Simplii Financial Simplii Financial: Get a $350 Bonus When You Open a New Chequing Account Get $350 with New Simplii Chequing Accounts!

get this deal

Get a bonus by switching to Simplii Financial, where you'll earn a $350.00 welcome bonus with their No Fee Chequing Account.

This offer is only available to new or eligible customers who open a new No Fee Chequing Account. Simply enroll online before October 31, then add an eligible direct deposit of at least $100.00 per month for three consecutive months.

Eligible direct deposits including payroll, pension or employment insurance payments and the $350.00 cash bonus will be deposited into your account within five months, depending on the completion of your three direct deposits.

This offer is available to new Simplii Financial clients until October 31 – click or tap the Legal tab on the website footer to view the complete terms and conditions of this offer.

Showing 40 Most Recent Comments

View all
    • Oh wow, did not expect an online bank to require something so archaic.

      Was thinking it'd be like Tangerine or EQ etc where everything is just done on the spot online.
      About this, remember it's the good ol CIBC behind the scenes, they will operate like any of the Big 5 banks and follow procedures that fintechs would find archaic.
      However this is part of the appeal for many people, CIBC's is behind the curtain operating this institution, that brings peace of mind to many vs some startup fintech with a card and an app :) .

      Tangerine is a unicorn since it was an efficiently operated bank (ING Direct), then it got bought out by Scotia. So that's why you see some of the benefits stayed behind.
    • Report Post
    • How long does it take to open an account...

      After applying got an email saying it should be 3 business days. It's been almost 2 weeks now, something I need to call in about?
      First, I love your screen name Pentium 6 :D , cool.

      About this, best to call in and ask if you have a bit of time to chat with them. You'd hate to wait till week 3 to find out nothing has progressed.

      I wish I could remember my timelines, but I do recall having to call in for something during my application years ago. This is part of the price of going with a free bank account but I still am happy to have it :)
    • Report Post
    • Oh wow, did not expect an online bank to require something so archaic.

      Was thinking it'd be like Tangerine or EQ etc where everything is just done on the spot online.
      Mine took almost 3 weeks. Untill you get the Access card you will not be able to setup login.
    • Report Post
    • Usually it takes about a week or two to get your access card.
      Oh wow, did not expect an online bank to require something so archaic.

      Was thinking it'd be like Tangerine or EQ etc where everything is just done on the spot online.
    • Report Post
    • How long does it take to open an account...

      After applying got an email saying it should be 3 business days. It's been almost 2 weeks now, something I need to call in about?
      Usually it takes about a week or two to get your access card.
    • Report Post
    • How long does it take to open an account...

      After applying got an email saying it should be 3 business days. It's been almost 2 weeks now, something I need to call in about?
    • Report Post
    • I had Simplii accounts before, closed all in 2019.

      if I open a brand new Simplii account, am I eligible for $350 opening bonus?

      is there any criteria for the referral person?
      Hmm, the terms and conditions don't say for the $350 promotion. It's just a generic statement saying 'new account/customer'.
      What I do know is that the referral promo T&C, requires you not to be a customer since Nov 2017. So that would surely not work. The point of saying that is probably that's the similar criteria to what they use for their promos.

      Since you mentioned 2019, I would not move over to Simplii, unless you plan to actually move and make this your new bank.
      You could give it a try, just looks like a slim chance the promo will come through.
    • Report Post
    • I had Simplii accounts before, closed all in 2019.

      if I open a brand new Simplii account, am I eligible for $350 opening bonus?

      is there any criteria for the referral person?
    • Report Post
    • Is there an easy method to determine if one was a previous client? P2 doesn’t remember…
      Not sure, but trying to help with these ideas:
      a. Try searching an Equifax based reporting service (e.g. Borrowell). The problem is, the hard inquiries disappear after 3 years which is good, except for this :D

      b. Search email systems, e.g. I have my welcome email in Gmail:
      Subject: Welcome to Simplii Financial - <7 digit number>
      Start using your new account today.

      Hi <First Name>,

      Your High Interest Savings and No Fee Chequing Account are now open! To start using your account, you just need to put money into it.

