Kick-start your finances in the new year with a better chequing account

Your chequing account is the unsung hero of your finances. It does everything necessary to keep your money flowing, from receiving your paycheques through direct deposit to paying your bills and providing easy access to your cash. If you’re one of the many Canadians still paying fees for everyday banking, switching to a free chequing account, like the one at Simplii Financial, is an easy way to save on unnecessary costs.

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Simplii Financial No Fee Chequing Account

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Earn $300 when you become a new client, open a No-fee Chequing Account and make an eligible direct deposit of at least $100 a month for three straight months. Offer ends October 31, 2025.

• No monthly or minimum balance needed
• Unlimited cheque transactions and e-transfers

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One must-have this year: A no fee chequing account

Many Canadians use the same traditional bank accounts year in and year out. You may still be using the first chequing account you ever opened, but that doesn’t mean you’re obligated to continue with it. Canadians are often very loyal to their banks, but looking around for better offers with low or no fees can end up saving you hundreds of dollars annually.  

Simplii Financial’s No Fee Chequing Account saves account holders over $200 per year with free daily banking. Customers can use the debit card anywhere online and in-store across Canada and globally wherever the Debit Mastercard is accepted. Enjoy unlimited e-transfers and debit transactions and free access to CIBC ATMs. There is also no minimum balance requirement. Customers can set up direct payroll and pension deposits and pre-authorized bill payments, do account-to-account transfers and add optional overdraft protection.

Make the switch to Simplii Financial and get a cash bonus

Switching to Simplii’s No Fee Chequing Account is an easy choice. Not only can you save up to $200 a year on bank fees, but you could also earn a cash bonus.

For a limited time, new Simplii customers can get a $300 sign-up bonus by setting up a direct deposit of at least $100 into their chequing account for three consecutive months. (Offer ends October 31, 2025.) That bonus could help pay off expenses that built up over the holidays.

How to open a Simplii Financial No Fee Chequing Account

Signing up for the Simplii Financial No Fee Chequing account is quick and easy. If you’re a resident of Canada and at least the age of majority in your province, you’re eligible to open a chequing account at Simplii. (Not available to residents in Quebec.) All you need is your social insurance number (SIN) and a digital signature to sign up.

Here’s how to open your account:

1. Go to Simplii’s No Fee Chequing Account webpage and click “Apply Now.” On the application page, input your name, contact information and other requested personal information.
2. On the next screen, select the No Fee Chequing Account and indicate if you want the optional overdraft protection
3. Answer the remaining questions and submit your application.
4. Once your account is open, be sure to set up your direct deposit to earn your sign-up reward.

Set up direct deposit and receive $300 in four easy steps:

1. Open a new Simplii no-fee chequing account by October 31, 2025.
2. Access your account details, including the account, branch and transit numbers, which you can find online or in the Simplii mobile app.
3. Set up recurring direct deposits within 120 days of opening the chequing account and contribute at least $100 per month for three consecutive months. These can include payroll, pension, government benefit, social assistance or employment insurance direct deposits.
4. Get your $300 bonus. Simplii will deposit the cash directly into your account within three business days of meeting the requirements.

Say goodbye to banking fees

Start the year with a financial refresh by reassessing your banking habits and cutting unnecessary costs. Switching to a free Canadian chequing account, like the Simplii Financial No Fee Chequing Account, is a smart way to save money and take control of your finances. With features like unlimited transactions, no minimum balance and no monthly fees, you’ll keep more of your hard-earned money. And don’t forget, as a new customer, you’ll get a $300 bonus, if you sign up by October 31, 2025.

More about banking:

• Is your chequing account working hard enough?
• HISAs vs. bonds and GICs: Where should Canadians hold their cash?
• Does buying GICs still make sense after the recent rate cuts?
• Your home sold—now what?

About Jessica Morgan

Jessica Morgan is a personal finance writer, speaker and the founder of Canadianbudget.ca. With an MBA from Toronto Metropolitan University, she focuses on financial literacy for women and public sector employees.

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