Formerly owned by PC Financial, Simplii Financial was rebranded after it was taken over entirely by CIBC in late 2017 following the ending of the partnership between the bank and Loblaw’s (PC’s parent company). While PC still holds its Mastercard product, the company has gotten out of the online banking businesses. Following the change, about two million PC Financial customers moved over to the online-only bank, which has become one of the most trusted digital banking platforms in Canada.
Simplii Financial offers an impressive array of financial products, including their no-fee bank account and a variety of loan and investment products.
Let’s take a closer look at Simplii Financial’s many products and services to help you determine if this online bank is right for you.
What Accounts Does Simplii Financial Offer?
As mentioned, Simplii Financial offers a number of banking products, including the following.
High-Interest Savings Account
No minimum balance
0.30% daily interest
No monthly fees
No transaction fees
Automatic deposits
No-Fee Chequing Account
Free daily banking
No monthly fees
Earn interest up to 0.15%
No minimum balance
Unlimited debit purchases
Unlimited bill payments
Unlimited withdrawals
Free access to CIBC ATMs across Canada
Direct payroll and pension deposit
Overdraft protection
Account to account transfers
Mortgages
Low overall costs
2.51% APR on 5-year fixed-rate mortgages
2.24% APR on 5-year variable-rate mortgages
2- to 10-year terms for fixed-rate mortgages
Flexible payment options
Mortgage refinancing, transfer, and renewals
Loans
Personal Loans
Prepay some or all of the loan amount with no penalty
Creditor Insurance
Competitive interest rates
Personal Line of Credit
Flexible borrowing options
Free unlimited Interac debit transactions, bill payments, withdrawals, and cheques
Low monthly repayment options of $50 or 2% of the balance, whichever is greater
Creditor insurance
Secured Line of Credit
Pay interest only on what you use
Withdraw only what you need
Unlimited debit transactions, withdrawals, and bill payments
Easy and flexible repayment options
Support from a loan specialist
Investment Accounts
RRSP Savings Account
Tax-advantaged growth of invested funds
No minimum balance or deposit
Competitive rates
Principal and interest are always guaranteed
Earn 0.30% interest
GICs
Get risk-free returns
Higher rates than what big banks offer, as high as 1.85%
Start with as little as $100
Interest can compound automatically
Guaranteed rate for the entire term
Eligible for registered and non-registered plans
Tax-Free Savings Account
Earn 0.30% interest
Tax-free growth of funds, even when you withdraw
Online option for TFSA investing
No monthly fees
No fixed terms
No minimum deposits
Mutual Funds
Invest with as little as $25 a month
Management fee discount
Choose from 7 index fund portfolios
Include mutual fund products in your RRSP, TFSA, RRIF, or RESP
Cash Back Visa Credit Card
No annual fee
10.99% on cash and purchases until your February 2021 statement (then pay a rate of 19.99%)
22.99% cash interest rate
10% bonus cash back at restaurants up to $500 for 4 months (4% cash back after that; available only to clients who enrol online or through telephone banking)
Great rewards at restaurants, gas stations, grocery stores — no limit to the cash back you can earn
Up to 3 additional cardholders can be added to earn cash back faster; set spending limits
Chip and pin technology
Real-time fraud alerts by text, email, and phone
Pay with your phone through mobile wallet
CIBC Payment Protector Insurance
CIBC Emergency Travel Medical Insurance
Pros and Cons of Online Banking at Simplii Financial
Pros
Several financial products offered. Many online banks come with slim pickings in terms of the types of products offered. But Simplii’s product offerings are vast, so you really don’t have to go anywhere else to get what you need out of an online bank.
No monthly fees or minimum balance. Your Simplii Financial chequing and savings accounts come with no monthly fees, unlike what the big banks tend to offer.
Free Interac e-transfer. Send funds quickly and track your payment at no cost.
High interest. Earn interest as high as 0.50% with your chequing account and up to 0.30% on your savings account.
Free and unlimited access ATMs. Use over 3400 of CIBC’s bank machines across Canada at no charge.
Automatic savings plan. Maintain a budget and grow your savings automatically with minimal effort.
Cash-back credit card. Take advantage of a rewards card, all without having to pay an annual fee.
Unlimited number of debit transactions. Purchases, withdrawals, and bill payments are free and unlimited with the Simplii debit card.
Free personalized cheques.
Security. Your money is held by CIDC, a member of the Canada Deposit Insurance Corporation (CDIC), which allows up to $100,000 to be insured.
