Simplii Financial’s High Interest Savings Account (HISA) offers a promotional rate for new customers for the first 90–150 days, followed by an ongoing base rate. Interest is calculated daily and credited monthly. There is no monthly fee and no minimum balance. TFSA and RRSP savings accounts are also available.
Quick answer: Simplii HISA rate: promotional rate for new customers, then base rate. No fee. Interest credited monthly. Check simplii.com for current rates — rates change with the Bank of Canada overnight rate.
Rate note: Simplii’s savings rates change regularly. Always verify the current rate at simplii.com before making a savings decision.
How Simplii’s Savings Rate Works
Simplii uses a two-tier savings rate structure: a higher promotional rate for new HISA customers, and a base rate that applies after the promotional period ends.
Promotional rate: Typically applies to new deposits in the first 90–150 days (terms vary by promotion). This rate can be substantially higher than the ongoing base rate and is designed to attract new savings customers.
Base rate: The ongoing rate that applies after the promotion ends, and to existing customers not on a promotion. This rate moves with the Bank of Canada overnight rate and Simplii’s own pricing decisions.
The Real Cost of the Rate Drop After Promotion
Here is a worked example. Suppose you deposit $20,000 into a Simplii HISA during a promotional period:
| Scenario | Rate | Monthly Interest | Annual Interest |
|---|---|---|---|
| During promo (e.g. 4.00%) | 4.00% | ~$67 | ~$800 |
| After promo (e.g. 2.50%) | 2.50% | ~$42 | ~$500 |
| Big 5 bank savings (e.g. 1.00%) | 1.00% | ~$17 | ~$200 |
The difference between a post-promotion Simplii rate and a consistently high-rate provider like EQ Bank could be $200–$400/year on $20,000. This is why many Canadians “rate chase” — moving savings to whichever institution offers the best ongoing rate.
Simplii HISA vs. Competitors
| Institution | Everyday Rate | Promotional Rate | Notes |
|---|---|---|---|
| Simplii | Base (check site) | Available for new customers | Check simplii.com |
| EQ Bank Personal Account | High ongoing rate | Occasional promos | Interest on every dollar, including chequing |
| Tangerine HISA | Base (check site) | Available for new customers | Check tangerine.ca |
| RBC HISA | Low (typically 1%) | Rare | Big 5 bank standard |
| TD HISA | Low (typically 1%) | Rare | Big 5 bank standard |
EQ Bank earns particular attention: unlike Simplii and Tangerine, EQ Bank’s everyday rate is consistently competitive without requiring a promotional window. See EQ Bank Savings Rate 2026.
TFSA Savings at Simplii
Simplii offers a TFSA High Interest Savings Account. Interest earned inside the TFSA is completely tax-free — it doesn’t count as income and you never pay tax on it when you withdraw. The 2026 TFSA contribution limit is $7,000 (plus unused room from previous years).
Best uses for a Simplii TFSA:
- Emergency fund (3–6 months of expenses) — accessible any time, interest tax-free
- Short-term savings goals (vacation, car, home down payment under 5 years)
- Holding cash between investments
What to know about transferring a TFSA: If you transfer a TFSA from another institution to Simplii, request an in-kind transfer (rather than withdrawing and re-depositing). Withdrawing first uses your contribution room permanently for that calendar year.
RRSP Savings at Simplii
Simplii also offers an RRSP HISA for parking RRSP contributions in high-interest savings rather than investments. This is useful when:
- You’ve just made an RRSP contribution and haven’t decided how to invest it yet
- You’re close to retirement and want a low-risk, CDIC-insured option
- You’re using the Home Buyers’ Plan or Lifelong Learning Plan and need accessible RRSP funds
RRSP contributions at Simplii must be within your available RRSP contribution room (shown on your CRA Notice of Assessment). Simplii will issue a contribution receipt for tax purposes.
When to Use Simplii HISA vs. a GIC
| Factor | Simplii HISA | GIC (Tangerine, EQ Bank) |
|---|---|---|
| Access to funds | Anytime | Locked until maturity |
| Rate | Variable | Fixed at purchase |
| Best for | Emergency fund, flexible savings | Money you won’t need for 1–5 years |
Note: Simplii does not currently offer GICs from the HISA. If you want a GIC, Tangerine and EQ Bank are strong options for no-fee GICs.
Tips for Getting the Most from Simplii Savings
- Use the promotional rate window wisely — put a lump sum in during the promo period, not just small deposits
- Set up automatic transfers from your Simplii chequing to HISA after each payday — even $100/paycheque adds up
- Monitor rate changes — if Simplii’s base rate drops significantly below EQ Bank or other competitors, moving savings takes a few business days
- Maximize TFSA room — tax-free interest means more of your savings stays in your pocket
- Keep your emergency fund in the HISA — it’s accessible same-day (unlike a GIC) and earns more than a chequing account
Related Articles
- Simplii Financial Fees 2026
- EQ Bank Savings Rate 2026
- Tangerine Savings Rate 2026
- Best High-Interest Savings Accounts Canada 2026
- GIC vs HISA Canada 2026
- Simplii e-Transfer Limit 2026
- Simplii ATM Limit 2026
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