Simplii Financial Review 2021: Extra I = Extra Benefits


Modern times call for modern solutions. That's why digital banks like Simplii Financial™ are growing in popularity among Canadians.

In this review of Simplii Financial™, WealthRocket dives deep into what makes the online bank so popular among Canadians, with a summary of the financial institution, it’s products, and services.

Table of Contents

What is Simplii Financial™?

Simplii Financial™ is the direct-to-consumer banking division of CIBC. It is a digital bank that operates exclusively online and is one of Canada’s most popular online-only banks.

Simplii Financial™ works exactly like any other bank, with the exception that no physical branches exist. All banking happens online, via mobile, or through telephone customer service.

With the extra i comes:
• A chequing and high-interest savings account
• Registered account options, including a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP)
• Investment options, including mutual funds and Guaranteed Investment Certificates (GICs)

Over the last few years, Simplii Financial™ has also introduced additional products, including mortgage options, personal loans and lines of credit options, and a credit card.

Simplii customers may also order currency from foreign countries, which can be picked up at their local Canada Post outlet.

Additionally, Simplii Financial™ is a member of the Canada Deposit Insurance Corporation (CDIC). Funds in a Simplii chequing and savings accounts, or GICs, are protected by insurance for balances up to $100,000. This insurance is included and comes at no additional cost to the customer. 

Simplii Financial™ Pros and Cons

Simplii Financial™ is an exceptional online banking service but has a few shortcomings that might not make it one of the best banking options for you.

That said, the Canadian digital bank is still suitable for people who have basic banking and investing needs.

Below, we'll take a look at the pros and cons of being a Simplii Financial™ customer.

In this review of Simplii Financial™, WealthRocket dives deep into what makes the online bank so popular among Canadians, with a summary of the financial institution, it’s products, and services.

Pros: No Fees! No Fees! No Fees

Cons: No Branches! No Branches! No Branches!

How does Simplii Financial™ Work?

Individual accounts and products offered by Simplii Financial™ work like any other commodity offered by a financial institution—without restrictions or hidden fees. Customers can sign-up for products online or via telephone, and manage their accounts through the Simplii Financial™ mobile app or their website. Because there are no physical locations, this allows the digital bank to provide cost-free banking.

A Review of Simplii Financial™ Products

Simplii Financial™ might not have any physical branches, but there’s no shortage of exciting personal finance products available to Canadians. Simplii currently offers a chequing account, registered and non-registered savings accounts, mutual funds, GICs, and a Visa credit card.

Simplii Financial™ Chequing Account

Simplii Financial™ ‘s No-Fee Chequing Account is everything it says it is: a no-fee chequing account. This product offers unlimited, no-fee banking, transactions, withdrawals and deposits, bill payments, and Interac e-transfers.

That’s right! There are no monthly fees, minimum balances, or transaction limits when using this account. Can you tell we’re excited about no fees? And the account comes with a debit card and cheque book. Neato! Do people still say that? Probably not.

Furthermore, direct deposit and mobile cheque deposit is available via Simplii’s incredible mobile banking app, compatible with Apple, Google, and Samsung Pay.

Since Simplii Financial™ does not have physical branches, customers can access, deposit, and withdraw cash or cheques using 1,000 CIBC ATMs across Canada. Customer service is available via telephone and online options so if you have an issue, it will get resolved quickly. 

Simplii Financial™ Registered and Non-Registered Savings Accounts

Simplii Financial™ offers four types of registered and non-registered savings accounts.

• The digital financial institution offers two types of registered accounts: the Simplii Financial™ Tax-Free Savings Account (TFSA) and the Simplii Financial™ Registered Retirement Savings Plan (RRSP).

• Non-registered account options offered are the Simplii Financial™ Savings Account and the Simplii Financial™ High-Interest Savings Account (HISA).

• Simplii Financial™ grants unlimited withdrawals and deposits from its TFSA, high-interest savings account, and traditional savings account.

• Simplii Financial™ currently offers an interest rate of 0.20% on all savings accounts.

Simplii Financial™ Guaranteed Investment Certificates (GICs)

Simplii Financial™ also offers Guaranteed Investment Certificates (GICs) as eligible non-registered and registered investments.

Registered GICs are available as TFSA and RRSP GICs, with traditional non-registered GICs available.

Simplii offers GICs in terms ranging from one-year to five-years in length, with automatic renewability options. Simplii also offers GIC laddering as an investment option.

Below are Simplii Financial™’s GIC rates, which are current as of August 2020. Please note that rates are subject to change.  

Simplii Financial™ Mutual Funds

Simplii Financial™ recently introduced Mutual Funds to its product family, with registered account options for TFSA, RRSP, RRIF, and RESP account options.

Investors can choose between seven risk profiles on their index-fund portfolios, including Conservative Income, Income, Income Plus, Balanced, Balanced Growth, Growth, and Aggressive Growth.

In addition, portfolios rebalance twice a year automatically and Mutual funds with Simplii Financial™ require a minimum investment of $25. 

Simplii Financial™ Cash Back Visa

Simplii Financial™ offers a Visa credit card that is perfect for people seeking low-interest credit with no annual fees and an excellent cashback product. The card is compatible with Google, Apple, and Samsung Pay and the interest rate currently sits at 19.99%.

The Simplii Financial™ Cash Back Visa offers a cashback program that’s pretty accessible for all types of spenders. The credit card offers 0.5% cashback on all purchases, 1.5% on transactions at gas, drugstores, and groceries, and 4% cashback on purchases at coffee shops, restaurants, and bars – all the places we’re not supposed to go during a global pandemic.

However, that doesn’t mean you can’t order online and use your Cash Back Visa to pay to reap the benefits.  

Frequently Asked Questions

Simplii Financial™ does not have physical branches or dedicated ATMs, as it operates online exclusively. However, Simplii customers can access CIBC ATMs for cash deposit and withdrawal, as well as cheque withdrawal and simple banking solutions.

Not exactly. Simplii Financial™ used to be PC Financial. Between 1999 until 2017, PC Financial worked in partnership with CIBC.

That partnership ended in 2017, and PC Financial rebranded as Simplii Financial™. It is now exclusively operated by CIBC.

Today, PC Financial provides a credit card and a rewards program, but does not currently offer personal banking or investing options.

Yes! Simplii Financial™ is no stranger to enticing sign-up promotions.

It's currently offering one where customers can earn up to $200 for customers who make the switch. New signees can take advantage of this promotion until October 31, 2020.

Here's are the conditions promotion works:

● Open a Simplii Financial™ No-Fee Chequing Account and receive direct deposit for three months for an amount of at least $100 and receive $150.
● Earn an additional $50 when you open a Simplii Financial™ High-Interest Savings Account. Deposit (and keep) $50 into the account every month for three months.

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