      Here's what you need to do to start using your account
      c. If you are considering giving it a shot, consider if you actually want P2 to use the account long term ( a no fee account that has perks is great ).
      If so then, you (P1) can refer P2 and collectively make $100+$50 as long as P2 did not sign up after Nov 2017
      no prior banking relationship with
      Simplii Financial since November 1, 2017;
      Source: Referral T&Cs https://www.sc.pages02.net/lp/39688/492 ... uly_20.pdf
    • Report Post
    • Is there an easy method to determine if one was a previous client? P2 doesn’t remember…
    • Report Post
    • Just curious, outside of the promo $ for sign-up, can you please explain how is this better than an account with one of the big banks?

      I'm with TD and have a free chequing account with unlimited transactions so long as I maintain a balance. With it, I also get a free credit card with the annual fee waived. TD is a bit more accessible in terms of withdrawing cash (i.e. more branches and ATMS out there).
      I've gone through them in my first post, here are some points.
      Simplii = all CIBC atms
      Maintaining a balance comes with an indirect cost if we accurately calculate it, my first post shows:
      So if you do some quick math, $6000 would have earned you $255 annually, costing you effectively $21.25/month to keep $6000 in a bank account just to waive the fee.
      Also that number can change, banks can up the limit, indirectly costing you more.
      I know this calculation might come across as petty and nitpicking on trivial matters but it's RFD where people try to get the best opportunity available to them.

      Overall not much to add beyond my first post which addresses your question.

      To clarify, my post is not intended to say no one needs a Big 5 bank, every situation's different.
      All I am saying with this post is, often people are too anxious and afraid to change older habits of using a Big 5 bank, just because that's how they've been doing it for decades.

      This thread is to help challenge that by sharing a strong promotion to a free bank account as well as my experiences.
    • Report Post
    • You mean, move the payroll to Simplii and then just transfer the funds out on payday? I suppose that's an option for a bit.
      Yup, this way you can keep shuffling around to various promos (if that's what you want), but maintain a single hub for all your bill payments but mainly PADs.
      Mine's EQ Bank since they consistently offer a (reasonable) high interest rate (1.65% now) for what's effectively a limited chequing account (no ABM access, no branches, just eTransfer, Bill payments, mobile cheq deposites (no cheques for EQ Bank account) and EFTs).
    • Report Post
    • I opened a chequing account and savings account with Simplii when I saw this post. I got the card mailed to me just last week. Within how much time do I have to start depositing payroll to get the 350? Reason I ask is because I'm in the middle of switching jobs so I want to start sending the payroll for the new job to my simplii account instead of switching the PAD for my current job. The new job wont start for another 2 weeks.
    • Report Post
    • Just curious, outside of the promo $ for sign-up, can you please explain how is this better than an account with one of the big banks?

      I'm with TD and have a free chequing account with unlimited transactions so long as I maintain a balance. With it, I also get a free credit card with the annual fee waived. TD is a bit more accessible in terms of withdrawing cash (i.e. more branches and ATMS out there).
      I’m not yet Simplii client. If you have extra 5K to keep that TD then it’s really good option. Many other facilities are attached with they All Inclusive Banking.

      If you don’t have that extra money or you want to invest that 5K then you might look for other options…
    • Report Post
    • If anyone is wondering when they'll get the cashback, look below timelines

      Your $350 cash bonus will be deposited to your No Fee Chequing Account 5 months after the month the new account is opened.

      If you opened an account during You'll get your cash bonus by the end of
      February 2022- July 2022
      March 2022- August 2022
      April 2022- September 2022
      May 2022- October 2022
      June 2022- November 2022
      July 2022- December 2022
      August 2022- January 2023
      September 2022- February 2023
      October 2022- March 2023
    • Report Post
    • Do all 3 consecutive months of direct deposits have to come before oct31? If so that's a tight timeline to qualify.
      No, 31 oct is the offer ends that means you have to open the account by then
    • Report Post
    • Do all 3 consecutive months of direct deposits have to come before oct31? If so that's a tight timeline to qualify.
    • Report Post
    • Just curious, outside of the promo $ for sign-up, can you please explain how is this better than an account with one of the big banks?

