Do you do most of your banking online? I rarely ever go into a bricks and mortar bank anymore. If this you and you like to save a buck, you will be interested in this Simplii online banking review.
Simplii is one of those online only banks that popped up in the mid-2000s and is still going strong.
In exchange for lower overheads and no teller service, these online banks promise lower or no fees, great interest rates and awesome customer service by phone and chat.
But does Simplii Online Banking deliver?
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Simplii Online Banking Review
Simplii might be a new name to you in the Canada banking landscape but you may be familiar with it under its old name: PC Financial.
PC Financial was created from a partnership between CIBC and Loblaws Inc but when the partnership dissolved back in 2017, CIBC rebranded the online bank to Simplii Financial.
Simplii Financial Products
No-fee Chequing Account
The no-fee chequing account is the reason most people consider moving to an online bank. Whereas the traditional 5 banks charge a monthly fee unless you keep a certain balance in your chequing account, Simplii’s chequing account is always no fee, no minimum balance.
That’s attractive for everyone but especially people who don’t have much in the way of savings or who prefer not to keep big balances in their chequing accounts.
Other Advantages
- Free daily banking: unlimited debit purchases, bill payments & withdrawals
- Free access to over 3,400 CIBC ATMs across Canada
- New clients can earn up to $200 with a No Fee Chequing Account and High Interest Savings Account. (special limited time offer but happens often so keep an eye out).
- Free Interac transfer
- Free global transfers
A huge advantage of Simplii is that it is part of CIBC and therefore backed by the CIDC (deposit insurance in case the bank goes bust as happened in the US during the 2008 recession).
High Interest Savings Account
To be honest, other than the current 2% promotional rate, the interest rates are not amazing with the Simplii savings account. Current daily savings rate is 0.20%.
However, there are a few advantages that at least my savings account with TD does not have:
- No minimum balance needed
- No monthly or transaction fees
Simplii Financial™ Cash Back Visa* Card
If you don’t already have a good cash back visa and you want a cashback option, the Simplii visa may be for you.
Earn up 4% on purchases at bars and restaurants plus 1.5% on gas, groceries and other eligible purchases. There is also no yearly fee which is a great advantage.
Other Financial Products
Like other online banks, you can also consider Simplii for your mortgage, personal loan and investments.
Simplii v Tangerine
Tangerine is the other big online only bank in Canada. So how does Simplii compare? Well, on the surface, the product offerings are very similar.
Both offer a no-fee chequing, savings and the full gamut of other products such as TFSAs and mortgages.
So who to choose?
Customer service-wise, Tangerine seems to win out. Their app gets way better reviews too. I’ve been a Tangerine client since the days of ING bank and have never had any issues with their customer service or getting help the very few times I’ve needed it.
Conclusion
Simplii is a great bank but if you are new to the online only banking world and are trying to find some options to cut banking fees, then consider Tangerine first.