Best Simplii Chequing Accounts - Comparewise

Best Simplii Chequing Accounts

Are you looking for the best Simplii chequing accounts that fit your financial needs? Simplii Financial is among a couple of financial institutions that provide the lowest fees in Canada. It offers various services and is owned by the Canadian Imperial Bank of Commerce (CIBC).

Editorial Note: Comparewise is supported by our readers. When you find products and services through links on our site, we may earn commission.

Last Updated: May 25, 2024

Compare 2 Best Simplii Chequing Accounts

2 Results

#1 Choice
Get Started

Simplii No Fee Chequing Account

$0
Monthly Fees
Unlimited
Transactions
  • No monthly fees
  • Free daily banking
  • Free access to over 3,400 CIBC ATMs
Pros & Cons
Extra Details
Popular
Get Started

Simplii Student Banking Account

$0
Monthly Fees
Unlimited
Transactions
  • No monthly fees
  • Free daily banking
  • Get $125 when you refer a friend
Pros & Cons
Extra Details

Best Simplii Chequing Accounts

The best Simplii chequing accounts are, more or less, free bank accounts, as you don’t need to pay account fees. They are chequing accounts that allow you to manage your daily transactions with lower transaction fees than other financial institutions.

Your everyday transaction fees won’t be as high as savings account fees when you open a Simplii chequing account.

With a Simplii chequing account, you don’t have to pay any account fees. Furthermore, when you get a chequing account from Simplii Financial, you won’t have to worry about increased interest on deposits.

What chequing accounts does Simplii have?

The best Simplii chequing accounts are the Simplii No Fee Chequing and the Simplii Student Banking accounts. Of the two, the most popular chequing account recognized is the Simplii No Fee Chequing Account. Not only do you get a personalized cheque, but you also get a welcome bonus once you open an account.

Simplii No Fee Chequing Account

If you want an account with zero monthly maintenance fees, then the Simplii No Fee Chequing Account is perfect. It is the best Simplii chequing account if you need one to conduct multiple transactions for free. With a Simplii No Fee Chequing Account, you are eligible to be paid interest on your balance.

The Simplii No Fee Chequing Account doesn’t change its policy based on the type of transaction. You are free to make Interac e-Transfers, bill payments, and debit purchases. Either way, you still won’t have to pay account fees. You can also set up direct deposits and automatic bill payments.

Simplii Student Banking Account

Simplii Student Banking Account is an account that is tailored to students. The student account does not include any monthly fees. You don’t pay any fees for debit purchases, Interac e-Transfers, or bill payments. It is the best of the Simplii chequing accounts that a student should have because it means no fees.

Benefits of opening a Simplii No Fee Chequing Account

Many benefits accrue to you when you select one of the best Simplii chequing accounts. One thing that makes it the best of Simplii chequing accounts is you don’t pay monthly fees on your account. There are more perks to getting a Simplii No Fee Chequing Account. They are as follows:

  • As a new account holder of a Simplii No Fee Chequing Account, you are entitled to a welcome bonus offer. The bonus offer is $400. You also get a debit Mastercard.
  • As a new account holder, you can add a direct deposit of $100 for at least three straight months. However, only pensions, EI direct deposits, and payroll qualify for the direct deposits. This offer ends by 30th June 2023.
  • Access to more than 3,400 CIBC automated teller machines (ATMs). Simplii Financial is owned by the Canadian Imperial Bank of Commerce (CIBC). Therefore, you can use CIBC ATMs with your Simplii debit card.
  • A Simplii No Fee Chequing Account allows you to set up direct deposits. Pre-authorized bill payments are another convenient option.
  • You can transfer money internationally using a Simplii No Fee Chequing Account. You are also eligible to earn interest on your account balance.
best simplii chequing accounts - comparewise

What do you need to open a Simplii No Fee Chequing Account?

Before you can open a Simplii No Fee Chequing Account, these are the criteria you must satisfy:

  • You must be a legal resident of Canada, either temporarily or permanently.
  • You must have a valid Social Insurance Number (SIN).
  • You must be at least 18 years of age
  • You must have a valid email account

How to open a Simplii chequing account?

Here’s how to sign up for one of the best Simplii Chequing Accounts in a few easy steps:

  • Visit the Simplii website to sign up and start your registration process.
  • Please fill out the essential sections with your name,  birthday, email address, and social insurance number (SIN)
  • Review the information you provided to ensure they are correct, then click apply.
  • You will be required to upload your documents to verify your identity. Once you have done that and your identity is verified, your account application will be complete.

Simplii chequing account alternatives

The following are some of the alternatives to the above best Simplii Chequing Accounts:

Simplii vs Scotiabank Preferred Package

Scotiabank Preferred Package is a chequing account that offers Interac e-Transfers and multiple free transactions like Simplii chequing accounts.

