An easy way to pay down holiday bills — and get a cash bonus

* This article is sponsored by Simplii Financial.

The holiday season brings joy and excitement, but it also comes with a hefty price tag. For many, January is the time when the holiday spirit gives way to the reality of credit card bills and financial resolutions.

Here’s some good news: the new year is the perfect time to take control of your finances. An easy switch to a free Canadian chequing account, like the no-fee chequing account from Simplii Financial, can save you money and even help pay down those holiday bills with a $300 cash bonus.

Start 2025 with a no-fee chequing account

Your chequing account is the backbone of your day-to-day banking, handling e-transfers, bill payments, direct deposits, and more. But when was the last time you looked at the perks your account delivers?

According to a 2021 Ratehub survey, 80% of Canadians have never switched bank accounts – meaning many people are likely paying more fees and receiving fewer benefits than they should.

Simplii’s no-fee chequing account offers free daily banking, unlimited Interac e-Transfers, and free debit transactions, all without a minimum monthly balance. You also get no-fee access to CIBC ATMs across Canada.

Considering most Canadians spend upwards of $200 per year on bank fees, these savings can really add up.

Simplii also makes life easier with features like direct payroll or pension deposits, pre-authorized bill payments, account-to-account transfers, and optional overdraft protection. You can handle all your banking online or through Simplii’s app, so you never have to set foot in a branch again.

Get a cash bonus with Simplii’s free Canadian chequing account

This account doesn’t just save you money on fees – it can also put money directly in your pocket. For a limited time, new clients who open this Simplii chequing account and set up a qualifying direct deposit can earn a $300 cash bonus.

Here’s how:

1. Open a new Simplii no-fee chequing account by April 30, 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.
4. Get your $300 bonus. Simplii will deposit the cash directly into your account within three business days of meeting the requirements.

Not sure if the direct deposit you plan to set up qualifies?

Direct deposits from most recurring payroll, pension and government benefits qualify under this promotion. These include payroll from your employer, Canada Pension Plan (CPP) payments, Old Age Security (OAS), employment insurance (EI), and even government assistance like the Ontario Disability Support Program (ODSP). However, Interac e-transfers or transfers between accounts don’t qualify.

Your friends need a free chequing account, too!

As an added bonus, Simplii offers a referral program where you can earn $125 for every friend who opens an eligible account using your unique referral link, and another $50 when they send money abroad with Global Money Transfer. You can find your referral link online or in your Simplii mobile banking app.

You can refer up to 50 friends each year and as many as 250 friends over the time you’re a Simplii client, giving you plenty of opportunities to share the benefits.

Plus, your friends get paid $50 too, so everybody wins! It’s a great way to help others save money while earning rewards yourself.

Why Simplii’s no-fee chequing account is a smart move

Let’s be honest – most of us have been with the same bank for years because it feels like too much effort to switch. But moving to a no-fee chequing account is easier than you think, and the benefits are worth it.

By eliminating monthly fees and offering perks like unlimited transactions and e-transfers, this account from Simplii Financial lets you focus on spending smarter without worrying about hidden charges. The $300 cash bonus is just icing on the cake – perfect for taking a bite out of those post-holiday bills.

Plus, Simplii Financial’s digital-first approach means you can manage your money anytime, anywhere. Whether you’re setting up a bill payment, sending an e-transfer or checking your balance, it’s all just a few taps away.

The bottom line

Holiday bills might feel overwhelming, but paying them off doesn’t have to be. By switching to a free Canadian chequing account from Simplii Financial, you can save hundreds of dollars a year on banking fees, enjoy the convenience of unlimited transactions and earn a $300 cash bonus to put toward your holiday debt.

This new year, take the opportunity to make smarter financial decisions. After all, the best resolutions are the ones that actually put money back in your pocket.

Also read:

• Ratehub.ca’s 2025 Personal Finance Awards
• Ratehub survey: Canadians have an optimistic view of 2025 finances
• What is a savings account?
• Chequing account basics