Simplii High Interest Savings Account review

Who is the Simplii High Interest Savings Account best for?

The Simplii High Interest Savings Account is best for anyone who wants a high interest rate for a short period of time. Let’s say you’ve booked a European vacation in six months and you want to save as much spending money as possible before you depart—in that sort of scenario, this account is a great fit.

It’s also a good option if you’re happy to put in the time and effort required to regularly shop around for the best savings account promo rates. Lock in 6% for 5 months, then move your money to a new promo-rate account at a different bank once the introductory period ends.

But if you want a high ongoing rate so you can “set and forget” your savings, this isn’t the account for you.

What is the Simplii High Interest Savings Account rate?

There are a few factors that affect the rate you get with this Simplii savings account.

If you're a new Simplii Financial customer and you open an account before 11:59 PM on October 31, 2024, you earn a special promotional interest rate of 6% for the first 5 months. This rate applies to balances of up to $1,000,000.

After this 5-month introductory period, the account reverts to its standard rate, but the rate you’ll get is determined by your account balance.

• $50,000 or less: 0.35%
• $50,000.01–$100,000: 0.75%
• $100,000.01–$500,000: 0.8%
• $500,000.01–$1,000,000: 1.45%
• Over $1,000,000: 3.75%

Dive deeper: Savings account interest rates

Does the Simplii High Interest Savings Account have a promo offer?

Yes, it does! New customers can get a promo interest rate of 6% for the first 5 months after opening an account. That’s a very good rate when you stack it up against what Simplii’s competitors are offering at the moment, which makes this account well worth a look.

But it’s also worth mentioning that this great rate doesn’t apply forever. Once your 5 months are up, the account drops down to a much lower standard interest rate.

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Simplii High Interest Savings Account fees and access

Type of fee	Fee details
Account opening fee	$0
Monthly fee	$0
Withdrawal fee	$0
ATM withdrawals	Not available
Inactivity fee (no activity for at least 2 years)	$20

What we like about the Simplii High Interest Savings Account

• Earn up to 6% interest

If you’re a new customer, you can get a very competitive Simplii High Interest Savings Account rate of 6% for the first 5 months. At the time of writing, that’s the best savings account interest rate in Canada.

• No monthly fee or minimum balance requirement

You don’t have to worry about a monthly fee or transaction fees eating away at your account balance. There’s also no need to keep your balance above a minimum level—you earn interest on every dollar in your account.

• Easy online and mobile access

Simplii Financial offers user-friendly online and mobile banking platforms, so you can manage your money whenever and wherever it’s convenient for you. You can also set up automatic deposits from your chequing account to help grow your balance faster.

• Quick online registration

Sign up for a Simplii High Interest Savings Account in less than 5 minutes by completing an application online or on your smartphone.

• Referral bonus

Earn $125 when you refer a friend to Simplii and they set up an account (they'll earn $50, provided you both meet certain eligibility criteria). 

What are the downsides?

• Low standard rate—as little as 0.35%

Once the 5-month promo period ends, the account reverts to a much lower standard interest rate. This rate is as low as 0.35% if you have a balance of $50,000 or less.

• High promo rate is only for new customers

The 6% promo interest rate offer is only available for new Simplii customers. So, if you’re already a customer, you’ll need to settle for the much lower standard interest rate.

• No ATM withdrawals or e-Transfers

You won’t be able to withdraw money from your Simplii High Interest Savings Account from an ATM using your debit card. You also can’t send an e-Transfer from your account when you want to send money to family or friends.

• No physical branches

Simplii is a digital bank and does not have any brick-and-mortar branches. So, if you like the option of being able to visit a branch for face-to-face customer service, this isn’t the account for you.

• Not available in Quebec

Simplii Financial’s products are not available in Quebec, so Quebecois will need to look elsewhere when searching for a savings account.

Related: Best high interest savings accounts in Canada

Compare with other savings accounts

Does the Simplii High Interest Savings Account have a minimum balance?

No, there is no Simplii High Interest Savings Account minimum balance requirement. You earn interest on every dollar deposited into your account.

