Switch to a Better Checking Account This New Year

The start of a new year is an ideal time to reassess your finances and eliminate unnecessary costs. One straightforward way to keep more of your money: move your everyday banking to a free chequing account in Canada. A no-fee chequing account streamlines paycheques, bill payments and everyday spending while eliminating monthly fees that can quietly erode your budget.

Your chequing account is central to daily finances—it receives direct deposits, handles bill payments and gives you immediate access to funds. If you’re still paying routine banking fees, switching to a free chequing account such as Simplii Financial’s No Fee Chequing Account can be a simple, effective way to save.

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

Many Canadians keep the same bank account for years without comparing current options. While loyalty has its benefits, sticking with a legacy chequing account can mean paying unnecessary fees. Shopping around for a no-fee chequing account can save you hundreds annually and provide more flexible features for everyday banking.

Simplii Financial’s No Fee Chequing Account is designed for everyday use and claims to save account holders over $200 annually on basic banking. The account includes a Debit Mastercard that works in-store and online across Canada and internationally where Debit Mastercard is accepted. It offers unlimited e-transfers and debit transactions, free access to CIBC ATMs and no minimum balance requirement. Account holders can arrange direct payroll or pension deposits, set up pre-authorized bill payments, do inter-account transfers and opt into overdraft protection if desired.

Switch to Simplii Financial and qualify for a cash bonus

Beyond fee savings, Simplii’s No Fee Chequing Account includes a sign-up promotion for new customers. Qualifying customers who set up eligible direct deposits may receive a cash bonus. Promotional deadlines and terms can vary; check the account’s current offer details before applying.

One common promotion requires new customers to set up a recurring direct deposit of at least $100 into their chequing account for three consecutive months to qualify for a cash bonus. Terms for the offer, including eligibility and timing, are specified by Simplii Financial at the time of application.

How to open a Simplii Financial No Fee Chequing Account

Opening this chequing account is straightforward. Eligible applicants are Canadian residents who have reached the age of majority in their province (this account is not available to residents of Quebec). You’ll need your Social Insurance Number (SIN) and to provide a digital signature during the online application.

Steps to open your account:

1. Visit the Simplii No Fee Chequing Account application page and click “Apply Now.” Provide your name, contact details and other requested personal information.
2. Select the No Fee Chequing Account option on the next screen and indicate whether you want optional overdraft protection.
3. Complete the remaining questions and submit your application.
4. Once the account is active, arrange direct deposit to meet any sign-up promotion requirements.

How to qualify for the direct deposit bonus in four steps:

1. Open a new Simplii No Fee Chequing Account within the promotional period listed at the time of application.
2. Locate your account, branch and transit numbers via the Simplii mobile app or online banking.
3. Set up recurring direct deposits within the timeframe required and ensure at least $100 is deposited per month for three consecutive months. Qualifying deposits typically include payroll, pension, government benefits, social assistance or employment insurance.
4. When the conditions are met, the bonus is deposited directly into your Simplii chequing account within the period specified by the promotion.

Cut unnecessary banking fees

Refreshing your banking choices at the start of the year is a practical way to improve your overall financial health. Moving everyday banking to a free chequing account such as Simplii Financial’s No Fee Chequing Account can reduce or eliminate monthly fees and transaction charges while offering the conveniences you rely on—unlimited transactions, no minimum balance and wide acceptance of the debit card. If you qualify for a promotional bonus, that extra cash can help cover short-term expenses or jump-start your savings.

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