Simplii Financial is an industry-leading digital bank. Learn more about its account and online banking options in this comprehensive Simplii Financial review.
Simplii Financial is not a traditional bank. While it’s backed by one of the Big Five and offers a range of bank accounts, loans and investments, it doesn’t have any physical branches. So if you want to open a Simplii account, you’ll need to be comfortable managing your money via online and mobile banking.
Is Simplii a competitive alternative to other banks that offer chequing accounts, savings accounts, GICs, loans and more in Canada? We think so. Keep reading to learn more.
Simplii Financial accounts and services
No Fee Chequing Account
High Interest Savings Account
Tax-Free Savings Account
USD Savings Account
Foreign Currency Savings Account
Cash Back Visa Credit Card
Fixed-rate mortgage
Variable-rate mortgage
Personal Line of Credit
Secured Line of Credit (HELOC)
Personal Loan
RRSP Savings Account
Registered Education Savings Plan (RESP)
GIC
Mutual Fund Account
What is Simplii Financial?
Simplii Financial is an online-only bank with no physical branches. Established in 2017 after the rebranding of President’s Choice Financial, it offers a wide range of accounts, loans and investment options for Canadians.
Simplii offers 24-hour phone customer service and live agent support during business hours. You can manage your account via Simplii online banking or mobile app, but there’s no in-person customer support available.
Who owns Simplii Financial?
Simplii Financial is a owned by CIBC, as it is a division of the Canadian Imperial Bank of Commerce. With a history dating back to the 1860s, CIBC is one of Canada’s Big Five banks and is headquartered in Toronto. This means that Simplii is 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).
Fixed or variable rate based on CIBC prime (6.45%)
Simplii Financial chequing and savings accounts
Simplii doesn’t offer the same wide range of chequing and savings accounts as some major banks. However, its product range does include key accounts to help you manage your core banking needs. Simplii offers these personal account options:
The No Fee Chequing Account is Simplii's headline act. As the name suggests, it has no monthly fee, while there's no minimum balance requirement either. But at the same time, you get the convenience of unlimited debits, bill payments and withdrawals each month. You can also withdraw cash for free at CIBC's nationwide network of ATMs, and add overdraft protection (for a fee) if needed.
Earn a welcome bonus of up to $500
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
Residents of Quebec cannot open a Simplii account
Min. Age
18
Min. Age Teen Account
12
Account Fee
$0
Overdraft Fee
$4.97
ATM Out-of-Network Fee
$1.50
U.S. ATM Fee
$3
International ATM Fee
$3
If you want an account for your day-to-day banking and you want to avoid monthly fees, the No Fee Chequing Account is well worth a look.
But if you’re searching for a hybrid account that offers the convenience of a chequing account as well as the high interest rate of a savings account, you may want to consider other options like the EQ Bank Personal Account.
Simplii's High Interest Savings Account offers one of the best promo interest rates going around. For the first 5 months after opening an account, you can earn 6.25% interest on your balance, giving your savings a healthy boost.
$0 account fee
$0 transactions
Earn 6.25% interest for 5 months
No physical branches for in-person service
Low ongoing interest rate after the promo ends
Min. Age
18
Account Fee
$0
Transaction Fee
$0
Interac e-Transfer Fee
$0
NSF Fee
$45
Keep in mind that, after the savings bonus rate period ends, the account reverts to a tiered interest rate structure with significantly lower rates—if you’ve got less than $50,000 in your account, you’ll only earn 0.35%.
With that in mind, the Simplii High Interest Savings Account is best if you’re ok shopping around for a new savings account with a high intro rate once this promo period ends.
But if you want an account that offers a high ongoing interest rate so you can “set and forget” your savings, consider other options like an account from KOHO or an EQ Bank Notice Savings Account.
Simplii USD Savings Account
If you regularly travel to the United States or spend a lot of US dollars, there are lots of good reasons to consider a Simplii USD Savings Account.
This account has no monthly fees, and it pays interest on your balance at a competitive rate of 3.05%. There’s no minimum balance requirement, and you can send USD from your account to the USA with no fees.
The other benefit of this account is that you can hold funds in USD, then wait for the best exchange rate to become available before converting your money to CAD.
Simplii Foreign Currency Savings Account
Simplii also offers foreign currency accounts in Chinese Yuan (CNH), Indian rupees (INR), euros (EUR), Philippine pesos (PHP) and British pounds (GBP). These accounts come with no monthly fees and no minimum balance requirement but don’t pay any interest on your account balance.
But cash withdrawals, ATM access and point-of-sale transactions are not available from these accounts. So if you need to transact in one or more foreign currencies, you might like to consider a multi-currency account like Wise.
