements
No fee
Other Features

Simplii No Fee Chequing Account Contact

Phone Number
Hours
Monday - Friday: 09:00 AM - 05:00 PM
Website
Address
532 Main St North Montague Prince Edward Island C0A 1R0 Canada
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Reviews

December 31, 2023

Simplii Financial has been absolutely amazing with our new mortgage. I’ve used them since they opened and our most recent experience with mortgage specialist Rahat Kabir has been seamless from start to finish. He was responsive to all our questions and worked very late on a Friday evening to ensure we met the conditions of our close. Absolutely recommend Simplii Financial for all banking needs!

November 9, 2023

Great online bank for check account. As savings account interest rates are very low, you should use Simplii for your daily spending check account.

October 19, 2023

I have been with them for 15-20 years and find this kind of banking great. While they have few or none in person locations to visit, this model definitely supports their “no fee” banking with the removal of costly overhead. If you do the math and look at your current banking accounts (many people have multiple accounts), add up the monthly acct fees plus any transactional fees ….. that is what I didn’t pay. Do I wait on hold sometimes when I call? – yes, I just did for 4 minutes but I do with almost all banks and businesses. I find them the best if you want to have low cost/no cost banking!

September 21, 2023

1 person can make a big difference in navigating all things mortgages and moving! Anthony Long is my rep and he is excellent at what he does, personable, accountable and goes over and above to ensure you understand what’s needed, what’s happening and even after the fact checking in to ensure all went as planned. Can’t go wrong with Anthony at Simplii!

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Simplii No Fee Chequing Account Details
  • Account Type : Chequing
  • Monthly Transactions : Unlimited
  • Other Features :
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Simplii No Fee Chequing Account Reviews
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