With the Simplii No Fee Chequing Account, you get free daily banking. That includes unlimited free transactions, no minimum balance, and no monthly fee. What more could you ask for? You can even earn interest on your balance.
However, this doesn't mean that this account is perfect, nor will it suit everyone's needs. Even for a free chequing account, which are typically very basic, there are a few areas where improvements can be made. Unfortunately, Simplii Financial doesn't operate in Quebec.
Simplii No Fee Chequing Account features
Here's an overview of everything the Simplii No Fee Chequing Account has to offer.
Why You Want It
$50 GeniusCash + Earn $300 and a $50 Skip gift card + Unlimited free transactions for no monthly fee.Special Features
- Free access to CIBC ATMs
- Send money internationally for free
- Valuable referral bonuses
Eligibility
- Resident of Canada
- Age of majority
Provinces
AB, BC, MB, NB, NL, NS, NT, NU, ON, PE, SK, YT
Features
Minimum Balance To Waive Fee
$0
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$0.00
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
$350
Promo End Date
October 31, 2025
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
0.01%
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
Terms
* Limits apply.
Simplii No Fee Chequing Account product rating: 2.8 stars
The Simplii No Fee Chequing Account is the ideal option for someone who's just looking for a bare bones account that will never charge them for normal everyday transactions. You don't have to worry about getting dinged for extra transactions or paying a monthly fee – for most people, it'll be a completely free account.
But do keep in mind that you can be charged fees in specific situations, like going into overdraft or using a non-affiliated ATM. And don't expect all the fancy bells and whistles of the more premium accounts – a free account means you just get the basics.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of the Simplii No Fee Chequing Account
The best part about the Simplii No Fee Chequing Account is that for most people, it's 100% free. But there are other perks too – take a look.
Pros
Score a $50 GeniusCash bonus when you open your account
Want even more reason to open your new Simplii account? When you use the moneyGenius offers page to open your account, you'll get $50 GeniusCash sent directly to your bank or PayPal account.
Impressive welcome bonus of $300 + a $50 Skip gift card
Simplii is currently running promo where you can earn a $300 bonus + $50 Skip gift card if you’re a new client and open a No Fee Chequing Account. You just have to make eligible direct deposits of at least $100 for 3 months straight. Once you've done that, you'll get $300 and a $50 Skip gift card. While this particular offer expires on January 31, 2026, there's almost always some kind of welcome bonus offered for new account holders.
No monthly fee or minimum balance requirement
This free chequing account costs nothing to keep open from month to month, which can mean a huge savings over the course of the year. And you don't need to keep a certain amount of money in your account in order to keep it free. Other chequing accounts require minimum balances as high as $6,000 but the Simplii No Fee Chequing Account keeps it free no matter the balance.
Free and unlimited transactions
With this Simplii account, you don't have to worry about making sure you don't go over your monthly transaction limits. All transactions are free, including debit purchases, CIBC ATM withdrawals, Interac e-Transfers, and bill payments.
Earn interest on your balance
Most people don't expect to earn interest on their chequing account balance, but it's a standard feature of the Simplii No Fee Chequing Account. Balances up to $100,000 earn 0.01% interest, but balances between $100,000.01 and $500,000 earn 0.1%.
Free international money transfers
Thanks to the Simplii Financial Global Money Transfer tool, you can send international money transfers without incurring any transfer fees or deductions. Sending money internationally can get expensive quickly, so this is a nice perk to have on a no fee account.
Free access to over 3,400 CIBC ATMs
Since Simplii is owned by CIBC, you can use all of the big bank's ATMs in Canada for no extra fee. This helps turn your online bank account into something even more practical and accessible.
Get up to $125 in friend referrals
If you tell your friend about Simplii and they sign up, you both get cash. You pocket a cool $125, while they snag $50. And here's the kicker: there's no cap on how many friends you can refer. It's a way sweeter deal than your average refer-a-friend program, putting Simplii in a league of its own.
The cons of the Simplii No Fee Chequing Account
But there are some things to look out for with the Simplii No Fee Chequing Account, including hidden fees.
Cons
Going into overdraft can be costly
If you happen to go into overdraft, you'll be charged $4.97 for each month your account is overdrawn. On top of that, the amount you're in overdraft for is considered a type of loan, so you'll be charged 19% interest until you get your account out of the red. This is pretty standard procedure for chequing accounts, but it's still important info to be aware of.
Extra fees on non-affiliated and international ATMs
Though you can avoid extra fees on CIBC ATMs, you'll still be charged fees if you use ATMs that don't belong to CIBC or that aren't in Canada. These fees can be up to $3, which can add up if you make several transactions.
No extra bells and whistles
The Simplii No Fee Chequing Account has a lot going for it, but it doesn't have the extra bells and whistles that you can find on some of the most premium bank accounts out there (take the Scotiabank Ultimate Package for instance).
Not available in Quebec
Unfortunately, neither the Simplii No Fee Chequing Account nor any of Simplii's other excellent products (including the Simplii Financial Cash Back Visa Card) are available to residents of Quebec. We hope that this changes soon, but we're unaware of any progress currently being made in this area.
Simplii No Fee Chequing Account alternatives
Here's how the Simplii No Fee Chequing Account compares to other chequing accounts on the Canadian market.
 |  |  | |
|---|---|---|---|
| Account | Scotiabank Preferred Package | BMO Performance Chequing Account | Coast Capital Elevate Chequing Account |
| Genius Rating | |||
| Why You Want It | $100 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases. | $50 GeniusCash + Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. | $125 GeniusCash + New members can get $400** when they open and use an Elevate Chequing Account.
|
| Minimum Balance To Waive Fee | $4,000 | $4,000 | N/A |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $16.95 | $17.95 | $16.95 |
| Excess Transaction Fee | N/A | N/A | N/A |
Show More | |||
| I Want This Deal See more Scotiabank products Compare | I Want This Deal See more BMO products Compare | I Want This Deal See more Coast Capital Savings products Compare |
FAQ
Is Simplii a good bank?
Yes, Simplii is a safe, Canadian online bank that's CDIC insured. It offers a variety of products, including a no fee chequing account, no fee cash back credit card, a high interest savings account, and more.
Are CIBC and Simplii the same bank?
They are not the same bank, but CIBC does own Simplii Financial. They offer different products and services, but with some overlap (for instance, you can access CIBC ATMs with your Simplii Financial debit card).
Does Simplii charge monthly fees?
Simplii doesn't charge monthly fees for any of its bank accounts, including the Simplii No Fee Chequing Account. Other banks can charge up to $30 each month, which means an account with Simplii can save you $360 per year.
What is the interest rate on the Simplii No Fee Chequing Account?
The Simplii No Fee Chequing Account has a max interest rate of 0.1% for balances between $100,000.01 and $500,000. Balances above or below this will earn 0.01%.
How do I open a Simplii No Fee Chequing Account?
Since Simplii is an online-only bank, you'll have to head to their website to open a Simplii No Fee Chequing Account. Right now, new account holders can earn a welcome bonus of up to $350.
What's included in the free transactions of a Simplii No Fee Chequing Account?
Your free transactions include debit purchases, ATM withdrawals, Interac e-Transfers, and bill payments. Just note that some ATMs may charge you a convenience fee, which is not something Simplii waives. Stick with CIBC-affiliated ATMs to avoid this charge.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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