Simplii Financial review 2024: Pros, cons, and how it compares
Money.ca / MOney.ca
Simplii Financial is a Canadian online-only bank providing seamless and user-friendly Simplii online banking services.
It's known for its no-fee chequing accounts, responsive customer service, and easy-to-use mobile app.
This comprehensive Simplii Financial review will outline the bank’s services, Simplii financial offers, customer satisfaction, its pros and cons and how it compares to other online banks.
Simplii Financial | Quick overview
Simplii online — formerly known as PC Financial—is your one-stop, full-service online bank that’s all about making money management easy. No branches, no fuss—just solid digital banking.
With Simplii, you can handle your day-to-day banking without breaking a sweat. We’re talking:
✅ Moving money between accounts
✅ Paying bills with a few taps
✅ Stashing cash in savings accounts
✅ Investing in mutual funds and GICs
And if you need a little help managing your money, Simplii’s got your back with budgeting tools, savings calculators, and a slick mobile app. Whether you’re checking your balance or paying your bills, it’s all right at your fingertips.
Get started with SimpliiWho is Simplii Financial for?
Let’s face it—Canadians are loyal to a fault when it comes to their banks, even if it means sticking with low interest rates, high fees, and those annoying hidden charges.
Simplii’s here to change that. It’s designed with younger folks in mind—think Gen Z and Millennials who’d rather use a slick app than step inside a branch. They want high-interest savings, cash back perks, and all things digital. It’s also a great option for newcomers to Canada, giving them an easy way to set up banking right after they land.
But hey, don’t let loyalty hold you back. If your current bank isn’t giving you the goods, Simplii’s offers might be just what you need to make the switch. After all, better rates and no-fee accounts are tough to pass up.
Simplii Financial pros and cons
Pros
-
Earn interest in chequing and saving accounts.
-
Earn interest in chequing and saving accounts.
-
No monthly fee on any account type including credit card.
-
Top-rated under interface on mobile app.
-
Protection from the Canada Deposit Insurance Corporation.
-
No monthly or transaction fees for a credit card, chequing or savings account.
-
24-hour online and phone support from knowledgeable customer representatives.
-
Quick and simple to open an account from anywhere.
-
Investment accounts (e.g. GIC, RRSP, TFSA, etc.) are available.
-
Low interest rates for loans and other borrowing services.
Cons
-
No in-person banking locations.
-
Overdraft protection costs $4.97 monthly, and overdraft balances are charged interest of 19%.
-
The insufficient funds’ fee for the chequing account is $45.
-
No banking accounts are designed for business use.
-
Fees are not waived for out-of-network ATMs.
-
Limited investing capabilities.
-
Not available in Quebec.
Simplii Financial promotions and offers
| Product (reviews) | Details | Get started |
|---|---|---|
| Simplii No Fee Chequing Account | Earn $500†— and ditch the monthly fees. CONDITIONS APPLY. OFFER ENDS FEBRUARY 28, 2025. | Open a Simplii account |
| Simplii High Interest Savings Account (HISA) | Earn 6.00% interest†on eligible deposits for 5 months when you open an account. LIMITS APPLY. OFFER ENDS JANUARY 31, 2025. | Open a Simplii HISA |
| Simplii Financial™ Cash Back Visa* Card | Get up to Up to 10% cash back†for your first 3 months up to $1,000 eligible spend Conditions apply. | Apply for the card |
Simplii Financial Bank is a Canadian-based financial institution owned by CIBC, formerly known as PC Financial and rebranded to Simplii Financial in 2017.
CIBC created Simplii Financial as a way for customers to access more advanced digital services compared to what traditional banks offer.
This includes things like direct deposits without having to visit a physical bank location, mobile check deposits, along with investment options such mutual funds, tax-free saving accounts, and GICs.
Since its launch, Simplii Financial Bank has quickly become one of the most popular online banking solutions in Canada. Millions of Canadians have already signed up to take advantage of its wide range of features and convenient services.
By continuing to create groundbreaking tools and features designed with customer convenience in mind, Simplii Financial shows no sign of slowing down anytime soon.
Simplii online best features
Simplii Financial: Types of bank accounts
The Simplii Financial No Fee Chequing account is an ideal choice for those looking for convenient everyday banking without the fees.
Key features
- No monthly fees without the need to meet minimum balance requirements
- Free unlimited debit purchases, e-Transfers, bill payments, and withdrawals
- Free ATM access with CIBC machines
- Overdraft protection is available for up to $5,000 at a minimum charge of $4.97, plus 19% interest.
