Simplii Financial: What You Need to Know

Simplii Financial is a digital banking platform that offers a range of financial services, including chequing and savings accounts, credit cards, and investment products.

It's owned by Tangerine Bank, a Canadian bank that's been around since 1997. They've been innovating in the financial industry for over two decades.

Their goal is to make banking easier and more accessible for Canadians, with a focus on simplicity and transparency. They offer a mobile banking app that lets you manage your finances on the go.

They also have a wide range of fee-free services, including ATM withdrawals and Interac e-transfers.

Simplii Financial offers a range of products and services to help you manage your finances. They have a No Fee Chequing Account that earns a welcome bonus of up to $300 and has no monthly account fee.

You can also earn cash back rewards with their Cash Back Visa credit card, which offers 4% cash back on eligible restaurant, bar, and coffee shop purchases, up to $5000 spent per year. The card has no annual fee and a cash purchase interest rate of 20.99%.

Simplii Financial also offers mortgages with terms ranging from 6 months to 10 years, as well as personal loans and lines of credit with competitive interest rates and flexible repayment options.

Simplii Financial offers a range of products beyond its banking services. You can access personal loans with competitive interest rates and flexible repayment options.

Simplii Financial also offers lines of credit, including personal and secured lines of credit. This can be a great option if you need access to funds for a specific purpose.

For those looking to invest, Simplii Financial offers Guaranteed Investment Certificates (GICs), Mutual Fund Investment Accounts, and Registered Retirement Savings Plans (RRSPs).

You can also use Simplii Financial for mortgages, including fixed-rate and variable-rate mortgages, as well as specialty programs for rural, medical professional, and new Canadian mortgages.

In addition to these products, Simplii Financial offers a Global Money Transfer service, allowing you to send money to over 130 countries with no transfer fees, but a markup on the exchange rate.

Here are some details on the products and services mentioned:

Simplii Financial offers a range of GIC products with terms ranging between 1 and 5 years.

Their 1-year GIC is paying a very competitive 5.35% APY, which is a great option for those who want to earn a high interest rate for a short period.

Interest rates vary depending on the term, with 2-year GICs earning 5.30% APY and 3, 4, and 5-year GICs earning 5.00% APY.

The Canada Deposit Insurance Corporation covers Simplii Financial GIC products up to the prescribed limits.

Here's a breakdown of the interest rates for Simplii Financial's GIC products:

It's worth noting that you can open and manage your GIC account completely online, making it a convenient option for those who prefer to bank digitally.

Simplii Financial has a range of fees to be aware of, but there are some notable exceptions. For example, their No Fee Chequing Account has no monthly account fee.

If you're a new Simplii customer, you can earn a welcome bonus of up to $300. However, this bonus is only available to new customers. Residents of Quebec are not eligible to open a Simplii account.

Here are some of the fees you should be aware of:

Some fees, like the overdraft fee, can be steep. The overdraft fee for the No Fee Chequing Account is a minimum of $4.97.

Simplii USD Savings Accounts offer a competitive interest rate of 3.05% on your balance, with no monthly fees and no minimum balance requirement.

You can send USD from your account to the USA with no fees, making it a convenient option for those who regularly travel or spend US dollars.

However, one user's experience highlights a potential drawback: it can be difficult and costly to withdraw USD from your account, with some users resorting to ordering a bank draft that Simplii charges for.

This account is not for everyone, as one reviewer warns: "DO NOT OPEN A USD ACCOUNT WITH SIMPLII", citing a frustrating experience with withdrawing funds.

Fees can be a real hassle when it comes to managing your finances. Simplii Financial is known for its no-fee chequing and savings account, but there are a few services and products that do come with fees.

One fee to be aware of is the foreign currency conversion fee, which is a whopping 2.5%. If you're planning to travel abroad, you might want to consider this cost.

Simplii also charges an inactivity fee of $20 per year, which is a pretty standard practice among banks. If you're not using your account regularly, you might want to consider closing it or using a different account.

If you're withdrawing cash from an ATM outside of Simplii's network, you'll be charged $1.50 in Canada or $3.00+ in foreign countries. This can add up quickly, especially if you're traveling abroad.

Here are some common fees to be aware of:

It's worth noting that Simplii also charges a fee of $4.97 for overdraft protection on their No Fee Chequing Account, and an overdraft APR of 19%. This can be a pretty steep price to pay if you're not careful with your finances.