Unlike the Simplii No Fee Chequing Account, however, the account comes with a $16.95 fee per month. Although, if you have a minimum balance of $4,000 at the end of each month, that fee can be waived.

By signing up for a Scotiabank Preferred Package, you earn a $350 welcome bonus. You can also send money to foreign countries with your account.

Simplii vs BMO Premium Plan

The BMO Premium Plan is another chequing account with which you can do free transactions. However, the monthly fee on the BMO Premium Plan is steeper than on the Scotiabank Preferred Package at $30.

You can only waive the monthly fee if your account has a minimum balance of $6,000. You get a welcome bonus of $400 after signing up.

Simplii vs RBC Advantage Banking

RBC Advantage Banking, like the Simplii chequing account, offers you the benefit of multiple transactions for free. It also offers multiple free Interac e-Transfers within the borders of Canada.

On RBC Advantage Banking, you pay a monthly fee of $11.95, which includes a discount.

What is the Simplii chequing account minimum balance?

The Simplii chequing account minimum balance is $0. This means there is no minimum balance on the Simplii No Fee Chequing Account. There is also no minimum balance on the student account.

Best Simplii chequing accounts conclusion

The best Simplii chequing accounts are the Simplii No Fee Chequing and the Simplii Student Banking accounts. The Simplii No Fee Chequing Account is an account that does not charge you any account fees. You get a Simplii welcome bonus for opening the account, and transactions on the account are free.

Setting up an account is quick and easy, and you’ll receive the welcome bonus immediately. The Simplii Student Banking Account is like the Simplii No Fee Chequing Account, except it is tailored to students.

You might also like…

Discover Investment Opportunities

Make your money do more.

12 Results

Advertiser disclosure

Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

Young investors can trade stocks and ETFs, all for free.
Min Investment
$0
Target Return
Varied
Retire up to 30% wealthier with Questwealth Portfolio.
Min Investment
$1
Target Return
Varied
Get $20 CAD of BTC with promo code: COMPAREWISE
Min Investment
$100
Target Return
4-7%
Buy and sell gold, silver & platinum online at the best price.
Min Investment
$1
Target Return
Varied
Get up to $150 cash bonus
Min Investment
$0
Target Return
Varied
Flexibility with a great return.
Min Investment
$100
Target Return
5.20%
Get a $50 bonus when you sign up and deposit $250.
Min Investment
$50
Target Return
Varied
Buying and securing gold has never beeng more simple and affordable.
Min Investment
$1
Target Return
Varied
High return on a shorter term.
Min Investment
$500
Target Return
4.25%
Get a $100 welcome bonus, when you make your top-up*
Min Investment
$10
Target Return
Varied
A new passive income asset class, peer-to-peer lending.
Min Investment
$1
Target Return
Varied
Sign Up And Access 65+ Cryptocurrencies Instantly
Min Investment
$10
Target Return
Varied

comparewise

October 25, 2023
Fact Checked
Categories:

Grow your finances today.

By submitting, you agree to comparewise’s terms of use and privacy policy.

FAQs about the best Simplii chequing accounts

What is the Simplii Chequing Account Interest Rate?

The Simplii chequing account interest rate depends on your account balance. An interest rate of 0.01% accrues to an account balance between $0 and $50,000. An account balance of $50,000–$100,000 attracts a 0.05% interest rate. An interest rate of 0.05 percent accrues on an account balance between $100,000 and $500,000. If your account balance is between $500,000 and $1,000,000, you will earn interest at 0.1 percent annually.

What do Simplii Chequing Account free transactions include?

The free transactions included in the Simplii No Fee Chequing Account are debit purchases, Interac e-Transfers, and the payment of bills.

Is Simplii Chequing Account Free?

Yes, the Simplii No Fee Chequing Account is a free account, meaning no monthly account fees are charged. You also won't be charged any fee for your transactions.

Car loan?
Personal Loan?

Top deals await you just a short
application away!

You may also like

You might look at the banks with the largest market capitalization for a cheq...
**Limited time offer: Get up to a $600* cash bonus with BMO. Plus, a 5.5% pro...
Check out the best chequing accounts in Canada. These chequing accounts make ...
CIBC chequing accounts have many benefits that make everyday spending a breez...
Finding the best HSBC chequing accounts can be challenging. However, several ...
Coast Capital Chequing Accounts is a popular option for many Canadians, with ...
The best Vancity chequing accounts ensure your money is always within reach f...
Comparing the best Tangerine chequing accounts can help you decide which acco...
Choosing the best TD Chequing Accounts can be daunting as several options exi...
Best National Bank Chequing Accounts are essential for managing day-to-day ex...
If you’re in the market for a chequing account, you’ll want to kn...