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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
Cash-back 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 personal 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 an online-only bank. For those that want to manage their finances online, Simplii offers an online banking portal through its website (simplii.com) and a mobile app to transact and manage finances on the go. Using Simplii’s online banking platforms, you can open new bank accounts, transfer funds, deposit cheques, pay bills, manage your investments and more.
In 2021, Simplii Financial announced an additional enhancement to its online banking capabilities: digital identity verification. According to Simplii, this technology allows clients to open accounts completely digitally, and while located outside the country — a significant convenience for international students and those planning a move to Canada.
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 unlikely 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 US dollars.
Simplii Financial spending accounts
- No Fee Chequing Account for everyday banking that earns interest.
- Simplii Financial Cash Back Visa Card that earns cash-back rewards without an annual fee.
Simplii Financial investing accounts
- Tax-Free Savings Account (TFSA) for cash and investments.
- Registered Retirement Savings Plan (RRSP) that has no minimum deposit or balance requirements.
- Registered Education Savings Plan (RESP) to help you save for a child’s higher education.
- Registered Retirement Income Fund (RRIF) to facilitate RRSP fund withdrawal in retirement.
- Guaranteed Investment Certificates (GICs) with one to five-year terms.
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
Banking fees can vary based on the accounts you have and how you use them. Here are some of the common fees you may encounter using Simplii’s financial products and services:
- 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.
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. Also, with its digital identity verification technology and ability to open an account before arriving in Canada, Simplii may also be a good fit for international students and immigrants.
Pros and Cons of Simplii Financial
There’s plenty to like about Simplii Financial, but no bank or credit union is without its drawbacks. 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 phone support.
- Some investment options.
Cons of Simplii Financial
- No in-person banking services or support.
- No youth, Indigenous or veterans banking 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, chequing accounts and credit cards not available.|
|Are deposits insured?||Yes, by the Canada Deposit Insurance Corporation.||Yes, by the Canada Deposit Insurance Corporation and Mutual Funds Dealers Association of Canada’s Investment Protection Corporation.||Yes, by the Canada Deposit Insurance Corporation.|
Simplii Financial frequently asked questions
Yes. Simplii Financial is a division of the Canadian Imperial Bank of Commerce, or CIBC.
Yes. Simplii’s No Fee Chequing Account comes with a debit card you can use to access ATMs and make in-person purchases.
Setting up multiple bank accounts can help you budget, maximize savings and optimize taxes. Having more than one savings account can support financial goals.