Simplii Financial Review 2023

Simplii Financial Review:Online Only Bank

Simplii Financial Quick Overview:

Simplii Financial is an online bank that came to provide services to Canadians in the fall of 2017. Simplii Financial has joined other major players in the digital banking world, such as Tangerine, EQ Bank and Motive Financial.  Some benefits noted of banking with Simplii are their low fees and the convenience offered from banking online. At the moment, Simplii Financial only offers personal banking accounts, or financial services to individuals, not businesses, or not-for-profit organizations. To learn more about Simplii Financial, their features, products and services, continue reading below.

What is Simplii Financial?

Simplii Financial is an online only bank and one of Canada’s leading online banks.

To learn more about some of Canada’s other digital banks, read our article: Simplii Financial,  Tangerine, Alterna and Motusbank the online banks to know in 2021.

Before we discuss the specifics of Simplii Financial’s rates, Simplii products, features and services, let’s briefly outline what online banking is.

Simplii Financial and What Are Online-Only Banks?

Put simply, (or Simplii!) online banks are banks that operate without branches, without brick and motor locations. With online only banks, such as Simplii Financial,  Tangerine,  Alterna and Motusbank all aspects of the management of your accounts, such as deposits, withdrawals, transfers, etc. happen electronically, on your computer or mobile device. Have a question about Simplii rates, or sending money with Simplii overseas? Well, you won’t be able to speak to a bank teller or manager specifically dedicated to your account with Simplii Financial services, however you will be able to access your Simplii Financial account anytime, anywhere with a mobile device.

You may be thinking that traditional banks, like Scotiabank, HSBC, etc. also enable customers to access their account online, but have the added advantage of having physical locations, in case you want to speak face to face to a banking professional. However, in an era of physical distancing and reduced capacity, online only banks such as Simplii Financial, have their place among the traditional banking giants too.

One advantage and why people are choosing online only banks, such as Tangerine and Simplii Financial, is because they often have lower, or like Simplii, zero bank fees. Additionally, online only banks typically offer better interest rates, which are contributing to the growing popularity of online banks like Simplii, for personal banking needs. To learn more about Simplii Financial, Tangerine, Motusbank and other online-only banks, please read our article below.

 Tangerine

  Alterna

 Motusbank

Simplii Financial History

Simplii Financial was previously known as PC Financial, but was rebranded as Simplii Financial on November 1, 2017. PC Financial and CIBC had been working together for nearly two decades, but some changes occurred when their working relationship ended.

PC Financial was previously managed by Loblaws. When CIBC took over management of PC Financial, the Simplii Financial brand was born. Now, CIBC manages the daily banking services under Simplii Financial. Loblaws continues to manage PC Financial Mastercards and the PC Optimum loyalty program.

So while Simplii Financial is a relatively new bank to the Canadian banking scene, as well as an online only bank, Simplii Financial is a trademark and division of the banking giant CIBC. That Simplii Financial is a division of CIBC, can help customers who may be concerned about the efficacy and potential longevity or success of a newer bank such as Simplii Financial.

Why Simplii Financial?

As an online only bank, Simplii Financial has become popular for a few key reasons, namely, Simplii appeals to customers because of their no fee product offerings.

Additionally, Simplii Financial offers better interest rates, which tend to be higher on savings and term deposits when banking with an online bank in general. Banks like Simplii get away with low fees and high interest returns because they do not have the added costs associated with physical branches or offices.

Nearly all Simplii transactions can be completed from the comfort of your home using a computer or mobile device. However good online only banks also offer customer service via phone, or like Simplii, through a network of ATM’s.

Simplii Financial: Personal Banking

 As previously mentioned, Simplii financial does not offer any business banking services or products. The nature of business banking often involves the need for some in person contact or relationship with bank tellers, managers and other partners or associates. For this reason, Simplii Financial as an online only bank, specifically caters to personal banking services.

Simplii Financial…Simple Banking?

Simplii Financial prides itself on portraying a model of simplicity when it comes to banking. They promote their no-fee daily banking and give you two options for accounts.

Choose an account and sign up online, that’s the Simplii process!

A Simplii no-fee Chequing Account (which we discuss below) or a Simplii High Interest Savings Account (also discussed below).

Simplii Financial Account Set Up

If you are already a Simplii Financial client, you can set up an additional bank account on your own, by visiting the Simplii Financial login.

If you are not yet a Simplii client, you can still use the Simplii Financial sign up to create a profile and register to open a Simplii account.

Simplii really makes this process easy, perhaps why their name works so well.

Additionally, if you want to speak to a Simplii Financial professional, you can give them a call so that they may walk you through the easy account sign up process over the phone.

 Simplii Financial bank account sign up number is this: 1-888-723-8881.

