Simplii Financial is a popular digital bank that offers a number of different account and investment options in Canada. These include high-interest chequing accounts, savings accounts, guaranteed investment certificates (GICs), mortgages, a credit card and more.
It’s easy to register for a Simplii bank account in a couple of minutes, and you may even qualify for a welcome bonus if you sign up sooner rather than later. Find out more about the benefits and interest rates you can take advantage of when you start saving with Simplii Financial online banking.
What is Simplii Online Banking?
Simplii Financial is a popular digital banking provider in Canada that has over two million clients. It was launched in 2017 to act as the digital banking arm of the Canadian Imperial Bank of Commerce (CIBC). This means it’s backed by the financial power of one of Canada’s biggest banks, and all of your deposits will be insured by the Canada Deposit Insurance Corporation (CDIC)
You can take advantage of a number of different financial products with Simplii Financial. These include chequing and savings accounts, GICs, RRSPs, TFSAs and other products like loans and mortgages. These products come with competitive interest rates and are easy to sign up for with the click of a mouse.
How does Simplii Online Banking work?
Simplii Banking functions just like any other bank in Canada, except that it does all of its business online. That’s why it has relatively few overhead costs and can pass savings on to its customers in the form of competitive interest rates and zero account fees.
There are several other benefits offered with the line of Simplii bank accounts as well. These include unlimited transactions, free withdrawals on CIBC ATMs and free debits on your account.
What banking products does Simplii Financial offer?
Simplii Banking offers a number of financial products and services.
The fully digital Simplii No Fee Chequing Account comes with no monthly account fee, no transaction fees, no e-Transfer fees, no minimum deposit requirements and a chance to earn interest on your account balance. You also get a debit card to use for withdrawals.
Earn a welcome bonus of up to $400
Enjoy unlimited free transactions and e-Transfers
No monthly account fee
Earn 0.01% to 0.1% interest on your balance
No minimum deposit requirements
Earn a referral bonus
Simplii is an online only provider
You can only earn the welcome bonus if you're a new Simplii customer
The Simplii High Interest Savings Account is another top pick for the best high-interest savings accounts in Canada. It earns a high promo rate of 6% interest for 5 months (and 0.4% thereafter). With a $0 account fee and $0 transactions, you can look forward to saving more of your hard earned money. Your savings will be accessible to you at all times – all you need to do is withdraw your funds with a Simplii Financial debit card or transfer money out of your account electronically.
$0 account fee
Earn 6% interest for 5 months
No physical branches for in-person service
Low ongoing interest rate after the promo ends
Interac e-Transfer Fee
Can I hold my savings in a Simplii Banking registered account?
You’ll be able to hold your savings in a registered investment account like a tax-free savings account (TFSA) or a registered retirement savings account (RRSP). You’ll get the same high interest rates as you would with a normal savings account, but you won’t have to claim the interest you make as income on your taxes. The only downside is that these types of accounts don’t allow withdrawals.
Simplii GICs (Guaranteed investment certificates)
Simplii GICs come with interest rates that tend to be comparable by industry standards. There doesn’t seem to be any minimum amount required for your deposit, and your investments will be protected up to $100,000 by the Canada Deposit Insurance Corporation (CDIC).
You can also hold any GIC you take out with Simplii in a registered account such as an RRSP or TFSA.
What other financial products does Simplii Financial offer?
Simplii Financial offers a number of other financial products. These include the following:
Simplii global money transfers. Send money internationally with no transfer fees. To send a transfer, you’ll need to have a Simplii Financial chequing account, USD savings account, credit card, personal or secured line of credit.
Simplii mortgages. You’ll be able to take advantage of fixed and variable interest rates for mortgages with terms between 2 and 10 years.
Simplii loans. You can take out a loan or line of credit with a competitive interest rate based on CIBC’s prime rate.
Simplii credit cards. You can sign up for the Simplii Cash Back Visa and enjoy a number of benefits and perks for no annual fee.
How does Simplii online banking compare to other banks?
Simplii has similar offerings to many other online banks. The rates and benefits it promotes for its chequing accounts are similar to other online banks like Tangerine and EQ Bank. It tends to fall a bit short on the rates it offers for its savings account (which are as much as 1% lower than some of its competitors).
Simplii’s range of GICs is also less impressive than other online banks. That said, it outperforms many of Canada’s big banks and credit unions for the majority of banking products that it provides.
Why should I open an account with Simplii Financial?
Easy application. It’s easy to open an account in less than 10 minutes using Simplii’s quick and easy online application.
No monthly fees. There’s no need to dip into your savings to cover the cost of account management fees every month.
Many account types. You can sign up for a number of different accounts (with options for registered and cash accounts).
Deposit insurance. The money you put into your account will be protected up to $100,000 by the Canada Deposit Insurance Corporation (CDIC).
Mobile app. You can get easy and secure access to your banking at any time with Simplii’s mobile app.
No minimum deposits. You won’t have to maintain a minimum balance in any of Simplii’s accounts, including its GICs.
Global money transfers. You’ll be able to send money overseas using your chequing account for a much lower fee than you’d pay for a wire transfer.
What should I look out for with Simplii banking?
Lower rates than competitors. You’ll get lower interest rates on GICs and savings accounts with Simplii than you will with other digital banks.
Not available in Quebec. You won’t be able to sign up for a Simplii Financial account if you’re a resident of Quebec.
No in-person service. This is a strictly digital bank so you won’t be able to access any physical branches (nor can you go through CIBC to do your Simplii banking).
How can I open a Simplii banking account?
Simplii banking eligibility requirements
To open an account with Simplii Financial, you’ll need to meet a couple of requirements:
Be at least 18 years of age (or 19 in some provinces)
Have a bank account at another Canadian financial institution
Have a valid Social Insurance Number (SIN)
Have a valid email address
How can I apply for a Simplii online banking account?
You can easily apply for Simplii Financial‘s line of banking products on its website. All you’ll need to do is follow a couple of simple steps:
Fill out an application form for the account or other financial product you’re interested in.
Provide some basic personal and financial information.
Register your Social Insurance Number (SIN) and provide your digital signature.
Get approved and load funds into your account to start earning interest.
Simplii Financial is a reputable online bank that was launched by CIBC in 2017. It offers a number of different bank accounts as well as a suite of investment and loan products. Learn what you need to qualify for Simplii’s banking products and apply online today to get started.
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Simplii Online Banking FAQs
Yes. You may be able to qualify for an introductory interest rate or promo offer, depending on what type of account you want to open, but check the website for the most current offers. You may also want to sign up for Simplii's mailing list to be notified of future offers.
You'll be able to transfer money out of your account with a bank-to-bank transfer or an Interac e-Transfer. You can also withdraw money from any ATM in Canada, though you may be charged a fee for non-CIBC ATMs.
You can download the Simplii mobile app by searching for Simplii Financial on Google Play or the Apple Store. From there, you can use the app to sign up for an account and manage your savings on the move.
Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee.
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