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Simplii Financial is the online-only division of CIBC and was founded in 2017. Simplii Financial was established with the goal of offering personal finance products to individuals looking to conduct their banking online and save on bank fees.
Summary: Simplii’s high interest savings account provides a complete digital experience if you’re looking for online banking.
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|HQ||Toronto, ON, Toronto|
|Deposit Insurance||Yes, Up to $100,000|
|Min. To Open||$0|
|Min. Deposit For No Fee||$0|
|Min. Balance For APY||$0|
|Transactions||No eTransfers, Debit, Wire|
|Province Restrictions||Not available in QE|
Simplii Financial’s High-Interest Savings is an online-only and no-fee savings account that pays users interest on their account balance. This interest is calculated daily on your closing balance and is paid out monthly, and the account does not have a monthly fee or a minimum balance requirement to earn interest. You can move your money between your savings and chequing account completely for free. However, this savings account does not allow you to make Interac eTransfers or debit transactions.
Simplii Financial is a trademark of CIBC, which means you can enjoy the extra features and low fees that online banks can offer, but you can be at peace knowing that your funds are stored with a major Canadian bank.
Simplii allows its users to open a new savings account completely online within a few minutes. You can open a new account on Simplii’s official website. You will be asked to provide the type of account you are looking to open. This is where you can make your selection and choose Simplii’s High-Interest Savings Account.
To open this account you must be a resident of Canada (excluding Quebec) and be a legal adult in the province you are residing in. Additionally, you will be required to provide some basic information such as your Social Insurance Number (SIN), name, date of birth, email, and phone number.
Simplii Financial is an online bank, which means it can offer you low-fee banking services like other online banks. However, they are a subsidiary of CIBC, which is one of the major banks in Canada. This means you can be at peace knowing that your funds are stored at a legit and reputable institution.
Simplii Financial does not charge a monthly maintenance fee for their savings account. You are not required to maintain a minimum balance to avoid maintenance fees or earn interest. This account has an extremely transparent fee structure and does not charge users any hidden fees. The only fee you need to keep in mind is the $20 inactivity fee that kicks in after a year of inactivity.
Simplii Financial’s High-Interest Savings Account offers a great solution for users to store their funds while keeping their banking fees low. Some of the features offered by this account are
Simplii Financial’s High-Interest Savings Account does not offer many ways to withdraw and deposit funds. You cannot make wire transfers, debit transactions, or Interac eTransfers from your account. The only way to transfer funds in and out of this account is by transferring them to or from your Simplii chequing account. This limits your ability to access the funds in your savings account but can be helpful if you are trying to meet your savings goals.
Simplii Financial clients only have access to their services online, which means you cannot get in-person assistance like other banks. If you are used to receiving in-person help with your queries, it can be a major drawback for you. However, Simplii makes it easy for their clients to reach their customer representatives to receive assistance. You can get in touch with Simplii’s customer support team by giving them a call at 1-888-723-8881. They have 24-hour availability, which can be of huge help if you need urgent assistance. You can also email Simplii regarding any issue you are facing at [email protected] or use their live chat to get help.
Simplii Financial takes various security measures to provide clients with a safe and secure online banking platform. They use industry-standard encryption, anti-virus, and malware protection to keep your data safe. Simplii also offers a 100% reimbursement to their customers if they meet all their responsibilities to protect their information and yet have been a victim of fraud. You can find a list of these responsibilities here on Simplii Financial’s official website.
Simplii Financial is owned by CIBC, a CDIC member, which means your funds are secured up to $100,000 in case of bank failure.
Simplii Financial’s High-Interest Savings Account can be a solid choice for anyone looking for a savings account to store their funds while earning some interest and who prefer the digital experience. The account does not charge the users any maintenance or deposit fees, which can help them minimize their banking costs. However, the interest rate offered by this account is comparatively lower than many competitors in the market. This account keeps it simple and does not offer many features that other accounts may offer. Additionally, the lack of channels to move funds in and out of the account can be a deal-breaker for some. If you are looking for a savings account, it would be wise to consider your options and compare them to find the best account for you.