Earn 4% cashback on eligible restaurant, bar, and coffee shop purchases (up to $5,000 annually) and a solid 1.5% back on groceries, gas, and recurring bills (up to $15,000 annually).

Debit or Credit?

Simplii Financial’s primary offering is a no-fee chequing account that comes with a debit card. This card carries both the Interac and Mastercard logos. It works like a standard debit card: funds are drawn directly from your chequing account, making it a great option for budgeting and avoiding debt.

Is Simplii Financial Safe?

As part of CIBC, Simplii Financial clients enjoy the same security and deposit insurance as any other CIBC customer. Your deposits are protected by the Canada Deposit Insurance Corporation (CDIC) up to eligible limits. Simplii also uses modern security protocols to protect your online banking information.

Is Simplii Financial a Mastercard or Visa?

Simplii does offer credit cards. While they mostly advertise their cash back card, they have a range of options. Simplii Financial credit cards are issued as either Visa or Mastercard.

Key Features of Simplii Financial

• Formerly known as PC Financial: Simplii Financial has evolved from its previous identity as PC Financial, building on its legacy of providing innovative financial solutions to its customers.
• No Fee Checking Account: One of the standout features of Simplii Financial is its no-fee checking account, which allows customers to manage their day-to-day finances without worrying about extra charges.
• High Interest Savings Account: For those looking to grow their savings, Simplii Financial offers a high-interest savings account that helps customers maximize their returns on deposited funds.
• Cash Back Credit Card: Along with banking services, Simplii Financial also provides a cash-back credit card that rewards customers for their everyday purchases, offering them the opportunity to earn money while spending.
• Mortgage Options: Whether you are a first-time homebuyer or looking to refinance your existing mortgage, Simplii Financial offers a range of mortgage options to suit your needs, providing competitive rates and flexible terms.
• Additional Services: In addition to the core banking products mentioned above, Simplii Financial goes the extra mile to meet the diverse needs of its customers by offering a wide array of financial services, including investment products, insurance options, and financial planning assistance.

Is Simplii Financial a Good Bank?

Whether or not Simplii is a “good” bank depends on your needs. Here’s what they do well and where they fall short:

• Pros:
  • No-fee chequing and savings accounts
  • Unlimited debit transactions and Interac e-Transfers
  • Convenient online and mobile banking
  • Access to CIBC ATMs
• Cons:
  • Limited product offerings (mostly focused on basic accounts and credit cards)
  • No physical branches for in-person service
  • Customer service can sometimes have long wait times

Advantages of Banking with Simplii Financial

No Fee Checking Account

One of the standout advantages of banking with Simplii Financial is the availability of a no-fee checking account with unlimited transactions. This feature is particularly beneficial for individuals who want to avoid monthly maintenance fees and per-transaction charges that can quickly add up at traditional banks.

Free E-Transfers and Withdrawals from CIBC ATMs

Simplii Financial makes managing your money even easier by offering free e-transfers and withdrawals from CIBC ATMs. This perk can save you money on transfer fees and ATM charges, allowing you to access your funds conveniently without worrying about additional costs.

Debit Card for In-Store and ATM Use

With Simplii Financial, you will receive a debit card that can be used for both in-store purchases and ATM withdrawals. This versatile tool provides you with easy access to your funds whenever you need them, whether you are shopping at your favourite retailer or need to withdraw cash on the go.

In conclusion, banking with Simplii Financial comes with a range of advantages that cater to the modern consumer’s needs for convenience, cost-effectiveness, and accessibility. From the no-fee checking account to free e-transfers and withdrawals from CIBC ATMs, and a versatile debit card for in-store and ATM use, Simplii Financial is committed to providing a seamless banking experience that puts the customer first.

High Interest Savings Account

A high interest savings account is a popular choice for individuals looking to grow their savings while keeping their funds easily accessible. These accounts typically offer higher interest rates compared to traditional savings accounts, allowing savers to maximize their earnings on idle cash. In this blog post, we will explore the key features of a high interest savings account, including promotional rates, post-promotional period rates, and how they compare to offerings from other online banks.

Promotional Rate of 2.8% Until April 30th

One of the appealing features of a high interest savings account is the promotional rate offered by many financial institutions. Currently, many banks are offering a competitive promotional rate of 2.8% on new deposits until April 30th. This rate is significantly higher than what is typically offered on standard savings accounts, making it an attractive option for savers looking to kickstart their savings growth.

During the promotional period, savers can take advantage of the higher interest rate to boost their savings quickly. Whether you are saving for a specific goal, building an emergency fund, or simply looking to grow your wealth, the promotional rate can help you reach your financial objectives faster.

Drops to 1.1% After Promotional Period

While the promotional rate of 2.8% is enticing, it is important to note that this rate is temporary. Once the promotional period ends on April 30th, the interest rate on the high interest savings account will drop to 1.1%. While this rate is lower than the promotional rate, it is still higher than what is offered by many traditional savings accounts.