- Earn money on your chequing account 🤯
Interest rates on Simplii no-fee chequing account balances
| Balance | Annual interest rate |
|---|---|
| $0.00 to $50,000 | 0.01% |
| $50,000.01 to $100,000 | 0.05% |
| $1,000,000.01 and up | 0.10% |
Interest is calculated by multiplying the daily interest rate for each tier by the portion of the daily closing balance in that tier.
Earn $500†when you become a new client.
Add an eligible direct deposit of at least $100 a month for 3 straight months.‡Conditions apply. Offer ends February 28th, 2025.
Simplii Financial™ Debit Mastercard®
Good
Suggested credit scoreto receive the latest news, tips and offers by email
Pros
-
No fees
-
Large welcome bonus
-
Big ATM Network
Cons
-
Lacks perks of the prepaid cash cards
Eligibility
Good
Recommended Credit Score
Recommended Credit Score
Good
Pros
-
No fees
-
Large welcome bonus
-
Big ATM Network
Cons
-
Lacks perks of the prepaid cash cards
Eligibility
Good
Recommended Credit Score
Recommended Credit Score
Good
Related read: Best no-fee chequing accounts
While it's nice to not pay for your bank account (many charge $10-$30 for an account with similar features), the regular interest rate could be better.
But that's where Simplii's High-interest savings accounts come in.
With Simplii Financial, earn 6.00% interest on your first HISA for the first 5 months. Limits apply. Offer ends on January 31st, 2025.
The Simplii Financial High-Interest Savings Account is an excellent choice for those looking for an easy and convenient way to save their money.
Key features
- No minimum balance requirement
- No transaction fees
- Earn great rates on every dollar
- No withdrawal limits so you can easily access your funds whenever needed without having to worry about excessive fees or penalties.
- Deposits are accepted instantly so you can start earning interest on your balance almost immediately after depositing money into the account.
| Account balance | Annual rate |
|---|---|
| $0.00 to $50,000.00 | 0.35% |
| $50,000.01 to $100,000.00 | 0.50% |
| $100,000.01 to $500,000 | 0.80% |
| $500,000 to $1,000,000 | 1.80% |
| $1,000,000.01 and up | 4.25% |
Interest is calculated by multiplying the daily interest rate (based on the applicable annual rate) by the daily closing balance of your account and is paid into your account monthly.
The Simplii Financial high-interest savings account also features easy transfers between other Simplii Financial accounts giving you the ability to quickly move funds around at any time.
Furthermore, this savings account comes with intuitive online banking tools and mobile apps that allow you to monitor your balance or make transfers on the go from any device. It boasts secure encryption protecting all of your personal data from unauthorized access.
Simplii Financial saving accounts can be opened in just minutes without having to go through any tedious paperwork or long wait times, allowing you to start growing your savings right away.
Related read: Best High interest savings accounts
Simplii Financial offers a United States Dollar savings account that allows users to receive the best possible exchange rates to and from USD.
Key features
- No monthly fees and no minimum balance requirement
- Deposit USD and non-USD funds into the account, as well as transfer Canadian dollars from other accounts into USD
- Earns a 3.05% interest rate on the daily account balance, which is deposited into the account monthly
That high-interest rate competes for one of the best HISAs in Canada.
Overall, this account would be ideal for someone whose personal finance is in both CAD and USD or a person who travels internationally frequently.
The Simplii Financial student banking program is the perfect choice for young people who need to get financially organized and are looking to get serious about managing their finances.
The student program opens a chequing account for the customer with special promotional offers.
Key features
- No-fee chequing to easily pay bills and access funds 24/7 with no charges or penalties
- Simplii Financial app lets you track spending habits and manage your accounts.
- Refer a friend and earn $125 when they open an eligible account using your referral link (and they get $50, too!)
Get the same great perks as a single no-fee chequing account with a partner.
To convert your Simplii individual account into a joint one, your partner doesn’t need to open a separate account first. You can simply call Simplii and request to add your partner to the existing account. It’s a straightforward process that should be handled over the phone, allowing both of you to have equal access to the account for deposits and withdrawals.
Keep in mind that joint accounts come with shared responsibilities, meaning both account holders have equal rights to the funds and can make transactions independently. Additionally, in the event of one account holder’s passing, the surviving partner automatically becomes the sole owner of the account’s balance.
Related read: Best joint bank accounts
Simplii Financial Cash Back Visa Card
The Simplii Financial Cash Back Visa Card is an excellent choice for those looking to earn rewards with a no fee credit card.
