Simplii Financial No-Fee Chequing Review: Free Banking in Canada

This post may contain affiliate links. Please read this disclosure for more info.

If you’re trying to save cost on your everyday banking without sacrificing your needs, a no-fee chequing account could be your perfect option.

Monthly fees, transaction fees, bill payment fees and withdrawal fees are some of the common costs of operating a chequing account in Canada.

But with a no-fee chequing account, you can enjoy the standard features of a chequing account without these fees. And when it comes to no-fee chequing accounts in Canada, Simplii Financial is one of the best options available. 

In this Simplii Financial No-fee Chequing account review, I’ll explain why the account is one of the best no-fee accounts in Canada. I’ll also provide an overview of its main features, benefits and how it compares to some of its peers.

You’ll also learn how you can earn a $350 bonus through the Simplii Financial promotions for new clients.


Overview of Simplii Financial

Simplii Financial is an online-only bank that has been around since November 2017. Simplii operates as a subsidiary of CIBC — one of Canada’s big 5 banks. 

This means you’ll benefit from the same security and financial backing as customers who bank with CIBC.

Simplii Financial offers a suite of products and services that include high-interest savings account, USD Savings, international money transfer, mortgage, Visa card, investment and borrowing products.

In summary, Simplii is an award-winning bank with about 2million customers across different parts of Canada with the exception of Quebec. 

Learn more about the bank in this Simplii Financial Review.


Simplii Financial No-Fee Chequing Account

One of Simplii Financial’s most popular products is its no-fee chequing account offering. The account has a number of features that make it an attractive option for those looking for a low-cost banking solution. 

As its name implies,  there is no monthly fee associated with the Simplii Financial No-fee Chequing Account

This is a big plus for those who are looking to save on banking costs. In addition, there are no minimum balance requirements and no transaction fees on everyday banking transactions. 

This means you can use your account as much or as little as you want without having to worry about incurring any fees.

The Simplii No-Fee Chequing Account operates like a traditional chequing account with any of the big banks, with the only difference being there are no monthly fees and its services are provided online. 

In other words, the account gives you access to all of the same features and services that you’d expect with a big bank, without having to pay any pesky fees.

When you sign-up for this account by October 31, 2022, you will receive a $350 cash bonus after receiving a minimum of $100 as direct deposit for three consecutive months.

Here are some of the pros and benefits of Simplii No-Fee Chequing account:

  • No everyday banking fees
  • Overdraft protection
  • No minimum balance requirements
  • CDIC protection of up to $100,000 per category
  • $350 welcome bonus promotion
  • Access to over 3,400 CIBC ATMs across Canada for free
  • Though small, it pays some interest on your deposits

But the overdraft protection isn’t free. A monthly fee of $4.95 + 19.00% interest of the overdrawn amount of applies.


Key Features

Let’s take a closer look at some of these features of the Simplii No-Fee Chequing Account to help you have a better understanding of how it stands out from its peers.

  • No monthly fees: Unlike traditional chequing accounts, this account doesn’t have monthly or annual fees. 
  • No everyday banking fees; The Simplii No-Fee Chequing Account allows free unlimited debit purchases, free CIBC ATMs access, free bill payments and withdrawals. 
  • Welcome promotion: Sign-up for the account by October 31, 2022, to receive a $350 cash bonus upon making a minimum of $100 consecutive three-month direct deposit. The bonus will be disbursed five months after creating the account. 
  • Interest: Earn 0.05% interest on your deposit from $25,000.01 and above. It is low, but it is a nice touch given that chequing accounts don’t pay interests.
  • No minimum balance: The Simplii No-Fee Chequing Account has no minimum balance requirements, allowing you to deposit any amount you wish. 
  • Overdraft protection: Avoid non-sufficient fund (NSF) fees by taking up to $5,000 overdraft protection on your Simplii No-Fee Chequing Account.
  • Pre-authorized bill payments: This feature helps you stay on top of your bill payments by authorizing billing companies to make an automatic deduction from your account. This helps avoid late payment fees and credit score reductions. 
  • Safety: Simplii protects your personal information with advanced encryption and your chequing deposits are insured by the CDIC.

Simplii Financial Void Cheque

If you want to set up direct deposit or pre-authorized payments, you can easily do so using a Simplii financial void cheque. 

With a Simplii Financial void cheque, you can easily access Simplii’s transit number, institution number and your account number.

Every Simplii no-fee chequing account comes with a free personalized chequebook. To make a void cheque, all you need is to pick one of the cheques and write “VOID” boldly on the front. 

Alternatively, Simplii Financial also allows you to access a void cheque through your online banking account. 