Cons
Not available in Quebec
Overview of Accounts
Simplii Financial High-Interest Savings Account
Feature
Details
Monthly Fee
$0
Minimum Balance
None
Interest Rate
0.30%
Transaction Fees
$0
Special Features
Automatic deposits
Simplii Financial No-Fee Chequing Account
Feature
Details
Monthly Fee
$0
Minimum Balance
None
Interest Rate
Up to 0.15%
Debit purchases
Unlimited
Bill payments
Unlimited
Withdrawals
Unlimited
Access to CIBC ATMs across Canada
Free
Direct payroll and pension deposit
Yes
Overdraft protection
Yes
Account to account transfers
Yes
Simplii Financial Mortgages
Term
Fixed-Rate Mortgage Posted Rate
Variable-Rate Mortgage Posted Rate
2-year
2.89%
—
3-year
3.79%
—
4-year
4.39%
—
5-year
4.89%
2.45%
7-year
5.39%
—
10-year
6.25%
—
Simplii Financial Loans
Personal Loans
Personal Line of Credit
Secured Line of Credit
-Prepay some or all of the loan amount with no penalty-Creditor Insurance-Competitive interest rates
-Flexible borrowing options-Free unlimited Interac debit transactions, bill payments, withdrawals, and cheques-Low monthly repayment options of $50 or 2% of the balance, whichever is greater-Creditor insurance
-Pay interest only on what you use-Withdraw only what you need-Free unlimited debit transactions, bill payments, withdrawals-Easy and flexible repayment options
Simplii Financial Investment Accounts
Feature
RRSP Savings Account
GICs
Tax-Free Savings Account
Mutual Funds
Interest Rate
0.30%
Up to 1.85%
0.30%
Depends on funds invested in
Minimum Deposits
None
$100
None
$25 per month
Special Perks
-Tax-advantaged growth of invested funds-Principal and interest are always guaranteed
-Risk-free returns-Guaranteed rate for the entire term-Eligible for registered and non-registered plans
-Tax-free growth of funds, even when you withdraw-Online option for TFSA investing
-Management fee discount-Choose from 7 index fund portfolios-Include mutual fund products in your RRSP, TFSA, RRIF, or RESP
Simplii Financial Cash Back Visa Credit Card
Feature
Details
Annual Fee
$0
Purchase Interest Rate
19.99% (promotion of 10.99% until February 2021)
Cash Interest Rate
22.99%
Cash Back Rewards
10% bonus cash back at restaurants up to $500 for 4 months (4% cash back after that; available only to clients who enrol online or through telephone banking)
Additional Card Holders
Up to 3
Security
-Chip and pin technology-Real-time fraud alerts by text, email, and phone -CIBC Payment Protector Insurance
Mobile Wallet
Yes
Travel Medical Insurance
Yes
What Customer Support Does Simplii Financial Have Available?
Simplii Financial offers a few ways to get in touch with a live customer service representative:
By phone: 1-888-723-8881
By email: talktous@simplii.com
By live chat: Available Monday to Friday from 7 am to 12 am EST, and Saturday, Sunday and holidays from 9 am to 6 pm EST
How to Open an Account With Simplii Financial
Opening an account with Simplii is rather straightforward and not much different than opening an account with another online bank. You can either apply over the phone or online and will be asked a few standard questions, such as your name, date of birth, SIN, and type of account you’d like to open.
You may need to verify your identity and current address by supplying a driver’s license, government-issued photo ID card, or other document with proof of identity and address. To do so, you may be asked to visit the nearest Canada Post office and show your identification in person.
Is It Safe to Bank With Simplii Financial?
Yes, it is safe to park your capital with Simplii Financial and entrust your personal information with the digital bank. Simplii’s association with CIBC and its insurance with CDIC means that up to $100,000 of your money will be protected should Simplii go under. Plus, Simplii’s robust encryption and security system mean your personal information will be strongly protected against potential hackers.
Who is Best Suited For Online Banking With Simplii Financial?
Simplii Financial may be a suitable online banking platform for those who:
Want to make their banking experience more convenient
Like the one-stop-shop aspect of banking with all banking and investing needs in one spot
Need a tool that can help them achieve their savings goals
Appreciate the security of CDIC insurance and encryption tools
Are looking for no-fee banking products
Final Thoughts
Simplii Financial is probably one of the best online banks in Canada. With its myriad of banking and investing products, outstanding customer service, and affiliation with a CDIC-insured bank, you’ll get the best of all worlds, all while being able to do all your banking from the comfort of your home. If you’re looking for a digital banking platform to entrust your money with, Simplii Financial is worth a look.