      I'm with TD and have a free chequing account with unlimited transactions so long as I maintain a balance. With it, I also get a free credit card with the annual fee waived. TD is a bit more accessible in terms of withdrawing cash (i.e. more branches and ATMS out there).
    • Report Post
    • An idea, maybe you can just interac the money out to Tangerine if that's where you have all your PADs setup. Just set a reminder or something.
      Simplii is a great free account, I too like you first did my Tangerine offer years ago, then moved to Simplii (and just left payroll in Simplii).
      Something to think about.
      You mean, move the payroll to Simplii and then just transfer the funds out on payday? I suppose that's an option for a bit.
    • Report Post
    • Wish I could figure out a way to make this happen. We've switch payroll at work and can now only deposit into 1 account and not sure they'll want to move it to this one then back again to Tangerine later.
      An idea, maybe you can just interac the money out to Tangerine if that's where you have all your PADs setup. Just set a reminder or something.
      Simplii is a great free account, I too like you first did my Tangerine offer years ago, then moved to Simplii (and just left payroll in Simplii).
      Something to think about.
    • Report Post
    • Wish I could figure out a way to make this happen. We've switch payroll at work and can now only deposit into 1 account and not sure they'll want to move it to this one then back again to Tangerine later.
    • Report Post
    • How long does GMT bonus take? I also used someone's referral code when signing up months ago and have not gotten anything yet
      In my case it took exactly 2 weeks.
    • Report Post
    • How long does GMT bonus take? I also used someone's referral code when signing up months ago and have not gotten anything yet
    • Report Post
    • Guys, I mentioned about free cheque books for this account but here's another an example of why I said this account was a keeper.

      Like Tangerine, they often give out promotional interest rates on new deposits:
      https://forums.redflagdeals.com/simplii ... 2-2558388/
      Credit to @MatJimbo for the above post.

      The summary is:
      * Always keep you savings account balances zero (when you dont have a promotion).
      * If you do have a promotion (like the sign up offer you're getting with this deal), remember to move out the funds about a week before the promotion ends.
      * You can use EQ Bank to store funds between promotions (they have a consistent interest rate).
      * Then eventually you should get an promotional interest rate offer.

      In the above thread, several (most?) of us who were existing customers, were offered 3% rate in July. Simplii upgraded our offer to 3.85% (this including funds deposited back in the July offer!).
    • Report Post
    • Simplii cash promo terms and conditions do not require new signup to keep account open for 12 months.
      Interesting point, I did not even notice/check.

      Since this is an actual no-fee account, they might not be interested.
      Most people keep the account because of it's benefits like, free chequebooks.
    • Report Post
    • Simplii cash promo terms and conditions do not require new signup to keep account open for 12 months.
    • Report Post
    • For anyone on the fence, here's a strategy I used to overcome the doubts and concerns over shifting to an online bank:

      a. Can I trust them?

      Remember, this is just the online business unit of the Big 5!

      Simplii = CIBC (your Simplii cheque institution numbers even show as CIBC :D)
      Tangerine is a subsidiary of Scotiabank

      So these are not startup/fintechs, they are not going to run away with your money :)
      Also they operate with the same standards, Simplii's software is identical in every way to CIBC's online banking and mobile app, its exactly the same except for the colour scheme :D

      Also your money has the identical CDIC insurance, just like at the Big 5, it's no different. Search 'Simplii' if it gives you peace of mind:
      https://www.cdic.ca/your-coverage/list- ... titutions/


      b. How do I get started?

      Have a plan to keep both your new account as well as the old one, open for 12 months.

      So this would mean, you would open your online bank account, either this Simplii deal, or Tangerine if that's what you prefer.
      Then try to move everything over to this online bank, examples:
      -Add all the bill pay entries
      -Move all/most money in here (you get the 3% savings rate to benefit from).
      -Move payroll, it's part of the promo anyway.
      -Then update your PAD entries.

