Simplii Financial Review
Simplii Financial overview
🏦 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
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.
PROS AND CONS
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 full review
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.
WHAT ONLINE BANKING FEATURES DOES SIMPLII OFFER?
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?
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.
🚩 Customer ratings
We gather consumer feedback to understand how users feel about banking with Simplii Financial. While the bank performs well on mobile app stores, its score remains below average on the consumer review platforms and forums.
As of this writing, Simplii Financial had the following ratings:
4.2 stars on the Apple App Store and 4.1 stars on the Google Play Store.
1.8 out of 5 possible stars, based on more than 770 customer reviews on Trustpilot.
1.47 out of 5 possible stars, based on 50 customer reviews on the Better Business Bureau’s website.
What Reddit users are saying
Overall, Simplii Financial is seen as reliable and cost-effective for everyday banking, but not ideal as your only bank. Reddit threads also flag issues with mobile app transfers and inconsistent customer service.
Reddit discussions include:
Note: Consumer review platforms tend to reflect a higher volume of negative feedback as satisfied users are less likely to leave comments. Additionally, individual reviews may not reflect the full experience of these users. That said, public forums can offer a helpful starting point for understanding how the financial institution handles account issues, customer service and overall support.
Simplii Financial account types
Simplii offers many of the personal bank accounts you would expect from a traditional financial institution. NerdWallet's picks for best banking products include:
NerdWallet's take
NerdWallet's take
Product details
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Product detailsSimplii Financial savings accounts
🤓 OUR TAKE
Simplii Financial offers a solid introductory rate on the high-interest savings account, a relatively high base rate on the U.S. dollar savings, and no-fee global transfers on the foreign currency account, if you're comfortable banking online. If you're looking for a steady Canadian-dollar growth, consider other high-interest-earning savings options.
Explore 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
🤓 OUR TAKE
Simplii Financial's only chequing account offers many fee-free basic services, such as unlimited daily transactions, Interac e-transfers and ATM withdrawals. Though it's a great starting point, as your banking needs evolve, you may need a secondary chequing account.
Explore Simplii Financial chequing accounts
No Fee Chequing Account: unlimited transactions with no monthly fees.
Simplii Financial credit card
🤓 OUR TAKE
Simplii Financial's lone card is a no-fee cash back Visa, ideal for cash-back seekers and newcomers building Canadian credit. For more options, compare our top credit card options.
Explore Simplii Financial credit cards
Simplii Financial Cash Back Visa Card: earn cash-back rewards without an annual fee.
Simplii Financial registered accounts
🤓 OUR TAKE
Simplii Financial's registered savings accounts cover many of your savings goals, but offer modest base savings rates and limited investment choices. You may find better alternatives at online brokerages.
Explore Simplii Financial registered accounts
Other Simplii Financial services
🤓 OUR TAKE
Simplii Financial provides many of the standard banking, investment and leading services through its online portal. For more complex in-person needs, consider opening a secondary account with a major bank or regional institution.
Explore other 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.
Fees you should know about
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
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.
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