Simplii Financial's customer service has taken a hit since the rebrand from PC Financial. Clients have complained about delays in credit cards, errors on accounts, and difficulty getting in touch with customer representatives.

Their mobile app, however, gets the job done, with a 3.8 rating on the Google Play store and a 4.1 rating on the App Store. It's easy to navigate and allows users to transfer funds, check balances, and send money abroad.

The app's functionality is basic, but it's not without its issues. Some users have reported bugs and lags, although it seems that these problems are addressed relatively quickly. Simplii's digital platforms offer end-to-end encryption, keeping accounts safe.

Here's a comparison of Simplii's app ratings on different platforms:

Reviews for the Simplii Financial app are generally positive, with customers praising its ease of use and navigation. However, some users have complained about bugs and crashes, highlighting the need for improvement in this area.

Simplii Financial's customer service has been a major letdown for many clients.

Clients who used to be happy with PC Financial's service are now complaining about the decline in quality of customer service.

Delays in credit card processing, errors on accounts, and difficulty reaching customer representatives are common complaints.

One client even reported being told by a customer representative that they couldn't help with a dispute, and that an investigation would take almost 2 years to resolve.

Some clients have even reported being told that their issues would be resolved within a certain timeframe, only to have it drag on for months.

For example, one client was told that their issue would be fixed in 2 days, but it never was.

Another client reported having to call the bank multiple times a day for help, only to be met with dismissive responses from customer representatives.

It's clear that Simplii Financial needs to work on improving its customer service.

In fact, one client even said that the bank's customer service is "the worst bank I've ever used".

Simplii's mobile app has a 4.2/5 star rating on the Apple App Store and a 3.9/5 star rating on Google Play, based on over 11,900 and 16,900 reviews respectively.

The app allows users to transfer funds, check balances, send money abroad with no fees, and more. It's easy to navigate and complete transactions, but some users have reported bugs and lags.

Simplii's digital platforms offer end-to-end encryption, keeping your account safe. This is a big plus for users who want to trust their banking app.

The app's functionality is basic, but that's not necessarily a bad thing. It gets the job done without any fancy frills.

Here's a breakdown of the app's ratings over time:

Overall, the Simplii app is a solid choice for users who want a hassle-free banking experience.

Simplii's customer service may be lacking, but their app gets the job done. The app has a 3.8 rating on the Google Play store with over 13k reviews, and a 4.1 rating with over 9k reviews on the App Store.

The app's functionality is basic, but easy to navigate. Users can transfer funds, check balances, send money abroad with no fees (although exchange rates apply), and more.

The app's safety features include end-to-end encryption to keep your account secure. This means your account will be kept safe from unauthorized access.

Bugs and lags have been reported, but they seem to be addressed in a relatively quick manner.

Simplii Financial offers a convenient ATM network for its customers. You can access over 3,400 fee-free ATMs through CIBC, the bank that owns Simplii.

You can withdraw cash, check your balance, deposit cash and cheques, and even withdraw US dollars at these ATMs. Just search for your nearest one on the Simplii website.

Using non-CIBC ATMs that display the Interac or PLUS signs is also an option, but be aware that fees may apply.

You can't e-deposit foreign checks or at a ATM. This can be frustrating, especially if you're used to the convenience of digital banking.

The process for depositing foreign checks is a bit more complicated. You have to mail them to Simplii, which can take up to eight days to deposit it into your account.

The waiting period doesn't end there. Even after the funds are deposited, they won't be released for 30 business days. This can be a long time, especially if you need access to those funds.

This can lead to delayed payments or financial difficulties. It's essential to plan ahead and factor in this waiting period when dealing with foreign checks.

Simplii Financial is a real bank in Canada, backed by CIBC for online security, licensing, and deposit insurance. It's a digital bank offshoot of CIBC, so you can trust that your money is safe.

Simplii Financial is covered by the Canada Deposit Insurance Corporation (CDIC) for up to $100,000 per insurable category. This means that if Simplii were to fail, your deposits would be protected.

Simplii Financial uses top-notch security measures to protect your personal information and account details. These measures include encryption, firewalls, and secure login procedures.

To ensure your online security, Simplii Financial offers a Personal Banking Online Security Guarantee. This guarantee reimburses customers for 100% of funds lost from unauthorized bank transactions, as long as they meet the responsibilities outlined in their service agreement.

Here's a comparison of Simplii Financial's security features with other online banks:

Overall, Simplii Financial is a safe and trustworthy bank to use, thanks to its affiliation with CIBC and its robust security measures.