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Simplii Financial Bank 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 an 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 Online Banking.
Simplii Financial is a popular digital banking app 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.
Simplii Online 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.
Simplii Online Banking offers a number of financial products and services.
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 $350 when you become a new client and set up direct deposit of at least $100 for 3 months. Offer ends July 31, 2022.
You can earn a 0.1% 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 Online Banking debit card or transfer money out of your account electronically.
Can I hold my savings in a 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 come with interest rates as high as 3.8% for a 5-year term, which is about average 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. The interest rates you’ll earn on your investments are outlined below:
Length of term | GIC rates (as of May 16, 2022) |
---|---|
1 year | 2.8% |
2 years | 3.1% |
3 years | 3.5% |
4 years | 3.6% |
5 years | 3.8% |
*These rates are subject to change – you can find Simplii Online Banking‘s current GIC rates on its website. |
What other financial products does Simplii Online Banking offer?
Simplii Online Banking offers a number of other financial products. These include the following: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.
To open an account with Simplii Online Banking, you’ll need to meet a couple of requirements:
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:
Simplii Online Banking 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.