Simplii Promotions and Simplii Welcome Bonus

Simplii Financial often has new account sign up promotions. My Rate Compass has seen $200 sign-up bonuses in the past, in addition to other banking perks.

As of this writing  Simplii Financial is offering new Simplii clients $350 welcome bonus if you sign up for a NO-FEE chequing account.

This Simplii welcome bonus will expire on January 31 2023, so if after reading this review of Simplii Financial banking, it looks like the bank for you, we suggest you take advantage before the offer expires!

There are some conditions that Simplii places on eligibility for the Simplii welcome bonus when opening an account, so make sure you read through the Simplii terms and conditions on their website.

For more on Simplii specials and offers, check their page at the link here

Not interested in a chequing account with Simplii?

That’s okay, Simplii Financial also offers a special 5% interest rate on all eligible deposits when you open one of Simplii’s High Interest Savings Account.

Again, this Simplii offer expires January 31 2023, so we suggest you review the Simplii Financial site to learn about what promotions and bonuses are offered at the time you’re deciding to sign up for one of Simplii’s accounts.

Simplii Financial’s specialty is within the personal banking sector, and their banking model and marketing reflect this. Below, we discuss in a little more detail the Simplii Financial Products offered.

Simplii Financial Products

Simplii Financial has three main Simplii products that are worth knowing about: Simplii Financial High Interest Savings Account

 Simplii Financial No Fee Chequing Accountand

 Simplii Financial Cash Back Visa

Simplii Financial High Interest Savings Account

One of the advantages of Simplii’s Savings Account is that it can be used for any financial goal.

With the Simplii Savings Account, there is no minimum balance required, which can differ from traditional banks.

Simplii Savings Account also has no transaction or monthly fees. This is one of the main selling points of a Simplii Savings Account, zero transaction fees are a huge incentive for banking with Simplii.

With the Simplii Savings Account, you can set up automatic savings deposits.

Savings also earn interest at 0.40% daily.

A Simplii Savings Account also allows customers to withdraw cash without any fees. As mentioned above, Simplii Financial also offers new clients welcome bonuses for setting up their savings account, which is currently until October 31 2021, a 2.20% interest rate on all eligible deposits.

Simplii Financial RRSP Savings Account

For already existing Simplii Financial clients, Simplii also has an RRSP savings account with the same no monthly or transaction fee guarantee.

Simplii Financial Tax-Free Savings Account

Simplii also has a Tax-Free Savings Account. This Tax Free Simplii Savings Account enables customers to withdraw fees with no penalties.

Simplii Financial No Fee Chequing Account 

 As the name implies, the sole chequing account provided by Simplii Financial has no fees. No transaction or monthly fees makes a Simplii Chequing Account attractive to clients who are accustomed to monthly bank fees and charges for simple transactions.

With a Simplii Chequing Account, there is also no minimum balances, unlimited debit purchases and free daily banking.

Simplii Financial No Fee Chequing Account Features

Simplii Financial enables the opening of joint accounts. You can open a joint Simplii bank account with one other person and cheques will be deposited to the joint account that are made out to both of you, or one of you.

Other features of Simplii’s No Fee Chequing Account is an overdraft protection of $5,000. This can help clients feel the same ease as with a traditional bank, should unforeseen expenses occur. Simplii will, for a fee, provide this overdraft protection to all Simplii chequing account holsers.

 Simplii also ensures your immediate access to funds via direct payroll and pension deposits.  If you have direct payments set up to your Simplii chequing account, you will have no wait time to access your money.

Automatic bill payments can also be set up with a Simplii Chequing Account, as well as transfers between accounts. Set up automatic account to account transfers say from your Simplii Chequing to your Simplii Savings, much in the same way traditional banks operate, minus the monthly and transaction fees.

Simplii Financial No Fee Chequing Account Withdrawals and Deposits

Simplii Chequing Account holders can use CIBC ATMs across Canada for free. 

You can withdraw cash from a Simplii Chequing Account at any CIBC ATM across Canada, but you cannot withdraw cash from a Simplii Savings Account. You would first have to transfer your money between your Simplii’s savings to your Simplii’s chequing before withdrawal.

Simplii Chequing Account holders can withdraw money from any non-CIBC ATM, that has the Interac® or PLUS* signs, however additional costs may apply.

This includes withdrawing money from your Simplii Chequing Account outside of Canada.

Additionally, there are over 700 CIBC ATM’s nationwide that allow you to withdraw American dollars from your Simplii Chequing Account. And as Simplii Financial’s site specifies regarding US dollar values: As a Simplii Financial client, you get preferred exchange rates on your U.S. dollar transactions.

You may deposit into your Simplii Financial accounts through CIBC’s ATM’s, however not all ATM machines can accept deposits. This should not be an issue for Simplii clients, as an online only bank, you can use your Simplii mobile app to make deposits from anywhere at anytime.

