Simplii High Interest Savings Account
As of October 22, 2026, the Simplii High Interest Savings Account pays 4.50% for new clients for 5 months, then 0.30% base interest.
CDIC insuredRates verified October 22, 2026
Calculate your Simplii Financial interest
Conditions: Only on eligible deposits up to $200,000; offer ends Oct 31, 2026
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Key account terms
The direct banking division of CIBC, offering high promotional rates and no-fee banking.
- Monthly fee
- $0
- Minimum deposit
- $0
- Transactions
- Unlimited
- Transfer speed
- Instant (internal)
Pros and considerations
What we like
- Backed by CIBC
- Free access to 3,400+ CIBC ATMs
- High promo rates for new clients
- Seamless transfers
Watch out for
- Base rate drops after promo
- Québec residents excluded
- No in-person service
Frequently Asked Questions
Everything you need to know about Simplii Financial's savings rates, terms, and account features.
Is Simplii available in Quebec?
No, Simplii Financial is not currently available to Quebec residents.
Can I use CIBC ATMs?
Yes, you can use CIBC ATMs for free to withdraw and deposit.
Is Simplii Financial deposit-insured and safe?
Yes. With Simplii Financial, eligible deposits are insured up to $100,000 per category by the Canada Deposit Insurance Corporation (CDIC). This protection guarantees that your principal deposit and accumulated interest remain safe against institutional failure.
How is interest calculated and paid on the Simplii High Interest Savings Account?
Interest is calculated daily based on your account's closing balance and deposited directly into your balance on the final business day of each month, compounding your yield monthly.
Can I withdraw my money from Simplii Financial at any time?
Yes. Unlike a GIC (Guaranteed Investment Certificate) which locks in funds for a predetermined duration, this high-interest savings account offers complete liquidity. You can transfer money out at any time without penalty or loss of earned base interest.
How is interest earned at Simplii Financial taxed in Canada?
In non-registered accounts, interest earned is treated as regular taxable income by the Canada Revenue Agency (CRA). Simplii Financial will issue a T5 tax slip if your annual interest exceeds $50 (or upon request for lower amounts). If held inside a TFSA, interest is 100% tax-free.
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