Simplii - The 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.
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
- 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 $350 sign up bonus. (Special Promotion)
For this you only need to add a direct deposit to your chequing account for at least $100 for 3 straight months.
Good example: Your pay from your employer.
Where is the catch?
There isn’t really a catch. You can open a bank account as a newcomer. There is only a BUT.
In order to open an online bank account at Simplii you need to prove Canadian residency. This means you can only apply after you swapped the foreign drivers licence into a Canadian drivers licence.