DISCLAIMER: As of June 6, 2022, Simplii Financial rebates are paused to new applications while Simplii works on improving their tracking systems. We hope everything will be resolved in short time and Frugal Flyer can resume offering the rebates discussed in this article. Until then, the best way to apply as a new client is through referral link, which will give us both $50 (but cannot be stacked with different products).
Simplii Financial and Frugal Flyer Have Partnered to Offer You Up to $530 for Free
Today we present to you new and very generous account opening promotions being offered by Simplii Financial on both their credit card and chequing account. Through Frugal Flyer Rebates, these offers are even more lucrative.
| Product | Welcome Bonus | Frugal Flyer Rebate | Total Value |
|---|---|---|---|
| No Fee Checking Account | Earn $350 after receiving direct deposit ($100 minimum) for 3 consecutive months. | ||
| Simplii Financial Cash Back Visa Card | Promo rate: 10% cashback at restaurants and bars for 4 months, up to $500 spend. | ||
| High Interest Savings Account | Promo rate: 3.00% interest rate from June 1st, 2022 to October 31st, 2022 Interest rate: 0.10% | ||
Before you apply, check the Frugal Flyer Rebate Comparison Tool to ensure you are earning the most cash back for your application.
Simplii No Fee Chequing Account
The Simplii No Fee Chequing Account is a digital only, no-fee account with no minimum balance, and unlimited debits, bill payments and withdrawals. It also has free Interac etransfers, and a Global Money Transfer service. Simplii operates under the CIBC umbrella, and so you have access to CIBC ATMs for cash management.
We’ve discussed previously how you can even pay US credit card bills using Simplii bill payments.
The current $350 bonus being offered on the Simplii Chequing account is the highest we’ve seen. Combine it with our rebate to earn an easy $390.
How to Get the Simplii Financial Chequing Account Signup Bonus
To be eligible for the bonus, you must not have any banking relationship with Simplii. From there, the following must be completed within 120 days of account opening to qualify for the cash:
- Set up a recurring direct deposit(s) totalling at least $100 per month.
- Have the $100+ direct deposit credit into your account for at least 3 consecutive months.
The following are listed as examples of eligible direct deposits: payroll, pension direct deposits, old age security, disability payments, and governmental deposits, such as employment insurance.
If you’ve read our recent post on the value of bank account opening promotions, you know that not all bank offers are worth it, depending on the value and the steps involved. However, this Simplii Financial chequing account bonus is as easy as it gets, and for $400 it’s definitely worth it!
Having using Simplii myself for daily banking, I can comment that the online dashboard and interface is very good, and customer service highly responsive (a trend I’ve noticed with online-only banks).
Simplii Cash Back Visa Credit Card
The Simplii Financial Cash Back Visa card earns cash back and gives cardholders the opportunity to earn 4% cash back on purchases at restaurants, bars, and coffee shops.
Check out our Simplii Financial Cash Back review for more details about this card.
50 Cash back
$500
$50+
$0
Yes
The Simplii Cash Back Visa is a solid credit card to have in your wallet, if only for its 4% cash back at restaurants, bars, and coffee shops. While it offers lower return than the Amex Cobalt or Scotia Gold Amex, we all know that merchant acceptance means these often aren’t an option when it comes time to pay.
See our full review of the Simplii Cash Back Visa to learn more.
Simplii High Interest Savings Account (HISA)
The Simplii HISA is a decent account with no fees and no minimum balance. Although there is no welcome bonus, it does have a promotional interest rate from time to time. The current rate is 0.10%
If you’ve got some cash to park while you’re waiting on the sidelines of the stock market or saving up for a large purchase, why not at least get a half decent return?
Frugal Flyer is offering a $40 rebate to open this account. While this isn’t a lot, if you’re already taking advantage of the chequing and/or credit card accounts, there is no additional cost to you to tack on the savings account as well.
After all, three is better than one, right!?
Note: With our current affiliate setup, you must fill out our rebate application and sign up for each Simplii product separately.
Frequently Asked Questions
When will the cash for the chequing offer be deposited into my account?
The cash will be deposited directly into your chequing account on the fifth month of account opening, after you’ve satisfied the eligibility criteria (direct deposit).
Can I sign up for all three offers?
Yes you can, and you might as well to maximize your return. At minimum, the chequing account pairs quite nicely with the credit card.
