Simplii Financial is an online bank owned by CIBC. Initially launched in 1994 as PC Financial, it was rebranded as Simplii Financial in 2017. As a direct banking subsidiary of CIBC, Simplii Financial offers no-fee chequing accounts, high-interest savings accounts, investments like GICs and mutual funds, personal loans, and more.
The online bank has no physical branches – all banking is done through their website, mobile apps, and phone support. However, you have access to CIBC’s vast ATM network.
Our Verdict
Simplii Financial is the best fit for Canadians looking for a no-fee online bank with a wide range of products and accounts. Their lack of monthly fees on chequing and savings accounts can save you hundreds per year compared to traditional big bank accounts.
Simplii offers competitive interest rates on savings accounts and GICs. However, Simplii isn’t ideal if you need to visit bank branches or prefer banking with tellers in person.
| Who’s Simplii Financial best for? | Simplii is best for tech-savvy Canadians preferring a simple, no-fee banking setup. While lacking a full product suite and some customer service (bank tellers), Simplii’s products will meet the needs of most Canadians. |
| What we like about Simplii | – No monthly fees or minimum deposit requirements on chequing and savings accounts. – Competitive interest rates on GICs. – Access to CIBC’s ATM network. – Great foreign currency products. |
| What we don’t like about Simplii | – No physical branches, with only online banking. – Limited product range compared to big banks. – Interest rates for savings, chequing, TFSA, and RRSP accounts are low. |
Simplii Financial No Fee Chequing Account
Simplii’s No Fee Chequing Account lives up to its name with no monthly fees, no minimum balances, and unlimited free transactions. This makes it an affordable option for everyday banking. New customers can earn $400 by opening this account and setting up a recurring direct deposit. Overall, the No Fee Chequing Account hits the mark for a free online bank account with all the essentials covered at no cost.
Main Features
- Monthly Fees: $0
- Interest Rate: 0.01% – 0.10% (tiered interest rate based on account balances)
- Welcome Bonus: Earn $400 when you open a No Fee Chequing Account by October 31, 2024, and add an eligible direct deposit of at least $100 per month for three straight months
- Extra Features:
- Free access to all CIBC ATMs across Canada for cash withdrawals
- Unlimited free Interac e-Transfers and debit transactions
- No minimum balance required
- Ability to add overdraft protection for a $4.97 monthly fee
- Debit Mastercard to make purchases anywhere Mastercard is accepted
- Earn $125 for friend referrals. Your friend also receives $50
Simplii Financial High Interest Savings Account
Simplii’s High Interest Savings Account pays competitive interest rates with no minimum balance requirements or monthly fees. Rates currently range from 0.4% to 5.5%.
New customers can open this account and earn 6% interest on deposits for the first five months (with some limits). This is one of the best short-term promotional rates available from Canadian banks – making the High Interest Savings Account an excellent option to park your emergency fund.
Main Features
- Monthly Fees: $0
- Interest Rates:
- 0.40% on balances from $0 to $100,000
- 0.65% on balances from $100,000.01 to $500,000
- 1.25% on balances from $500,000.01 to $1,000,000
- 5.50% on balances over $1,000,000
- Welcome Bonus: Earn 6% interest on eligible deposits for the first five months when you open a new account. The offer ends on April 30, 2024.
- Extra Features:
- No minimum balance is required to open or maintain the account
- Interest is calculated daily and paid monthly
- Easy to set up automatic deposits
- Access to funds whenever needed with no transaction fees
- Ability to verify identity remotely through Interac document service
- Earn $125 for every friend who opens an eligible account using your referral link, and your friend gets $50
Simplii Financial Investments Accounts
TFSA
Simplii Financial offers a Tax-Free Savings Account (TFSA). This lets you save and invest while earning tax-free returns. Their TFSA pays 0.40% interest on deposits with no monthly fees, minimum balances, or fixed terms.
You can make tax-free withdrawals anytime, making Simplii’s TFSA accounts suitable for flexible goal-based savings.
RRSP
Simplii also has a Registered Retirement Savings Plan (RRSP) account for retirement savings. Simplii’s RRSP account pays 0.40% interest on cash balances with no minimum or monthly fees. Contributions are tax-deductible and grow tax-free until withdrawn in retirement (when withdrawals are taxed as income).
GIC
Simplii’s Guaranteed Investment Certificates (GICs) allow you to lock in a fixed interest rate for terms ranging from 1 to 5 years. Current GIC rates range from 5% for a 1-year term to 4.25% for a 5-year term. Simplii also offers RRSP GICs for registered accounts.
| GIC and RGIC term | APY |
| One year | 5.00% |
| Two year | 4.35% |
| Three year | 4.25% |
| Four year | 4.25% |
| Five year | 4.25% |
Simplii Financial Global Money Transfer
Simplii offers Global Money Transfers with no transfer fees for sending money internationally. You can send up to $75,000 to over 130 countries worldwide from your Canadian or U.S. dollar accounts. Recipients can deposit funds into their bank account or pick up cash locally.
You can send the money from select Simplii accounts, such as your chequing, savings, or line of credit.
Otherwise, Simplii also offers a $50 bonus for your first Global Money Transfer. You must use the promo code GMTEVENT for the special offer to apply.
What Do Customers Think Of Simplii Financial?
| Google Play | 3.9/5 from 15.5K reviews |
| App Store | 4.1/5 from 10.7K reviews |
| Trustpilot | 2/5 from 568 reviews |
Positive reviews commonly mention Simplii’s lack of monthly fees, competitive interest rates on savings accounts, and easy-to-use app. Negative reviews cite issues like wait times, difficulties opening accounts, problems with interest rate promotions and technical issues.
Pros Of Simplii Financial
- No monthly fees on chequing or savings accounts
- Competitive interest rates on savings accounts and GICs
- Easy to send money abroad with low-cost money transfers
- Access to CIBC ATM network
- Digital banking via the website and mobile apps
- Owned by CIBC, a long-standing Canadian bank
- Deposits are CDIC insured up to $100,000
- Refer-a-friend bonuses of up to $125
- Free standard cheques
Cons Of Simplii Financial
- No physical branches – online banking only
- More limited product range than big banks
- Need to use CIBC ATMs for cash deposits
How Does Simplii Financial Compare To Other Online Banks?
| Simplii Financial | EQ Bank | Tangerine | |
| Chequing Account | No fees, unlimited transactions, up to 0.1% interest | No fees, unlimited transactions, up to 4% interest | No fees, unlimited transactions, up to 0.1% interest |
| Savings Account Interest Rate | 0.4% – 5.5% (tiered deposits) | 2.5 – 4% | 0.7% |
| GIC Rates | – 1yr – 5% – 5yr – 4.25% | – 1yr – 5.35% – 5yr – 4.45% | – 1yr – 5.2% – 5yr – 3.25% |
| Investments | TFSA, RRSP, Mutual Funds, GICs | TFSA, RSP, FHSA GICs | TFSA, RSP, RIF, GICs, Mutual Funds |
| ATMs | No fee access to CIBC ATMs | Free to use any (In Canada), fees reimbursed | No fee access to Scotiabank ATMs |
Final Thoughts
Overall, Simplii Financial is a solid online banking alternative in Canada backed by CIBC. Compared to Canada’s big banks, Simplii shines with basic digital banking products, investments, loans and money transfers. It’s worth a look for those prioritizing low costs and competitive rates.
