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    • Simplii Financial Review

    Your Online Banking Simplified

    Simplii Financial is a leading Canadian online bank offering a convenient and user-friendly banking experience. Let’s explore what they offer:

    • Essential Banking Services: Manage your finances seamlessly with Simplii’s comprehensive suite of services:
      • Accounts: No-fee chequing accounts, high-interest savings accounts, TFSAs, RRSPs, and more.
      • Credit Cards: Choose from reward cards tailored to your spending habits.
      • Mortgages: Competitive mortgage rates and flexible terms to suit your homeownership goals.
      • Loans (subject to availability): Personal loans for various needs.
      • Investing: Invest for your future with Simplii’s range of investment accounts.
    • Straightforward Approach: Simplii prioritizes simplicity with a user-friendly mobile app and online platform, making managing your finances effortless.
    • Customer Focus: Their reputation for responsive customer service ensures you receive the support you need.

    Considering Simplii? Here’s a Quick Look:

    Pros:

    • No-fee chequing accounts
    • Responsive customer service
    • Easy-to-use mobile app
    • Competitive rates on savings accounts and mortgages

    Cons:

    • Limited branch network (online-only)
    • Fewer investment options compared to some competitors

    How Does Simplii Compare?

    Explore our in-depth reviews to understand how Simplii stacks up against other online banks. Consider factors like:

    • Rates: Compare interest rates on accounts and investment products.
    • Account options: Ensure Simplii offers the accounts you need (chequing, savings, TFSA, etc.).
    • Features: Evaluate features like mobile banking, customer service options, and investment choices.

    Find the Perfect Fit:

    By comparing features, rates, and your banking needs, you can determine if Simplii is the right online bank for you.

    Simplii Financial overview (formerly PC Financial)

    Simplii Financial: Manage Your Money Simply

    Simplii Financial empowers you to bank conveniently and securely with their comprehensive online banking platform. Here’s what they offer:
    Everyday Banking Made Easy:

    • Transfer funds between accounts effortlessly.
    • Schedule and pay bills with ease.
    • Deposit checks and manage your savings accounts.

    Grow Your Wealth:

    • Invest in your future with Simplii’s range of investment options, including stocks, mutual funds, and GICs (Guaranteed Investment Certificates).

    Unmatched Security:

    • Rest assured knowing your information is protected with advanced features like two-factor authentication.
    • Real-time fraud detection safeguards your transactions and triggers alerts for immediate action by Simplii’s 24/7 customer service team.

    Tools for Financial Success: 
    Take control of your finances with Simplii’s helpful tools:

    • Budgeting and savings calculators to plan for your goals.
    • Convenient online bill payment to stay organized.
    • User-friendly mobile banking for on-the-go access.

    Simplii Financial: Your One-Stop Shop for Online Banking

    Whether you’re managing daily finances, saving for the future, or prioritizing security, Simplii offers a comprehensive online banking experience with the tools and support you need.

    A brief history

    Simplii Financial: Your Modern Banking Partner in Canada 

    Simplii Financial (formerly PC Financial), acquired by CIBC in 2017, has become a frontrunner in online banking for Canadians. Here’s what makes them stand out:
    Digital Banking Revolution:  

    Simplii offers cutting-edge features compared to traditional banks, empowering you to:

    • Manage finances remotely: Make direct deposits, deposit checks via mobile app, and avoid physical branch visits.
    • Invest for your goals: Explore investment options like mutual funds, TFSAs (Tax-Free Savings Accounts), and GICs (Guaranteed Investment Certificates).

    Unmatched Convenience:

    Millions of Canadians trust Simplii for its user-friendly approach:

    • Streamlined online platform for easy account management.
    • Feature-rich mobile app for on-the-go banking.
    • Wide range of services to meet your everyday banking needs and long-term financial goals.

    Focus on Innovation:

    Simplii prioritizes creating user-friendly tools to enhance your banking experience. They’re constantly evolving to stay ahead of the curve.


    Simplii Financial:

    A Strong Choice for Modern Banking

    If you seek a convenient, secure, and feature-rich online banking experience, Simplii Financial is a powerful contender. Explore their services and discover how they can simplify your financial journey.

