With a promotional interest rate of 4.5% for the first 5 months, opening a Simplii High Interest Savings Account is certainly an enticing option. You’ll also get no monthly fees, free transfers to other Simplii accounts, and CDIC protection from CIBC.
After the promotional interest period is over, you’ll receive a tiered interest rate based on your account balance, starting at 0.3% up to 1.5%. The maximum rate is only achieved if you have a million dollars in your account. Along with these middling interest rates, you don’t have any transaction options. Let’s take a closer look at the ins and outs of this account.
Simplii High Interest Savings Account features
Here's an overview of what you can expect from this high interest savings account:
Why You Want It
Get a 4.5% special interest rate + $125 refer-a-friend bonus.
Special Features
- Refer a friend for $125
- Very impressive promo interest rate
Eligibility
- Resident of Canada
- Age of majority
Provinces
AB, BC, MB, NB, NL, NS, NT, NU, ON, PE, SK, YT
Interest Rates
$0 - $50,000
0.3%
$50,000.01 - $100,000
0.5%
$100,000.01 - $500,000
0.6%
$500,000.01 - $1,000,000
0.75%
$1,000,000.01+
1.5%
Features
# Of Free Transactions
0
# Of Free Interac E-Transfers
0
Max Promotion Rate
4.5%
Welcome Bonus Value
N/A
Promo End Date
January 31, 2025
Simplii High Interest Savings Account product rating: 2.4 stars
The Simplii High Interest Savings Account is extremely useful for Simplii Financial customers who want a safe place to put some money they don't want to accidentally spend. To top it off, it's completely free to move your money between your chequing account.
But your transaction options are limited with no Interac e-Transfers or debit capabilities, and the base interest rate of 0.3% leaves some room to be desired.
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 High Interest Savings Account
The Simplii High Interest Savings Account is a simple and free place to store some money. Let’s walk through its benefits:
Pros
4.5% interest for the first 5 months
The main draw of the Simplii High Interest Savings Account is its promotional interest rate of 4.5% for the first 5 months (on eligible deposits up to $200,000). This is an excellent rate and can help build your savings right off the bat.
No monthly fees
Though this is standard for savings accounts, you never have to worry about paying a monthly fee, since this account is 100% free to use, no matter your balance.
$125 friend referrals available
If you refer your friend to Simplii and they open up a savings account, you'll earn a whopping $125 and they'll earn $50. The best part is there's no limit to how many friend referrals you can earn. This is much higher than typical refer-a-friend offers and makes Simplii stand out from the crowd.
Backed by CIBC bank
Simplii Financial is a division of CIBC, one of the big 5 banks in Canada. It’s good to know that this digital bank has the support of a reputable institution, and along with it the CDIC insurance to protect your deposits.
The cons of the Simplii High Interest Savings Account
With all that said, the Simplii savings account doesn't offer the highest regular interest rates and only has one way to access your money. All the major downsides are listed below:
Cons
Low regular interest rate of 0.3%
The earn rate on the Simplii savings account is tiered, which means that most people will be receiving the lowest rate of 0.3% on their balance, which isn't exactly what most people would call a "high" interest rate. Here's how the tiers work out:
- Up to $50,000: 0.3%
- $50,000.01 to $100,000: 0.50%
- $100,000.01 - $500,000: 0.60%
- $500,000.01 - $1,000,000: 0.75%
- $1,000,000.01 and up: 1.5%
High minimum balance to earn the top rate of 1.5%
Though the max interest of 1.5% is really attractive, you'll only be eligible for it if you have more than a million dollars in your account. When you have that much money sitting around, you're probably working with a wealth management company, which probably won't be advising you to stash your cash in a digital savings account.
No Interac e-Transfer or debit capabilities
The only way you can get money in and out of your Simplii savings account is by transferring it to or from your Simplii chequing account. That means you can't complete Interac e-Transfers, debit transactions, ATM transactions, or other similar activities with this account. Though this will help you keep the money in savings, it would be nice to have the money a bit more accessible.
$20 inactivity fees
If you don't use your account for 2 years, your balance will start getting yearly charges of $20, starting the following year and continuing for up to 9 years. It can be pretty easy to forget about a savings account, especially if you don't have automatic deposits set up, so make sure you keep it at the back of your mind to check in every once in a while.
Your savings calculator
Wondering how much interest you could earn if you kept your savings in a Simplii savings account?
Use our instant savings calculator below to see the impact of the promotional 4.5% rate and standard 0.3% interest rate on your savings.
Savings Info
Simplii High Interest Savings Account alternatives
Here's how the Simplii High Interest Savings Account compares to some other options you have on the Canadian market.
 |  |  | |
|---|---|---|---|
| Account | Tangerine Savings Account | EQ Bank Personal Account | Scotiabank Money Master Savings Account |
| Genius Rating | |||
| Why You Want It | Start out strong with 4.5% interest + No minimum balance. | One of the highest interest rates at 2.75%* + Free Interac e-Transfers. |  $50 GeniusCash + Automatically save with every debit purchase through Bank The Rest. |
| Interest Rates |
|
|
|
| # Of Free Transactions | 0 | Unlimited | 0 |
| # Of Free Interac E-Transfers | 0 | Unlimited | 0 |
| Max Promotion Rate | 4.5% | N/A | N/A |
| Welcome Bonus Value | N/A | N/A | N/A |
| Promo End Date | October 31, 2025 | N/A | N/A |
| Open an account See more Tangerine products Compare | Open an account See more EQ Bank products Compare | I Want This Deal See more Scotiabank products Compare |
FAQ
What is the Simplii High Interest Savings Account rate?
The Simplii High Interest Savings Account starts at a regular rate of 0.3% for accounts with a balance of $100,000 or less, and increases in tiers. To receive the maximum interest rate of 1.5%, you must have $1,000,000.01 in your account.
What is the current Simplii High Interest Savings Account promo?
The current Simplii High Interest Savings Account promo is 4.5% interest on your balance for 5 months. This promotion is available for all first-time account holders.
What transaction types are available on the Simplii High Interest Savings Account?
The only way to access your money in your Simplii savings account is by transferring to or from your Simplii chequing account. But the good news is that's completely free to do, and your chequing account is also free (with free unlimited transactions).
Does the Simplii High Interest Savings Account have a minimum balance?
The Simplii High Interest Savings Account has a minimum balance in order to achieve the top interest rate, but it doesn't have a minimum balance requirement to keep the account free or to earn a base amount of interest (currently 0.3%).
Does the Simplii High Interest Savings Account have a monthly fee?
No, like most savings accounts, the Simplii High Interest Savings Account doesn't have a monthly fee. That said, do make sure you keep the account on your radar – or else you'll start to incur yearly $20 charges if you don't use the account for 2 years straight.
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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