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Published June 16, 2022

Simplii Financial Review

Simplii Financial doesn’t have any physical branches but what it lacks in in-person support it makes up for with no monthly fees or account minimums.

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

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
    Cash-back Visa credit card
  • Other Simplii Financial services
    Mortgages
    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.[1] 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

Simplii Financial spending accounts

Simplii Financial investing accounts

Other Simplii Financial services

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:

Simplii Financial

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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

Cons of Simplii Financial

How Simplii Financial compares to other online banks

 Simplii FinancialTangerine BankEQ 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?YesYesNo, chequing accounts and credit cards not available.
Mobile app?YesYesYes
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

Is Simplii part of CIBC?

Yes. Simplii Financial is a division of the Canadian Imperial Bank of Commerce, or CIBC.

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.

About the Author

Shannon Terrell

Shannon Terrell is a lead writer and spokesperson for NerdWallet, where she writes about a variety of personal finance topics. Previously, she was a writer, editor and video host for financial comparison company, Finder. Shannon has appeared as a financial expert on CP24 and has been quoted in numerous publications, including Yahoo! Finance and Black Enterprise. She holds a bachelor’s degree in communications and English literature from the University of Toronto Mississauga. She’s also a published author whose work has been featured in academic journals from the University of Toronto. Shannon is based in Brampton, Ontario.

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