To the point
Introducing Simplii Financial, a new online platform. Details of the financial products offered by Simplii Financial.
Are you familiar with Simplii Financial, EQ Bank, Motusbank, alterna and Manulife banks? New platforms whose products could be of interest to you, and compete with the big financial institutions we know.
Here we will look in detail at the different financial products offered by Simplii Financial before comparing its services to those of other online platforms.
Simplii Financial Bank is a subsidiary of CIBC based in Toronto. This institution is also affiliated with the Loblaws food chain. Simplii 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 Financial - Chequing 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 Financial - 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 Financial - Credit Cards
Simplii Financial Bank offers a credit card called the Visa Cash Back Card. 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 % |
Simplii Financial - 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 % |
Simplii Financial - Mortgages
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 Financial - Loans
Simplii Financial 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 Financial :
| 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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