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  • $0 Monthly Fee
  • $0 Welcome Bonus
  • 2.50% Interest Rate
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Grow your U.S. dollar savings and get one of the best exchange rates - Claim this offer

Simplii USD Savings Account Overview

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Those searching for a solution that makes saving in US dollars straightforward and efficient should consider the Simplii USD Savings Account.

A product of Simplii Financial, this account provides an excellent platform for individuals who transact or wish to save in US dollars. And it offers one of the best exchange rates in Canada.

The Simplii USD Savings Account is a versatile, no-fee banking option for Canadian residents. It offers online access, a user-friendly mobile app, and competitive interest rates.

Account holders enjoy free unlimited Interac e-Transfers and 24/7 fraud support. Access to the global CIBC ATM network makes it convenient for frequent travelers or those needing USD.

This post will explore this savings account in more detail. We’ll highlight its advantages, disadvantages, fees, features, and more.

Features of the Simplii USD Savings Account

Here’s a quick look at what you get with the Simplii USD Savings Account:

  • No minimum balance required
  • Competitive exchange rates for transferring funds between Simplii Financial CAD and USD accounts
  • Ability to send money to over 130 countries through Simplii Financial Global Money Transfer
  • Deposit USD and non-USD cheques into the account
  • The capability to transfer funds from Simplii Financial Canadian Dollar accounts to the USD Savings Account
  • An attractive interest rate of 2.50%
  • No monthly fees
  • No ATM access or point-of-sale capability

Simplii USD Savings Account pros

Competitive Interest Rate

The Simplii USD Savings Account stands out for its high interest rate. At 2.50%, this account offers a competitive rate that helps your savings grow faster.

The interest is calculated based on the end-of-day balance and is credited to your account on a monthly basis. This arrangement can prove advantageous for individuals aiming to optimise their savings.

No Minimum Balance

This savings account stands out from some others by not imposing a minimum balance requirement. This attribute enhances its flexibility, enabling savers to initiate their savings journey irrespective of their initial deposit size.

Excellent Foreign Exchange Rates

This account offers excellent exchange rates for those dealing with USD and CAD transactions. As such, it’s ideal for those who frequently transact between these two currencies. Plus, the ability to send money to over 130 countries globally is an added bonus for those with international financial commitments.

No Monthly Fee

As mentioned, Simplii Financial doesn’t charge a monthly fee for their USD Savings Account. This can save you a significant amount of money over time.

Online Convenience

Being an exclusively online bank, Simplii Financial offers you the flexibility and convenience to oversee your accounts at your convenience. This is regardless of your location or the time of day, which proves particularly beneficial for individuals leading busy lives.

Simplii USD Savings Account cons

Simplii Usd Savings Account - Comparewise

No ATM Access or Point-of-Sale Capability

A notable drawback of the Simplii USD Savings Account is the absence of ATM access or the ability to make purchases at point-of-sale terminals.

Therefore, while the account is excellent for saving and transferring money, it does not offer the same accessibility or convenience for day-to-day transactions as some other accounts might.

No Cash Deposits or Withdrawals

Another limitation of this savings account is the inability to make cash deposits or withdrawals. This may be a significant disadvantage for those who prefer dealing with physical cash.

Simplii USD Savings Account fees

While the Simplii USD Savings Account does not charge monthly service fees, it’s important to note other potential costs. For instance, if you wish to make a wire transfer to another financial institution, there may be a fee associated with this service.

Additionally, while there are no fees for Global Money Transfers, the receiving bank may impose a fee.

Simplii USD Savings Account special offers

At the time of writing, Simplii Financial is offering free US dollar transfers to the US. This new feature certainly enhances the value of having a Simplii USD Savings Account, especially for those who regularly send money stateside.

Other Simplii Accounts

Simplii Financial provides additional account options, including a No Fee Chequing Account and a High Interest Savings Account.

Both accounts feature complimentary everyday banking services and the absence of a mandatory minimum balance. They also offer the convenience of accessing over 3,400 CIBC ATMs nationwide.

Furthermore, the High Interest Savings Account offers highly favorable interest rates on all funds deposited.

How to Open the Simplii USD Savings Account

Opening this savings account is a simple process. Here’s a step-by-step guide:

  1. Visit the Simplii Financial website.
  2. Click on “Join Simplii” and select the USD Savings Account.
  3. Verify your status as a Canadian resident establishing the account for personal purposes.
  4. Provide your personal details, such as your full name, contact information (including email address and phone number), and other required information.
  5. Provide your Social Insurance Number (SIN). This is required for identity verification and tax purposes.
  6. Input relevant employment information, including the name of your employer and your job title.
  7. You’ll then need to provide some financial information, like your annual income and source of funds. This measure is implemented to uphold adherence to regulations concerning anti-money laundering and anti-fraud protocols.
  8. Agree to the account terms and conditions. Make sure you read these carefully to understand what you’re agreeing to.
  9. Once you’ve filled in all your details, submit the application.
  10. You’ll receive an email confirming your application, and Simplii Financial may contact you if they need further information.
  11. After your application is approved, you’ll receive information on how to set up online banking and make your first deposit.

Remember that Simplii Financial is an online-only bank, so all your banking will be done electronically. This includes deposits, withdrawals, and any communication with the bank.

You may sometimes be asked to provide additional documentation, such as proof of address or a copy of your identification. Simplii Financial will provide instructions on submitting these documents safely and securely if this is the case.

You may have questions or encounter a rare issue during the application process. In that case, you can always contact Simplii Financial’s customer service team. They’re available 24/7 and can help you navigate any problems.

Simplii USD Savings Account conclusion

This coveted savings account emerges as a robust choice for those needing easy access to US Dollars. It’s a reliable, cost-effective banking solution with many beneficial features. These include free e-Transfers, round-the-clock fraud support, and a competitive interest rate.

For those frequently transacting in USD, this account brings an unmatched level of convenience. Remember, staying informed about your banking choices can help you make the most of your financial journey. Trust Simplii for its simplicity, security, and service.

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FAQs about the Simplii USD Savings Account

Can I open a Simplii USD Savings Account if I'm not a resident of Canada?

No. Simplii Financial currently only allows Canadian residents to open an account.

Can I link my Simplii USD Savings Account to other bank accounts?

Yes. You can link your Simplii USD Savings Account to other eligible Canadian bank accounts.

Are there any charges for transferring money from my Simplii USD Savings Account to another USD account?

No. Simplii Financial provides free Interac e-Transfers, making it easy and cost-effective to transfer money.

Simplii USD Savings Account Details

Transaction Fee
No fee
Interest Rate
2.50%
E-Transfer Fee
No fee
Number of Monthly Transactions
Unlimited
Travellers Cheques
Free
Personalized Cheques
Commission Fee
Paperless Statements
No fee
Mailed Monthly Statements
No fee
Other Features

Simplii USD Savings 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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Simplii USD Savings Account Details
  • Account Type : Savings
  • Monthly Transactions : Unlimited
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