Ever since PC Financial and CIBC ended their 20 years partnership on November 1, 2017, Simplii Financial as taken over all the banking activities to PCF customers which includes chequing account, savings account, investments, and mortgages under the brand name Simplii. While Simplii Financial takes over all day-to-day banking activities, PC Financial continue to manage the PC Financial Mastercard as well as the PC optimum program.
Since Simplii Financial went live, it has grown in popularity with her online-only banking system which offers a savings account, chequing account and comes with a huge interest rate on their savings account which the conventional brick and block banks does not provide.
Simplii Financial as go strong in providing financial service to Canadians both at home and abroad. Due to its banking services, Simplii Financial made it to Forbes best bank in 2019 and ranking as the third in Canada only behind ATB Financial and Tangerine.
Being one of the few digital banks in Canada, Simplii Financial has little to no physical branch, unlike the traditional banks. All Simplii Financial customers conduct all their banking operation online via either PC, tablet or their smartphones. They also have a 24/7 customer service if at all you need to talk to anyone. With all of these banking services, Simplii Financial also made its debut to the world of credit card with her Cash-Back Visa card.
Simplii Financial Online Banking
As said earlier, Simplii Financial offers just online-only banking compare to the usual brick and block banks. Simplii serves her over two million customers digitally where all banking operations take place online. One of the advantages of having Simplii online banking is for its convenience and low-cost banking with high-interest rate similar to Tangerine and EQ Bank.
In a bid to get more customers to their online banking, Simplii Financial is offering its new customer with $200 on signing up with them or when you move from other financial institution. With Simplii online banking, you will get to do financial transaction 24/7 at your convenience, and have access to monitor all your operations with just a few clicks.
Simplii online banking comes with some full financial product like the: Simplii Financial Mortgage, Simplii Financial Savings Account, Simplii Financial Tax-Free Savings Account, RRSP Savings Account, Simplii Financial GICs, Simplii Financial Lines of credit and loans, Simplii Financial Credit Card.
Why Choose Simplii Online Banking?
For you to opt for Simplii online banking rather than the regular banks, then you must have good reason to do so. Below I talked about the reason why you should choose the Simplii online banking over the traditional banks.
No-Fee Chequing Account
A great reason to choose the Simplii online banking is its no-fee chequing account. Unlike most established bank in Canada, Simplii online banking offers her customers with no-fee chequing account which allow their customers to perform basic chequing transaction at zero fee.
- You will get a free unlimited debit transaction from your Simplii online banking
- Unlimited Interac e-Transfers
- You will get free unlimited withdrawals
- Using all CIBC ATMs in Canada come at no cost
- Earn 0.05-0.50% on your chequing accounts
- You don’t have a minimum requirement for the chequing account
High-Interest Saving Account
One of the advantages of having Simplii online banking is for their juicy interest rate offered on their savings account. Unlike the Canadian Big 5 or top brick and block banks, the Simplii online banking offers a 1.25% on their savings account to 0.50% – 0.90% offered by other financial institutions.
Knowing that Simplii online banking does not place a minimum requirement on their savings account means you will earn interest on every single dollar you save.
Fast and Convenient
The fact that you can do all your banking activities at the comfort of your home makes Simplii online banking so comfortable. All your banking which including sending and receiving funds through Interac (free), deposit cheques can be done with just a few tabs using your smartphone. And if you need to talk to someone, their 24/7 customer reps are available for all your questions.
Cons of Simplii Online Banking
Everything comes with its downside which met be individual based or general. The cons below are not just mainly to Simplii Financial as it applies to online banking in general.
Limited Human Interaction
You will get to have less of human interaction when practicing online banking. If you feel more comfortable interacting or speaking to a human, online banking met limit you to how much of that you’ll have.
While Simplii offers free chequing account and savings account with high-interest rate, you will be charged some certain amount for performing the below operation on your Simplii online banking.
- Stop payments: $10 – $16.50
- Money Order and Bank drafts: $7.50
- Overdraft fee: $4.97
- NSF fees: $45
- Stop Interac e-transfer: $3.00
- Non-CIBC ATM withdrawal (Canada): $1.50
- Non-CIBC ATM withdrawal (foreign): $3.00 or more
If most of your banking deposit is in cash, you met find online-only banking very challenging. Using Simplii online banking met be too much of a load if CIBC ATMs are not close by or you don’t like depositing with an ATM. There is also a daily limit to how much you can withdraw from your account.
