Are you looking for a high-interest rate savings account in Canada? Then this Simplii Financial HISA review is for you.
When it comes to making the most of your money, you have tons of options to choose from, including stocks, mutual funds, ETFs, bonds and so on.
But one of the safe investment accounts with high returns in Canada is a high-interest savings account (HISA).
With the best HISA, you will earn more interest on your savings without monthly and everyday banking fees. And that’s where the Simplii Financial high-interest savings account comes in with its competitive promotional rates and no-fee banking.
But is it right for you? What are some of its benefits and drawbacks? How does it compare to some of the other HISAs in Canada?
Well, this Simplii Financial high-interest savings account review answers all these questions and covers everything you need to know about the account.
Let’s start…
About Simplii Financial
Simplii Financial is a trademark and online banking arm of one of the five big banks in Canada, the Canadian Imperial Bank of Commerce (CIBC).
The bank was founded in 2017 to offer full-scale online banking services ranging from a high-interest savings account, no-fee chequing account, credit card, mortgage, borrowing and investment products.
Due to its low-cost and robust banking offerings, Simplii has received numerous awards from several reputable bodies such as Forbes and Ipsos Financial Service Excellence Award.
With the exception of Quebec, Simplii Financial’s products and services are accessible in all parts of Canada.
Simplii High-Interest Savings Account (HISA) Review
The Simplii High-Interest Savings Account (HISA) is a savings account with a high and competitive promotional rate of 6.00%.
This high-interest rate is available to new users that sign up by October 31, 2023. You can earn the competitive promo rate on up to $1,000,000 deposits and receive a one lump payment of your earnings.
When the offer expires, you will earn a relatively lower standard rate of 0.40% to 5.50% depending on your balance. This makes Simplii Financial HISA a great option for people looking for high short-term earnings on their savings account.
Besides the high promotional interest rate, the Simplii savings account doesn’t have a minimum balance, monthly and everyday banking fees.
| Pros | Cons |
|---|---|
| High savings account promotion rate | Limited access to high regular rate |
| No minimum balance | |
| No deposit and withdrawal fees | |
| Automated Deposit | |
| Deposits protection |
Key Features of Simplii Financial High-Interest Savings Account (HISA)
The following is a brief overview of the key features of the Simplii Financial high-interest savings account:
- High promotional rate: Simplii Financial HISA has one of the highest promotional rates you can find in Canada at 6.00%
- No minimum balance: The Simplii savings account doesn’t have a minimum balance requirement, allowing you to start saving with any amount you have.
- No monthly fees: You can save more on your Simplii savings account by converting monthly fees to savings.
- No transaction fees: The high-interest savings account doesn’t have deposit and withdrawal fees, helping you save more.
- Automated deposits: Invest while sleeping by setting automated deposits on your Simplii high-interest savings account.
- CDIC protection: With up to $100,000 deposit protection on Simplii HISA, you can be rest assured that your funds are safe.
How to Open a Simplii Financial High-Interest Savings Account (HISA)
Opening a Simplii Financial high-interest savings account only takes a few minutes. However, you need to meet the following requirements before you can open a Simplii HISA.
- Be a resident of any province or territory in Canada except Québec.
- Have a Social Insurance Number (SIN)
- Reach your province/territory’s age of majority
If you meet these requirements, you can sign-up for a Simplii HISA online or by phone at 1-888-723-8881.
The following are the steps on how to open a Simplii Financial high-interest savings account online:
- Click here to visit the Simplii HISA page
- Click the “Open an account” button
- Confirm whether you’re an existing Simplii online banking client (if you’re, simply login with your card number and password to apply)
- If you’re not an existing Simplii online banking client, proceed to open a new Simplii account.
- Enter your personal information and verify your account.
- Login in to your Simplii account to complete the application
Is Simplii Financial Legit and Safe?
Yes. Simplii is a legit and safe online bank that serves more than 2 million Canadians and counting.
As a division of CIBC, deposits on Simplii Financial accounts are covered up to $100,000 by the Canada Deposit Insurance Corporation (CDIC).
Simplii also takes the security of your personal information seriously. It has an online security guarantee in place and follows industry-standard security practices like 128-bit encryption, secure firewalls and account monitoring.
Learn how to maximize CDIC coverage on your savings
Simplii Financial High-Interest Savings Account (HISA) Alternatives
We’re fortunate to have multiple high-interest savings accounts to choose from in Canada. So if Simplii HISA doesn’t suit your needs, here are some alternatives.
Simplii HISA vs Neo Financial Savings Account
Neo Financial savings account has a standard interest rate of 2.25% with no monthly and everyday banking fees. This is currently one of the highest standard interest rates you can find among online banks in Canada.
While Neo savings account doesn’t have a promotional rate, its 2.25% standard is 13 times higher than starting regular rate of Simplii’s (0.40%).
Although Simplii offers up to 5.50% regular rate, it’s only restricted to $1+ million savings. This makes it less accessible to low-budget savers.
Like the Simplii savings account, the Neo savings account also doesn’t have a minimum balance, monthly fees, deposit and withdrawal fees. Your savings on a Neo savings account are also covered up to $100,000 by the CDIC.
Both Neo savings and Simplii’s savings account are available in all parts of Canada except Québec.
And if you need a cash-back credit card or prepaid credit card, Neo Financial currently has one of the best offerings for each product.
Learn more: Neo Financial Savings Account Review
Simplii HISA vs EQ Bank Savings Plus
EQ Bank Savings Plus account has been among the top ranking best Canadian HISAs since its inception in 2016.
The EQ Bank Savings Plus account has a standard interest rate of 2.50% and 3.00% interest on USD, FHSA, TFSA and RSP accounts with no promotional rate. But like Neo Financial, you’ll easily earn more with EQ Bank’s standard rate than Simplii Financial’s HISA rate.
Like Simplii HISA, the EQ Bank Savings Plus account has no minimum balance, monthly fees, deposit and withdrawal fees.
As a hybrid of savings and chequing accounts, the EQ Bank Savings Account allows free bill payments and mobile cheque deposits.
In addition, your deposits on the EQ Bank Savings Account are also covered up to $100,000 by the CDIC.
Learn more about the best high-interest savings accounts in Canada.
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Verdict on Simplii HISA Review
In summary, this Simplii Financial high-interest savings account review is positive. The account provides a great earning opportunity for new clients but falls short for those looking for where to keep their funds for a long period.
But you should know that it offers regular promotions of higher savings rates to existing clients. And the fact that Simplii meets all your banking needs with its strong suite of products and services is another big plus that you won’t find with most online banks.
Overall, you can’t make a wrong choice with the Simplii savings account especially if you’re looking for a short-term investment account with high returns.
Canadians looking for higher savings rate on their long-term earnings can choose from Simplii Financial HISA’s alternatives such as the Neo Savings or EQ Bank Savings Plus accounts.
That’s everything you need to know about the Simplii high-interest savings account. If you need more clarification, please let me know in the comment below.
Kindly read our existing blog posts to learn more about other best personal finance products and services in Canada.
Simplii Financial HISA Review
Summary
Simplii Financial high-interest savings account comes in with competitive promotional rates and no-fee banking.
