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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.
As mentioned, Simplii Financial offers a number of banking products, including the following.
Loans
Personal Loans
Personal Line of Credit
Secured Line of Credit
Investment Accounts
RRSP Savings Account
GICs
Tax-Free Savings Account
Mutual Funds
Cash Back Visa Credit Card
| Feature | Details |
| Monthly Fee | $0 |
| Minimum Balance | None |
| Interest Rate | 0.30% |
| Transaction Fees | $0 |
| Special Features | Automatic deposits |
| 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 |
| 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% | — |
| 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 |
| 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 |
| 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 |
Simplii Financial offers a few ways to get in touch with a live customer service representative:
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.
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.
Simplii Financial may be a suitable online banking platform for those who:
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.