Do I need to complete your rebate form separately for each offer?
Yes, at this time you must sign up for each product separately, and submit an application form for each. Simplii has not set up 'cross-selling' feature with our affiliate partner, yet.
Does this offer stack with any other offers or referrals?
No it does not, if using a referral, you must use a friend or family member’s special link which is not compatible with ours.
So why wouldn’t I just use a referral link instead?
The Simplii referral offer is $50 for you, and $50 for your friend. However the disadvantages of this offer compared to Frugal Flyer rebates are:
– You cannot get paid for multiple products. For example, if you signed up for a Simplii credit card, checking account, and savings account, you’d get $50 through referral, but $130 through Frugal Flyer.
– The referral offer is only for new clients. If you have any Simplii Financial products you would not be eligible.Is my money insured at Simplii Financial?
Yes, Simplii Financial is a division of CIBC, which is a CDIC member.
I'm getting error #5912 at the end of the application. What is this?
According to a Simplii Financial rep, this error is most likely to occur if you've had an account with Simplii in the past that invalidates your eligibility for the offer. Quoted text is below.
“First in regards to the $350 New Client Offer you asked about, they were right that you must open an account between February 1 and July 31, 2022 to be eligible. This offer is also eligible only to new clients who had no products or relationship with Simplii Financial between November 1, 2017, and January 31, 2022. If you had an account but closed it during this period, this would also explain why you are receiving error code #5912 when you try to apply through Frugal Flyer's website”
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Any insight on when the cash back promotions for savings, chequing, and credit accounts will resume?
Apparently Simplii is still working on it but are hopeful for things to resume in August or September.
If I sign up for chequing account using the referral link here, can I apply for the frugal flyer rebates on savings account and credit card when they become available again? Or is it best to wait?
Yes you should be able to, assuming the rebates do return.
Did this offer expire May 31, 2022? Or will it be extended?
Hi Ran,
The offers for the Simplii Chequing and Savings account have been extended. The Chequing account offer has been extended until July 31, 2022 and the Savings account offer has been extended until October 31, 2022.
We are currently not offering a cash back rebate on the Simplii Visa card. Please check our rebates page for the most up-to-date offers.
Hugh
Is Frugal Flyer still offering the $40 rebate for opening a Simplii savings account? Or did that offer end on May 31?
I only have a chequing account with simplii and no other accounts.
Hi Gary,
Frugal Flyer is continuing to offer a $40 rebate on new savings account sign-ups until October 31, 2022. You can always check our rebates page for the most up-to-date offers.
Hugh
I signed up before this rebate got taken down, so how does this work now?
Hi Mandeep,
We will be paying out any approved Simplii account rebates that our readers applied for before we pulled the promotion down. We hope to bring back this promotion in the near future.
Hugh
On the question No.3 Do I need to complete your rebate form separately for each offer?
Yes, at this time you must sign up for each product separately, and submit an application form for each. Simplii has not set up ‘cross-selling’ feature with our affiliate partner, yet.
It’s not working. I never open any service from Simplii, but after I opened Chequing account yesterday and then move on to 2nd application for Savings account through your rebate link, I see the same Error message {Result #5912}. How can I apply for 2nd, and 3rd credit card if I get the same error? What should I do now? I feel bad for not just using referral code.
Based on your FAQ each offer must be signed up for with its own link via frugal flyer, so the chequing acct and then the HISA account must be submitted separately but when I try to do that, it gives me the 5912 error suggesting that it recognizes that I’ve previously set up the chequing account and does not allow me to then set up the HISA account. Please advise, thanks
Hi Robin. How long after the first application did you try for the next one?
Some people report it showing that error for a few hours after the initial application…
Has this issue been resolved? Seeing data points elsewhere suggesting that this is a common issue and I don’t want to run into it as well.
Seems to be sporadic and only affecting some people. Apply for the checking account first would be my recommendation. I will update if we hear more.
Hi. We’ve inquired with our affiliate provider about this issue. Will follow up when we hear back.
Which credit bureau does Simplii check for opening checking account? Just cautious with my TU hits.
Equifax. You may or may not get a hard hit. Mixed data points.
thanks Reed
Can I sign up for a chequing account through a referral and still get the $40 rebate if I sign up for the savings account through Frugal Flyer?