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Simplii Bank: presentation of its financial products

To the point Presentation of Simplii bank, a new online platform. Details of the financial products offered by Simplii.

Are you familiar with Simplii, Motusbank, Alterna and Manulife banks? New platforms whose products could be of interest to you, and compete with the big financial institutions we know.

In this article, we’ll detail the different financial products offered by Siimpli bank before comparing its services to those of other online platforms.

Presentation of Simplii Bank

Simplii Bank is a subsidiary of CIBC based in Toronto. This institution is also affiliated with the Loblaws food chain. Simplii’s financial services are currently unavailable in Quebec.

Here is an overview of its main financial products.

Checking account Savings account Credit cards Investments Mortgage loans Loans

No monthly fees

0.05% interest rate

$200 bonus when you become a new client (direct deposit of at least $100 for three consecutive months)

Access to over 3,400 ATMs across Canada

Free current operations

No monthly fees

Interest rate at 1.50% until October 31, 2021

0.10% normally

Access to over 3,400 ATMs across Canada

Free current operations

Visa Simplii Rebates

RRSP

TFSA

Guaranteed Investment Certificates

Mutual Funds

– Fixed Rate Closed Mortgage:

5 years at 2.24% (APR of 2.14%)

– Variable Rate Mortgage:

5 years at 1.34% (1.34% APR)

1) Line of credit

2) Secured line of credit

3) Personal loans

4) Credit insurance

Simplii Checking Account

This “no management fee’ account offers an interest rate of 0.05%.

It is also important to specify that all current operations as well as interac transfers are free. You’ll receive a $200 bonus if you become a new Simplii checking account user.

Note that you will need to make a direct deposit of at least $100 for three months to receive this bonus.

Finally, you will have access to over 3,400 ATMs across Canada.

Simplii Savings Account

This is a no-fee account with a regular interest rate of 0.10%.

In addition, you will have access to more than 3,400 ATMs across Canada and benefit from many free features such as current transactions and Interac transfers.

Simplii Credit Cards

Simplii Bank offers a credit card called the Cash Back Visa*. Here is a short table presenting its main features.

Annual fee

Rewards

Insurance

Interest rate

Cash Back Visa

None

Minimum individual income of $15,000

4% on restaurant, bar and café expenses (up to $5,000 per year)

1.5% on gas, groceries, drugstore expenses and pre-authorized payments (up to $15,000 per year)

0.5% on all other purchase categories (no limit)

Purchase protection and Extended Warranty

Travel medical insurance included (optional)

19,99 %

Investment

Several investment options are available to Simplii users. The first step is to invest in registered accounts such as RRSPs, TFSAs and RRIFs. Multiple mutual funds are also available. You can find more information on this hyperlink.

Finally, many guaranteed investment certificates are offered to users. Here is an overview of these GICs terms.

Simplii GIC Terms and Return

1 year

2 years

3 years

4 years old

5 years

0,50 %

0,75 %

1,00 %

1,25 %

1,50 %

Mortgage loans from Simplii Bank

Simplii offers several mortgage options. Here they are:

Simplii Mortgages:

2 years (fixed rate)

3 years (fixed rate)

4 years (fixed rate)

5 years (fixed rate)

5 years (fixed rate, cash back)

5 years (variable rate)

1,99 %

1,87 %

1,99 %

2,24 %

3,44 %

1,34 %

* Please refer to this hyperlink for more information

Simplii Bank Loans

Simplii Bank offers four distinct financial products: a line of credit, a secured line of credit, personal loans and credit insurance. Here is a brief overview of these services.

Loans offered by Simplii :

Line of credit Secured line of credit Personal loans Credit insurance

Product that allows you to pay off your debts in a flexible way according to your requirements

Interest paid only on the amount used

Many free features such as Interac transfers, debit account transactions, bill payments, withdrawals and cheques

Flexible and easy payment of the borrowed amount

Product that allows you to borrow a specific amount of money for your personal projects

Interest paid only on the amount used

Many free features such as Interac transfers, debit account transactions, bill payments, withdrawals and cheques

Flexible and easy payment of the borrowed amount

Product that also allows you to pay off your debts

Loan prepayment without penalty

Excellent for consolidating debts with a high debt ratio

Regular repayments that allow you to plan your budget well

Insurance available to protect you from unforeseen events (accidents, job loss, disability)

Admission criteria:

Being between 18 and 65 years old

Owing money on your credit line or personal loan

Your personal loan or line of credit does not exceed $100,000

You have worked more than 35 hours per week, for more than 6 months before your application

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