Banque Simplii

Simplii Financial: presentation of its financial products

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

Do you know Simplii Financial? This new platform could interest you, thanks to its vast choice of financial products. It offers advantages that enable it to compete with the big financial banners we know.

Interestingly, Simplii Financial 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.

In this article, we invite you to browse through the main financial products offered by this establishment.

Simplii Financial - Simplii Financial™ Cash Back Visa* Card

The Simplii Financial™ Cash Back Visa* Card is a no-annual-fee credit card offering cash back.

Right now, when you apply for the Simplii Financial™ Cash Back Visa* Card, you can earn 20% cash back on eligible gas, grocery and drugstore purchases and pre-authorized payments for your first three months (up to $500 in spending).

With the Simplii Financial™ Cash Back Visa* Card, you earn:

  • up to 4% cash back on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year.
  • up to 1.5% cash back on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year.
  • 0.5% cash back on all other purchases (with no limit on spend per calendar year).

Simplii Financial - No-fee chequing account

First, the Simplii Financial No Fee Chequing Account comes with a base interest rate of 0.01%. Moreover, no management fees are charged to the user, regardless of the nature of the transactions enabled by Simplii.

If your account balance is : Annual interest rate
$0,00 to $50,000.00 0,01 %
$50,000.01 to $100,000.00 0,05 %
$100,000.01 to $500,000.00 0,05 %
$500,000.01 to $1,000,000.00 0,10 %
$1,000,000.01 and over 0,10 %

It’s also worth noting that all current transactions, in addition to Interac e-Transfers, are entirely free of charge.

And as a new Simplii customer, you’ll receive a $400 bonus for your chequing account. However, a monthly direct deposit of $100 is required during the three months following account opening.

In terms of accessibility, Simplii offers access to over 3,400 ATMs across Canada. This means you can use your card wherever you are in the country.

NEW

Compare Chequing Accounts offered by Canada’s financial institutions with our new Chequing Account Comparison Tool!

Simplii Financial - High Interest Savings Account

Simplii offers a High Interest Savings Account. Here’s the interest rate you can earn on your savings in the Simplii Financial High Interest Savings Account:

If your account balance is : Annual interest rate
$0,00 to $50,000.00 0,40 %
$50,000.01 to $100,000.00 0,40 %
$100,000.01 to $500,000.00 0,65 %
$500,000.01 to $1,000,000.00 1,25 %
$1,000,000.01 and over 5,50 %

This no-fee account also requires no minimum amount. And there are no transaction fees.

Here again, your savings account gives you access to over 3,400 ATMs across Canada, plus free features like Interac transfers.

Right now, you can earn up to 6% interest on your savings for 5 months.

Simplii Financial - Investment

Several investment options are available to Simplii users. For example, the bank offers you access to investments in registered accounts such as RRSPs, TFSAs and RRIFs.

We also offer a wide range of mutual funds. These allow you to invest according to your needs and objectives. For example, do you want to invest for your retirement? Or would you like to start saving for your children’s education? Here you’ll find a wide range of options, plus a clear overview of current performance.

Finally, many guaranteed investment certificates are offered to users.

Simplii Financial - Mortgages

For those looking for a mortgage lender, Simplii offers several solutions. What’s more, a variety of handy online calculators give you a glimpse of how your investment will perform over time.

Whether you’re looking to buy a home, transfer a mortgage or take advantage of unique mortgage programs, Simplii offers a complete range of services.

Simplii Financial - Loans

Simplii Financial offers four distinct financial products:

  • a personal line of credit
  • a secured line of credit
  • personal loans
  • creditor insurance

Here’s a brief overview of these services.

Simplii Financial - Personal Line of credit

Here are the features of the Simplii Financial personal line of credit:

  • 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

Simplii Financial - Secured line of credit

Here are the features of the Simplii Financial secured line of credit:

  • 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

Simplii Financial - Personal loans

Here are the features of Simplii Financial’s personal loans:

  • 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

Simplii Financial - Creditor insurance

Here are the features of Simplii Financial creditor insurance:

  • 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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