Even after the promotional period, a high interest savings account continues to be a valuable tool for savers looking to earn competitive interest on their funds. The 1.1% rate provides a stable and reliable return on your savings, ensuring that your money continues to work for you over time.

Cash Back Credit Card

If you’re looking for a credit card that offers cash back rewards without the burden of an annual fee, a cash back credit card might be the perfect fit for you. Let’s dive into the key features and benefits of a cash back credit card that sets it apart from other types of credit cards.

No Annual Fee

One of the most attractive features of a cash back credit card is that it typically comes with no annual fee. This means you can enjoy the benefits of earning cash back on your purchases without having to worry about paying an annual fee just to use the card.

4% Cash Back at Restaurants, Bars, and Coffee Shops

One of the standout features of a cash back credit card is the generous cash back rewards it offers on specific categories. With this particular card, you can earn an impressive 4% cash back when you dine at restaurants, grab drinks at bars, or indulge in your favorite coffee shop treats. Whether you’re a foodie or a caffeine enthusiast, this perk can help you save money on your everyday indulgences.

1.5% Cash Back on Groceries and Gas

In addition to the lucrative cash back rewards on dining and entertainment, this cash back credit card also offers a competitive cash back rate of 1.5% on groceries and gas purchases. Whether you’re stocking up on essentials at the supermarket or fueling up your vehicle, you can earn cash back on these everyday expenses, helping you save money while you spend.

Overall, a cash back credit card is a rewarding financial tool that allows you to earn cash back on your everyday purchases without the hassle of an annual fee. With generous cash back rates on dining, entertainment, groceries, and gas, this card offers a seamless way to save money and maximize your spending.

Minimum Credit Score for a Simplii Credit Card

Simplii doesn’t publicly disclose a minimum credit score. Like most institutions, they look at your whole credit profile. A good credit score (660 or higher) will significantly improve your chances of approval.

How to Get Approved for a Simplii Credit Card?

• Strong Credit History: Maintain good credit habits – pay bills on time and keep credit utilization low.
• Sufficient Income: Demonstrate the ability to repay your debts.
• Address Your Debts: Before applying, pay down existing balances as much as possible.

Here’s a breakdown of how to apply for a Simplii Financial credit card in Canada:

Eligibility Requirements

Before you begin, make sure you meet the basic requirements:

• Household income: Minimum of $15,000 annually.
• Residency: Canadian resident (excluding Quebec).
• Age: Age of majority in your province/territory.
• Credit history: No bankruptcy within the past 7 years.

Steps to Apply

1. Choose your card: Simplii Financial offers a few credit cards. Their most popular is the Simplii Financial Cash Back Visa Card. You can compare it to their other offerings on Simplii Financial website.
2. Apply online:
   • Visit the Simplii Financial website and navigate to their credit card section.
   • Select the card you are interested in and click “Apply Now”.
   • The online application will request your:
     • Personal information (name, address, social insurance number, etc.)
     • Employment details
     • Financial information
3. Wait for approval Most applications are processed quickly, and you might get an instant decision. In some cases, it might take a few days.
4. Receive and activate your card. If approved, you’ll receive your card in the mail. Activate it according to the included instructions.

Banking Experience with Simplii Financial

When it comes to banking with Simplii Financial, customers are immersed in a digital-first experience that sets it apart from traditional brick-and-mortar banks. By avoiding physical branches altogether, Simplii Financial is able to offer a streamlined and convenient banking experience that caters to the modern, tech-savvy individual.

Online and Phone Banking

One of the key features of banking with Simplii Financial is the fact that all transactions and interactions take place either online or over the phone. This means that customers have the flexibility to manage their finances from the comfort of their own homes or while on the go. Whether it’s checking account balances, transferring funds, or setting up automatic bill payments, Simplii Financial’s online and phone banking services offer a comprehensive range of options to meet the needs of its users.

Access to ATMs

While Simplii Financial does not have physical branches, access to CIBC or Scotiabank ATMs can play a crucial role in a customer’s decision to bank with them. The convenience of being able to withdraw cash, deposit cheques, or perform other ATM transactions can significantly impact the overall banking experience. Therefore, for customers who frequently rely on ATMs for their banking needs, the availability of CIBC or Scotiabank ATMs can be a deciding factor in choosing Simplii Financial as their primary financial institution.

Overall, the digital-centric approach of Simplii Financial provides customers with a convenient and efficient banking experience that prioritizes accessibility and flexibility. By leveraging online and phone banking services, customers can easily manage their finances without the constraints of traditional branch-based banking. Additionally, the accessibility to CIBC or Scotiabank ATMs ensures that customers can seamlessly conduct physical transactions when needed, adding an extra layer of convenience to their banking experience.

Whether you value the convenience of managing your finances digitally or require easy access to ATMs for your day-to-day banking needs, Simplii Financial offers a modern banking solution that caters to a wide range of preferences and requirements.

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