Simplii Financial Review

If you prefer to do all your banking from the comfort of your home and don’t mind not having access to face-to-face help if required, then an online bank that offers high interest savings accounts is a good choice for you. But not all online banks are created equal.

Simplii Financial (as it has been known since 2017)  has been around for a number of years, but how does it stack up to other online banks like EQ and Tangerine? In this Simplii Financial review, I’m sharing our take on this online bank in terms of products, safety, and reputation so you can better determine if it’s the best online banking option for you. 

What is Simplii Financial?

The name Simplii Financial is relatively new to Canada’s banking scene, but this company has actually been around for longer than you think.

For over two decades, Simplii Financial was known as PC Financial. However, when CIBC’s partnership with Loblaws ended in 2017, CIBC took full control of its online bank and rebranded to Simplii Financial.

Today, Simplii Financial remains as CIBS’s very own digital bank. It holds true to what customers have grown to expect from the model: no branches, which in turn gives you lower cost banking and convenience. It can be a useful financial tool for those who want the convenience of online banking while still having the network of a Big Five bank.

Simplii Financial Products & Services

Simplii Financial bank offers several different products. However, for the purpose of this Simplii review, I’m going to focus on the main three: their chequing account, high interest savings account, and credit card.

Simplii Financial No-Fee Chequing Account

The no-fee chequing account is one of the most popular products offered by Simplii Financial bank. There is no monthly fee and no minimum balance requirement. 

Simplii’s free daily banking, includes unlimited debit purchases, bill payments, and withdrawals, and you can send money for free via Interac e-transfer. Clients also have access to more than 3,400 CIBC ATMs across Canada. Overall, it’s similar to what Tangerine offers, but without some of Tangerine’s bells and whistles.

Right now, until September 30, 2026, new clients can take advantage of a special offer that allows you to earn up to $300 in bonus money. All you have to do is open a no-fee chequing account and set up a payroll or pension direct deposit of $100+ for three months straight. Your cash reward will be deposited promptly into the new chequing account – within 3 business days of the offer requirements having been fulfilled!

Simplii Financial High Interest Savings Account

Simplii bank also offers a high interest savings account (HISA), which has decent rates compared to some big banks, but they’re low in comparison to industry leaders like EQ Bank.

The real draw is its promotional rate of 4.60%, which Simplii has been offering for around 5 months at a time. The rate is offered to clients opening up their first HISA on eligible deposits up to $100,000. The windows for this rate are constantly shifting, so you need to look out for changes throughout the year.

While this rate is definitely competitive, it’s only a teaser rate, so it’s short lived. Once the deal ends, the rate drops to 0.30% on balances up to $50,000, with small incremental increases as your balance increases..

Obviously, Simplii’s non-promo rate is a far cry from EQ Bank’s 2.75% interest rate, but it’s more than its previous 0.10%!

Other Simplii Financial HISA features include:

•     No minimum balance requirement
•     No monthly fees or transaction fees
•     Easy to set up automatic deposits
•     TFSA and RRSP versions of the HISA are also available
•     CIDC-eligible deposits are available through CIBS

Simplii Financial Cash Back Visa Credit Card

New clients who apply online or over the phone will receive 8% bonus cash back at restaurants and bars (up to $1000 spend) during the first three months of card membership. As another added bonus, you can also earn a $100 PRESTO Voucher by spending $500 or more for 3 consecutive months with your new card, including a minimum of 1 PRESTO Transaction. A good bonus for those who commute!

After the welcome period, cardholders will earn 4% cash back at eligible restaurants, bars, and coffee shops (maximum spend $5,000/year) and 1.5% cash back on grocery, gas, pharmacy purchases, and pre-authorised payments (up to $15,000/year). All other purchases will earn 0.50% (with no limit on how much you can earn). The card also comes with free purchase security and extended warranty insurance. 

Simplii’s no-fee, cash back Visa card is enticing, but if you want more control over bonus categories and better cash back rates, we recommend Tangerine’s no-fee cash-back credit card.

Other Simplii Products

Other products offered by Simplii Financial bank include the following:

•     Mortgages
•     Borrowing (personal loans and lines of credit)
•     I Investments (including GICs, Mutual Funds, TFSAs, and RRSPs)
•     Global money transfers and foreign cash service 

Simplii Financial Fees

Simplii Financial is known for its no-fee chequing and savings accounts, as well as its no-fee credit card. However, there are a few services and products that do have fees. These include the following:

•     Foreign currency conversion: 2.5%
•     TFSA or RRSP account transfer: $50 per transfer
•     Inactivity fee: $20 per year for accounts, $10 per year for the credit card
•     Non CIBC ATM withdrawal: $1.50 (Canada) or $3.00+ (foreign)
•     Overdraft fee: minimum $4.97, plus 19% of the amount accessed
•     Money order and bank drafts: $7.50
•     Stop payments: $10-$16
•     Stop Interac e-transfer: $3.50
•     NSF fees: $45

Simplii Financial Customer Service

Customer Service is where Simplii Financial consistently falls short. Frequent complaints of long wait times, issues with identity verification, and slow issue resolutions have earned Simplii Financial quite a low average Trustpilot rating of 1.7 out of 5. 

So, if you want to be sure you have an online bank that offers excellent customer customer service in case you encounter any issues involving your money, Simplii Financial just isn’t the winner here.

Simplii Financial Mobile App Review

While Simplii’s customer service may be lacking, its app does get the job done, but that’s it. Currently, the app has a 3.9 rating on the Google Play store with over 18k reviews, and a 4.0 rating on their new app on the App Store, down from the 4.2 rating of their previous app version.

The mobile app allows users to transfer funds, check balances, send money abroad (with no fees, although exchange rates apply), and more. 

The app’s functionality is basic, but easy to navigate, so users will have no trouble completing the transactions available. At times, there have been reported bugs and lags, but it seems those issues are addressed  in a relatively quick manner.

Simplii’s digital platforms offer end-to-end encryption, so your account will be kept safe.

Long story short, Simplii’s app works, but it’s not as highly rated as Tangerine’s banking app on either iOS or Android, and EQ Bank’s Apple App Store ratings leave it in the dust. You won’t find any cutting-edge technology here.

Simplii Financial vs EQ Bank vs Tangerine

Now, let’s take a look at how Simplii Financial compares to two of the top rated online Canadian Banks, EQ Bank and Tangerine Bank.

Simplii Financial Review: FAQ

Is Simplii Financial The Best Choice For Me?

If you are already a CIBC customer, it might make sense to bank with Simplii Financial for purely convenience reasons. In addition, you’ll have access to a large number of no-fee ATMs, have a great promo HISA rate, won’t pay for chequing and have a great credit card welcome bonus.

On the other side, once the HISA promo offer ends, it ends, and you’ll face the inconvenience of having to switch to another bank with a better rate might cancel out some of the other conveniences that come with the Simplii account. 

Plus, if you ever do run into issues with your account, which is likely to happen eventually, they may be hard to solve, bringing unnecessary stress and hassle you can avoid by banking with EQ Bank or Tangerine Bank. 

At the end of the day, while it’s a solid choice, our Simplii Financial review shows us that it is not the best choice when it comes to online banking in Canada. See how it stacks up to the best online banks in Canada in our full write up for a big picture overview.