The Simplii Financial High-Interest Savings Account is a no-fee account that offers a competitive interest rate, free transactions, and easy access to your money. Simplii is a new online bank owned by CIBC and is 100% online. It doesn’t have traditional bank branches because it was created for a digital world. Banks have changed dramatically in the past several decades, something that CIBC wants to change more directly with the launch of Simplii.
This account provides customers an interest rate of 0.1% on funds deposited. As with other savings accounts, this is a relatively low rate. However, there is one area where the Simplii High-Interest Savings Account shines — the welcome bonus! Yes, this account offers a 2.2% for new customers until April 30, 2022.
Keep reading to learn more about the benefits and features of this savings account.
Key Account Details
- 0.1% interest rate
- 2.2% promotional interest rate
- No minimum balance
- No monthly fee
- Apply through this secure link for a $40 cash back rebate
Simplii High-Interest Savings Account Benefits
Here are some of the benefits of Simplii high interest savings account:
1. Welcome bonus
With the Simplii High Interest Savings Account, you’ll get a big welcome bonus of a 2.2% interest rate as a new customer. This is a great way to maximize your earnings and grow your savings faster. However, to be eligible for this offer, you need to open an account before April 30th, 2022
2. No monthly fees and no Minimum balance
If you need to access your cash on a regular basis and want to avoid bank service fees, the Simplii High Interest Savings Account is for you. With no monthly fees and minimum balance, you can grow your savings without worrying about service charges.
3. Unrestricted access to your account
Your funds are never locked in, so you can withdraw any amount at any time with no penalty.
Simplii High-Interest Savings Account Perks and Features
1. Complete digital setup
Signing up for an account is simple and can be done in just a few minutes. Simply complete an application online or on your smartphone. You don’t need to go to a branch, and no appointments are necessary.
2. Mobile app
Simplii ensures your savings are safe and secure, with easy access to your money when you need it. And their mobile app makes it even easier for you to manage your account on the go. The best part is that the app is available for both iOS and Android devices.
3. Secure banking
No matter how much you have in your account, your money is completely safe. Simplii Financial is a trademark of CIBC. So, all funds are insured by the Canadian Deposit Insurance Corporation (CDIC) for up to $100,000.
4. Refer a friend bonus
A simple way to earn a little extra. Open a new Simplii Savings Account, and you’ll get a bonus of $50 for every friend who opens an account using your referral code. The best part is that your friends will also earn $50 if they meet the eligibility criteria.
Simplii High-Interest Savings Account Downsides
If you intend to open a Simplii Savings Account, here are two downsides you should watch out for:
1. No Interac e-Transfers or debit capabilities
The Simplii High-Interest Savings Account has no Interac e-Transfer or debit capabilities. This means if you’d like to make a withdrawal or debit transaction, you’ll need to transfer the money to your Simplii chequing accounts.
2. Inactivity fees
There is a $20 charge if you don’t use your account for two years. After that time, the inactivity fee will be charged annually for up to nine years.
The inactivity fee might be a deal-breaker for some people who only want to keep their savings in one place and would prefer not to have to touch it for years at a time.
In conclusion
Simplii Financial High-Interest Savings Account is part of a new and innovative banking experience. Open an account today with this secure link and receive a $40 cash back rebate.