Simplii Financial USD Savings Account Review 2024

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Written by SnappyRates Team

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Simplii Financial recently introduced a USD savings account you can use to hold your U.S. dollar funds.

This account syncs well with its Global Money Transfer service and makes it easy to send money to 120+ countries worldwide.

This Simplii USD Savings Account review covers what it offers and how to get up to a $450 bonus when you open a new Simplii Financial account.

What is Simplii Financial?

Simplii Financial is a digital bank owned by CIBC.

It was launched in 2017 and has about 2 million customers.

Simplii offers various financial products, including a no-fee chequing account, high-interest savings, personal loans, investments, and a cash back credit card.

Simplii USD Savings Account

The Simplii USD Savings Account has no monthly fees and offers:

  • 3.05% interest rate
  • Access to international money transfer and exchange rates
  • Easy transfers between Simplii Financial CAD and USD accounts
  • No minimum balance

To fund the account, you can send money from another Canadian financial institution using a wire transfer.

Fund transfers from other Simplii accounts (chequing, savings, and line of credit) are also possible.

Open a Simplii Account.

Downsides of a Simplii USD Account

While the Simplii USD Savings Account offers a competitive interest rate, it has some limitations, including:

  • You can’t make cash deposits or withdrawals
  • ATM access is not available
  • It does not accept cheque transactions
  • There’s no USD debit card to use for POS transactions

Simplii Global Money Transfer

Simplii Financial clients can use its Global Money Transfer service to send money to friends and family in over 120 countries.

To send money abroad, open a Simplii Financial account (chequing, USD savings, credit card, or line of credit).

Choose the currency, country, and recipient, and enter the amount you’d like to send in CAD.

Typically, the funds are delivered within 3 business days.

You can get up to a $300 bonus when you send your first Global Money Transfer and use the promo code GMTEVENT.

Bonus payments depend on how much money you are sending as follows:

  • Under $5,000: $50 bonus
  • $5,000 – $14,999.99: $100 bonus
  • $15,000 – $24,999.99: $175 bonus
  • $25,000+: $300 bonus

New Simplii Account Promotions

When you open a new Simplii account using a valid referral link, you get up to a $450 bonus.

Simplii No-fee Chequing Account: Get a $400 bonus when you set up a direct deposit of at least $100 per month for 3 consecutive months.

In addition, you also get a $50 account sign-up bonus for a total of $450.

Simplii High Interest Savings Account: Earn a promotional 6.00% interest rate for the first 5 months.

New accounts earn a $50 bonus.

The $50 Simplii referral bonus is also available when you get the Simplii Cash Back Visa Card or a personal line of credit.

Simplii USD vs EQ Bank USD Accounts

The EQ Bank US Dollar Account has no monthly fees and offers:

  • 3.00% interest rate
  • Access to global money transfers abroad, including the United States
  • USD to USD account transfers within Canada
  • CDIC insurance protection

Learn more about what EQ Bank offers in this review.

Is Simplii Financial Safe?

Simplii Financial is a division of CIBC, a top-five bank in Canada by market capitalization.

CIBC is a member of the Canada Deposit Insurance Corporation (CDIC), and your deposits at Simplii are insured for up to $100,000 against insolvency.

Simplii USD Savings FAQs

What is the interest rate on a Simplii Financial USD account?

The current standard USD savings account rate for Simplii Financial is 3.05%.

Is Simplii Financial good for newcomers?

Yes, newcomers to Canada can apply for a Simplii bank account before they arrive in Canada.


Bonuses & Deals for July

Get a free chequing account with unlimited transactions & $400 bonus cash.

Free prepaid card with up to 5% cashback. No credit check & $20 bonus when you deposit $50 and complete first purchase.

Earn a standard 4.00% interest* on your deposits!

No current offers for this category.

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SnappyRates Team

The SnappyRates Team comprises personal finance writers who have reviewed and personally tested hundreds of financial products in the Canadian space. With over 20 years of combined experience to draw from and expertise in all things credit cards, banking, insurance, and mortgages, our goal is to provide you with the most comprehensive guides and resources to help you on your financial journey.

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