Simplii alternatives in Canada (2026): 4 honest picks

What are the best Simplii alternatives in Canada?

Simplii Financial’s headline savings rate is a new-client promo: about 4.60% for roughly five months, and then it falls hard. So whether you already bank with Simplii or you’re just weighing it up, the best Simplii alternatives in Canada come down to what you want instead. For a high rate that doesn’t expire, look at EQ Bank. For another fresh new-client promo to rotate into, Tangerine. For investing and banking in one app, Wealthsimple. And for a free chance at cash prizes on top of your saving, Lodavo. The table above is the quick scan. The write-ups below are the slow read: how each pick works in practice and the person it’s built for.

Why look for a Simplii alternative?

For most people it’s the rate, and specifically the catch on it. Simplii’s eye-catching number is a promotional rate for new clients (about 4.60% for roughly five months), and once it ends the ongoing rate drops to around 0.30% on the first $50,000 (opens in a new tab) (as of 2026). That cliff, plus the fact the top rate is new-clients-only, is what sends people looking.

Simplii is a genuinely good account otherwise. It’s the no-fee digital division of CIBC, a CDIC member, with no-fee chequing, free Interac e-Transfers, and a $300 cash welcome bonus (opens in a new tab) for setting up direct deposit (as of 2026). The limitation is structural. A promo rate is temporary by design, and you can only claim the new-client offer once. So if you want a rate that stays high, a different fresh promo, investing alongside your cash, or a free upside layered on top of your saving, one of the alternatives below fits better. The trick is matching the alternative to what you actually want next, not just grabbing the biggest headline number.

The best Simplii alternatives in Canada, at a glance

The four picks do four different jobs: a no-expiry high-interest account, a second big-bank online bank running its own promo, an investing-and-banking app, and a free prize-draw layer that holds no money. Below, each gets its current rate, its limit, and the person it’s built for.

EQ Bank, best for a high rate that doesn’t expire

EQ Bank is the cleanest swap if Simplii’s post-promo drop is what bothers you. It’s the digital arm of Equitable Bank, a CDIC member, and its Personal Account pays a 1.00% base rate, rising to 2.75% with a qualifying recurring direct deposit of at least $2,000 a month (opens in a new tab) (as of 2026), with no monthly fee and no expiry date on the rate. You also get free Interac e-Transfers, plus notice accounts and GICs if you want to lock in more.

The honest catch: the top rate is conditional. If you can’t route $2,000 a month in direct deposits, you sit closer to the 1.00% base. Even so, that base alone beats Simplii’s post-promo rate many times over, and it never lapses, so you’re not re-applying for a new offer every five months. For a rate you set once and keep, EQ Bank is the pick on this list.

Tangerine, best for another fresh promo

If you like Simplii’s promo playbook and just want a new one to rotate into, Tangerine is the most direct match. It’s Scotiabank’s no-fee online bank, the mirror image of CIBC-owned Simplii, with no-fee chequing and savings and the same new-client promo approach. Right now it runs about 4.50% for roughly five months (opens in a new tab) (as of 2026) on new deposits.

Be honest with yourself about how you’ll use it. Like Simplii, Tangerine’s rate drops to a 0.30% base once the promo ends, so its best use is as the next fresh promo when your Simplii offer expires. Plenty of people bounce between the two every few months to keep a promotional rate running, and because both are CDIC-backed online banks owned by a big-five parent, the switch is low-stakes. If chasing promos sounds like a chore, EQ Bank’s steady rate is the simpler path. If you don’t mind it, Tangerine is the natural next stop.

Wealthsimple, best for investing and banking together

Wealthsimple is the pick when you want more than a place to park cash. It’s a large Canadian fintech that puts investing, trading, crypto and a no-fee Chequing account (renamed from Cash) in one app, with Chequing interest from about 1.25% up to 2.25% by asset tier (opens in a new tab) (as of 2026). It also runs a monthly prize draw, the Monthly Millionaire, on Chequing balances.

Two honest caveats. The base Chequing rate of 1.25% sits below EQ Bank’s 2.75% unless you hold a lot across the platform, so Wealthsimple isn’t the move if a top cash rate is all you want. And to enter its prize draw, you have to keep your money in Wealthsimple, with investments protected by CIPF rather than CDIC. Where it wins is breadth: saving, spending and investing in one polished app. If you only want a safe, high-rate home for cash, EQ Bank is simpler.

Lodavo, free tickets for saving, no promo clock

Simplii pays you with a rate; Lodavo rewards you with a shot at a prize. It’s Canada’s first prize-linked savings app: instead of interest, it gives you free tickets each week for what you save. Connect the bank you already use, read-only through Plaid (opens in a new tab), and the more you set aside, the more tickets you get for a weekly cash draw. The draw pays out up to $10,000, with a guaranteed prize of at least $100 to a user each week.

Against a promo-rate bank like Simplii, Lodavo’s job is simple: keep every dollar of interest your real account earns, and get a free weekly shot at a prize on the same balance. Because it moves nothing, the tickets cost you nothing and change nothing about your rate. It pays no interest and stores no cash of its own, so it’s an addition to EQ Bank, Tangerine or Wealthsimple, not a replacement. That’s also how it differs from Wealthsimple’s draw, which only counts the money you hold inside Wealthsimple. If you’re wondering how a draw on savings differs from gambling, we cover the no purchase necessary and skill-testing rules here, and you can see recent winners on the winning numbers page.

How to choose the right Simplii alternative for you

The right call depends on what you want after the promo. Match your goal to the pick:

Most people end up with a combination, not one account: a high-interest account to earn a lasting rate, plus Lodavo for a free weekly draw on the same savings. To go deeper, our guide to prize-linked savings in Canada explains how the category works, the head-to-head on Lodavo versus EQ Bank breaks the two down side by side, and the best savings apps in Canada roundup widens the field if none of these four is your match.

Terms and conditions apply. No purchase necessary (alternate method of entry available). Skill-testing question required. Open to legal residents of Canada who are the age of majority. Odds depend on the number of eligible entries received. Full rules and odds at our contest rules.