Simplii Financial Review [Services & Features in 2021]

Modern times require modern solutions. That’s why online banks like Simplii Financial are rising in popularity among many Canadians. In this Simplii Financial review, we will dig deep into its services and features, provide you with the latest Simplii Financial ratings, and help you decide if this digital bank is right for you.

Let’s get started!

What Do I Need to Know about Simplii Financial? 

Simplii Financial is one of the leading digital banks in Canada. The company was founded in 2017 when it was rebranded from PC Financial. It is currently owned by CIBC. In 2019, Forbes magazine listed Simplii Financial as one of the best banks in the world and ranked it the third-best bank in Canada. As an online-only bank, SImplii Financial has no brick-and-mortar offices. 

Simplii Financial’s products and services include accounts (no-fee checking account and high interest savings account), credit cards, mortgages, loans, banking services, and investments in the form of an RRSP savings account, GICs, a tax-free savings account, and mutual fund accounts.

In this Simplii Financial review, we will cover:

✅ Simplii Financial features and services 

✅  Loan application procedure and terms

✅ Pros and Cons

✅ FAQ

Simplii Financial Canada Services

Here is an overview of Simplii Financial’s services and products, including the latest Simplii Financial interest rates:

Simplii Financial No-Checking Account 

The top features are no monthly fees with no minimum balance, unlimited debit purchases, withdrawals and bill payments, free access to over 3,400 CIBC ATMs, and earning an interest starting at 0.5%. 

Simplii Financial High Interest Savings Account

Simplii Financial offers this savings account with an interest rate of 0.10%. As with the checking account, there are no monthly fees and no minimum balance required.

Simplii Financial Visa Review

The Simplii Financial Cash Back Visa card is one of the best cashback cards in Canada. Its top features include no annual fees, 4% cashback at coffee shops, restaurants, and bars (on up to $5,000 a year), 1.5% on gas, groceries, and drugstore purchases (on up to $15,000 a year), and 0.5% on all other purchases.  

Simplii Financial Mortgage Review

Currently, Simplii Financial offers two types of mortgages – fixed-rate and variable-rate. The annual percentage rate of the fixed-rate one is set at 2.24%, while the variable-rate one is set at 1.34%. The loan term on both mortgages is 5 years.

Simplii Financial Line of Credit Review

Simplii Financial offers competitive rates on a personal line of credit. However, information about the loan term and the limit amount are not disclosed on the official website. Ultimately, they will depend on your credit history.

Simplii Financial Secured Line of Credit

Borrowers who are homeowners are eligible for a secured line of credit. The rates are based on CIBC prime, meaning that the rate will vary whenever CIBC prime rate varies.

Simplii Financial Investments

Simplii Financial offers four investing products – RRSP Savings Account, GICs, Tax-Free Savings Account and Mutual Funds Accounts. 

RRSP and Tax-Free Savings Accounts are exactly the same. Both have no monthly fees and minimum deposits, and you’ll earn 0.10% on the daily closing balance. The Guaranteed Investment Certificate (GIC) rates range from 0.499% for a 1-year GIC to 1.490% for a 5-year GIC.

Simplii Financial Banking

Simplii Financial offers additional banking services like mobile payments, global money transfers, and foreign cash.

Personal Loans Features

• The loan amounts are not disclosed on the website.
• Annual percentage rate (APR) will depend on the loan.
• There is no prepayment penalty; however, late payment penalty and returned payment fees are not disclosed. 
• Types of interests are fixed-rate and variable-rate.
• Both unsecured personal loans and secured personal loans are available.
• The Simplii Financial App is available on Google Play Store and the App Store.

Loan Eligibility Criteria

In order to apply for a product at Simplii Financial, you have to meet the following Simplii Financial loan requirements:

• Age of majority in your province and territory 
• Canadian resident (not available in Quebec)
• No minimum credit score and minimum length of credit history
• Annual income threshold of $15,000 
• Haven’t declared bankruptcy in the last 7 years

How To Apply for a Personal Loan with Simplii Financial? 