    No-fee online banking

    Simplii Financial: Innovation Meets Convenience

    Simplii Financial stands out for its commitment to innovation and customer-centric approach. Here’s what makes them a leader in online banking:

    • Constant Evolution:  Simplii continuously introduces new products and services designed to make managing your finances effortless. Say goodbye to long lines and physical branch visits.
    • Security You Can Trust:  While Simplii offers a fully online experience, it’s a division of CIBC, one of Canada’s largest banks. Enjoy the same security and peace of mind you expect from a traditional bank, with added benefits like fee-free access to CIBC ATMs.

    The Power of Mobile Banking:

    • Top-Rated Mobile App:  Manage your finances from anywhere with Simplii’s user-friendly mobile app (available for iOS and Android).
    • All-in-One Convenience:  The app allows you to:
      • Check account balances in a flash
      • Seamlessly transfer funds between accounts
      • Deposit checks via your phone’s camera
      • Pay bills electronically and stay organized
      • Locate CIBC ATMs nearby
      • Order foreign currency for home delivery or pickup (free of charge!)
      • Send money internationally without transfer fees

    Simplii empowers you to bank on your time, from anywhere in the world. Explore their mobile app and discover a whole new level of banking convenience.

    Simplii Financial: Types of accounts

    No fee chequing accounts

    Simplii Financial No Fee Chequing: Everyday Banking Made Easy

    Looking for a fuss-free chequing account for daily transactions? Look no further than Simplii Financial’s No Fee Chequing Account:

    • Free to Use:  Enjoy unlimited debit purchases, bill payments, and withdrawals without any monthly fees or minimum balance requirements.
    • Faster Access to Funds:  Get immediate access to your deposited cash, including direct deposits.
    • Overdraft Protection (Optional):  For added peace of mind, opt-in to overdraft protection for a $4.97 monthly fee if your account goes negative. This covers overdrafts up to $5,000 with a 19% interest rate.
    • Interest on Your Balance:  Even with everyday use, your money can grow.  Earn interest on your chequing account balance, with rates increasing as your balance grows (starting at 0.01% and reaching up to 0.10% annually).

    The Perfect Choice For:

    • Individuals who prioritize fee-free everyday banking
    • Those who value immediate access to deposited funds

    Simplii Financial’s No Fee Chequing Account offers a convenient and affordable way to manage your daily finances. Sign up today and experience the benefits!

    High-interest savings accounts

    Grow Your Savings with Simplii Financial

    Simplii Financial offers a powerful combination of high-interest savings accounts to suit your needs:

    • High-Interest Savings Account:
      • Maximize Your Returns: Earn interest rates that climb from 0.40% to a stellar 5.50% as your savings grow (rates subject to change).
      • Effortless Transfers: Seamlessly move funds between your Simplii accounts for optimal savings management.
      • Easy Account Management: Enjoy the convenience of online and mobile banking to monitor your balance and make transfers from anywhere.
      • Start Saving Today: Open an account in minutes and begin earning interest instantly on your deposits.
      • Unrestricted Access: Access your funds freely with no limitations or withdrawal penalties (Note: Interest may be forfeited on early withdrawals from interest-bearing periods).
    • USD Savings Account (Ideal for USD or Frequent Travelers):
      • Competitive Exchange Rates: Benefit from Simplii’s favorable exchange rates when converting between USD and CAD.
      • Flexible Deposits: Deposit USD or other currencies, and transfer CAD from other accounts effortlessly.
      • No Monthly Fees or Minimum Balance: Enjoy fee-free savings with no minimum balance requirements.
      • Solid Interest Rate: Earn a steady 3.05% annual interest rate on your USD balance (paid monthly).
      • Quick Setup & Easy Access: Open your USD savings account quickly and manage it seamlessly through online and mobile banking. No withdrawal limits or hidden fees restrict your access to your funds.

    Choose the Right Account:

    • High-Interest Savings: Ideal for maximizing returns on your CAD savings.
    • USD Savings: Perfect for holding USD, managing a dual-currency lifestyle, or frequent international travelers.

    Simplii Financial empowers you to save for your goals with ease. Explore their high-interest savings options and watch your money grow!

