About Bank
Simplii Financial stands as a prominent player in the Canadian banking landscape, renowned for its commitment to simplicity and customer-centric services. Established as the digital banking division of the Canadian Imperial Bank of Commerce (CIBC), Simplii offers a range of banking solutions tailored to modern lifestyles. One of its key offerings includes no-fee chequing and savings accounts, providing customers with the convenience of daily banking without the burden of monthly fees or minimum balance requirements. This emphasis on fee transparency and accessibility has earned Simplii a notable reputation among consumers seeking hassle-free banking options.
In addition to its core banking products, Simplii Financial extends its services to encompass various financial needs, including savings and chequing accounts, Simplii Financial credit cards, mortgages, investments, and borrowing solutions. As an entirely online banking service, Simplii prides itself on its digital-first approach, allowing customers to manage their finances anytime, anywhere through its user-friendly online banking platform and mobile app. Furthermore, Simplii customers benefit from the convenience of accessing CIBC ATMs for cash withdrawals and deposits without incurring additional fees, reflecting the brand's dedication to providing seamless and cost-effective banking experiences.
Key Features
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No-Fee Chequing and Savings Accounts. Simplii offers no-fee daily banking, eliminating monthly fees and minimum balance requirements, and providing customers with accessible and transparent banking solutions.
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Digital Banking Platform. With Simplii's user-friendly online banking platform and mobile app, customers can conveniently manage their bank accounts, apply for products, and perform transactions anytime, anywhere.
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Range of Financial Products. Simplii provides a comprehensive suite of financial products, including credit cards, mortgages, investments, and borrowing solutions, catering to diverse financial needs.
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Transparent Banking Experience. Simplii prioritizes fee transparency and simplicity, ensuring customers have a clear understanding of their banking costs and requirements.
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Digital Identity Verification. Simplii was the first Canadian bank to enable digital identity verification, allowing international students and newcomers to open accounts digitally before arriving in Canada.
Pros and Cons
Pros
Cons
Simplii Requirements
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Personal Information. To open a bank account with Simplii Financial, individuals are typically required to provide personal information such as their full name, date of birth, address, and contact details.
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Employment Information. Simplii may request employment information, including current employer details and income verification, to assess an individual's financial situation and eligibility for certain banking products.
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Assets and Debts. Applicants may need to disclose information about their assets, such as savings, investments, and property ownership, as well as details about any outstanding debts or loans.
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Credit Bureau Report. With the applicant's consent, Simplii may use a credit bureau report to assess creditworthiness and determine eligibility for certain banking products, such as credit cards or loans.
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Minimum Age Requirement. Individuals must meet the minimum age requirement set by Simplii Financial to open an account, typically being at least 18 years old.
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Canadian Residency. Simplii Financial typically requires applicants to be Canadian residents with a valid Canadian address to open an account.
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Consent for Credit Check. Applicants may need to consent to a credit check as part of the account opening process, allowing Simplii to assess their credit history and financial standing.
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Eligibility for Specific Products. Some banking products offered by Simplii, such as mortgages or lines of credit, may have additional eligibility criteria based on factors such as income, credit history, and employment status.
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Documentation. Applicants may need to provide supporting documentation, such as government-issued identification (e.g., driver's license, passport) and proof of address (e.g., utility bill, lease agreement), to verify their identity and address during the account opening process.
Access on the Go
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Online Accounts. Simplii offers customers the convenience of managing their accounts online through its user-friendly online banking platform. With online accounts, customers can view account balances, transfer funds between accounts, pay bills, and perform various banking transactions from the comfort of their own home or on the go.
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ATM Access. Simplii provides customers with access to a vast network of CIBC ATMs across Canada. Customers can withdraw cash, deposit cheques or cash, check account balances, and perform other transactions at CIBC ATMs without incurring additional fees, enhancing accessibility to banking services.
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Mobile Apps. Simplii's mobile banking app allows customers to bank on the go using their smartphones or tablets. With the mobile app, customers can conveniently access their accounts, make mobile deposits, transfer funds, pay bills, send Interac e-Transfers®, and locate nearby ATMs, providing flexibility and convenience for managing finances while on the move.
