Types of Simplii deposits

Simplii offers savings accounts for any purpose, a range of investment accounts for accumulating funds for retirement and education goals, and a chequing account for everyday spending. All with no fees and interest earned.

1. High-Interest Savings Account with no serving fee or minimum balance and great interest rates — 0.40% on daily balance paid monthly.

   The Special offer will give you 3% interest if you are a new client.

   This account is not made for everyday banking: you can't make purchases or use ATM with it; the only option is to set up automatic deposits. But in general, you can open a No Fee Chequing account for daily spending.

2. USD Savings Account allows you to transfer funds from your Simplii Financial Canadian Dollar accounts to your USD Savings Account at great rates and deposit USD and non-USD cheques with no monthly service fees.

   But you can't make purchases, withdrawals, or cash deposits; ATMs are also unavailable. However, you can still order a bank draft or money order using online banking.

   For free, you may send money to more than 130 countries worldwide with a Global Money Transfer.

   USD without converting currencies. The interest rate is 0.10% on any balance. There is no minimum balance required.

3. TFSA (Tax-free Savings Account) with no fee and minimum balance used for any long or short-term goal and opportunity to get tax-free interest and investment income.
4. RRSP (Registered Retirement Savings Plan) with no fee and a great interest rate to save for your retirement.
5. RESP (Registered Education Savings Plans) to save for children's post-secondary education and be eligible for government grants.
6. Simplii chequing account is the No Fee Chequing Account with no service or monthly fees. Also, you may find special programs for students, international students, and people who are new to Canada.

All Simplii deposits under $100,000 are protected by the Canadian Deposit Insurance Corporation (CDIC).

Requirements

To be eligible for a savings account, you should:

• Be a Canadian resident
• Be of the age of majority (18 or older according to your province)
• Have a valid SIN
• Provide a Digital Signature

Pros and cons

Pros

• No monthly fee options
• No minimum balance
• Great daily interest rates
• Use for any purpose
• Manage online

Cons

• No business chequing or savings accounts
• Other fees may be charged
• No withdrawals, cash deposits, and ATM usage for US$ savings
• Interest rates are not the best

How to make a deposit?

You could deposit cheques and cash at a CIBC ATM. Or deposit cheques through the Simplii Financial Mobile Banking App.

Cash deposits and ATMs can't be used for a USD Savings account. To fund this account, transfer funds from your No Fee Chequing Account, High-Interest Savings Account, Personal Line of Credit, Secured Line of Credit, or send a wire transfer from the account at another financial institution.

To set up a direct deposit, complete a direct deposit form and give it to your employer or government agency. A direct deposit form is available through Online Banking. Recurring Direct Deposits include payroll, pension direct deposits, old age security, disability payments, and governmental deposits, such as employment insurance.

For more information, call 1-888-723-8881.