Reviewed by Jen, founder of MoneyMint · Updated September 25, 2026

Simplii FinancialHigh-Interest Savings

Simplii Financial High Interest Savings Account

Q: Is there a minimum balance required for the Simplii Financial High Interest Savings Account?

$0 -- no minimum balance required to open or avoid fees.

Our take: the strongest promotional rate we track — 4.60% for five months on up to $200,000 — with no fee and no notice period; plan to move the money when the promo ends.

#2 Best savings

At a glance4.60% promotional rate on deposits up to $200,000 for your first 5 months (new clients only)

Open an account on Simplii Financial’s site →

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Our review

The Simplii Financial High Interest Savings Account is a no-fee, no-minimum-balance savings account from Simplii, the digital banking division of CIBC. New-to-Simplii clients can earn a promotional 4.60% rate for their first 153 days (about 5 months) on deposits up to $200,000, then the balance moves to Simplii’s standard tiered rate. It isn’t available to Quebec residents, and it doesn’t come with its own debit card — you’ll need to pair it with Simplii’s No Fee Chequing Account (or another bank account) to move money in and out.

2.5out of 5

MoneyMint rating

#7 of 13 savings accounts · How we rate

Regular rate

1/10

Promotional rate

10/10

Fees and minimums

10/10

Access and liquidity

10/10

Cash bonus

0/10

$30

interest on $10,000 over a year at this account’s effective rate. Compare savings rates →

At a Glance

Monthly Fee

$0no minimum balance required

Account Type

High-Interest SavingsSimplii Financial, a CIBC division; CDIC member

Interest Rate

0.30% to 1.00%reported roughly 0.30%–1.50% by balance tier — see note below

ATM / Debit Access

Nonetransfer to a chequing account first to withdraw cash

Availability

Not offered in Quebecavailable in the rest of Canada

Welcome Offer

4.60% for 153 days(~5 months); up to $200,000, new Simplii clients only

Note: Simplii’s regular (non-promotional) rate table is tiered by balance ($0–$50,000 / $50,000–$100,000 / $100,000–$500,000 / $500,000–$1,000,000 / $1,000,000+), but the live table renders through JavaScript on simplii.com rather than as static text, and third-party rate trackers don’t fully agree on the exact tier percentages — reported figures range from roughly 0.30% at the low end up to 1.00%–1.50% at the top tier. Don’t treat any specific percentage as confirmed; check simplii.com/en/rates/high-interest-savings-account-rates.html directly for the current numbers before opening or relying on this account for its standard rate.

Pros & Cons

Pros

No monthly fee, no minimum balance
Strong short-term promotional rate (4.60%) for new clients, on deposits up to $200,000
CDIC deposit insurance up to $100,000 (Simplii is backed by CIBC)
No-fee account opening and unlimited transfers between your own Simplii accounts
Fully digital account opening and management through the Simplii app or website

Cons

Not available to Quebec residents
No ATM or debit card access — you must transfer funds to a chequing account before withdrawing cash
Promotional rate is for new-to-Simplii clients only, within 60 days of getting a client number
Standard tiered rate table isn’t clearly published as static text, making it hard to compare precisely against competitors
Reported $20 inactivity fee after 2+ years of no activity — unconfirmed on Simplii’s own fee page, so verify before assuming

Who It’s For

Best For

New-to-Simplii clients who want a strong short-term promotional rate on a lump sum, like an emergency fund or house-deposit savings
People who are also opening (or already have) Simplii’s No Fee Chequing Account, so moving money in and out is easy
Savers comfortable managing everything digitally, with no need for branch access

Not For

Quebec residents — Simplii isn’t available in the province
Anyone who wants to withdraw cash directly from their savings account with a debit card
Existing Simplii clients, since the promotional rate is new-client-only

Not Sure? Three Accounts People Compare It With

All savings accounts →

RBC High Interest eSavings Account

Pick this instead if you want access to branches.

Fee $0Promo 4.6%

Read review

EQ Bank Personal Account

Pick this instead if you want a better ongoing rate (1%+).

Fee $0Rate up to 2.75%Bonus up to $20

Read review

BMO Savings Amplifier Account

Pick this instead if you want the highest promotional rate and are happy to open a BMO chequing account to get it.

Fee $0Promo 5.000%Term 120 days

Read review

Simplii Financial High Interest Savings Account

No monthly fee · 4.6% promo rate

Open an account on Simplii Financial’s site →Compare all accounts

Jen, founder of MoneyMint

Reviewed by Jen. Every figure on this page was checked against Simplii Financial’s official page on August 19, 2026. Key figures were re-checked on September 25, 2026.

Holding U.S. dollars? Simplii also offers a separate USD savings account; see our Simplii Financial USD Savings Account review.

This is general information, not personalized financial advice — consider your own banking needs and consult a professional for decisions specific to your situation. Fees, rates, and offers are set by Simplii Financial and can change without notice; always confirm current terms on the issuer’s official page before applying.

Frequently Asked Questions

Does the Simplii Financial High Interest Savings Account charge a monthly fee?

The Simplii Financial High Interest Savings Account has a monthly fee of $0 (no monthly fees).

What interest rate does the Simplii Financial High Interest Savings Account offer?

Simplii’s regular rates are 0.30% on balances up to $50,000, 0.50% up to $100,000, 0.60% up to $500,000, 0.70% up to $1,000,000 and 1.00% above that (checked on simplii.com, September 25, 2026). New clients (or existing clients within their first 60 days of account opening) earn a promotional rate of 4.60% on eligible deposits up to $200,000 for 5 months. Confirmed live on simplii.com as of August 2026; offer expires October 31, 2026.

Is there a minimum balance required for the Simplii Financial High Interest Savings Account?

$0 — no minimum balance required to open or avoid fees.

How many free transactions does the Simplii Financial High Interest Savings Account include?

No fees on deposits or withdrawals; funds remain fully accessible (not a notice account or GIC).

Does the Simplii Financial High Interest Savings Account have a welcome bonus or promotional offer?

Yes: new clients (and existing clients within 60 days of opening) earn a 4.60% promotional rate for 5 months on deposits up to $200,000, for accounts opened by October 31, 2026. It is a rate offer, not a cash bonus.