    Student banking program

    Looking to take control of your finances? Simplii Financial’s student program offers everything you need to get started:

    Free & Easy Banking:

    • No-Fee Chequing Account: Manage bills and access your money 24/7 without hidden charges.
    • Optional Cash Back Visa®: Earn rewards while you spend:
      • Up to 1.5% cash back on gas, groceries, drugstores, and pre-authorized payments (up to $15,000 annually).
      • 4% cash back on dining out (up to $5,000 annually).
      • 0.05% cash back on all other purchases (no cap on earnings).

    Get Rewarded (Limited Time):

    • Earn up to $400 cash back when you set up a direct deposit!

    Stay in Control:

    • Simple Mobile App: Track spending, manage accounts, and make payments on the go.

    24/7 Support:

    • Get help whenever you need it with Simplii’s responsive customer service team.

    Hassle-Free Management:

    • Apply online or by phone with a quick turnaround.
    • Manage everything seamlessly through the mobile app or online banking.

    Make Smart Financial Choices Today!

    Simplii Financial equips students with the tools and rewards to be financially responsible. Explore their student program and build a strong financial future, one swipe or tap at a time.

    Maximize Your Money with Simplii Financial Cash Back Visa®

    Looking for a no-fee credit card with real rewards? Look no further than the Simplii Financial Cash Back Visa®!

    Earn Cash Back on Everything You Buy:

    • 0.05% base cash back on all purchases (no cap!).
    • Boost your rewards in specific categories:
      • 1.5% cash back on gas, groceries, drugstores, and pre-authorized payments (up to $15,000 annually).
      • 4% cash back on dining at restaurants, bars, and coffee shops (up to $5,000 annually).

    Security & Support You Can Trust:

    • Fraud protection: Get alerts for suspicious activity and enjoy comprehensive security measures.
    • 24/7 customer service: Our friendly team is always available to help.

    Simple & Convenient:

    • Quick online or phone application with a fast turnaround.
    • Seamless mobile app for managing your account and tracking rewards on the go.
    • Easy online payments: Make payments quickly and conveniently.

    Don’t miss out on valuable rewards! Apply for the Simplii Financial Cash Back Visa® today and start earning cash back on your everyday purchases.

    Simplii Financial banking services

    Beyond Savings & Chequing: Borrowing Solutions at Simplii

    Simplii Financial goes beyond just everyday banking. They offer a range of borrowing options to suit your needs:

    • Personal Loans: Consolidate debt, finance a dream purchase, or cover unexpected expenses with a flexible personal loan.
    • Secured Lines of Credit: Access funds when you need them with a secured line of credit, leveraging the value of your home.
    • Mortgage Solutions: Get expert advice and competitive rates on your mortgage, helping you achieve your homeownership goals.

    Safety & Support You Can Trust:

    • Secure Encryption Technology: Rest assured, your financial information is protected by industry-leading encryption technology.
    • Top-Rated Customer Service: Simplii Financial is known for its exceptional customer service, ensuring you receive the support you need throughout the borrowing process.

    Simplii Financial: Your One-Stop Shop for Financial Needs

    Whether you’re managing daily finances, saving for the future, or considering a loan or mortgage, Simplii Financial offers a comprehensive suite of services with security and support at the forefront. Explore their borrowing options and discover how they can help you achieve your financial goals.

    Personal lines of credit

    Need Cash Today? Consider a Simplii Financial Personal Loan

    A personal loan from Simplii Financial can be the perfect solution for various needs:

    • Consolidate Debt: Simplify your finances by combining high-interest debts into one manageable monthly payment.
    • Finance a Dream Project: Remodel your kitchen, upgrade your car, or cover unexpected expenses – a personal loan can help you make it happen.

    Why Choose Simplii?

    • Streamlined Application: Existing Simplii customers can apply easily for a personal loan.
    • Flexible Repayment: Choose a monthly payment date that fits your budget.
    • Competitive Rates: Enjoy competitive interest rates to save money on your loan.

    Unlock Your Financial Goals with a Simplii Personal Loan

    Visit Simplii Financial today to explore their personal loan options and see how they can help you achieve your financial goals.

    Secured line of credit

    Unlock Your Home’s Equity with a Simplii Secured Line of Credit

    A secured line of credit from Simplii Financial leverages the value of your home to provide you with a flexible borrowing option:

    • Access Funds on Demand: Get the money you need quickly for renovations, debt consolidation, or other expenses.
    • Competitive Rates: Enjoy attractive interest rates to save on borrowing costs.