Simplii GICs offer terms ranging from 1 to 5 years. You can open a GIC with as little as $100, and you get the security of a guaranteed return on your investment. Simplii Financial GICs are also RRSP-eligible, so you can take advantage of tax benefits by holding your GICs in a registered retirement savings plan. Because CIBC is a CDIC member, your principal investment is protected by CDIC insurance up to $100,000.
Competitive interest rates
You can open and manage your account completely online
Different GIC term options are available
No physical branch locations
Interest rate
3.83%
Term
N/A
Min. Investment
$100
However, when we compared 1-year GIC rates in September 2024, we found rates as much as 1% higher than Simplii at other financial institutions. So, it’s worth shopping around for the best rates before deciding where to deposit your money.
Simplii is a digital-only bank with no brick-and-mortar branches, so it’s essential that it offers a user-friendly online banking platform. The good news is that customer reviews for Simplii online banking are generally positive, reporting that its interface is simple and user-friendly.
You can use the online banking platform to take care of all your day-to-day banking tasks, including:
Checking your account balances
Checking your transaction history
Sending e-Transfers
Sending international transfers
Paying bills
Setting up automatic payments
Moving money between your accounts
Creating nicknames for your different accounts
How to register for Simplii online banking
Registering for Simplii online banking is easy. First you’ll need to activate your debit card. You can then head to the Simplii website, select Sign on and then Register. Then follow the on-screen instructions to confirm your identity and set up a password.
How does Simplii Financial mobile banking work?
The Simplii Financial mobile app is free to download to iOS and Android smartphones. Log in to the app using Touch ID on Apple devices and Fingerprint ID on Android devices.
Just like any of the Big Five bank’s mobile apps, you can use the Simplii app to access all of the Simplii online banking features we listed above plus features like mobile cheque deposits.
Other features include the option of ordering foreign cash for home delivery or post office pickup and setting up balance alerts so you can stay on top of your spending.
Simplii Financial app reviews and ratings
Check the table below for a summary of Simplii app reviews from both Android and iOS users:
Apple App Store
4.2/5 stars based on over 11,900 Simplii app reviews
Google Play
3.9/5 stars based on over 16,900 Simplii app reviews
Simplii app ratings were last verified on October 2, 2024
While reviews for the Simplii Financial app are generally positive, it has also received some mixed feedback. Customers who left positive reviews commonly commented on the app’s ease of use and navigation, while those who left negative Simplii app reviews complained about bugs and crashes.
How to set up Simplii mobile payments in your phone’s digital wallet
There are a couple of key things you need to do before setting up Simplii mobile payments.
First, make sure your card is activated. You can activate a debit card by performing a transaction that uses your PIN or by checking your balance at an ATM. You can activate a credit card by following the instructions on your card.
Second, you’ll need to double check that the correct mobile number is listed in your Simplii account.
The exact steps you need to follow next vary depending on your mobile wallet.
Apple Pay
On your iPhone, open the Wallet app and tap the add button (plus sign)
Follow the on-screen instructions
Google Pay
Go to Google Play and download the Google Pay app
Open the app and follow the on-screen instructions to add your card
Samsung Pay
Go to Google Play and download the Samsung Pay app
Open the app and follow the on-screen instructions to add your card
Simplii credit card details and features
There’s only one Simplii credit card available—the Cash Back Visa Card. This card has no annual fees and allows you to earn cash back on your purchases. You can get:
4% cash back on eligible restaurant, bar and coffee shop purchases (limit of $5,000 per year)
1.5% cash back on eligible gas, groceries, drugstore purchases and pre-authorized payments (limit of $15,000 per year)
0.5% cash back on all other credit card purchases (no annual limit)
If you’re looking for a credit card that rewards you for spending, the Simplii Cash Back Visa is worth adding to your shortlist of options. But if you’re a big spender and you want a card with unlimited cash back, you may want to look elsewhere.
Add up to 3 additional cardholders to boost your cash back earning power. But you’ll need a minimum annual household income of $15,000 to qualify for a card, which comes with a purchase rate of 20.99% and a cash interest rate of 22.99%.
When you open a Simplii No Fee Chequing Account, you get a linked debit Mastercard. You can use the card anywhere Mastercard is accepted, and enjoy free access to CIBC’s network of over 3,400 ATMs across Canada.
When you’re abroad, you can use your Simplii debit card at ATMs compatible with Interac, Mastercard, Maestro or Cirrus.
You can also use the card to shop in-store and online. If you add it to your mobile wallet, you can tap and pay for purchases of up to $250.
How to activate your Simplii debit card
If you’re a new Simplii customer, you can activate your debit card by making a transaction that requires you to enter your PIN. If you’re an existing customer, you have two options:
Activate your card by making a purchase with your new card and existing PIN, or
Activate your card by signing into the Simplii mobile app or online banking using your new card number and existing password.
What are Simplii’s ATM options?
