Simplii referral code: there isn’t one — and you get $50, not $400
Two things almost every other page gets wrong. Simplii Financial doesn’t issue a referral code, and the referral bonus is $50 for you — not the $350–$400 figures splashed across comparison sites. Here’s exactly what’s what.
Open a Simplii account with a referral link →New clients only · This is a referral link — we may earn a referral reward
The mistake that costs people the bonus: there is no box to type a Simplii code into. The bonus is attached to the link. If you go to simplii.com directly and open an account, then try to add a code afterwards, there is no way to apply it — and support cannot add it retroactively.
Why you see $50, $125, and $400 all called “the Simplii bonus”
These are three different numbers from two different programs. Sites add them together, which is where “$400” comes from.
| What it is | Amount | Who gets it | What it requires |
|---|---|---|---|
| Refer a Friend — new client | $50 | You, signing up | Deposit $100 within 6 months, hold a $100 balance for 30 days |
| Refer a Friend — referrer | $125 | Person whose link you used | Paid after you meet the requirement above |
| Welcome offer (seasonal, separate) | Varies — often several hundred | You, signing up | Usually recurring direct deposit for multiple months |
So when a page advertises “$400 Simplii bonus,” it is combining the $50 referral with whatever welcome promotion is running. Both can be real. But they have different requirements, and the big one is the one people fail — because it needs a genuine recurring direct deposit, not a manual transfer from another bank.
What actually qualifies you for the $50
Straight from Simplii’s Refer a Friend terms:
| Account you open | Requirement |
|---|---|
| No Fee Chequing | Deposit at least $100 within six months of opening, and maintain a minimum balance of $100 for at least 30 days |
| High Interest Savings | Same as above |
| Cash Back Visa Card | Spend at least $100 from the account within six months of opening |
Note what is not required: no direct deposit, no payroll setup, no minimum monthly activity. The referral bonus is the easy one. That is worth knowing, because most guides describe the hard welcome-offer requirements and imply they apply to the referral too.
How to claim it, step by step
- Open the account through a referral link, not through simplii.com. The link is what carries the bonus. Use this one if you don’t have a friend’s.
- Complete the application in that same session. Don’t open a new tab and navigate to Simplii separately partway through — you can drop the referral attribution.
- Deposit at least $100 any time within six months of opening.
- Leave $100 in the account for a full 30 days. This is the step people miss — withdrawing back down below $100 before day 30 disqualifies the bonus.
- Wait up to 30 business days after you meet the requirement for the cash to land.
Realistic timing: 30 days holding the balance, plus up to 30 business days to pay out, means roughly two to three months from opening to money in hand. If it’s been three weeks and nothing has arrived, nothing is wrong yet.
Who is not eligible
- Anyone who has had a banking relationship with Simplii Financial since November 1, 2017. This includes accounts you forgot about and later closed.
- Anyone opening an account without going through a referral link.
- Referrers are capped at 50 rewards per 12 months and 250 lifetime.
Common questions
Is there a Simplii referral code I can type in?
No. Simplii uses referral links only — there is no alphanumeric code and no field to enter one. Any site showing you a “Simplii referral code” string is describing something that doesn’t exist in the signup flow.
Can I add a referral after I’ve already opened my account?
No. The attribution happens when the application is created through the link. It cannot be applied retroactively, and support cannot add it for you.
Is the $50 referral bonus taxable in Canada?
Cash bonuses from financial institutions can be treated as taxable income by the CRA and reported as other income. Amounts this small often don’t generate a T-slip, but that doesn’t change the treatment. Check with a tax professional for your situation — this page isn’t tax advice.
Does the $100 have to come from another bank?
The Refer a Friend terms require a deposit of at least $100 and a $100 minimum balance held 30 days. They do not specify an external source the way many welcome offers do. The stricter external-deposit and direct-deposit conditions you may have read about belong to the separate welcome promotions.
Is Simplii the same as CIBC?
Simplii Financial is a division of CIBC. Deposits are held with CIBC and carry CDIC coverage under CIBC. It operates as a separate no-fee digital brand with its own accounts and login.
Is it worth it?
For $50, the referral asks for a $100 deposit you keep for a month — you are not spending the money, only parking it. The account itself has no monthly fee. The main cost is the time to open it and the two-to-three month wait.
If you also want the larger welcome offer, check what promotion is live on Simplii’s site when you apply, and read whether it requires recurring direct deposit. That is a real commitment — usually payroll or a government benefit — and a manual transfer from another bank typically will not count.
Open a Simplii account with a referral link →New clients only · Referral link · Bonus terms set by Simplii Financial