Simplii Financialâ„¢ Cash Back Visa* Card
22% cash backâ€
Welcome offerExcellent
Suggested credit scoreUp to 10% cash back†for your first 3 months up to $1,000 eligible spend
Pros
-
Extremely high cash back on bars and restaurants
-
Solid cash back on groceries, drug store, gas and prepayments
-
No annual fee
-
Up to three additional cards free of charge
Cons
-
Cash back applied as year-end statement credit
Eligibility
Excellent
Recommended Credit Score
$15,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Household Income
$15,000
4%
Earn 4% on eligible restaurant, bar and coffee shop purchases, up to $5,000 per yearâ€
1.5%
Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year†- after that 0.5% unlimited
0.5%
Earn 0.5% on all other credit card purchases with no limit on how much you can earnâ€
Earn 4% on eligible restaurant, bar and coffee shop purchases, up to $5,000 per yearâ€
4%
Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year†- after that 0.5% unlimited
1.5%
Earn 0.5% on all other credit card purchases with no limit on how much you can earnâ€
0.5%
20.99%
Purchase APR ‡ Purchase Interest Rate
22.99%
Balance Transfer Rate ‡ Balance Transfer Interest Rate
22.99%
Cash Advance APR ‡ Cash Advance Interest Rate
$0
Annual Fee no annual fee for primary cardholder and up to 3 additional cards
2.5%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Pros
-
Extremely high cash back on bars and restaurants
-
Solid cash back on groceries, drug store, gas and prepayments
-
No annual fee
-
Up to three additional cards free of charge
Cons
-
Cash back applied as year-end statement credit
Eligibility
Excellent
Recommended Credit Score
$15,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Household Income
$15,000
4%
Earn 4% on eligible restaurant, bar and coffee shop purchases, up to $5,000 per yearâ€
1.5%
Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year†- after that 0.5% unlimited
0.5%
Earn 0.5% on all other credit card purchases with no limit on how much you can earnâ€
Earn 4% on eligible restaurant, bar and coffee shop purchases, up to $5,000 per yearâ€
4%
Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year†- after that 0.5% unlimited
1.5%
Earn 0.5% on all other credit card purchases with no limit on how much you can earnâ€
0.5%
20.99%
Purchase APR ‡ Purchase Interest Rate
22.99%
Balance Transfer Rate ‡ Balance Transfer Interest Rate
22.99%
Cash Advance APR ‡ Cash Advance Interest Rate
$0
Annual Fee no annual fee for primary cardholder and up to 3 additional cards
2.5%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Foreign Transaction Fee
2.5%
The Simplii Financial Cash Back Visa is a great credit card for young adults and newcomers alike, but also gets real close to one of the best cash back credit cards in Canada. However, while your cash back is accumulated each month, it's only redeemed on the last day of your December statement.
It also comes with purchase security and extended protection insurance†, and you can opt to pay for CIBC medical insurance if you're travelling.
It's a great card for roommates too who share groceries and gas fees—rack up the rewards faster without an additional charge for additional cards.
Simplii Financial banking services
Simplii Financial offers a range of banking services to its customers, including personal loans, secured lines of credit, creditor insurance, and mortgages. All banking services are provided with secure encryption technology, so your data remains safe from unauthorized access.
Customers report excellent customer service when applying for borrowing services or needing assistance with their Simplii Financial products.
A personal loan is an excellent way to access funds when you need them, and these loans can be used for anything from debt consolidation to home renovations.
Simplii Financial makes it easy for existing customers to apply, has flexible monthly payment dates, and has competitive interest rates.
A secured line of credit, also known as a Home Equity Line of Credit, is ideal for those who have an established history with the bank and need access to funds on short notice. It lets you borrow money from the bank and use it for things like home renovations or to pay bills.
Simplii Financial offers secured lines of credit with competitive rates and terms so you can get the best possible deal when borrowing money.
Creditor insurance helps protect your money if you die, are sick or lose your job. It can help you pay off your debts and keep your family from having to take on the burden of your financial obligations.
Simplii Financial offers insurance to their customers, helping to ensure that your finances remain secure in times of need.
Simplii Financial’s Global Money Transfer feature is a secure and convenient way to send money abroad without any expensive fees or hassles. With a single click, you can safely and securely transfer up to $50,000 in local currency, CAD, or USD to 130 countries around the world.
Simplii Financial also offers foreign currency delivery where a Simplii Financial customer can buy currencies, up to $2,500, and have them delivered to their home or any other location.
Before travelling, a customer can order from the 65 available currencies and have their requested amount delivered to their home or Canada Post Office within a few business days.
Simplii Financial mortgages
Simplii Financial offer mortgages with competitive rates and terms so you can get the best possible deal when purchasing a new home or refinancing an existing one. The bank also provides free financial planning advice so you can save money while still enjoying top-notch banking services.
