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Simplii Online Banking review
Earn interest and pay no monthly fees when you open a Simplii Financial online banking account with this industry-leading digital bank.
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.
Simplii chequing account
The Simplii No Fee Chequing Account is an online chequing account that offers interest rates of 0.01%, no matter how much money you keep in your account. It doesn’t require a minimum balance to stay open and you’ll get free debits whenever you need to take money out of your account.
You’ll also get unlimited e-Transfers and free withdrawals on CIBC ATMs. As an added bonus, you'll be able to qualify for a welcome bonus of up to $400 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends June 30, 2023.
Simplii savings account
You can earn a 0.4% return with Simplii’s High Interest Savings Account. You won’t pay monthly fees to maintain your account and there’s no need to keep a minimum balance. You also won’t need to pay fees when you spend money out of your account.
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.
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.
Compare Simplii Financial with other digital banking products in Canada
Simplii Online Banking FAQs
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