    Ideal for:

    • Homeowners: This option is perfect if you own a home and have built equity.
    • Established Simplii Customers: Existing customers may benefit from a streamlined application process.

    Simplii Makes Borrowing Simple:

    • Hassle-Free Application: Explore your eligibility and apply for a secured line of credit conveniently.

    Security You Can Trust:

    • Borrow with Confidence: Simplii prioritizes security with advanced encryption technology protecting your information.

    Turn your home equity into a financial advantage. Explore Simplii Financial’s secured line of credit and unlock your borrowing power today!

    Safeguard Your Finances with Simplii Creditor Insurance

    Life can be unpredictable. Creditor insurance from Simplii Financial offers a safety net in case of unexpected events:

    • Peace of Mind: Protect your loved ones from financial burdens if you pass away, suffer a disability, or lose your job.
    • Debt Protection: Ensure your loan or credit line payments are covered, preventing defaults and maintaining financial stability for your family.

    Simplii Makes it Easy:

    • Convenience: Simplii Creditor Insurance is conveniently offered alongside your loan or credit line application.

    Invest in Your Future, Today

    Don’t let unforeseen circumstances derail your financial well-being. Explore Simplii Creditor Insurance and ensure your financial security, no matter what life throws your way.

    Send Money Worldwide with Ease: Simplii Global Money Transfer

    Need to send money internationally? Look no further than Simplii Financial’s Global Money Transfer service:

    • Fast & Secure: Transfer funds conveniently and securely with just a few clicks.
    • Zero Transfer Fees: Save money on expensive international transfer fees typically charged by other banks.
    • Competitive Exchange Rates: Get the most out of your transfer with Simplii’s competitive exchange rates.
    • Global Reach: Send money to over 130 countries around the world in local currency, CAD, or USD.
    • High Transfer Limits: Transfer up to $50,000 with peace of mind.

    Simplii Global Money Transfer: The Hassle-Free Way to Send Money Abroad.

    Send money quickly, securely, and affordably with Simplii Financial. Explore their Global Money Transfer service today!

    Simplify Your Travels with Simplii Financial Foreign Currency Delivery

    Traveling abroad? Avoid the airport hassle and get your foreign currency conveniently delivered with Simplii Financial:

    • Wide Selection: Choose from over 65 foreign currencies to fit your travel needs.
    • Convenient Delivery: Get your cash delivered directly to your home or any Canada Post Office.
    • Free Delivery (No Minimum): Enjoy free delivery on all foreign currency orders, regardless of the amount (up to a maximum of $2,500 CAD).
    • Fast Turnaround: Receive your currency within a few business days to ensure you’re ready for your trip.

    Skip the Currency Exchange Lines & Save!

    Simplii Financial eliminates the stress of finding foreign currency. Order online or through their mobile app and have your cash delivered directly to you.

    Travel smarter and save money with Simplii Financial Foreign Currency Delivery!

    Own Your Dream Home with Simplii Financial Mortgages

    Simplii Financial is your one-stop shop for a stress-free mortgage experience:

    • Competitive Rates & Flexible Terms: Secure the best possible deal on your mortgage, whether you’re buying a new home or refinancing your existing one.
    • Free Financial Planning Advice: Get expert guidance to navigate your finances and save money throughout the homeownership journey.
    • Award-Winning Service:  Enjoy peace of mind knowing you’re backed by a trusted lender. Simplii Financial was recognized as one of the Best Banks in Canada by Forbes in 2022.

    Turn your dream of homeownership into reality. Contact Simplii Financial today and explore their mortgage options!

    Grow Your Wealth with Diverse Investment Options at Simplii

    Simplii Financial empowers you to invest for your future, regardless of your goals:

    • Wide Range of Accounts: Choose from TFSAs, RRSPs, RESPs, RRIFs, GICs, and mutual funds to suit your investment strategy.
    • Registered & Non-Registered Options: Invest for retirement, education savings, or simply grow your wealth tax-efficiently.

    Accessibility & Affordability:

    • Convenient Online Platform: Manage your investments seamlessly from anywhere.
    • No Minimum Deposits: Get started easily without a minimum investment amount.
    • 24/7 Customer Support: Receive expert guidance whenever you need it, although there are no physical branches.
    • Transparent Fees: While there’s a $50 transfer fee for TFSA and RRSP accounts (unlike the no-fee chequing), you won’t incur monthly account fees.