View all current mortgage rates in Canada
Simplii Financial investment accounts
Simplii Financial offers different ways to invest your money. They have multiple options for registered, non-registered, and tax-free investment accounts.
Although there are no physical bank locations, customers are able to contact a Simplii Financial customer service person for assistance with investment accounts and of course, personal banking.
They offer tax-free savings accounts (TFSA), registered retirement savings plans (RRSP), registered education savings plans (RESP), registered retirement income funds (RRIF), mutual funds, and guaranteed investment certificates (GICs).
Unlike their no fee chequing account, there is a $50 fee for TFSA or RRSP account transfer. However, there are no monthly fees or minimum deposits to open an investment account.
How Simplii Financial compares to other online banks
Simplii Financial is similar to other online banks in Canada such as Tangerine Bank and EQ Bank when it comes to the types of accounts and the personal banking services offered.
However, Simplii bank is a significantly larger and further-reaching online bank with excellent customer reviews and a low account turnover rate.
Simplii vs. Tangerine
Simplii Financial and Tangerine are two of Canada’s top online banks, each offering no-fee chequing and savings accounts, investments, and lending options. Simplii shines with its foreign currency accounts and impressive 3.05% interest rate on USD savings, making it a solid choice for frequent travelers or those who send money abroad. Meanwhile, Tangerine offers more variety in investment products, such as mutual funds and GICs, and its no-fee daily chequing account is popular for day-to-day banking.
The biggest difference comes down to your needs. If you’re all about foreign currency and global transfers, Simplii’s got you covered. But if you want a broader range of investment choices or need business banking, Tangerine takes the edge. Both banks offer solid digital experiences, so it really comes down to which perks matter most to you.
Simplii vs. EQ Bank
Simplii Financial and EQ Bank are two top contenders in the digital banking world, each offering a unique spin on no-fee banking. Simplii grabs attention with its standout promotions, like 5.9% interest on savings for the first five months and up to 10% cash back on its credit card. It also covers all the bases with chequing accounts, investment options, and access to over 3,400 ATMs. On the flip side, EQ Bank delivers a consistent 2.25% interest rate on savings, no overdraft fees, and free ATM access across Canada—ideal for no-nonsense savers.
So, which one should you choose? It really depends on your financial vibe. If you’re all about snagging big promos and want credit card perks, Simplii’s your go-to. But if you value steady returns and easy access to your cash, EQ Bank’s simplicity might be the better fit. Either way, both banks offer solid alternatives to traditional banking, so why not give one (or both) a try?
Simplii Security
Simplii online login is secured by two-factor authentication and advanced fraud detection tools. This can detect any suspicious activity in real-time and immediately alert Simplii Financial’s customer service team, who are available 24/7 should any assistance be required.
Simplii is backed by the Canadian Imperial Bank of Commerce, and all your deposits are insured by the Canada Deposit Insurance Corporation up to $100,000 per account.
Simplii Financial Customer service
Simplii Financial stands out from other online banks such as Tangerine Bank and EQ Bank in terms of their superior customer service. Long-term customers report short wait times, knowledgeable staff, and user-friendly online and mobile banking.
Simplii financial contact: Their customer support team is available for you at any time. We're open 24 hours a day. Call them at 1-888-723-8881. You can email them as well - talktous@simplii.com
Are you getting a Simplii Financial account?
Simplii Financial will reward you with high interest chequing and savings accounts.
The Simplii cash back credit card is perfect for everyday use and first time credit card users thanks to its low interest rate, simple to understand rewards simple and mobile app that makes bill payments easy.
Overall, Simplii Financial is an excellent choice for anyone looking for an easy-to-use yet powerful digital banking solution with enhanced security measures in place at all times.
Its comprehensive range of services ranging from a cash back credit card to investment options, along with a competitive fee schedule makes this an ideal bank for both novice and experienced investors alike.
With no monthly fees and competitive interest rates, Simplii Financial provides a great way to save money while still enjoying the convenience of online banking and unbeatable customer service.
| Get a Simplii chequing account | Open a Simplii Savings account |
|---|---|
| Give me Simplii no-fee chequing | Give me Simplii high-interest savings |
FAQ
"Simplii FinancialTM" is a trademark and division of CIBC. Banking services are not available in Quebec.
Chris has an MBA with a focus in advanced investments and has been writing about all things personal finance since 2015. He’s also built and run a digital marketing agency, focusing on content marketing, copywriting, and SEO, since 2016. You can connect with Chris on Twitter @moneymozartblog.
Best banking content
Banking reviews
Latest Articles
Disclaimer
The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.
†Terms and Conditions apply.