Simplii is a Canadian 🇨🇦 digital bank with no physical branches. It is part of the major bank CIBC, so there is no need to worry about its safety. It is also a CDIC member, which means each account is insured for up to $100,000.

Blog referral application link; open an account through the referral link to receive an extra $50.

Simplii Financial digital banking information

Advantages

  • As a digital bank, it charges almost no account fees
  • It often attracts potential new customers with relatively generous account-opening bonuses and high deposit rates
  • It also often offers higher deposit rates to retain existing customers, somewhat like Tangerine
  • Its credit card has several distinctive features
  • Compared with other Canadian institutions, its referral bonuses are relatively generous. Referral rewards fluctuate between $50 and $125

The only concern is the lack of physical branches for cash withdrawals. Simplii solves this well: you can withdraw cash at more than 3,400 CIBC ATMs across Canada.

1️⃣ No Fee Chequing Account

Setting up direct deposit of at least $100 for three consecutive months qualifies you for a $400 account-opening bonus. The $50 referral bonus requires depositing $100 after opening the account. Common direct deposits include:

  • Salary
  • Pension
  • Canada Child Benefit
  • Tax refunds

【Update】 Thanks to Jason W and NIUBAO for discussing and sharing this information! How can you transfer money into and out of a new Simplii chequing account?

  1. You can write a personal cheque, deposit it through the mobile app, and transfer the money out by Interac e-Transfer.

  2. For larger amounts, it is better to add an external account and move money between the accounts.

  • Based on previous experience, you had to mail a paper void cheque to Simplii, where staff would add the external account. This was time-consuming and inconvenient.
  • You can also call customer service and ask them to provide a secure link, then submit the void cheque online. This usually takes two or three business days.

2️⃣ High Interest Savings Account

The new Simplii savings account pays 4.5% for five months, up to $200,000.
The promotion ran through January 31, 2026; apply through the referral link.

3️⃣ Credit Card

This card has several distinctive features and is not difficult to qualify for. As a no-annual-fee dining card, it is a solid option.

Simplii Financial Cash Back Visa Card

Simplii Financial Cash Back Visa Card
  • No annual fee
  • 4% cash back on dining
  • 1.5% cash back on gas and groceries
  • ⚠️ The elevated cash-back rates on dining, gas, and groceries apply only to the first $15,000 of annual spending

➡️ A solid no-fee dining card for consumers who like a simple, straightforward cash-back setup.

  • Everyday spending earns just 0.5% cash back
  • There are no other notable insurance benefits or perks
Previous welcome offers

October 31, 2024: $150 welcome offer — 10% cash back on dining (up to $50) plus a $100 gift card.

September 7, 2023: $100 welcome offer — a $50 Skip gift card plus 10% cash back on dining, on up to $500 in spending.

April 1, 2023: $50 welcome offer — 10% cash back on dining for the first four months, on up to $500 in spending, plus a 9.99% introductory interest rate for the first three months.

4️⃣ Student Banking Offer

The current account-opening bonus is also $400, subject to setting up direct deposit.

5️⃣ USD Savings Account

【August 1, 2024 update】 A promotional email offered new customers and targeted existing customers a 5.75% USD savings rate through November 30.

You can:

  • Transfer funds between your Simplii CAD and Simplii USD accounts at great exchange rates
  • Send U.S. dollars to the U.S. for free
  • Transfer funds between multiple Simplii USD accounts
  • Send a Global Money Transfer (GMT) to over 130 countries
  • Order a bank draft or money order
  • Receive an incoming wire
  • Deposit USD and non-USD cheques into your USD Savings Account

6️⃣ Foreign Currency Savings Accounts

The available currencies are Chinese yuan, euros, pounds sterling, Indian rupees, and Philippine pesos; all have a 0% interest rate.

Available operations include:

  • Transfer funds between your Foreign Currency Savings Account and your Simplii Financial line of credit, chequing, or savings account (excluding registered accounts such as RRSPs and TFSAs) at competitive exchange rates
  • Send Global Money Transfers (GMTs) to any country whose official currency is the same as your account—for example, send INR to India or PHP to the Philippines

Historical Updates and Promotions

【February 25, 2026 update】 Simplii’s no-fee credit card offered a $100 account-opening bonus; applying through the cashback site partnered with the blog added another $50.

Direct cashback-site application link🔗

【February 10, 2026 update】 Existing customers received a high-interest deposit promotion at 3.0% through the end of May. This was not particularly high; there might be better targeted promotions. Check carefully whether you received an email from Simplii.

Simplii promotional offer screenshot

【January 25, 2026 update】 Existing customers received a targeted offer: set up PADs of $199 or more in February, March, and April; receive $30 each time, for up to $90 total.

Official promotion page🔗