How to Open Simplii Financial No-Fee Chequing Account

Opening a Simplii Financial No-fee Chequing Account is easy and can be done entirely online. But before you can open an account at Simplii Financial, you need to meet the requirements below: 

Are you good to go? Great! Now you can follow the steps below to open a Simplii No-Fee Chequing Account online: 

  • Click here to visit the account page
  • Click “Open an account
  • Follow the instructions and proceed to create your account
  • Verify your account and log in to complete the application

If you need help during the account opening process, feel free to contact Simplii by phone at 1-888-723-8881 or email at [email protected]


Is Simplii Financial Legit?

Simplii is not only legit but safe as per the standard of online banks in Canada. It has the full backing of CIBC, a member of the CDIC.

This means your chequing account deposits on Simplii are insured up to $100,000 per insured category. Learn how CDIC protection works.

Simplii also protects the confidentiality of your personal information on its website and app by using secure firewalls and 128-bit encryption.


Simplii No-Fee Chequing Account Alternatives

We all have different banking needs and it’s possible to find the Simplii Financial No-Fee Chequing Account less suitable for your needs.

Thankfully, you have some other No-Fee Chequing Accounts in Canada that are great alternatives to Simplii Financial’s offerings.

EQ Bank Savings Plus Account

Though the EQ Bank Savings Plus account is not a chequing account, it has many of the features of a traditional chequing account.

It is an hybrid account with features of a savings account and chequing account. So you’ll earn a competitive interest rate of 1.65% on your savings while being able to make bill payments and mobile cheque deposits.

The EQ Bank account also has no monthly or transaction charges so it’s suitable for everyday transactions. However, EQ Bank does not have a card product yet.

Overall, if you’re looking for an online bank with one of the best savings interest rates in Canada, then EQ Bank is worth checking out.

Learn how both online banks compare in this Simplii Financial vs EQ Bank comparision.

Read more: EQ Bank Review

Tangerine No-Fee Daily Chequing Account

The Tangerine No-Fee Daily Chequing Account is one of the top alternatives to the Simplii chequing account because it also offers free everyday banking with a competitive welcome bonus. 

When you create a new Tangerine No-Fee Daily Chequing Account by October 13, 2022, you will get a $400 cash bonus. However, the following conditions apply:

  • Join Tangerine by October 13, 2022, using the promo code “EARNMORE” 
  • Sign-up on your first Tangerine chequing and savings account within 30 days of joining Tangerine.
  • Set up a payroll and execute at least 3 direct deposits within 60 days of creating your account. After the third month, you will receive your $400 cash bonus.

Below are other key features of the Tangerine No-Fee Daily Chequing Account you need to consider:

  • Free unlimited debit purchases, pre-authorized payments, bill payments, Interac e-Transfers and Tangerine Email Money Transfers.
  • Free access to 3,500 Scotiabank ABMs
  • No Interac e-Transfer fees
  • Up to 4.00% interest on the deposits in your savings account for 5 months
  • Access to a Tangerine Client Card with Visa debit 
  • Direct deposit and mobile cheque deposit
  • Overdraft protection
  • CDIC protection
  • Interac and Visa Debit Zero Liability protection.

Motus Bank No-Fee Chequing Account

Motus Bank is a full-service digital bank of the largest credit union in Ontario, Meridian Credit Union.

The Motus Bank No-Fee Chequing Account functions like the Simplii No-Fee Chequing Account. It also has no minimum balance requirements, no monthly fees, Interac e-Transfer fees, bill payment fees, debit purchase fees and withdrawal fees. 

Unlike Simplii No-Fee Chequing Account, the Motus Bank No-Fee Chequing Account doesn’t have a welcome bonus at the moment.

However, the Motus Bank No-Fee Chequing Account has a slightly higher interest rate of 0.15% on every dollar. It also offers the first 25 cheques for free.

The following are other key features of the account you need to consider:

  • 0.15% interest on every dollar
  • Free access to over 43,000 ATMs in Canada and the US
  • Mobile cheque deposits
  • Free unlimited access to “Price Drop” feature
  • CDIC protection 

Verdict on Simplii Financial No-Fee Chequing Account Review

My Simplii Financial No-Fee Chequing Account review is very positive. Canadians deserve a banking alternative that doesn’t nickel and dime them with fees. Simplii Financial offers just that with its no-fee chequing account. 

The account is packed with features, has no minimum balance requirements and no transaction fees on everyday banking transactions. In addition, the account can be opened online in minutes.

So if you are looking for a low-cost banking solution, then Simplii Financial No-fee Chequing Account is definitely worth considering.

Have any questions about opening the Simplii Financial No-fee Chequing Account or any other Simplii Financial products?  Leave a comment below and I’ll be happy to answer them.

Learn more: Simplii HISA Review

Simplii Financial No-Fee Chequing Account review
4.5

Summary

Simplii Financial No-fee Chequing Account is an online and low-cost banking solution, packed with features such as no minimum balance requirements and no transaction fees on everyday banking transactions.

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

Leave a Comment