Simplii No Fee Chequing Account review

The basics

Simplii Financial offers free daily banking with its Simplii No Fee Chequing Account.

• Zero monthly fees. Pay no monthly fees to maintain your Simplii Financial chequing account and enjoy free access to over 3,400 CIBC ATMs across Canada.
• Earn interest. You’ll earn between 0.01% and 0.1% interest on any balance you keep in your account (which is rare for a chequing account!).
• Welcome bonus. Earn $500 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends February 28, 2025.
  
• Free transactions. Deposit, withdraw and transfer cash domestically or send money overseas with no additional fees.
• No minimum balance. Open a Simplii chequing account and earn interest with no minimum balance requirements.

The perks

The benefits of having a Simplii chequing account also include the following:

• Fully digital sign up. Get started with a Simplii chequing account in a matter of minutes when you complete an application online or on your mobile device.
• Easy automatic deposits. Set up direct transfers through your payroll, pension or employment insurance quickly and easily.
• Banking on the go. Manage your Simplii Financial chequing account on the go using online banking or the Simplii mobile app.
• Overdraft protection. Add up to $5,000 in overdraft protection to help with unexpected expenses (just be prepared to pay interest for this feature).
• Referral bonus. For a limited time, earn $125 when your friend opens a No Fee Chequing Account or another eligible account with your unique referral link. Your friend can earn $50.

What to watch out for

Consider the following drawbacks before opening a Simplii chequing account:

• Welcome offers for new members only. You can only take advantage of a welcome offer if you’re a brand new customer with Simplii Financial.
• Online only. You won’t be able to visit a physical location to manage your Simplii Financial chequing account, since Simplii is an online-only bank.
• Not available for certain clients. You won’t be able to open a Simplii No Fee Chequing Account if you’re a business client or you live in Quebec.
• Interest on overdraft. You’ll pay 19% interest whenever you dip into your overdraft protection.

Related: Compare more digital banking platforms

What should I know before I apply?

To open a Simplii No Fee Chequing Account, you’ll need to meet the following criteria:

• Be a resident of Canada with a valid Social Insurance Number (SIN)
• Be at least the age of majority in our province or territory (18 or 19)
• Have an email account
• New customers must provide proof of address with their name, government ID with their signature and a selfie for ID verification.

Compare with other chequing accounts

How do I open a Simplii No Fee Chequing Account?

Follow these steps to open a Simplii No Fee Chequing Account:

1. Visit Simplii Financial's website and select Join Simplii.
2. Select the Simplii No Fee Chequing Account, and indicate if you want overdraft protection.
3. Complete the application with basic info like your country of residency, account purpose, name, birth date and SIN. Submit your application.
4. For new customers, email copies of your government ID, proof of address and selfie to Simplii.

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Bottom line

The Simplii No Fee Chequing Account is a fee-free account with a generous welcome bonus, unlimited free transactions and the chance to earn interest on your balance. You can sign up for an account in minutes, but only new customers can get the welcome offer.

Related: Explore new bank account offers