Does Simplii Financial offer Business Accounts in Canada?
- Asked By
- Updated On:25-Jul-2023
- Replies:1
Short Answer
Simplii Financial does not offer business accounts in Canada. However, it does offer various other types of accounts to its users in Canada.
Detailed Answer
Simplii Financial is a Canadian financial institution offering various banking-related services to its users. Simplii Financial is the digital banking service of the Canadian Imperial Bank of Commerce (CIBC). It offers a simpler and to-the-point banking experience avoiding unnecessary complications involved in the banking process.
Does Simplii Financial offer Business Accounts in Canada?
Simplii Financial does not offer the service of business accounts in Canada but allows individuals with various other accounts, including savings accounts and various other banking-related services.
What does Simplii Financial offer?
The major accounts and services provided by Simplii Financial are:
High-Interest Savings Account: Simplii Financial offers high-interest savings accounts and allows you to earn more competitive interest rates on your savings account balance. The interest on this account is calculated daily and paid monthly, helping your money grow faster than other savings accounts in the banking sector.
No Minimum Balance Requirement: There is no minimum balance requirement for the Simplii Financial savings account. You can open an account with their customer support portal or mobile/web applications and start saving with any amount of your choice as per availability.
Foreign Currency Accounts: Simplii Financial offers services for maintaining foreign currencies in your foreign savings account. This account is of great benefit to individuals who travel to foreign countries and conduct foreign transactions.
Youth Savings Account: It also offers services of savings accounts to users under the age of 18. This promotes saving habits and also are helpful in the introduction to banking services.
Registered Retirement Income Fund Accounts (RRIF): This account is suitable for individuals who are near the age of retirement and require a consistent income source for their savings deposits.
Simplii Financial Account:
Simplii Financial savings accounts are eligible for deposit insurance coverage provided by the Canada Deposit Insurance Corporation (CDIC). This coverage protects eligible deposits up to $100,000 per depositor in case of a financial institution failure. Hence, users can contact simply financial for business banking-related solutions and to enquire about other services provided by them.
Ask Your Query for FREE, Get quick answers from our FINTRAKK community!
Discussion (0)
Yes, international Yes, international students can have two or more bank accounts in Canada as per their discretion. There is no cap on the upper limit.
Yes there are a number of platforms that offers commission free trading in Canada. Let's dig deeper into which are the brokerage firms offering zero commission trading to Canadian investors.
The GIC (Guaranteed Investment Certificate) amount for international students in Canada is 10,200 CAD. This is a requirement for obtaining a study permit and is meant to cover living expenses during the student's stay in the country. The GIC amount must be held in a designated financial institution for the duration of the study period.
There are various steps to be followed a number of documents to be submitted to open a business bank account in Canada. Continue reading to get a clear picture of the whole account opening process.
It is important to submit current and valid identification proofs such as Social Insurance Number (SIN), driver's license, passport, and /or residential card, to your desired banking service provider, in order to open a Chequing account. Explore more on the process of opening a Chequing Account and documents required by wading through this article
TFSA is Tax-free Savings account where you can invest in shares without incurring tax liabilities. So, let's grab some useful information on TFSA in Canada.
Neobanks are a modern-day concept of banks without physical branches which simplify banking services for individuals. Neobanks are an alternative to traditional banking services. They are advantageous in various ways as described in the following answer in detail.
Discover the most affordable option for stock trading platform in Canada with our information highlight on the cheapest stock trading platform available. Make informed decisions and save money on every trade with our top recommendations.
Yes, Simplii Financial is a safe Canadian bank. It is just as legitimate as any major players in Canada's financial landscape.
At present, the potential to open a brokerage account in Canada, while being a non-resident is complicated and has numerous terms and conditions. This varies from broker to broker. To become savvy in this topic, continue reading.