There is a marked growth trend for digital banks globally and in Canada. The search for cost reduction in traditional banks since the financial crisis of 2009 and the digital financial services offered by banks and fintechs are setting the trend for fewer people to go to bank branches in the world.
Simplii Financial is one of the Canadian digital banks. And one of its most popular banking products is the Simplii No-Fee Chequing Account which allows its customers to make unlimited free transactions while earning interest on their account balance.
Want to know more about the Simplii No-Fee Chequing Account? Check out this review.
About Simplii No-Fee Chequing Account
Simplii no fee chequing account is one of Simplii Financial’s most popular products.
You do not have to keep a minimum balance or pay a monthly fee on your simplii chequing account. In addition, you may send money for free via Interac e-transfer and have limitless debit transactions, bill payments, and withdrawals with free daily banking. (See also: 5 Tricks to Stop Paying Chequing Account Fees).
There is a limited-time offer available to new clients to earn up to $350 in extra money. To qualify for this special offer, you just need to deposit at least $100 a month for three straight months. Offer valid till May 31, 2022.
SIGN UP THROUGH THIS SECURE LINK NOW TO GET A $40 CASH BACK REBATE
Simplii No-Fee Chequing Account Perks and Benefits
Now, let’s take a look at some of the benefits of this Chequing Account.
1. There are no monthly costs.
This account has no monthly or annual fees, unlike traditional chequing accounts.
2. Flexibility
Simplii is one of the few online banks to provide a debit card. You can use this debit card at over 3,400 CIBC ATMs across Canada for free.
You can also add this card to your mobile wallet for payment using Google Pay, Samsung Pay, or Apple Pay.
3. Promotional offer
If you register an account before May 31, 2022 and make an eligible deposit of $100 for three consecutive months, you will be rewarded with $350 cash bonus.
4. No minimum balance
There is no minimum balance to maintain your account. So, you can deposit any amount you wish.
Simplii No-Fee Chequing Account Eligibility Requirements
You must meet the following requirements to open a Simplii No Fee Chequing Account:
First, you must be a Canadian resident with a valid Social Insurance Number
Second, you must be of the age of majority in your province or territory. And finally, you must be ready to abide by the company’s terms and conditions.
Simplii No-Fee Chequing Account Downsides
Like every other thing in life, this chequing account has few downsides.
First, Simplii has no physical branches, which may or may not be a good thing depending on your needs. This isn’t a deal-breaker for many clients, but it’s worth considering if you value in-person banking. Also, you will be charged fees if you use ATMs that aren’t affiliated with CIBC or aren’t located in Canada. These fees can be up to $3, and they can mount up quickly if you make multiple transactions.
Is my money safe with Simplii Financial?
Simplii Financial is a Federal Bank Act-regulated financial institution. So, your money is safe.
The money in your Simplii accounts is protected by the Canadian Deposit Insurance Corporation (CDIC). If Simplii Financial were to go bankrupt, the CDIC would reimburse up to $100,000 of your qualified deposits.
Moreover, the company is owned by CIBC (one of the top 5 banks in Canada).
Simplii Financial has won numerous awards in areas such as online banking excellence, mobile banking excellence, and more since its launch in 2017. In addition, Forbes has ranked them as one of the best banks in the world for three consecutive years. (See also: 5 Top Tips For Choosing The Best Chequing Account).
In conclusion
Simplii is a digital account that can provide you with everything you need to keep your finances on track. With this account, you can enjoy the convenience of 24/7 banking and the ability to save money on fees while earning an exciting welcome bonus when you sign up.
In general. the Simplii No-fee Chequing Account is a good option if you need a low-cost banking solution.