But once the promo period ends after 5 months, please note that the size of your balance will affect the interest rate you get. The larger your balance, the higher your rate.

What is Simplii Financial?

Simplii Financial is a digital bank with no physical branches. Founded in 2017 and headquartered in Toronto, it’s a division of CIBC, one of Canada’s Big Five banks.

In addition to this savings account, it also offers a No Fee Chequing Account, a Cash Back Visa Credit Card, USD and foreign currency savings accounts, GICs, personal loans, mortgages and more.

Is my money safe with Simplii Financial?

Yes. Simplii Financial is a division of CIBC, a Big Five bank with roots dating as far back as the 1860s. CIBC is also a member of the Canada Deposit Insurance Corporation (CDIC), so up to $100,000 of what you deposit in your High Interest Savings Account is covered by CDIC insurance.

How does the Simplii High Interest Savings Account compare to other banks?

In terms of promotional savings account interest rates, the Simplii High Interest Savings Account is a standout performer with its 6% intro rate. Notable promo rates on offer from other major financial institutions include:

• 5.4% for the first 5 months with a Tangerine Savings Account
• 4.75% until February 28 with a BMO Savings Amplifier Account
• 5.75% for the first 4 months with a CIBC eAdvantage Savings Account
• 5.4% for the first 3 months with a Scotiabank MomentumPLUS Savings Account

But in terms of standard ongoing rates, Simplii’s account can’t keep up with the competition. While it pays between 0.35% and 1.45% on balances of $1,000,000 or less, you can lock in a better standard rate elsewhere, such as:

• 3.5% with an EQ Bank 10-Day Notice Savings Account or 3.65% with a 30-Day Notice Savings Account
• 5% with KOHO Earn interest
• 3% with a Neo High Interest Savings Account
• 4% with a PC Financial PC Money Account
• 2.75%–3.75% with a Wealthsimple Cash Account

Simplii Financial reviews and ratings

Apple App Store reviews	4.2/5 stars based on over 12,000 Simplii Financial reviews
Google Play reviews	4.4/5 stars based on over 17,000 Simplii Financial reviews
Trustpilot reviews	2/5 stars based on 680 Simplii Financial reviews
Customer reviews verified as of	November 4, 2024

The Simplii Financial app has relatively high ratings on both Apple’s App Store and Google Play, where it has average ratings of 4.2 and 4.4 out of 5 stars, respectively. For comparison, these Simplii app ratings are on par with ratings for TD’s app, but a little higher on average than CIBC’s banking app.

We also looked at Simplii Financial’s BBB profile, and, like other banks in Canada, it has a low rating—an overall F rating and 1.61 out of 5 stars based on 70 Simplii reviews. But before that puts you off of signing up with Simplii, keep in mind that almost all banks in Canada have similarly low ratings on the BBB.

For example, both Scotiabank and RBC have F ratings on the BBB. You’ll also see the same trend on sites like Trustpilot for Simplii and other Canadian Banks.

That said, positive Simplii Financial reviews on those sites mention great customer service, while unflattering reviews mention factors like poor customer service and having accounts frozen.

What do people on Reddit say about the Simplii High Interest Savings Account?

Feedback for Simplii Financial on the r/PersonalFinanceCanada Reddit is similarly mixed. While some reviewers complain about poor customer service and frustrating account issues, others report receiving helpful customer service and having no issues using Simplii accounts and products.

How do you open a Simplii High Interest Savings Account?

Here’s how to open a Simplii High Interest Savings Account:

1. Go to Simplii’s website and select Open an account.
2. Specify if you are already a Simplii digital banking client. If not, you’ll need to continue with the following steps.
3. Complete the Simplii High Interest Savings Account application, which includes providing your name, email address, Social Insurance Number and birth date.
4. Upload your personal documents to verify your ID.

Bottom line

The Simplii High Interest Savings Account offers the best promo rate around, so it’s well worth checking out if you want to give your savings a big short-term boost. But if you’re looking for an account with a high ongoing interest rate, you’ll probably want to consider other options.