Simplii Products
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No-Fee Chequing Account. Simplii offers a no-fee chequing account that provides customers with unlimited transactions and no monthly fees. This account is designed for everyday banking needs, allowing customers to access their funds easily without worrying about extra charges.
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High-Interest Savings Account. Simplii provides a high-interest savings account option, allowing customers to earn competitive interest rates on their savings balances. This account is ideal for customers looking to grow their savings while still maintaining easy access to their funds.
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Credit Cards. Simplii offers a range of credit cards tailored to different needs, including cash-back rewards, travel benefits, and low-interest rates. These credit cards provide customers with added purchasing power and convenience, along with various perks and rewards.
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Mortgages. Simplii offers mortgage options for purchasing a home or refinancing existing mortgages. With competitive rates and flexible repayment terms, Simplii mortgages help customers achieve their homeownership goals with ease.
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Investment Products. Simplii provides access to a range of investment products, including Guaranteed Investment Certificates (GICs) and mutual funds. These investment options allow customers to diversify their portfolios and work towards their long-term financial goals.
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Personal loans. Simplii Financial offers personal loans designed to provide customers with flexible financing options tailored to their individual needs. With Simplii's personal loans, customers can access funds for various purposes, such as consolidating debt, covering unexpected expenses, or making significant purchases.
Simplii Services
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Online Banking. Simplii offers a robust online banking platform that allows customers to manage their accounts, pay bills, transfer funds, and monitor their finances from anywhere with internet access. The online banking interface is intuitive and user-friendly, providing customers with a seamless banking experience.
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Mobile Banking App. Simplii Financial mobile app enables customers to bank on the go using their smartphones or tablets. With the mobile app, customers can perform various banking tasks, such as depositing cheques, sending Interac e-Transfers®, and locating nearby ATMs, all from the convenience of their mobile devices.
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ATM Access. Simplii provides customers with access to a vast network of CIBC ATMs across Canada. Customers can use these ATMs to withdraw cash, deposit cheques or cash, check Simplii Financial bank account balances, and perform other transactions without incurring additional fees, ensuring convenient access to banking services.
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Customer Support. Simplii offers dedicated customer support services to assist customers with their banking needs. Whether through phone, email, or online chat, Simplii's customer support team is available to answer questions, provide assistance, and address any concerns customers may have.
Which associations does Simplii belong to?
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Canadian Imperial Bank of Commerce (CIBC). Simplii Financial is the digital banking division of CIBC, one of Canada's largest banks. As such, Simplii operates under the umbrella of CIBC and shares certain resources and infrastructure with the parent company.
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Canada Deposit Insurance Corporation (CDIC). Simplii Financial is insured under the CDIC, which provides deposit insurance to eligible deposits held at member financial institutions in Canada. This insurance protects customers' deposits in the event of a member institution's failure, up to certain limits.
Bank Reliability
Bank reliability is a crucial factor for customers entrusting their financial affairs to a financial institution. Simplii Financial, as a division of the Canadian Imperial Bank of Commerce (CIBC), benefits from the robust infrastructure and stability of its parent company, one of Canada's largest banks. With nearly a century and a half of banking experience, CIBC has established a strong reputation for reliability and trustworthiness in the Canadian banking sector. This extensive history and track record of stability provide customers of Simplii Financial with confidence in the safety and security of their deposits and financial transactions.
Moreover, Simplii Financial operates under the regulatory oversight of the Canada Deposit Insurance Corporation (CDIC), providing customers with additional assurance regarding the safety of their deposits. As a member institution of the CDIC, Simplii's eligible deposits are insured up to certain limits, safeguarding customers' funds in the event of the bank's insolvency. This deposit insurance coverage offers peace of mind to customers, reinforcing Simplii Financial's reliability and commitment to protecting its customers' financial interests. Overall, Simplii Financial's affiliation with CIBC and adherence to regulatory standards contribute to its reputation as a reliable banking option for Canadians seeking secure and trustworthy financial services.
Editorial Opinion
Additional Resources
- Simplii Online Banking
- How to PayOff Simplii Debt
- Simplii Mobile App
- Simplii Customer Reviews
- Simplii Personal Loans for January 2025
- Simplii Personal Loans Calculator
