Simplii No Fee Chequing Account Review 2024 (2024)

Simplii Financial—CIBC’s digital banking division—provides everyday banking solutions with little to no fees. Its flagship No Fee Chequing Account mostly delivers on that approach, offering customers unlimited transfers, debit purchases, withdrawals and free Interac e-Transfers. That said, the account still comes with some fees for uncommon circ*mstances, such as non-sufficient funds fees ($45) and inactive account costs ($20) if your account sits dormant for two years or more.

In addition to its flexibility, Simplii’s flagship chequing product also comes with a healthy welcome bonus: eligible clients can earn $500 in cash for opening an account before October 31, 2024, and setting up at least $100 in direct deposits for the next four months (terms and conditions apply). That’s an impressive welcome offer.

That said, compared to other digital-only chequing accounts, Simplii’s interest rate falls a bit short, as we’ll see below.

• No monthly maintenance fee
• Unlimited account transfers, bill payments, debit purchases and Interac e-Transfers
• Access to 3,400 CIBC ATMs across Canada
• Optional overdraft protection up to $5,000 for $4.97 plus a fixed interest rate of 19% on overdraft balances
• Access your account through the Simplii Financial app
• Get $125 whenever a friend opens a Simplii account using your referral link
• Transfer funds internationally for $0 with Global Money Transfer
• Free foreign cash delivery to your home or the nearest Canada Post location

In addition to its No Fee Chequing Account, Simplii Financial also offers several other banking products.

High Interest Savings Account

Simplii’s High Interest Savings Account earns 0.40% interest on balances up to $100,000, and new clients can earn 6.25% interest for five months when they open an account. The account comes with no monthly fees and no minimum deposit amount.

Related: Best High Interest Savings Accounts

USD Savings Account

The USD Savings Account from Simplii has a solid interest rate of 3.05% and no monthly fees or minimum balance requirements. However, its day-to-day banking capabilities are limited: account holders cannot deposit cash into their USD account nor make withdrawals using an ATM.

Related: Best U.S. Dollar Chequing Accounts

Foreign Currency Savings Accounts

In addition to its USD account, Simplii Financial also offers savings accounts in CNH (Chinese Yuan), INR (Indian Rupee), EUR (Euro), PHP (Philippine Peso) and GBP (British Pound Sterling) currencies. These accounts carry no monthly fees or minimum balance requirements but also have 0% interest rates.

Registered Retirement Savings Plan (RRSP) Account

RRSPs are a stalwart investment for Canadians seeking tax deductions and to take advantage of their lower income brackets in retirement. Simplii’s RRSP Account has a 0.40% interest rate.

Tax-Free Savings Account (TFSA)

A TFSA is a great way for Canadians to earn income on capital gains, income or interest earned. Simplii’s TFSA also offers a 0.40% interest and has no monthly fees.

Mutual Fund Accounts

Simplii customers can choose from three different portfolio options (balanced, conservative, or growth) in diversified portfolios. These funds can be invested using an RRSP, TFSA or non-registered account.

Guaranteed Income Certificates (GICs)

Simplii offers non-redeemable GICs only, with interest rates starting at 3.736% and going up to 4.218%. GICs can be purchased in a TFSA or RRSP or in a non-registered account and are the most secure investment option Canadians can access. Simplii Financial also offers a no-fee GIC program for international students needing to meet GIC requirements for a Student Direct Stream permit.

Simplii Financial Cash Back Visa Card

Simplii’s Cash Back Visa offers cardholders the ability to earn 4% cash back on dining and coffee shop purchases (capped at $5,000 per year), 1.5% cash back on grocery, gas, drugstore and recurring bill purchases (capped at $15,000 per year) and 0.5% on all other purchases. The card has no annual fee and requires applicants to have a $15,000 individual income to be approved.

Lines of Credit

Simplii offers both secured and unsecured lines of credit, both of which have no annual fees. Both of these accounts also offer free unlimited debit transactions, bill payments, withdrawals and cheques.

