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Simplii Financial is an online bank owned by CIBC. Initially launched in 1994 as PC Financial, it was rebranded as Simplii Financial in 2017. As a direct banking subsidiary of CIBC, Simplii Financial offers no-fee chequing accounts, high-interest savings accounts, investments like GICs and mutual funds, personal loans, and more. 

The online bank has no physical branches – all banking is done through their website, mobile apps, and phone support. However, you have access to CIBC’s vast ATM network. 

Our Verdict 

Simplii Financial is the best fit for Canadians looking for a no-fee online bank with a wide range of products and accounts. Their lack of monthly fees on chequing and savings accounts can save you hundreds per year compared to traditional big bank accounts. 

Simplii offers competitive interest rates on savings accounts and GICs. However, Simplii isn’t ideal if you need to visit bank branches or prefer banking with tellers in person. 

Who’s Simplii Financial best for?Simplii is best for tech-savvy Canadians preferring a simple, no-fee banking setup. While lacking a full product suite and some customer service (bank tellers), Simplii’s products will meet the needs of most Canadians. 
What we like about Simplii– No monthly fees or minimum deposit requirements on chequing and savings accounts.
– Competitive interest rates on GICs.
– Access to CIBC’s ATM network.
– Great foreign currency products.
What we don’t like about Simplii– No physical branches, with only online banking.
– Limited product range compared to big banks.
– Interest rates for savings, chequing, TFSA, and RRSP accounts are low.

Simplii Financial No Fee Chequing Account 

Simplii’s No Fee Chequing Account lives up to its name with no monthly fees, no minimum balances, and unlimited free transactions. This makes it an affordable option for everyday banking. New customers can earn $400 by opening this account and setting up a recurring direct deposit. Overall, the No Fee Chequing Account hits the mark for a free online bank account with all the essentials covered at no cost.

Main Features

  • Monthly Fees: $0
  • Interest Rate: 0.01% – 0.10% (tiered interest rate based on account balances)
  • Welcome Bonus: Earn $400 when you open a No Fee Chequing Account by October 31, 2024, and add an eligible direct deposit of at least $100 per month for three straight months
  • Extra Features:
    • Free access to all CIBC ATMs across Canada for cash withdrawals
    • Unlimited free Interac e-Transfers and debit transactions
    • No minimum balance required
    • Ability to add overdraft protection for a $4.97 monthly fee
    • Debit Mastercard to make purchases anywhere Mastercard is accepted
    • Earn $125 for friend referrals. Your friend also receives $50

Simplii Financial High Interest Savings Account

Simplii’s High Interest Savings Account pays competitive interest rates with no minimum balance requirements or monthly fees. Rates currently range from 0.4% to 5.5%. 

New customers can open this account and earn 6% interest on deposits for the first five months (with some limits). This is one of the best short-term promotional rates available from Canadian banks – making the High Interest Savings Account an excellent option to park your emergency fund.

Main Features

  • Monthly Fees: $0
  • Interest Rates:
    • 0.40% on balances from $0 to $100,000
    • 0.65% on balances from $100,000.01 to $500,000
    • 1.25% on balances from $500,000.01 to $1,000,000
    • 5.50% on balances over $1,000,000
  • Welcome Bonus: Earn 6% interest on eligible deposits for the first five months when you open a new account. The offer ends on April 30, 2024.
  • Extra Features:
    • No minimum balance is required to open or maintain the account
    • Interest is calculated daily and paid monthly
    • Easy to set up automatic deposits
    • Access to funds whenever needed with no transaction fees
    • Ability to verify identity remotely through Interac document service
    • Earn $125 for every friend who opens an eligible account using your referral link, and your friend gets $50

Simplii Financial Investments Accounts

TFSA 

Simplii Financial offers a Tax-Free Savings Account (TFSA). This lets you save and invest while earning tax-free returns. Their TFSA pays 0.40% interest on deposits with no monthly fees, minimum balances, or fixed terms. 

You can make tax-free withdrawals anytime, making Simplii’s TFSA accounts suitable for flexible goal-based savings. 

RRSP

Simplii also has a Registered Retirement Savings Plan (RRSP) account for retirement savings. Simplii’s RRSP account pays 0.40% interest on cash balances with no minimum or monthly fees. Contributions are tax-deductible and grow tax-free until withdrawn in retirement (when withdrawals are taxed as income).