      Basically, if you ever log into your old bank, either:
      -Stop and do the transaction with the new bank
      -Update the PAD instructions to pull off the new bank (Simplii)
      -If not (e.g. short on time), make a note & set a reminder to look into it later so you don't repeat yourself.
      -Eventually you will transfer everything over to the Simplii (or anyone else that's online and no no fee like Tangerine).
      Overall keep an eye out so that there's absolutely zero activity as soon as possible in your old bank.


      c. Count up your fees you spend annually

      -Fees can be the usual charges that get posted monthly.
      e.g. 15/month * 12 = $180/year. Ask yourself, are you getting the equivalent benefit in services for this cost?

      -Fees can be indirect as well, e.g. CIBC 'waives the fee' if you maintain a minimum balance if you keep either $4000 o $6000 based on the account type. If it's $6000, ask yourself how much is this costing me?
      One way to look at it is, there's a credit union that I use in Manitoba and they offer 4.25% in a 1 year, redeemable GIC.
      So if you do some quick math, $6000 would have earned you $255 annually, costing you effectively $21.25/month to keep $6000 in a bank account just to waive the fee.
      The point: Balances to waive bank fees in the Big 5 banks, it's not free, there's a cost to it.


      d. Exit
      After the 12 months, or 2 or 3 months after you are feeling very confident and exclusively using your online bank account, close it! :)
      At this point you have proven you don't really need the old bank account, you have not used it in months!


      e. Gotchas
      Most online bank transactions cater to 99% of people's average daily tasks but not everything is perfectly the same. Examples of things that might be a challenge.

      1. Getting a bank draft: In a big 5 you would walk in and they would prep it for you right away.
      With Simplii, you have to call into the call center, then they arrange for the funds to be transferred to the nearest CIBC (electronically, internally within their system).
      Then you go to CIBC and pick up your draft.
      Time: approx, next business day.

      So if you are closing on a home, open up a big 5 account before you start making offers.

      Tangerine couriers the draft to you in a few days.

      2. In person tellers are not accessible for transactions.
      I've never really found a concern for this, but just sharing.


      I hope this helps, I thought I should share how I moved out of a Big 5 bank years ago and never looked back!
      Let me know if you have any questions.
    • Report Post
    • All Walmart purchases are included at 3%?
      Yes, but to clarify, the BMO MC gets 3% at:
      • Walmart supercenters (the ones with Groceries, I guess now all of them?) will qualify.
      • Walmart.ca will not.
    • Report Post
    • Can you deposit part of your payroll? Some systems allow you to divide between accounts. If you can't you could set up full payroll deposit then an automatic payment back to your other bank the next day until you get your bonus
      Should work, the offer states:
      Add an eligible direct deposit of at least $100 a month
      Simplii would not have any idea if a portion went to another bank.
    • Report Post
    • BMO - Yes, they have both, I've mentioned the No Fee one that gets you 3% Grocery cashback (including Walmart!).
      https://www.bmo.com/main/personal/credi ... astercard/

      And I've seen it been asked many times, not costco! :)


      Travel Insurance, no idea! Maybe someone else can reply to help you out.
      All Walmart purchases are included at 3%?
    • Report Post
    • For people that have signed up already - what qualifies as an eligible direct deposit? I don't want to change my payroll info because all of my bills are automatically taken from that account.

      Can I just set up a recurring deposit from Tangerine to simplii to meet the direct deposit criteria?
      Can you deposit part of your payroll? Some systems allow you to divide between accounts. If you can't you could set up full payroll deposit then an automatic payment back to your other bank the next day until you get your bonus
    • Report Post
    • How can I make this work if self employed and don't get direct deposits via work?
      I have been giving this some thought since I saw it yesterday. Not a clue! But that's a legit concern.
      “Eligible Recurring Direct Deposits”: Most automated and recurring direct deposits are eligible. Examples of common recurring direct deposits include: payroll, pension direct deposits, old age security, disability payments, and governmental deposits, such as employment insurance.

