Best Simplii Savings Accounts

The best Simplii savings accounts include the High Interest Savings Account, Tax-Free Savings Account, RRSP (Registered Retirement Savings Plan) Savings Account, and USD Savings Account.

These savings accounts allow you to manage different types of long-term and short-term savings with no hidden charges or minimum balance requirements. Simplii also offers competitive interest rates on its savings accounts.

In this article, we’ll explore the best Simplii savings accounts, including their benefits, requirements to open an account, how to open an account, what to watch out for, and Simplii’s savings account alternatives.

What savings accounts does Simplii have?

The best Simplii savings accounts are the high interest savings, RRSP savings, and tax-free savings accounts. Of the four, the HISA (high interest savings account) is the most popular.

Not only does it allow free transactions (deposit and withdrawal), but you also get a welcome bonus when you open an account and refer a friend.

High Interest Savings Account

Among the various savings accounts offered by Simplii, the High Interest Savings Account is considered one of the best. As such, it’s convenient for those who want to save money without committing to long-term deposits.

This account does not require a minimum balance. It is free of monthly or transaction fees, setting it apart from other savings accounts. Automatic deposits can be set up for this type of Simplii savings account.

If you want an account that gives you excellent interest rates when you save, this is the one for you. However, a drawback is that you won’t be able to make ATM or POS (point of sale) transactions.

Tax-free Savings Account

The Tax-Free Savings Account is one of the best Simplii savings accounts specifically focused on people looking for help saving money for a wide range of goals.

One of the benefits of this account is the competitive interest rates, and there is also no minimum balance requirement. Any money withdrawn from this account is tax-free; as such, it’s one of the best savings accounts at Simplii Financial.

RRSP (Registered Retirement Savings Plan) Savings Account

If you are looking for a way to generate some income for retirement, then an RRSP savings account is for you. Regardless of age, anyone who earns an honest income and files a tax return is eligible to open this type of savings account. Contributions to this account are tax-deductible, so withdrawals from this account are taxable.

USD Savings Account

If you want to grow your savings with a great exchange rate, then this type of savings account is for you. You can transfer funds from your Simplii Canadian Dollar account to a USD savings account at great rates.

Furthermore, there are no monthly charges, and a minimum balance is unnecessary for this type of savings account. However, just like the High Savings Account, it is also not eligible to access deposits and withdrawals through an ATM or POS, at least for now.

Benefits of opening a Simplii savings account

Opening a Simplii savings account comes with various benefits. One notable benefit is the opportunity to enjoy a welcome interest rate of up to 5.25%, which makes it the top choice for Simply Savings accounts. There are more benefits when you sign up for the best Simplii savings accounts; you can check them out below:

• When you first open a high interest savings account with Simplii, you will be graced with a welcome interest bonus of up to 5.25%.
• The Simplii savings account is completely free, so you need not be concerned about any monthly fees as an account holder.
• Simplii savings account allows you to keep a balance as low as $1 to earn the maximum interest tied to the account. That is, there is no minimum balance associated with the bank.

What to watch out for with the Simplii savings account

Before opening a Simplii savings account, it is essential to take note of the following drawbacks:

• Services are online only: You can’t go to a physical branch if needed because Simplii Financial is an online-only financial institution.
• Only new accounts can enjoy the Simplii welcome bonus.
• No ATM withdrawal: If you open a Simplii high-interest savings account, you can’t withdraw from an ATM using a debit card.

What do you need to open a Simplii savings account?

Before you can proceed with opening a savings account with Simplii Financial, there are some criteria you have to meet to be eligible. To open a savings account with Simplii, you have to meet the following requirements:

• To be eligible, you must be a Canadian resident, whether permanently or temporarily.
• A valid Social Insurance Number (SIN) is required to be eligible.
• To be eligible, you must be 16 years of age and above.
• A valid email address is required for eligibility.

How to open a Simplii savings account

The process of opening a Simplii savings account is straightforward and can be completed entirely online with ease. Listed below are the steps to follow when signing up for a Simplii savings account:

• Visit the Simplii official website to get started with your registration process.
• Ensure you are eligible to apply before filling out the form with the necessary information, like your name, birthday, email address, and social insurance number (SIN).
• Once you’ve provided your information, review it to ensure it is correct, then click Apply.
• After which, you’ll need to provide your government-issued ID to verify that the information you entered matches. Once your identity is confirmed, your account application will be complete.

Simplii savings account alternatives

The following are some of the alternatives to the best Simplii Savings Account:

Simplii vs Scotiabank Money Master Savings Account

One of the options available for savings accounts is the Scotiabank Money Master Savings. They offer the most basic options, giving you as little as 0.01% for every dollar saved.

Scotiabank Money Master Savings charges $1 per Interac e-transfer, which makes it hard to sell to customers, unlike Simplii, which doesn’t offer Interac e-transfers for its savings accounts.

Simplii vs Tangerine Savings Account

The Tangerine Savings Account is another savings account with which you can do free transactions with no monthly fees or minimum balances, like Simplii Savings Accounts.

However, Tangerine offers a welcome bonus of 4%. In comparison, Scotiabank offers 4-5% for the first five months, and Simplii offers 5.25% to new customers.

What is the Simplii savings account minimum balance?

The Simplii Savings Account has no minimum balance requirement. Earning the maximum interest rate does not require maintaining a minimum balance.

Best Simplii savings accounts conclusion

You should be able to identify the various types of savings accounts available from this review and determine which Simplii Financial account is the most appropriate.

All the best Simplii savings accounts mentioned have significant benefits, and no monthly charges or minimum balance requirements exist. Simplii online banking is a safe and great way to keep your money safe for both the short and long term.

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