Earn Up to $600 with Simplii Financial

Affiliate disclosure: I earn a referral bonus if you sign up via my link. The product recommendation is based on personal use.

Simplii Financial is a CIBC subsidiary and CDIC member — so your deposits are federally insured up to the standard limits. The practical appeal is straightforward: no monthly banking fees, a no-fee chequing account, and a referral structure that currently offers up to $600 combined when both parties qualify.

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What You Get

No monthly fees. The No-Fee Chequing Account has no minimum balance requirement and no monthly fee. For anyone paying $10–20/month for banking they barely use, this alone recovers the switching cost quickly.

$400 welcome bonus. New clients who set up a recurring direct deposit (payroll or government income) within 90 days of opening receive a $400 cash deposit. The direct deposit needs to happen at least once; the bonus posts within 15 business days.

$100 credit card cash back. Simplii's No-Fee Cash Back Visa offers $100 back on the first $500 in eligible purchases within the first 4 months. After that, it reverts to 0.5%–4% cash back on ongoing spend by category.

How to Qualify

Requirements for the $400 bonus:

• Open a new No-Fee Chequing Account (not eligible if you've held a Simplii account before)
• Set up a direct deposit of any amount from an employer or government source
• Direct deposit must occur within 90 days of account opening

Requirements for the $100 credit card bonus:

• Apply for and be approved for the No-Fee Cash Back Visa
• Spend $500 across eligible categories within the first 4 months

My Experience

I switched over as a secondary banking account initially. The account opening was fully online and took under 20 minutes. CIBC's back-end means ATM access is widespread across Canada. The app is functional — not flashy, but reliable for transfers, e-transfers, and deposit tracking.

The direct deposit qualification was the only friction point: you need to change your payroll destination, which takes a pay cycle. Plan accordingly if you want to hit the 90-day window.

Why This Is Worth Considering

Most Canadians are paying monthly banking fees for accounts that offer nothing meaningful in return. Simplii eliminates that cost while keeping you within a federally regulated institution with full CDIC coverage. The $400 + $100 bonus structure essentially pays you to try it for four months.

If you're already with CIBC, this doesn't add much — but for everyone else, the math is straightforward.

Open Simplii account →