Simplii Financial: Our review of their financial products

To the point In this article, we explore the financial products offered by Simplii Financial, such as their high-interest savings account and cash-back credit card.

What is Simplii Financial?

Simplii Financial's Products No Fee Chequing Account High Interest Savings Account Simplii Financial™ Cash Back Visa Card

Other Financial Products from Simplii Financial Investments Mortgages Other loans

Comparison with other banks Chequing Accounts Savings Accounts Credit Cards

Our review of Simplii Financial products

Simplii Financial is a Canadian online bank offering financial products to Canadians. These include bank accounts with no monthly fees and a cash-back credit card. In this article, we explore the main financial products offered by Simplii Financial and compared with those of other Canadian banks. Then we share our review so you can make an informed decision.

What is Simplii Financial?

Simplii Financial is a Canadian online bank that was launched in 2017. It’s a division of CIBC, so Simplii customers can deposit and withdraw money at CIBC bank machines across Canada, free of charge. What’s more, this enables it to obtain Canada Deposit Insurance Corporation (CDIC) protections.

Simplii Financial offers free chequing and savings accounts, as well as a Visa credit card. It also offers other financial products, such as investments (TFSAs, RRSPs, GICs, mutual funds), mortgages and other types of loans. Today, Simplii has 2 million customers.

Simplii Financial's Products

Unfortunately, Simplii Financial’s products are not currently available in Quebec.

As mentioned earlier, Simplii Financial offers a wide variety of financial products for Canadians. However, this analysis focuses primarily on bank accounts and cash-back credit cards.

Simplii Financial - No Fee Chequing Account

The Simplii Financial No-Fee Chequing Account is, as the name implies, an account with no monthly fees and no minimum balance requirement. You get many free features such as Interac transfers and unlimited debit transactions. Plus, you get free access to all CIBC bank machines across Canada.

Open a Simplii Financial No-Fee Chequing Account before October 31, 2024 and earn $500 by adding an eligible direct deposit of at least $100 per month for 3 consecutive months.

Save over $200 a year with this no monthly fee, no minimum balance account.

Enjoy free access to all CIBC ATMs across Canada, as well as unlimited Interac and debit transactions.

Simplii Financial - High Interest Savings Account

The Simplii Financial High Interest Savings Account is a savings account with no monthly fees and no minimum balance. Among other things, you can earn an attractive interest rate on your savings and set up automatic deposits.

Whatever your savings goal, Simplii makes it easy with the Simplii Financial High Interest Savings Account. Save easily without tying up your money for an extended period. Enjoy an account with no monthly fees, no minimum balance and set up automatic deposits.

For a limited time, earn 6.25% interest^† on eligible deposits for 5 months. Limits apply. Offer ends Oct 31,2024

Simplii Financial™ Cash Back Visa Card

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

Sign up before October 31, 2024 and receive a $100 Skip digital gift card after spending $100 with your new card by November 30, 2024.^†

For your first 4 months with a Simplii Financial Cash Back Visa* Card, enjoy 10% cash back on eligible restaurants, food delivery and bar purchases. Up to $500 spend.^†

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

4% cash back for eligible purchases at restaurants, bars and coffee shops (up to $5,000 spend per calendar year).^†
1.5% cash back for eligible purchases made at grocery stores, gas stations, drug stores and for eligible pre-authorized purchases (up to $15,000 spend per calendar year).^†
0.5% cash back on all other purchases (with no limit on spend per calendar year).^†

Other Financial Products from Simplii Financial

Simplii Financial - Investments

Several investment options are available to Simplii Financial customers. First, you can invest in registered (RRSP and TFSA) and non-registered accounts. Next, you can invest in Guaranteed Investment Certificates (GICs), with terms of 1 to 5 years. Finally, you can invest in diversified portfolios of mutual funds chosen according to your investor profile.

Simplii Financial - Mortgages

Simplii Financial offers several mortgage options to suit your financial situation: new and transfer mortgages, fixed and variable rates, and more. In addition, we offer a variety of online calculators, such as the Mortgage Affordability Calculator and the Mortgage Payment Calculator.

Simplii Financial - Other loans

Simplii Financial offers other types of loans:

Secured Line of Credit
Personal Line of Credit
Personal Loan

Comparison with other banks

Chequing Accounts

In our Review, Simplii Financial’s no-fee chequing account is one of the best choices available on the Canadian market. Among other things, it boasts no monthly fees and no minimum balance requirement. But also by the many free features, such as Interac transfers and unlimited debit transactions. However, other online banks also offer attractive chequing accounts.

To compare other chequing accounts, use our bank account comparator.

Savings Accounts

In our Review, Simplii Financial’s High Interest Savings Account is a good choice. However, other financial institutions have tempting offers, mainly from online banks.

To compare other savings accounts, use our bank account comparator.

Credit Cards

In our Review, the Simplii Financial™ Cash Back Visa Card is attractive, especially for the 4% cash back for eligible purchases at restaurants, bars and coffee shops However, other Canadian financial institutions and credit card issuers offer more attractive rewards and welcome bonuses.

To compare credit cards, use our credit card comparator.

Our review of Simplii Financial products

In our Review, the financial products offered by Simplii Financial are attractive. Bank accounts such as the Simplii Financial No-Fee Chequing Account and the Simplii Financial High Interest Savings Account have no monthly fees or minimum balance requirements. What’s more, the chequing account includes many free features such as Interac transfers and unlimited debit transactions.

Simplii Financial’s Visa credit card is particularly attractive for cash back on eligible purchases at restaurants, bars and coffee shops.

However, Simplii Financial‘s financial products are not available in Quebec. What’s more, their website is not available in French, even though it is an official language in Canada. So they’re missing out on an important market…

Competition among Canadian financial institutions is fierce. Virtually all traditional and online banks make their products and services available to all Canadians. Simplii Financial must therefore continue to develop financial products that meet the needs of Canadians, but also make them available from coast to coast.

Come to discuss that topic in our Facebook Group!

Review type : Products

Vincent Morin

My name is Vincent and I've been a stay-at-home parent to two young boys since achieving financial independence in 2021 (FIRE). Previously, I worked for 12 years in financial technology for a major US investment bank (G-SIB). I'm passionate about personal finance, stock market investing, reading, writing, cycling and gardening. I'm also the founder of Retraite 101, a personal finance blog followed by over 20,000 people on social networks and quoted in several media, blogs and finance books. Despite early retirement, I continue to write about personal finance to share my passion with Quebecers and motivate them to take charge of their finances.

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