      For further details and to confirm whether an automated and recurring direct deposit qualifies for the Offer, consult with a Simplii Financial representative.
      I guess you can ask them and note down the call for reference in case they have a solution for you.
    • Report Post
    • Can't get this is I closed account and want it again someday right?
      Not sure, the referral T&Cs say:
      The Friend is a new Simplii Financial client with no prior banking relationship with
      Simplii Financial since November 1, 2017;
      https://www.sc.pages02.net/lp/39688/492 ... uly_20.pdf

      However the main offer itself does not have specific dates, often banks have them to tell generally give these offers to clients who wish to come back.
      I read the T&Cs on the main offer link's legal section at the bottom of the page, here's what I found:
      ‡ The Simplii Financial™ No Fee Chequing Account $350 offer (the “Offer”) begins on February 1, 2022 at 12:01 am ET and ends on October 31, 2022 at 11:59 pm ET (the “Offer Period”). The Offer consists of a $350 cash reward (the “Cash Reward”) to qualifying primary account holders for opening and using a new Simplii Financial™ No Fee Chequing Account (the “New Account”) and complying with the following requirements.

      1. Eligibility

      This Offer is open only to Canadian residents who:

      (i) have reached the age of majority in their province of residence; and
      (ii) have no prior banking relationship with Simplii Financial prior to the beginning of the Offer Period.

      This Offer can be combined with all other offers unless otherwise indicated. Individuals who meet the foregoing eligibility requirements and otherwise comply with these Terms are referred to as “Eligible Client(s)”.
      So that might mean that as long as you did not have any Simplii products before Feb 1, 2022, this offer might still apply to you.

      Hope that helps, but I would recommend calling the call center to confirm, and of course, make a note of who you spoke to, the date and time of the call. If needed ask for a supervisor in case the agent is not sure since this can be the case often.
    • Report Post
    • BMO MC is $0 annual fee also? Do any of the free cards offer good travel insurance like cards that have annual fees?
      BMO - Yes, they have both, I've mentioned the No Fee one that gets you 3% Grocery cashback (including Walmart!).
      https://www.bmo.com/main/personal/credi ... astercard/

      And I've seen it been asked many times, not costco! :)


      Travel Insurance, no idea! Maybe someone else can reply to help you out.
    • Report Post
    • Yes, 4% at Mcdonalds for example or even Tims.

      Other cards:
      BMO MC - 3% cash back for grocery (CT pays 3% for grocery but it's CT Money, not cash back in case it makes a difference).
      That said, I use my CT card to pay bills that would not normally be paid with a credit card, e.g. utility, some insurance, etc. Obviously you can't pay other credit items like lines of credits or other credit cards :D. Just saying.
      Rogers World Elite MC - Everything else
      BMO MC is $0 annual fee also? Do any of the free cards offer good travel insurance like cards that have annual fees?
    • Report Post
    • How can I make this work if self employed and don't get direct deposits via work?
    • Report Post
    • Is fast food included in restaurants? What other cards do you use? Canadian Tire for 3% on groceries?
      Yes, 4% at Mcdonalds for example or even Tims.

      Other cards:
      BMO MC - 3% cash back for grocery (CT pays 3% for grocery but it's CT Money, not cash back in case it makes a difference).
      That said, I use my CT card to pay bills that would not normally be paid with a credit card, e.g. utility, some insurance, etc. Obviously you can't pay other credit items like lines of credits or other credit cards :D. Just saying.
      Rogers World Elite MC - Everything else
    • Report Post
    • Yup that's exactly what I do.
      The key is no fee, the closest thing is the AMEX cobalt card but that's $120 a year I think but you get 5% on restaurant and grocery.
      Is fast food included in restaurants? What other cards do you use? Canadian Tire for 3% on groceries?
    • Report Post
    • To prevent this thread from being locked, do not offer/ask for referrals in this thread or suggest users PM you for more info. Infractions will be handed out.
    • Report Post
    • Based on my recent referral experience over the past couple months, just want to clarify the timing:

      The extra $50 referral bonus would usually show up pretty quickly, within 1-2 week.

      The $350 sign-up bonus would not be until 5 months after (if direct deposit requirement is met).
    • Report Post

Other Banking & Investing Deals

View all
get deal