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Banks
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Simplii Financial

Finanso.Multilogin™

About bank

Simplii Financial is a trademark and digital banking division of the Canadian Imperial Bank of Commerce (CIBC). Banking products and services provided by this direct bank are offered by CIBC.

Simplii was established in 2017 when the majority of President's Choice Financial's online banking services and accounts were transferred under the CIBC and rebranded to Simplii Financial. Now it has about 2 million clients and Canadian call centers available 24/7.

In 2021 Simplii won 4 awards in Ipsos Financial Service Excellence Awards: Recommend to family and friends, Value for Money, Online and Mobile Banking Excellence.

The direct bank offers full-service banking and a wide range of products to use online.

Features

  • Simplii is backed by one of the Canadian Big 5 banks, CIBC. That means that you could be confident that your money is safe and use a large chain of CIBC ATMs for free.
  • Online-only services usually allow digital banks to reduce or eliminate fees and enhance new technologies, 24/7 support, and mobile application functions. The drawback is that you can't come and meet in person.
  • A safe and convenient online account and mobile app have a lot of necessary functions, an intuitive interface and let customers monitor their financial and banking information, manage transactions and investments, and get support when they want it. Digital identity verification allows international students and Canadian newcomers to open a Simplii account abroad.

    Pros and cons

    To get to know Simplii better, let's just review the benefits and drawbacks.

    Pros

    • No fee accounts

    • Chequing account with interest

    • Cash back card with rewards

    • Student banking

    • Special programs for newcomers and international students

    • Great rates

    • Award-winning online and mobile banking

    • Access to over 3,400 CIBC ATMs

    • Digital identity verification

    Simplii may be a good choice for digitally savvy clients, but there is a list of disadvantages that should be taken into consideration.

    Cons

    • No branches to visit

    • Other fees may apply

    • A less extensive product list than CIBC offers

    • No business services

    • Limited investment options

    • Not available in Quebec

    You may find more services and options at the traditional banks. Some conditions also may be better.

    Products

    1. No Fee Chequing Account without monthly fees, with interest earned, free unlimited transactions, and a debit card.

    2. High-Interest Savings Account without monthly fees and minimum balance required, with great daily interest earned.

    3. Simplii Financial Cash Back Visa Card with rewards and no monthly fees.

    4. Simplii Financial Visa Digital Gift Card for any celebration. Gift a minimum of $25 to a maximum of $250 per card with a personalized design.

    5. The Simplii Secured line of credit lets you have a single account for your line of credit and chequing account to manage all transactions in one place and pay off your debt quickly.

    6. Simplii mortgage has programs for newcomers, medical students, rural and Resort properties, and welcoming conditions for clients transferring mortgages to Simplii.

    7. Simplii Student GIC Program with a special option for international students.

    8. Mobile App allows access to all needed products and services from the smartphone or tablet.

    9. A Referral link lets you and your friend earn $50 if he or she opens a Chequing Account, credit card, or other eligible products using your link. You may get rewarded several times, with no limit to the bonus cash you can earn.

    Services

    1. Banking accounts: chequing, savings, investing accounts with no fees, minimum balances, and great rates managed online.

    2. New in Canada and International student deposit programs allow you to open the Chequing Account while you're still abroad and apply for a credit card with no credit history.

    3. Credit cards include Cashback Visa card benefits, and Simplii Financial Debit Mastercard available for free with a No Fee Chequing account.

    4. Lending services are represented by fixed and variable mortgages, personal loans, and lines of credit with special offers and programs.

    5. Investments services are Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), Registered Education Savings Plan (RESP), Registered Retirement Income Fund (RRIF), Guaranteed Investment Certificates (GICs), and Simplii Financial Mutual funds.

    6. Online and mobile banking are made to make banking easy for every Canadian and boost the number of customers. You may even open an account 100% digitally.

    7. Simplii Financial Foreign Cash services let you order foreign currency online and get free delivery to your home or nearest Canada Post office.

    FAQ

    Is Simplii legitimate?

    Yes, it is. Simplii Financial is a direct and digital bank, a division of the Canadian Imperial Bank of Commerce (CIBC). It provides a great variety of banking services and products to 2 million customers.

    Does Simplii have no fee accounts? 

    Yes, it does. Simplii chequing and savings accounts, and credit card accounts are no monthly fee banking accounts. But other fees like NSF, over-limit, account transfer, and other banks' ATM withdrawal fees may be charged. As well as an overdraft fee and rate, if you add the overdraft protection to your account.

    Company documents

    Legal

    Managing your money doesn't have to be complicated. At Simplii, we make it easy.

    © Simplii Financial

    Credit rating

    i

    Shows the level of financial reliability of a credit company

    DBRS AA Superior credit quality

    The capacity for the payment of financial obligations is considered high. Credit quality differs from AAA only to a small degree. Unlikely to be significantly vulnerable to future events.

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