One of my favorite online Canadian banks is Simplii Financial and I regularly use their no fee chequing account. As the name implies, this chequing account charges no fees on everyday banking.
Currently, new customers that open a Simplii Financial no fee chequing acccount before January 31, 2023 can earn a $350 cash bonus!
So, look no further if you want to learn how to earn FREE money by signing up for a Simplii chequing account.
Benefits of the Simplii Financial No Fee Chequing Account
What’s fantastic about Simplii’s basic no fee chequing account is that there is no monthly fee!!! This is a welcome relief compared to the big 5 Canadian banks who charge between $4 and $31 in monthly fees for a chequing account!
Highlights of their no fee chequing account include:
- No fees on everyday banking. Unlimited debit purchases, bill payments and transfers between accounts all for no monthly fee.
- FREE to use over 3,400 CIBC ATMs. Deposits and withdrawals at any CIBC ATM are FREE (fee of $1.50 to use other Canadian ATMs).
- FREE Interac e-Transfers®. Send money directly to friends and family by email and pay no fee!!
- Interest rate of 0.05%. Simplii offers an interest rate of 0.05% (up to $100,000) and 0.10% if your balance is above $100,000.
- FREE cheques. With Simplii, you can order cheques for free.
- Simplii mobile app for iOS and Android. It’s straightforward to use, has a clear interface and allows you to do almost all your transactions from your phone.
- Mobile cheque deposit. Use the Simplii Financial mobile app to deposit Canadian cheques just by taking a picture of it.
- Connect to mobile wallets. Easily connect your Simplii debit card with Apple Pay, Google Pay or Samsung Pay to pay with your smartphone while on the go.
Also, Simplii offers overdraft protection, pre-authorized bill payments and email alerts. Plus, your deposits with Simplii are insured up to $100,000 with the Canadian Deposit Insurance Corporation (CDIC).
How to open a Simplii Financial account (and earn a $350 sign up bonus!)
It’s quite simple and fast to open a Simplii Financial account online and if you use this dedicated link, you could earn $350!! Sadly, Simplii is not available for residents of Quebec.
To start, you’ll need the following info:
- Personal information including address, phone number & email address
- Social insurance number (SIN)
- Employment information
- Smartphone to download the Simplii app (optional)
- Cheque from your current bank account (optional)
Click on my referral link and you should see the special “Refer a Friend” page. Click on Apply now to start the process.
- Choose which account you want to open (no fee Chequing).
- Confirm you’re a resident of Canada and the intended use for the account.
- Next, enter your personal information (name, SIN, address, phone, email, etc).
- Afterwards, you should receive an email from Simplii with details about how to verify your identity.
Confirm your identity
Next, Simplii has to confirm your identity via 2 options:
A) Write yourself a cheque from your current bank account. You can also use a joint cheque to verify yourself as long as your name appears on the cheque and you sign it.
Confirming your identity by cheque is great because you already start to fund your account and you also link your current bank account with your new Simplii account. Simply snap a picture of the front and back of the cheque, enter a few details and the money is deposited straight away into your account.
Keep in mind that this only applies to cheques in Canadian funds and cheques that are post-dated or missing the signature won’t be accepted.
B) Present yourself in person at a Canada Post outlet with valid ID and reference number.
Lastly, it takes about 5-7 business days to verify your identity and receive your Simplii debit card in the mail.
You’re now ready to start saving money using your new Simplii account!
$350 bonus conditions
The conditions to earning the $350 cash bonus with Simplii Financial are as follows:
- Open a new Simplii No Fee Chequing Account before January 31, 2023.
- Setup a direct deposit of at least $100 per month within 120 days of opening the new account.
- Eligible direct deposits examples include payroll, pension direct deposits, old age security, disability payments, and governmental deposits, such as employment insurance.
- Maintain this recurring (minimum $100) direct deposit for at least 3 consecutive months.
- Payment of the $350 bonus will be made in 6th month following when the account was opened (E.g. Open in Decemeber 2022 with payment in May 2023) and all offer conditions were met.
Summary
When it comes to online banks in Canada, Simplii Financial is certainly one of the best options with their excellent no fee chequing account.
I’ve personally used Simplii’s chequing account for over 17 years now and I’m quite happy with it. I’m able to save on monthly fees, withdraw cash from CIBC ATMs and send FREE Interac e-transfers. I wouldn’t hesitate to recommend Simplii to others who do all their banking online and don’t need to visit a bank branch for their day to day transactions. Read more about my Simplii Financial Review.
Plus, now is a great time to apply for a new Simplii No Fee Chequing Account via this dedicated link as you could earn a $350 bonus!!! But hurry, this offer is only valid until January 31, 2023.
Are you going to apply for a Simplii Financial no fee chequing account? Let me know in the comments below.
Interested in a new Simplii chequing or savings account? Open a Simplii account online with my referral link, to earn a bonus $50.*
*Terms and conditions apply
Affiliate disclaimer: This review is based on my own personal experience with Simplii and is not sponsored by them. My blog contains referral or affiliate links. I receive a small commission at no additional cost to you. Thank you for your continued support.
Simplii is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, please visit the Simplii Financial website.