Simplii Financial Review
Simplii Financial at a glance
🏦 Simplii Financial was founded in 2017 and has almost 2 million personal banking clients.
Simplii Financial account options
Savings
Chequing
Investing
Foreign currency accounts
Visa credit card
Other Simplii Financial services
Mortgages
Personal loans and lines of credit
Pros and Cons of Simplii Financial
Simplii has plenty going for it, but no bank is perfect. Here’s what to consider before you open an account.
Pros
- Mobile app and online banking platform.
- Ability to open an account online before arriving in Canada.
- No monthly fees for chequing and savings accounts.
- Access to over 3,400 CIBC ATMs nationwide.
- 24-hour support by phone and live chat (though some of those hours only offer access to virtual assistants).
- Some investment options, such as Simplii GICs and RGICs.
Cons
- No in-person banking services or support.
- No youth bank accounts.
- No business banking accounts.
- Investment options limited to mutual funds and GICs.
- Not available in Quebec.
Simplii Financial overview
Simplii Financial is a Canadian online-only bank backed by the Canadian Imperial Bank of Commerce, or CIBC. Formerly known as President’s Choice Financial and rebranded to Simplii in 2017, this digital bank offers a straightforward selection of bank accounts alongside mortgages, loans and investment products. Simplii does not have physical locations, but its online banking portal and mobile app make it possible for you to manage your finances without needing to set foot in a branch.
Online banking capabilities at Simplii Financial
Simplii’s online banking services are its primary selling point as a digital bank. For people who want to manage their finances online, Simplii offers an online banking portal through its website (simplii.com) and a mobile app to bank on the go. Using Simplii’s online banking platforms, you can open a new bank account, transfer funds, deposit cheques, pay bills, manage your investments and more.
Is my money safe at Simplii Financial?
Simplii Financial is a subsidiary of CIBC and carries coverage from the Canada Deposit Insurance Corporation, which insures up to $100,000 of eligible deposits in the event that Simplii goes under.
As a digital bank, Simplii relies on firewalls and 128-bit encryption to protect your confidential banking information. It also offers the “Simplii Financial Personal Banking Online Security Guarantee,” which reimburses Simplii customers for 100% of funds lost from unauthorized bank transactions so long as they have met the responsibilities outlined in their service agreement. To benefit from Simplii’s Online Security Guarantee, you’ll need to select an adequate online banking password and use up-to-date antivirus software, among other things.
Simplii Financial account types
Simplii offers many of the personal bank accounts you would expect from a traditional financial institution.
Simplii Financial savings accounts
High Interest Savings Account: No monthly fees or minimum balance requirements, though the high interest rate only lasts for 5 months. The regular tiered-rate is much lower, unless you maintain deposits of a few hundred thousand dollars.
USD Savings Account: Transfer, send and save U.S. dollars with no monthly fee or minimum balance, plus earn interest on your savings.
Foreign Currency Savings Account: Save and send money internationally in the destination currency for no transfer fee. No monthly fee or minimum balance. Available for yuan, rupees, euros, pounds and Philippine pesos.
Simplii Financial chequing account
No Fee Chequing Account: Unlimited transactions with no monthly fees.
Simplii Financial credit card
Simplii Financial Cash Back Visa Card: Earns cash-back rewards without an annual fee.
Simplii Financial registered accounts
Other Simplii Financial services
Mutual fund investment accounts.
Fixed-rate and variable-rate mortgages, and specialty programs, including rural, medical professional and new Canadian mortgages.
Personal and secured lines of credit.
Fixed- and variable-rate personal loans.
Simplii Financial fees
Simplii advertises a no-fee chequing account but the name is somewhat misleading, because overdraft, insufficient funds and out-of-network ATM fees are still applicable. That said, you won’t pay any monthly service fees or deal with minimum account balance requirements for holding a chequing or savings account, which is a plus.
Here are some of the more common fees Simplii charges:
Overdraft protection for No Fee Chequing Account: $4.97
Overdraft APR: 19%
Overlimit fee for Cash Back Visa: $29
ATM withdrawals outside Simplii’s network: $1.50 for domestic ATMs, $3 for international ATMs
Registered account transfer to another institution: $50
Who is Simplii Financial best for?
Canadians who prefer to manage their finances online and don’t mind remote customer service.
With its online-only banking options and 24-hour phone support, Simplii Financial is best for Canadians who prefer to manage their finances online and don’t mind receiving assistance remotely. Phone support (on 1-888-723-8881) and virtual assistants are available 24/7; live chat agents work 7 a.m. to 9 p.m. ET Monday to Friday, and 9 a.m. to 5 p.m. on Saturday and Sunday.
While its account type and service lineup are more limited than what you might find at other banks, Simplii’s online banking platform is feature-rich and functional so you can take care of your finances independently.
How Simplii Financial compares to other online banks
ATM ACCESS | ARE DEPOSITS INSURED? | |
|---|---|---|
N/A | Yes, by the Canada Deposit Insurance Corporation. | |
Free at any ATM in Canada (fees are reimbursed). | Yes, by the Canada Deposit Insurance Corporation. | |
Free at any CIBC ATM. | Yes, by the Canada Deposit Insurance Corporation. | |
Free at any Scotiabank or Global ATM Alliance ABM. | Yes, by the Canada Deposit Insurance Corporation. |
» MORE: Read our Banking Reviews of other Big Banks, credit unions and online-only banks.
Frequently asked questions
Is Simplii part of CIBC?
Is Simplii part of CIBC?
Yes. Simplii Financial is a division of CIBC.
Does Simplii have a debit card?
Does Simplii have a debit card?
Yes. Simplii’s No Fee Chequing Account comes with a debit card you can use to access ATMs and make in-person purchases.
DIVE EVEN DEEPER
Clay Jarvis
Shannon Terrell