Follow these steps to apply for a loan at Simplii Financial: 

Step 1: 

Land on the website www.simplii.com and click on the button “Join Simplii,” which is in the upper right-hand corner. You’ll move on to a page with several options of banking services, such as Featured, Accounts, Credit Card, Mortgages, Borrowing, or Investments. Then, click on the “Apply Now” button for a Personal line of credit. 

Step 2: 

You’ll need to answer whether you’re already a client.

If you’re an existing client, you need to sign on. New clients need to fill out an application form. 

Before you click on the “Next” button to fill out the application, you need to have the following things handy in order to complete the application easier.

Step 3: 

In this step, you’ll need to choose which account you would like to open. You have the following options:

Step 4: 

Now you need to choose between “No Fee Chequing Account,” “High Interest Savings Account,” or “Personal Line of Credit.” If you select a personal line of credit, you need to have an annual income of at least $20,000 from one source. 

The qualifications come next:

Step 5: 

Answer some of the sections within qualifications, such as “How much do you like to apply for?” You can choose from three options – “$5,000 to $20,000”; “up to $35,000” or  “up to $50,000.”

Step 6: 

Within this step, you need to specify the purpose of the loan.

Step 7: 

Proceed with providing all your personal information.

Step 8: 

Fill out your job info in the section below with the information about your employer, including your occupation category, occupation description and employment status. 

In the next section, you have to fill out some forms concerning your income (primary employment income – before tax and other income), expenses (housing expenses and other payments), and tax (whether you’re a tax resident of Canada or not, whether you’re a US person for tax purposes, and whether you pay taxes in any other countries).

Step 9:

Finally, you need to review your application and, if everything is in order, confirm. Once you click on the “Next” button, you will be brought to the section to agree with the company terms and conditions.

Before you apply, you need to sign by hand with your autogram.

Pros & Cons

Privacy & Security Policy

Simplii Financial is a division of CIBC. So, the collection, use, and sharing of information are per CIBCs privacy policy. 

The company collects the following type of information – contact, identity, financial, transactional and other information to understand the user better. Most of the information that Simplii Financial is going to collect from you is personal. However, there can be some info from third parties, including credit bureaus, public records, government registries and agencies. 

Simplii Financial may also monitor or record some of the interactions it has had with the clients, including telephone calls, online chats, video conferencing, and interactions with Simplii Financial’s website, fax, text (SMS), and so on. In addition, Simplii Financial will use and share the clients’ personal information to provide products and services to them. It will also offer targeted promotions and a personalized experience. 

Last but not least:

Simplii Financial takes all the needed steps to protect clients’ personal information from any unauthorized use, sharing, or loss. Employees who have access to clients’ personal information are confidential and aware that they are dealing with delicate details.

Simplii Financial Reviews in 2021 & Feedback

We looked at what people are saying about Simplii Financial. Here are the latest Simplii Financial credit reviews we found:

Based on the Simplii Financial BBB reviews, the bank has 1.26 out of 5 stars based on 34 reviews and an F rating.

On Trustpilot, Simplii Financial has 1.3 out of 5 stars based on 220 reviews.

Simplii Financial Canada: Alternatives

One of the alternative options that users can choose in case they get rejected by Simplii Financial is the following:

Tangerine vs. Simplii

Tangerine offers a wide range of services, including a savings account, chequing account, credit card, GICs, investment funds, mortgage, Home Equity Line of Credit (HELOC) and RRSP Loan. 

For both providers, the monthly fees are $0. The interest rates for Simplii Financial’s services are 0.05 to 0.15% for chequing and 0.2% for savings. The interest rates at Tangerine are 0.1% for chequing and 0.1% for savings. 

The debits and withdrawals at both banks are free and unlimited. In addition, both Simplii Financial and Tangerine enable automatic deposits, overdraft protection, have mobile apps, card delivery, and free cheques.

While Simplii Financial offers global money transfers and foreign currency orders, however, Tangerine doesn’t. 

Wrap Up

As our Simplii Financial review has explained, this digital bank covers almost every banking service that you’ll need to stay on track with your finances – accounts, credit cards, mortgages, investments, and some of the best personal loans in Canada. The company motto, “All the perks, none of the fees,” highlights features such as simple banking, no-fee daily banking, and load up on special offers.