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 around the world.
This Simplii USD Savings Account review covers what it offers and how to get a $50 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 a wide array of 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:
- 0.10% 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 wire transfer.
Fund transfers from other Simplii accounts (chequing, savings, and line of credit) are also possible.
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
This offer is available until April 30, 2022.
New Simplii Account Promotions
When you open a new Simplii account using a valid referral link, you get up to a $250 bonus.
Simplii No-fee Chequing Account: Get a $200 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 $250. The chequing account offer is available until March 31, 2022.
Simplii High Interest Savings Account: Earn a promotional 2.20% interest rate until April 20, 2022, and 0.10% after.
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:
- 1.00% 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 Canada Deposit Insurance Corporation (CDIC) and your deposits at Simplii are insured up to $100,000 against insolvency.
Simplii USD Savings FAQs
The current USD savings account rate for Simplii Financial is 0.10%.
Yes, newcomers to Canada can apply for a Simplii bank account before they arrive in Canada.
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