Is Simplii Financial good Canadian bank?

Short Answer

Yes, Simplii Financial is a good Canadian bank. While it comes with a few deficiencies that might not make it one of the best banking options for everyone, it is ideal for those who have minimal banking and investing needs.

Detailed Answer

Simplii Financial is an online bank, which means it does not have any physical branches. As a Simplii Financial customer, you'll have to do all of your business via online or telephone banking.

What is Simplii Financial bank?

Simplii Financial is the direct-to-consumer banking division of CIBC. It is a digital bank that operates exclusively online and is one of Canada’s most popular online-only banks.

The online bank was born in 2017, following the end of a business relationship between President's Choice Financial and CIBC. It was formerly known as President's Choice Financial, but today has rebranded as the PC Money Account.

Additionally, Simplii Financial is a member of the Canada Deposit Insurance Corporation (CDIC).

Chequing and savings accounts with Simplii, as well as GICs, have insurance covering balances up to $100,000. This insurance is included and comes at no additional cost to the customer.

How does Simplii Financial work?

Accounts and products offered by Simplii Financial work like any other commodity offered by a financial institution, without restrictions or hidden fees.

Customers can register for goods online or over the phone, and they can access the Simplii Financial website or mobile app to manage their accounts. Because there are no physical locations, this allows the digital bank to provide cost-free banking.

Advantages of Simplii Financial bank

No fees: For its daily banking products, Simplii Financial doesn't impose any fees. Therefore, there are no usage fees associated with checking and savings accounts.

Wide variety of products: Simplii Financial is a one-stop shop for saving and investment choices for consumers who want to store all of their money in one place. Simplii users may consolidate all of their investments under one roof, which makes it simpler to track progress, pay bills, transfer money, and do many other things.

Disadvantages of Simplii Financial bank

No physical branches: Simplii doesn't have any physical branches, depending on your requirements. Although many tech-savvy consumers are not deterred by this factor, it should still be taken into account if you value in-person banking.

Low-interest rates: Simplii Financial does not pay the best interest rates for its registered and non-registered savings accounts, despite the fact that it offers cheap borrowing interest rates.

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Categories: Canada
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