The best Simplii savings accounts offer some of Canada's most competitive incentives. They come with high interest rates and zero monthly fees. Suppose you're looking for ways to get more from your savings. In that case, you may want to consider opening one of Simplii Financial's savings accounts.
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Last Updated: May 20, 2023
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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.
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.
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.
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 Any money withdrawn from this account is tax-free; as such, it’s one of the best savings accounts at Simplii Financial.
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.
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.
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:
Before opening a Simplii savings account, it is essential to take note of the following drawbacks:
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:
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:
The following are some of the alternatives to the best Simplii 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.
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.
The Simplii Savings Account has no minimum balance requirement. Earning the maximum interest rate does not require maintaining a minimum balance.
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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The Simplii savings account interest rate depends on your account balance. An interest rate of 0.40% accrues to an account balance between $0 and $500,000. Also, an account balance of $500,001–$100,000,000 attracts a 1.00% interest rate. Lastly, an account balance of $1,000,000 or more draws 2.00%.
There are no monthly fees associated with Simplii savings accounts.
Currently, Simplii runs a promo that allows you to earn up to 5.25% when you open a new account. The promotion will be valid until April 30th, 2023.
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