Simplii - A free online bank in Canada
Simplii has been around since 2017 and is CIBC's online bank.
This means that you can withdraw money free of charge at all CIBC ATMs.
If you have never heard of them, don’t be concerned: They are a member of CDIC and deposits made are eligible for CDIC protection up to $100,000, per insured category.
Key features of Simplii:
- Free debit card
- Free account forever
- Free Interac e-Transfers
- Free cash withdrawals at all CIBC ATMs
- Free Cash Back Visa Card
- No monthly or minimum balance needed
- Online cheque deposit via the App.
- Interest on your balance in the chequing account, no other “Big Five” Bank offers this
Disclaimer: I will receive a commission if you are using the above affiliate link. This makes it possible to support all Work and Travellers on the Working Holiday Canada adventure. Thanks a lot for the support.
At Simplii you can earn an additional $450 sign up bonus. (Special Promotion)
Where is the catch?
Everything is entirely digital, so:
- You can’t walk into a branch for help.
- Cash deposits are not supported, which can be limiting if you handle cash regularly.
You can open a bank account as a newcomer. However, in order to open an online bank account you need to prove Canadian residency. This means you can only apply after you swapped the foreign drivers licence into a Canadian drivers licence.