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).
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Last Updated: May 20, 2023
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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.
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.
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 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.
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:
Before you can open a Simplii No Fee Chequing Account, these are the criteria you must satisfy:
Here’s how to sign up for one of the best Simplii Chequing Accounts in a few easy steps:
The following are some of the alternatives to the above best Simplii Chequing Accounts:
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.
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.
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.
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.
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.
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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.
The free transactions included in the Simplii No Fee Chequing Account are debit purchases, Interac e-Transfers, and the payment of bills.
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.
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