Simplii Financial High Interest Savings Account Review (2021)

Simplii Financial’s high interest savings account rates often beat what’s being offered by the big banks.

And, if you take advantage of a Simplii savings account promotional interest rate, you could earn up to 200x what other banks are offering for a limited time.

In this review, we summarize Simplii Savings Account products and where to find the best high interest savings accounts in Canada right now.

What is Simplii Financial?

Simplii Financial is an online bank backed by the Canadian Imperial Bank of Commerce (CIBC). It was established in 2017 and offers several financial products including:

  • Savings Account
  • Chequing Account
  • Credit Card
  • Mortgages
  • Personal Loans and Lines of Credit
  • Investment Accounts

As an online bank, Simplii clients can access their accounts via online banking and also have access to over 3,400 free ATMs in Canada.

Simplii Financial High Interest Savings Account

The Simplii high interest savings account offers some of the best savings rates in Canada at 0.10%. This account has no monthly fees and you can deposit as much money as you want, starting at $1.

Interest rate is calculated daily on every dollar and paid out monthly.

You can send money from your savings account to other financial institutions by linking them to your Simplii account.

If you also have a free Simplii Chequing account, it is easy to move money from your savings to the chequing account and send unlimited free Interac e-Transfers.

Simplii Promotional Interest Rate 2021

Simplii clients who are opening their first high interest savings account can take advantage of the promotional savings rate on offer in 2021.

The current offer pays a 2.20% interest rate on your savings balance until October 31, 2021.

These promotional interest rate offers are often renewed throughout the year (rates and eligibility may differ), so make sure to check back if an offer has expired.

Related: Best Free Chequing Accounts in Canada.

Simplii Financial High Interest Savings Account Review

Other Simplii Financial Accounts

The following Simplii Financial accounts are worth checking out if you want to save money on your banking.

Simplii Financial No Fee Chequing Account

Save the monthly chequing fees when you open a Simplii Chequing Account.

It offers:

  • Unlimited debit purchase, bill payments, Interac e-Transfers, and withdrawals
  • No monthly fees
  • No minimum balance
  • Free withdrawals at CIBC ATMs
  • Access to international money transfer
  • CDIC protection

A Simplii chequing account also pays a small interest rate of 0.05% on your account balance.

As of this writing, you could earn a $200 bonus when you open a new Simplii No Fee Chequing Account and add an eligible direct deposit of $100 or more for three consecutive months.

Simplii Financial Cash Back Visa Card

This cash back credit card has no annual fees and offers cash back rewards as follows:

  • 4% cash back when you spend on restaurant, bar, and coffee shop purchases
  • 1.5% cash back on gas, grocery, and drugstore purchases
  • 0.50% cash back on all other purchases with the card

The Simplii Financial Cash Back Visa Card also offers purchase protection and extended warranty coverage.

Simplii Financial Mortgages

It offers fixed-rate mortgages with terms ranging from 2-10 years. A mortgage pre-approval for 120 days is also available.

In addition to fixed-rate mortgages, Simplii offers a 5-year variable rate mortgage.

Simplii Financial Personal Loans and Lines of Credit

The following credit lines are available at Simplii:

  • Personal line of credit
  • Secured line of credit, and
  • Personal loan

Learn about the best personal loans in Canada.

Simplii Financial Investments

Simplii clients can open a variety of investment accounts (both registered and non-registered).

Investment options include:

  • Registered Retirement Savings Plan (RRSP)
  • Tax-Free Savings Account (TFSA)
  • Guaranteed Investment Certificates (GICs)
  • Mutual Fund Accounts

High Interest Savings Accounts in Canada

The best savings account rates in Canada right now are offered by online banks.

The top-two are:

EQ Bank

Owned by Equitable Bank, EQ Bank has more than $6 billion in deposits.

EQ Bank’s Savings Plus Account has these features:

  • No monthly fees
  • 1.25% non-promotional interest rate on every dollar
  • Unlimited free debits, bill payments, and Interac e-Transfers
  • No minimum balance

Motive Financial

Motive Financial is a division of the Canadian Western Bank.

Its Savvy Savings Account offers the following:

  • Up to 1.25% interest rate
  • 2 free transactions every month
  • No monthly account fee or minimum balance

Simplii Savings Account FAQs

Is Simplii Financial Safe?

Yes, Simplii Financial is safe and it offers a deposit guarantee of up to $100,000 because CIBC is a member of the CDIC.

How do I get $200 from Simplii?

When you open a free Simplii chequing account and meet the eligibility requirements, you get a $200 bonus.

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