As Simplii is a division of CIBC, you get fee-free access to CIBC’s nationwide network of over 3,400 ATMs. You can use ATMs to withdraw cash, check your balance, deposit cash and cheques and, in some cases, withdraw US dollars. Search for your nearest ATM on the Simplii website.
You can also withdraw money from any non-CIBC ATM that displays the Interac or PLUS signs. However, be aware that fees may apply.
Simplii Financial Global Money Transfer
If you need to send money overseas, Simplii’s Global Money Transfer service offers money transfers to over 130 countries. You can send up to $75,000 per 24 hours. Depending on where you’re sending money, you may be able to send funds to a bank account, mobile wallet or for cash pickup.
You can send a wire transfer from your Simplii account by completing the following steps:
Log in to online banking.
Select More Services from the menu on the left of screen.
Under Moving Money, choose Wire Transfers.
Enter your recipient’s name, address and bank account details.
Review all information before submitting the transaction.
It’s worth noting that you’ll need to pay a wire transfer fee, which varies depending how much money you send:
Equivalent to CAD$10,000 or less: $30 fee
Equivalent to CAD$10,000.01–$50,000: $50 fee
Equivalent to CAD$50,000.01 or more: $80 fee
How to get a Simplii Financial void cheque
Need a Simplii void cheque to set up a direct deposit or recurring bill payment? Here’s how to get one.
Sign in to Simplii online banking.
Select Account Details.
Select Get Void Cheque/Direct Deposit Info.
Check that all information is correct before selecting Print.
Is Simplii Financial a real bank?
Yes, Simplii Financial is a real, legitimate bank in Canada. It is the digital bank offshoot of CIBC, which means it’s backed by CIBC for online security, licensing and deposit insurance. Money you deposit at Simplii is covered by the CDIC for up to $100,000 per insurable category.
Plus, Simplii Financial offers its Personal Banking Online Security Guarantee—including using 128-bit encryption for any transactions or information you send over its network—to ensure you can safely bank online through the Simplii app or on its website.
How does Simplii online banking compare to other banks?
Simplii is a competitive option if you’re looking for a no-fee chequing account, a high promo interest rate on your savings, user-friendly online & mobile banking and several other investing and borrowing options.
It doesn’t offer the same breadth of account and product options as major banks, but it covers all of the basics well and has a similar product range to online-only competitors like Tangerine.
Some potential customers might be put off by the fact that Simplii doesn’t have any branches. If that’s you, ask yourself: When was the last time I needed to visit a bank branch in person to perform a transaction? Do I really need to visit a branch all that often?
You might be surprised to find that branch banking isn’t as essential to you as it once was. Or, you may decide you like the peace of mind of being able to pop into your local branch when needed.
Another factor to consider when choosing a bank is customer reviews on sites like Trustpilot. Simplii Financial reviews are mixed—2/5 stars from over 650 reviews at the time of writing—but it’s far from alone in that regard. The Big Five and Tangerine all score lower, while EQ Bank gets a slightly higher score (2.6/5 from 119 reviews).
Ultimately, the right bank for you depends on your financial needs and what you’re looking for in an account, credit card or loan.
Summary pros and cons: banking with Simplii Financial
Pros
Easy-to-use online and mobile banking
Fee-free access to over 3,400 CIBC ATMs across Canada
Chequing account with unlimited debits, bill payments and withdrawals with no monthly fee
24-hour support
Special offers for newcomers and students
Competitive cash back earn rate with the Simplii credit card
Cons
No face-to-face customer service
Not available in Quebec
Not as many account options as major banks
You may find better savings account and GIC interest rates elsewhere
Caps on credit card cash back
Bottom line
If you’re searching for user-friendly online and mobile banking with no day-to-day banking fees—and if you don’t mind not being able to visit a branch for face-to-face service—Simplii Financial is worth checking out. Compare its accounts, credit card, investment solutions and loan options with offerings from other banks before choosing the right bank for you.
Compare Simplii to other digital financial institutions in Canada
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Frequently asked questions about Simplii Financial
Yes, Simplii Financial is a division of CIBC, one of Canada's Big Five Banks. Simplii is an online-only bank with no physical branches.
The Simplii Financial institution number is 010. This combines with Simplii's transit number (30800) to form its routing number.
Simplii Financial's SWIFT code is CIBCCATT.
If you have a Simplii Financial No Fee Chequing Account, the maximum e-Transfer amount you can send is:
$3,000 in any 24-hour period
$10,000 in any 7-day period
$30,000 in any 30-day period
Simplii Financial is a division of CIBC, one of the largest banks in Canada and part of the Big Five. CIBC is also a member of the Canada Deposit Insurance Corporation (CDIC), so amounts you deposit with Simplii are covered by CDIC insurance up to $100,000.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
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Simplii credit card details and features
Simplii debit card details and features