GIC

Simplii’s Guaranteed Investment Certificates (GICs) allow you to lock in a fixed interest rate for terms ranging from 1 to 5 years. Current GIC rates range from 5% for a 1-year term to 4.25% for a 5-year term. Simplii also offers RRSP GICs for registered accounts.

GIC and RGIC termAPY
One year5.00%
Two year4.35%
Three year4.25%
Four year4.25%
Five year4.25%

Simplii Financial Global Money Transfer

Simplii offers Global Money Transfers with no transfer fees for sending money internationally. You can send up to $75,000 to over 130 countries worldwide from your Canadian or U.S. dollar accounts. Recipients can deposit funds into their bank account or pick up cash locally. 

You can send the money from select Simplii accounts, such as your chequing, savings, or line of credit. 

Otherwise, Simplii also offers a $50 bonus for your first Global Money Transfer. You must use the promo code GMTEVENT for the special offer to apply. 

What Do Customers Think Of Simplii Financial?

Google Play3.9/5 from 15.5K reviews
App Store4.1/5 from 10.7K reviews
Trustpilot2/5 from 568 reviews

Positive reviews commonly mention Simplii’s lack of monthly fees, competitive interest rates on savings accounts, and easy-to-use app. Negative reviews cite issues like wait times, difficulties opening accounts, problems with interest rate promotions and technical issues.

Pros Of Simplii Financial

  • No monthly fees on chequing or savings accounts
  • Competitive interest rates on savings accounts and GICs
  • Easy to send money abroad with low-cost money transfers
  • Access to CIBC ATM network
  • Digital banking via the website and mobile apps
  • Owned by CIBC, a long-standing Canadian bank
  • Deposits are CDIC insured up to $100,000
  • Refer-a-friend bonuses of up to $125
  • Free standard cheques

 Cons Of Simplii Financial

  • No physical branches – online banking only
  • More limited product range than big banks
  • Need to use CIBC ATMs for cash deposits 

How Does Simplii Financial Compare To Other Online Banks?

Simplii FinancialEQ BankTangerine
Chequing AccountNo fees, unlimited transactions, up to 0.1% interestNo fees, unlimited transactions, up to 4% interestNo fees, unlimited transactions, up to 0.1% interest
Savings Account Interest Rate0.4% – 5.5% (tiered deposits)2.5 – 4%0.7%
GIC Rates– 1yr – 5%
– 5yr – 4.25%
– 1yr – 5.35%
– 5yr – 4.45%
– 1yr – 5.2%
– 5yr – 3.25%
InvestmentsTFSA, RRSP, Mutual Funds, GICsTFSA, RSP, FHSA GICsTFSA, RSP, RIF, GICs, Mutual Funds
ATMsNo fee access to CIBC ATMsFree to use any (In Canada), fees reimbursedNo fee access to Scotiabank ATMs

Final Thoughts

Overall, Simplii Financial is a solid online banking alternative in Canada backed by CIBC. Compared to Canada’s big banks, Simplii shines with basic digital banking products, investments, loans and money transfers. It’s worth a look for those prioritizing low costs and competitive rates.

Simplii Financial FAQs

Who owns Simplii Financial?

Simplii Financial is owned by CIBC, one of Canada’s “Big 5” banks.

How do you get a void cheque from Simplii Financial?

You can order void cheques by signing into Simplii’s online banking and visiting the “Cheques” section under “More Services.” Alternatively, you can call 1-888-723-8881 to request void cheques be sent by mail.

Is Simplii Financial CDIC insured?

Yes, Simplii Financial is a CDIC member through its parent CIBC. This means deposits like chequing, savings, and GIC accounts are eligible for up to $100,000 of deposit insurance per insured category.

How do you send money from Simplii Global Money Transfer?

To send a Simplii Global Money Transfer, sign into your online banking account, navigate to the Global Money Transfer section, and follow the instructions to transfer funds internationally. You can send from eligible accounts like chequing, savings, or lines of credit.
Lucas Elliott avatar on Loans Canada
Lucas Elliott

Lucas, a Toronto native, holds an Honours BBA (Finance) degree obtained from Wilfrid Laurier University. His career has spanned venture capital and blockchain startups. Aside from writing at Loans Canada, Lucas is a Hardbacon contributor, and content specialist at Croton Content. Additionally, his passion for exploring the world has taken him to an impressive 28 countries across Europe, North America, Asia, and Central America.

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