    Simplii Financial: Your Investment Partner
    Invest with confidence at Simplii. Explore their diverse investment options and start building your financial future today!

    How Simplii Financial compares to other online banks

    Simplii Financial vs. The Competition: Why Choose Simplii?

    While Simplii Financial shares similarities with other online banks in Canada (Tangerine Bank, Manulife Bank, EQ Bank), it stands out in key ways:

    • Established Strength & Reach: Simplii boasts a larger and more established presence compared to other online banks, offering peace of mind to customers.
    • Proven Stability: Simplii enjoys a lower account turnover rate, indicating satisfied customers who trust the bank for their financial needs.
    • Excellent Customer Service: Simplii consistently receives high marks for customer satisfaction, ensuring you’ll receive the support you deserve.

    Choose an Online Bank You Can Trust

    While online banks offer similar account types and services, consider Simplii Financial’s size, stability, and customer focus when making your decision. Explore their offerings and experience the Simplii difference!

    Security

    Just as Simplii is backed by the Canadian Imperial Bank of Commerce, Tangerine Bank and EQ bank are also backed by a larger, major bank. However, Manulife Bank is wholly owned.

    All of the mentioned banks’ deposits are insured by the Canada Deposit Insurance Corporation up to $100,000 per account.

    Differences in bank accounts

    Simplii Financial and Tangerine Bank offer a wide range of banking services, including chequing, savings accounts, credit cards, and more. In contrast, EQ Bank primarily focuses on savings and investment accounts.

    Among these banks, only Simplii Financial offers interest-bearing chequing accounts, while none besides Manulife Bank impose minimum balance requirements or monthly fees.

    Convenience

    Most online banking customers have access to in-person ATMs for a nominal fee. While Simplii Financial, Tangerine Bank, and EQ Bank waive ATM fees on in-network ATMs, out-of-network machines may incur charges. Notably, Simplii Financial customers enjoy free access to all CIBC locations across Canada, totaling over 3,400 nationwide.

    Customer service

    Simplii Financial excels among online banks like Tangerine Bank and EQ Bank due to its superior customer service. Long-term customers consistently praise its short wait times, knowledgeable staff, and user-friendly online and mobile banking platforms.

    Pros and cons of Simplii Financial Online Bank

    Pros of Simplii Financial:

    • Earn interest on both chequing and savings accounts.
    • No monthly fees on any account type, including credit cards.
    • Highly-rated user interface on the mobile app.
    • Protected by the Canada Deposit Insurance Corporation.
    • No monthly or transaction fees for credit cards, chequing, or savings accounts.
    • Accessible 24-hour online and phone support from knowledgeable representatives.
    • Quick and easy account opening from anywhere.
    • Investment accounts are offered.
    • Competitive low interest rates for loans and other borrowing services.

    Cons of Simplii Financial:

    • No physical banking locations available.
    • Overdraft protection costs $4.97 monthly, with overdraft balances incurring 19% interest.
    • Chequing account insufficient funds fee is $45.
    • No business-specific banking accounts offered.
    • Out-of-network ATM fees are not waived.
    • Limited investment options.
    • Not available for residents of Quebec.

    Simplii Financial review: Our final thoughts

    Simplii Financial, formerly known as PC Financial, caters to individuals seeking a seamless online banking experience for personal finance management. It offers attractive incentives for loyal customers, such as high-interest chequing and savings accounts that reward increased savings with higher interest rates.

    The Simplii cash back credit card is particularly appealing for everyday use and beginners in the world of credit cards, thanks to its low interest rates, straightforward rewards structure, and user-friendly mobile app facilitating easy bill payments.

    In essence, Simplii Financial emerges as an outstanding choice for those seeking a user-friendly yet robust digital banking solution, fortified with stringent security measures. Its array of services, from cash back credit cards to investment opportunities, coupled with competitive fee structures, caters to both novices and seasoned investors.

    Boasting no monthly fees and competitive interest rates, Simplii Financial not only aids in savings but also ensures the convenience of online banking and unparalleled customer support.

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    The content provided on Myfinancesguru.com is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.