Banking Blog

Simplii Financial is an online only bank (formerly known as PC Financial) offering No fee chequing account and High interest savings accounts with signup bonus of $200..

It’s continuation of latest trend in banking space in Canada targeted at individuals who hardly visit bank branches and conduct most of their transactions online or through ATMs. Cost cutting made through lack of branches and staff is passed on to the consumers in the form of No fees, High interest for savings account and low interest for loans.

With Simplii Financial, There is no monthly fee and no minimum balance requirement. Free daily banking, which includes unlimited debit purchases, bill payments, and withdrawals, and you can send money for free via Interac e-transfer. Clients will also have access to more than 4000 CIBC ATMs across Canada.

It is a member of the Canada Deposit Insurance Corporation (CDIC) which means money in your account is insured upto $100,000.

Accounts Overview

Savings accounts

Their savings account , TFSA and RRSP account offers promotional interest of 2.3%. (This is invite only offer and regular interest rate is 0.10%)

Simplii Financial offers the following for their savings account

• No monthly fees and no minimum balance requirement
• Unlimited debit transactions and withdrawals
• Access to over 4000 CIBC ATMs across Canada
• Deposit insurance up to $100K by Canada Deposit Insurance Corporation

Chequing accounts

Simplii Financial also offers No fee, No minimum balance chequing account with free unlimited Interac eTransfers and Free 25 cheques. Like their savings account, Chequing account offers deposit insurance upto $100K by CDIC.

Customers will have access to more than 4000 CIBC ATMs across Canada.

Global Money Transfers

In partnership with CIBC, Simplii Financial offers Free International Money Transfer to 120 countries at great rates.

Get $50 when you send your first Global Money Transfer.
Use promo code GMT50 to claim this offer.
Get 0.5% cash back‡, 2 when you use your Simplii Financial Cash Back Visa Card to send money abroad.

BankingBlog Thoughts

With arrival of Digital banks, Choice still remains with people on whether they prefer comfort of having the option to walk-in to the branch and talk to someone face to face or take up digital bank account to get rid of outrageously high fees and low interest offered by big banks. Regardless money you deposit into these digital banks are still protected by CDIC upto $100K.

As BankingBlog, recommends Online banks such as Simplii Financial to cutdown monthly fees and get free access to ATMs.

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