Personal Loans

If revolving credit doesn’t suit your needs, Simplii offers personal loans with fixed or variable rates.

Creditor Insurance

If you’re unable to make payments on your outstanding loan balances due to circ*mstances outside your control (e.g. job loss), Simplii offers creditor insurance to protect you and your family.

Mortgages

Currently, Simplii Financial offers fixed-rate mortgages with two, three, four, and five-year terms and a five-year variable-rate mortgage. Subject to certain terms and conditions, homeowners can also get up to $3,500 in cash back on a Simplii mortgage.

Simplii’s No Fee Chequing Account comes with various advantages and disadvantages.

Pros

• No monthly maintenance fees
• No transaction fees
• Unlimited transactions
• No minimum balance requirements
• Access to over 3,400 CIBC ATMs across Canada with no fees
• Earn $125 for referring a friend. If they open a Simplii account—they also get $50
• Earn $500 in cash to open a new account and set up at least $100 in direct deposits for at least four consecutive months.
• Transfer money internationally for free using Global Money Transfer

Cons

• No in-person branches
• Little interest generated on account balance compared to other digital-only competitors
• The ATM network is on the small side, with only 3,400 ATMs across Canada

• Non-Sufficient Funds (NSF): $45
• Overdraft Protection Fees: $4.97 per month containing an overdraft occurrence, plus 19% annual interest
• Two-Year Inactivity Fee: $20
• Dishonored Cheque Fee: $7.50

Here’s our breakdown of the Simplii No Fee Chequing Account compared to some of the best no-fee chequing accounts offered across Canada.

Simplii No Fee Chequing Account vs. Tangerine Bank No-Fee Daily Chequing Account

Both the Simplii No Fee Chequing Account and the Tangerine Bank No-Fee Daily Chequing Account are nearly identical. Both accounts carry the same interest rates (0.05% on balances over $50,000), have access to similar-sized nationwide ATM networks, and have no fees and unlimited transactions.

Their welcome bonus and global ATM network differ, though: Tangerine has access to Scotiabank’s global ATM network of over 44,000 machines worldwide—Simplii doesn’t have that. Though Tangerine’s ATM network is more substantial, Simplii’s welcome bonus puts it ahead—CIBC’s online arm has a welcome bonus of $500, whereas Tangerine is only offering $250 currently. While it might feel like we’re splitting hairs, $250 can greatly help if you’re in a pinch.

Simplii No Fee Chequing Account vs. Wealthsimple Cash Account

Though it isn’t a bank, Wealthsimple offers a Cash Account with impressive returns compared to Simplii’s. Account holders can earn up to 4.5% interest on their balance (if they hold $100,000 in assets and meet direct deposit requirements) and earn 1% cash, stock, or crypto back on all purchases by using the Wealthimsple Cash Card that comes with the account. Simplii’s interest doesn’t even come close.

In addition, Wealthsimple states that Cash Account holders have their deposits protected up to $500,000 because their funds are held in trust with five different CDIC-insured institutions. That’s five times the deposit protection than Simplii.

While Wealthsimple doesn’t have a welcome bonus, the $500 you miss out on will easily be made up, given its account’s high interest rate and cash-back rewards. Wealthsimple is a clear winner here.

Simplii No Fee Chequing Account vs. TD Unlimited Chequing Account

TD’s Unlimited Chequing Account has unlimited transactions like Simplii’s offering, but that’s where the similarities end. The Big Six Bank’s chequing account has monthly fees of $16.95—which can be rebated if you hold $4,000 in the account—and doesn’t earn any interest. TD’s welcome bonus comes in at $600 dollars ($100 higher than Simplii’s) and new account holders can get their TD credit annual fee rebate for the first year up to $139 in value.

Sure, TD’s offering is more cohesive and utility-oriented if you use multiple banking products with it, but Simplii’s No Fee Chequing Account has it beat when it comes to core banking priorities.

Related: Best TD Chequing Accounts