Simplii Financial Product
Aside just running normal day-to-day banking activities, Simplii Financial also offers other financial services which makes them a complete financial institution.
Simplii Financial Mortgage
Simplii Financial aside from the no-fee chequing account and high-interest rate savings account is their mortgage plan. Their mortgage plan offers a very competitive rate with the already established banks.
They offer some very informative material on their website to help you in making the right choice when choosing a mortgage plan. Also, up until May 31, Simplii Financial is offering up to $2,500 in cash back for their mortgage program.
Simplii Financial Savings Account
With their high-interest rate savings account Simplii as made saving your money so much rewarding. Their savings account comes with no minimum balance which means you can save your money the way you want.
Currently, Simplii is offering 1.25% interest on their savings account which is one of the highest in Canada. Their savings account also comes with no monthly or transaction fees meaning every dollar into your Simplii savings account comes with a good return at no cost.
Simplii Financial No-Fee Chequing Account
A major selling point for Simplii online banking is the no-fee chequing account. Their chequing account has no monthly fees or minimum balance required, and you’ll have access to free unlimited daily banking like debit purchases, bill payments & withdrawals.
You will be able to send money for free using the Interac e-Transfer® platform, and have access to over 3,400 CIBC ATMs across Canada.
The Simplii Financial no-fee chequing account also comes with interest rate which ranges from 0.05% to 0.50%. Currently, Simplii is offering new clients $200 bonus when they open a chequing account, and this runs up until 31 of July.
Simplii Financial Tax-Free Savings Account
Tax-free savings account is becoming a significant means of investing, Simplii online banking offers an excellent deal for those who look to engage in tax-free savings account.
- Simplii offers highly competitive interest rates without having to keep a minimum balance.
- The TFSA has no monthly fees, fixed terms, or minimum deposits to open your account.
- You will earn interest on every hard-earned dollar without paying any tax.
- You can save for specific long and short terms goals and grow your money.
RRSP Savings Account
Simplii RRSP account is a secure way to save for the future and have a better retirement day. Their RRSP account helps you save money together for retirement, and you’ll get tax-advantaged growth for your future.
The RRSP account has no minimum deposits or balances needed to open your account, and all your principal and interest are always guaranteed.
You can apply for Simplii RRSP account online or call them on 1-888-723-8881.
Simplii Financial GICs
Simplii Financial offers Guaranteed Investment Certificates (GIC’s) like most banks in Canada. Their GICs offers you great return and its risk-free. GICs has become a significant way for an investor to earn a good return on their money.
Simplii’s offering high return n GICs than what the BIG Five are offerings also you can start with as little as $100.
Simplii GICs offer
- Earn a guaranteed rate for your entire term.
- Eligible for both registered and non-registered plans.
- You can start with as little as $100.
Simplii Financial GICs Interest Rate
Simplii Financial Lines of Credit and Loans
Simplii Financial has a wide variety of loan option available to suit your financial life. Simplii offers low-cost borrowing at a competitive rate. Simplii available loan options include:
Secured Line of Credit – Simplii secured line of credit is so unique that it allows you to borrow what you need but you will only pay interest on what you use with has flexible payment options. You will also enjoy free unlimited Interac® debit transactions, bill payments, withdrawals, and cheques.
Personal Line of Credit – Their personal line of credit allows you to have access to funds with low monthly repayment options. You’ll also get free unlimited Interac® debit transactions, bill payments, withdrawals, and cheques.
Personal Loan – Simplii Financial allows you to prepay some or all of your loan amount anytime you want with no penalty.
Simplii Financial Credit Card
Simplii makes its debut to offering a credit card with her Simplii Financial Cash Back Visa. It’s no surprise that the credit card is a no-fee card which acts as a direct competitor to the PC Financial Mastercard.
The Simplii Financial Cash Back Visa also comes with some juicy reward which makes it a worthy card for your wallet especial if you eat out most time.
Digitalizing the manner in which we go about our daily banking activities, Simplii offers only online banking rather than the conventional brick and block bank. They made banking so easy and convenient as you can keep track of your financial anywhere at any time all you need is just access to the internet.
I will love to know, what as being your experience with Simplii Financial.