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Simplii Financial at a glance
Simplii Financial was founded in 2017 and has almost 2 million personal banking clients.
- Simplii Financial account optionsSavings
Visa credit card
- Other Simplii Financial servicesMortgages
Personal loans and lines of credit
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.
- USD Savings Account: transfer, send and save U.S. dollars with no monthly fee or minimum balance.
Simplii Financial chequing accounts
- No Fee Chequing Account: Unlimited transactions with no monthly fees.
Simplii Financial credit cards
- Simplii Financial Cash Back Visa Card: Earns cash-back rewards without an annual fee.
Simplii Financial investing accounts
- Tax-Free Savings Account (TFSAs).
- Registered Retirement Savings Plan (RRSPs).
- Registered Education Savings Plan (RESPs).
- Registered Retirement Income Fund (RRIFs).
- Guaranteed Investment Certificates (GICs).
- Mutual fund investment accounts.
Other Simplii Financial services
- 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
- Non-sufficient funds fee: $45
- ATM withdrawals outside Simplii’s network: $1.50 for domestic ATMs, $3 for international ATMs
- Registered account transfer to another institution: $50
Who Simplii Financial is 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. Note that only virtual assistants are available 24/7; live agents work 7 a.m. to 10 p.m. ET Monday to Friday, and 9 a.m. to 5 p.m. on Saturday, Sunday and holidays.
While its account type and service lineup is 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.
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 of Simplii Financial
- 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 (though some of those hours only offer access to virtual assistants).
- Some investment options.
Cons of Simplii Financial
- 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.
How Simplii Financial compares to other online banks
|Simplii Financial||Tangerine Bank||EQ Bank|
|Backed by a major bank?||Yes, Simplii is backed by the Canadian Imperial Bank of Commerce (CIBC).||Yes, Tangerine is a direct subsidiary of Scotiabank.||Yes, EQ is the online-only offshoot of Equitable Bank.|
|All standard account types offered?||Yes||Yes||No credit cards are available.
EQ’s Personal Account is sort of a hybrid chequing/savings account.
|Are deposits insured?||Yes, by the Canada Deposit Insurance Corporation.||Yes, by the Canada Deposit Insurance Corporation.||Yes, by the Canada Deposit Insurance Corporation.|
Opening a bank account is easy and fast. Make sure you have two forms of identification ready. Once your account is open, you will receive a debit card and can start using it right away.