Simplii Financial No Fee Chequing Account Bonuses

As previously discussed, Simplii Financial often has active promotions for new clients who open a no fee chequing account. Please visit Simplii Financial’s special offers for new clients, to discover what current and up to date welcome bonus Simplii is offering.

As of this writing, Simplii Financial is offering new Simplii clients their $350 welcome bonus if you sign up for a NO-FEE chequing account before January 31 2023.

Simplii Financial Cash Back Visa

Simplii Financial’s Cash Back Visa is popular for a number of reasons.

The annual fee for Simplii’s Cash Back Visa is $0 and cardholders access a variety of benefits.

Cardholders earn 4% cash back on restaurants, coffee shop and bar purchases with a cap of $5,000 per year. This is often one of the perks discussed regarding Simplii’s Cash Back Visa for those who like to frequent restaurants and dining out.

Also noted, is that when cardholders spend on groceries, gas, pharmacy and pre-authorized payments, they receive 1.5% cash-back, up to $15,000 per year.

Finally, Simplii Cash Back Visa cardholders earn 0.5% on all other purchases.

The Simplii Cash Back Visa comes with basic insurance as well.

Simplii Cash Back Visa Eligibility  

In order to qualify for Simplii’s Cash Back Visa, you must be a Simplii Financial client. Your must also have a minimum household annual income is $15,000, in order to be eligible for a Simplii Visa. You cannot have declared bankruptcy in the last seven years and you must also have reached the age of majority in your province or territory. Only Canadian residents (excluding Quebec) are eligible for a Simplii Cash Back Visa. To learn more about what My Rate Compass thinks of Simplii Cash Back Visa, please visit here Simplii Cash Back Visa Review.

 Simplii Cash Back Visa Promotions

Currently, Simplii Financial has a welcome offer for their cash back Visa. For the first four months, earn 10% cash back on eligible restaurant, coffee shop and bar purchases. The promotion caps spending at $500 which is worth $30 in cash back. You will receive 4% after those four months with Simplii’s Cash Back Visa.

Simplii Financial Services

Above, we discussed some of the main features of the three products offered by Simplii Financial: Simplii Financial High Interest Savings Account; Simplii Financial No Fee Chequing Account; and the Simplii Financial Cash Back Visa. Below we will talk about some of Simplii Financials’ services such as mortgages, borrowing and investing.

Simplii Financial Mortgages

For individuals who would like to purchase a home, you can obtain a mortgage with Simplii Financial. The rates are competitive at Simplii and can be either fixed or variable. You also have the option to transfer your mortgage from another bank to Simplii.

Simplii Financial Borrowing

• Personal Loan.Whether you need money to purchase a big ticket item or are facing an unexpected expense, Simplii can help you out with a personal loan. Prepayments are possible without penalty as well.
• Personal Line of Credit.If you prefer flexible financing, a personal line of credit is ideal for you. Payments are either $50 or 2% of the balance, whichever is greater. Simplii’s line of credit also offers free transactions.
• Secured Line of Credit.Homeowners can obtain this line of credit by using their home as security. This line of credit has free transactions and flexible repayment options. It is also ideal for new homeowners who might need some extra cash for their home.

Simplii Financial Investing

• Registered Accounts.Open a RRSP and TFSA with Simplii. No minimum balance is required and you can earn interest on your savings.
• Invest your idle savings into GICs and earn with competitive interest.
• Mutual Funds.Invest your money into a mutual fund that is indexed, managed by a professional, diversified and designed for long-term growth. You can invest how you’d like but the fee is a minimum of $25 a month.

Other Simplii Financial Perks and Promos 

Simplii customers can send and receive money using Interac e-transfers for free. Customers can also send money internationally using Global Money Transfers. There are no fees to use this service. In fact, when you send your first international transfer, you’ll receive $50!

Another benefit of being a Simplii customer is foreign currency orders for no fee. If you’re travelling abroad and need foreign currency, place an order with Simplii for no fee. When you place your first foreign currency order, you’ll receive $10.

Safety of Banking with Simplii Financial

Simplii Financial funds are held by CIBC. You can have peace of mind that your deposits are safe because CIBC is a member of Canada Deposit Insurance Corporation (CDIC). This means your chequing and saving deposits are insured up to $100,000.

Switch to Simplii Financial Online Banking

More and more Canadians are switching to online banking because of the lower fees, better accessibility and convenience. In fact, over 68% of Canadians bank online according to the Canadian Bankers Association (CBA). However, some Canadians prefer face to face interactions that traditional banks offer. Everyone’s preferences are unique. If you’re interested in trying out banking with Simplii, you can complete your applications online and take advantage of the current promotions they have today!