[Simplii Financial] New customer - Up to $550 SignUp Bonuses (needs direct deposit) - No QC - Expires October 31
- Deal Link:
- October 31, 2022
- Simplii Financial
UPDATE 2 - 8/9/2022: Simplii Financial™ Cash Back Visa Card $150 Bonus on Activation
UPDATE 3 - 22/9/2022: Simplii updated the offer from 3.85% to 4.75% HISA interest now!
There have always been new banking offers, but this is RFD and it's great when we have deals that we can actually use long term.
1) Chequing account
I personally have switched out of a brick and mortar bank about 5+ years and don't regret it. I have both Tangerine & Simplii and have been able to work through 99% of my transactions all fee free!
2) Savings account
There are better one time offers but Simplii (& Tangerine) occasionally keep offering interest rate promotions. As an example, I have been offered a 3.85% promo last month to match this sign up bonus offer anyway
3) Great restaurant Visa card, keep reading for more details.
I hope this helps.
Offer 1 - Chequing account - Earn $350
Open a No Fee Chequing Account by October 31, 2022
Add an eligible direct deposit of at least $100 a month
for 3 straight months.
Offer 2 - Earn 4.75%
Open a High Interest Savings Account
Earn a special 4.75% interest rate until October 31, 2022.
Offer 3 - Possible preapproval for a No Fee: $150 sign up bonus + 4% restaurant/fast food/coffee shop/pub cash back Visa on going
This will incur a hard credit check, at least it used to but I believe that allows you to potentially get pre-approved for their Cash Back Visa Card.
UPDATE - 8/9/2022: Simplii Financial™ Cash Back Visa Card $150 Bonus on Activations. Credit to @Babak for this thread spotting this deal: https://forums.redflagdeals.com/simplii ... 2-2564272/
Terms & FAQ that I found useful:
EDIT 1: Thought I would share some rules around referral links since I think many of you are using it for the extra $50 (making this offer worth $400). Here are some important T&Cs:The Simplii Financial™ No Fee Chequing Account $350 offer (the “Offer”) begins on February 1, 2022 at 12:01 am ET and ends on October 31, 2022 at 11:59 pm ET (the “Offer Period”). The Offer consists of a $350 cash reward (the “Cash Reward”) to qualifying primary account holders for opening and using a new Simplii Financial™ No Fee Chequing Account (the “New Account”) and complying with the following requirements.
This Offer is open only to Canadian residents who:
(i) have reached the age of majority in their province of residence; and
(ii) have no prior banking relationship with Simplii Financial prior to the beginning of the Offer Period.
This Offer can be combined with all other offers unless otherwise indicated. Individuals who meet the foregoing eligibility requirements and otherwise comply with these Terms are referred to as “Eligible Client(s)”.
2. Offer Requirements
To qualify for the Offer and receive the Cash Reward, an Eligible Client must:
(i) open a New Account as the primary account holder during the Offer Period;
(ii) within 120 days from the date the New Account is opened, set up one or more Eligible Recurring Direct Deposits totaling at least $100 of deposits per month into the New Account; and
(iii) have such Eligible Recurring Direct Deposit(s) credited to the New Account for at least three (3) consecutive months within the above 120-day time period.
“Eligible Recurring Direct Deposits”: Most automated and recurring direct deposits are eligible. Examples of common recurring direct deposits include: payroll, pension direct deposits, old age security, disability payments, and governmental deposits, such as employment insurance.
3. Delivery of the Pre-Approval Offer
If an Eligible Client qualifies for the Pre-Approval, a message will appear in the Eligible Client’s mobile and online banking, notifying the Eligible Client of the Pre-Approval, and next steps and additional conditions to apply for the New Card (the “Notification”). While “pre-approval” means that Simplii Financial has reviewed the available criteria to determine that you are a strong candidate for a New Card, “pre-approval” is not automatic approval for the New Card, and Eligible Clients will still have to follow an application process following receipt of the Notification.
https://www.sc.pages02.net/lp/39688/492 ... uly_20.pdf...
(ii) The Friend is a new Simplii Financial client with no prior banking relationship with
Simplii Financial since November 1, 2017;
a. For No Fee Chequing Account or High Interest Savings Account: The Friend
makes a deposit of at least $100 within six months after account opening and
maintains a minimum account balance of $100 for at least 30 days
EDIT 2: I just put in a post about how I managed the concerns over moving to an online bank only, thought I should post the content here as well for visibility:
For anyone on the fence, here's a strategy I used to overcome the doubts and concerns over shifting to an online bank:
a. Can I trust them?
Remember, this is just the online business unit of the Big 5!
Simplii = CIBC (your Simplii cheque institution numbers even show as CIBC )
Tangerine is a subsidiary of Scotiabank
So these are not startup/fintechs, they are not going to run away with your money
Also they operate with the same standards, Simplii's software is identical in every way to CIBC's online banking and mobile app, its exactly the same except for the colour scheme
Also your money has the identical CDIC insurance, just like at the Big 5, it's no different. Search 'Simplii' if it gives you peace of mind:
https://www.cdic.ca/your-coverage/list- ... titutions/
b. How do I get started?
Have a plan to keep both your new account as well as the old one, open for 12 months.
So this would mean, you would open your online bank account, either this Simplii deal, or Tangerine if that's what you prefer.
Then try to move everything over to this online bank, examples:
-Add all the bill pay entries
-Move all/most money in here (you get the 3.85% savings rate to benefit from).
-Move payroll, it's part of the promo anyway.
-Then update your PAD entries.
Basically, if you ever log into your old bank, either:
-Stop and do the transaction with the new bank
-Update the PAD instructions to pull off the new bank (Simplii)
-If not (e.g. short on time), make a note & set a reminder to look into it later so you don't repeat yourself.
-Eventually you will transfer everything over to the Simplii (or anyone else that's online and no no fee like Tangerine).
Overall keep an eye out so that there's absolutely zero activity as soon as possible in your old bank.
c. Count up your fees you spend annually
-Fees can be the usual charges that get posted monthly.
e.g. 15/month * 12 = $180/year. Ask yourself, are you getting the equivalent benefit in services for this cost?
-Fees can be indirect as well, e.g. CIBC 'waives the fee' if you maintain a minimum balance if you keep either $4000 o $6000 based on the account type. If it's $6000, ask yourself how much is this costing me?
One way to look at it is, there's a credit union that I use in Manitoba and they offer 4.25% in a 1 year, redeemable GIC.
So if you do some quick math, $6000 would have earned you $255 annually, costing you effectively $21.25/month to keep $6000 in a bank account just to waive the fee.
The point: Balances to waive bank fees in the Big 5 banks, it's not free, there's a cost to it.
After the 12 months, or 2 or 3 months after you are feeling very confident and exclusively using your online bank account, close it!
At this point you have proven you don't really need the old bank account, you have not used it in months!
Most online bank transactions cater to 99% of people's average daily tasks but not everything is perfectly the same. Examples of things that might be a challenge.
1. Getting a bank draft: In a big 5 you would walk in and they would prep it for you right away.
With Simplii, you have to call into the call center, then they arrange for the funds to be transferred to the nearest CIBC (electronically, internally within their system).
Then you go to CIBC and pick up your draft.
Time: approx, next business day.
So if you are closing on a home, open up a big 5 account before you start making offers.
Tangerine couriers the draft to you in a few days.
2. In person tellers are not accessible for transactions.
I've never really found a concern for this, but just sharing.
I hope this helps, I thought I should share how I moved out of a Big 5 bank years ago and never looked back!