Estimated reading time: 19 minutes
Before Simplii Financial, I would have to walk to my bank in the UK called HSBC, which is in the town center.
I never thought the day would come when I’d bank virtually and live in Canada.
I’d go inside, wait in a line, fill out banking needs (deposits or withdrawals), and be greeted by a customer service banking officer.
Before, Mrs. CBB was with PC Financial and changed to Simplii Financial in 2017.
She was only with the Royal Bank of Canada because they held her OSAP loan.
Years later, she started banking at TD Canada Trust, where her mother and father had banked.
My mother-in-law also opened a bank account with the Bank of Montreal, which became her primary account.
Lastly, after PC Financial left the virtual banking scene, Mrs. CBB became a Simplii Financial customer customer.
We both still have our PC Financial MasterCard and rack up reward points like crazy.
This post has everything we love about banking with Simplii Financial, and it has good vibes.
Plus, we both earn cash if you are a new customer and sign up using my referral link.
Let me introduce you to Simplii Financial, the Queen Online Bank Of Canada.
Who Is Simplii Financial?
Simplii Financial Is THE BEST online bank we’ve ever used, but we use two different accounts for various reasons.
Simplii Financial is a trademark and division of CIBC.
Banking products and services branded Simplii Financial are offered by CIBC.
“We”, “us” and “our” refer to the Simplii Financial division of CIBC.
Simplii Financial products and services aren’t available in Quebec.
Simplii.ca
We turned to Simplii Financial for everyday banking because we have never had any issues.
That’s pretty cool coming from a virtual bank where we chat with support via email or phone.
I have not encountered a disgruntled employee if I need to call for services.
In a nutshell, Simplii Financial is an online bank account with no banking fees apart from services such as bank drafts.
Does Simplii Financial Do A Hard Credit Check?
We have been with Simplii Financial for almost 20 years without any issues.
Simplii Financial is a no-fee bank, and they accepted me when I first moved to Canada.
It’s one of the best online banks in Canada, and it does not have a brick-and-mortar bank.
However, after achieving a good credit score, I took over my chequing account.
Below are three credit check businesses you can order or check your credit score.
We used Borrowell because we had an offer from them to test the product.
As well we ordered the free versions.
- Trans Union Canada
- Free Borrowell Credit Score
- Get your Free Credit Score and a $1 Credit Report
I understand they do a hard credit check since it’s a banking institution.
What Is A Hard Credit Check?
A hard credit inquiry occurs when you apply for a loan and authorization is required for a lender to check your loan eligibility.
Lenders need to see how responsible you are with your finances, which means they must pull your report to view your credit history before they can approve you.
CanadaDrives ca
If it were anything else, probably not, but when money is involved, it’s in their best interest to protect themselves.
Earning Points With Simplii Financial
We were so impressed with Simplii Financial, initially called PC Financial, that we applied for a credit card.
You earn PC points when you use the Simplii Financial debit card and gain more with the PC Financial MasterCard.
If I told you that we have 6 million PC Optimum points buying products on sale on 20x the points days, would you believe me?
I hope so because it’s true.
That’s over $6000 worth of free products from Shoppers Drugmart or any Loblaws grocery store.
Everything is done online or on the Simplii Financial App we use on mobile phones.
I recently signed up with Freedom Mobile for $21 a month, taxes with 2GB of data, and Mrs. CBB has Rogers with 5GB of data for $35 a month.
We have no home phone as we canceled it last year.
We plan exclusively to challenge our grocery shopping habits for one year using our rewards points.
Can Simplii Financial Customers Use CIBC Bank?
Yes, but only for exchanging currency or purchasing a money order.
We’ve gone in many times, and they have been helpful, although first, I call Simplii Financial.
Simplii Financial clients can also use the CIBC ABM machines with no surcharge.
Simplii Bank Accounts We Hold
- Chequing Account
- Savings Account Joint
- Savings Account Joint
- Savings Account Son (monthly gov cheques, birthday money, etc.)
- Savings Account Projected Expenses
Why Sign Up For Simplii Financial?
Below are two massive perks for signing up at Simplii Financial, but it’s more than free money.
I can’t stress enough how vital PC Financial Bank, now Simplii Financial as of 2017, has helped build my new life in Canada.
When I arrived in 2007 as a landed immigrant with a British passport and a Canadian PR card, I didn’t know what would happen.
Finance and banking were always on my mind, so I looked into opening a PC Financial Bank Account before we married.
At the time, they offered me two things because I didn’t have a Canadian credit score.
- My wife was responsible for a PC Financial World Elite MasterCard with my name. Using the credit card enabled me to build credit in Canada, which I desperately needed.
- Mrs. CBB was responsible for accessing a chequing account with a deposit.
We were not married when we added me to our PC MasterCard and Simplii Chequing Account.
With a $500 Sears Visa, where I had to put a $500 safety deposit down, I was allowed to build credit.
I am forever grateful to Sears and Simplii for helping landed immigrants to Canada with banking needs.
Join Simplii Financial Today Online
Get $50
When you use your friend’s unique link to open a No Fee Chequing Account, High-Interest Savings Account, or Personal Line of Credit
AND
Deposit at least $100 in a No Fee Chequing Account or High-Interest Savings Account within six months after account opening, and keep $100 or more in the account for at least 60 days
OR
Use $100 off your Line of Credit within six months after opening the account.
Plus, get $200
When you open a No Fee Chequing Account
AND
Add an eligible direct deposit of at least $100 monthly for three months.
Your payroll, pension, or employment insurance should do the trick.
Banking In Canada
When I moved to Canada, I didn’t bother looking at the BIG 5 banks apart from online research because the fees were too high.
Big 5 Banks In Canada
- Scotia Bank (BNS)
- Bank of Montreal (BMO)
- TD Canada Trust (TD Bank)
- Canadian Imperial Bank of Canada (CIBC)
- Royal Bank of Canada (RBC)
Learn more about the Big 5 Banks and Credit Unions to understand each option better.
Building A Relationship With A Bank
Since I was moving here with little money, I needed to build a relationship with a bank.
It would be strict with Simplii Financial since they don’t have brick-and-mortar banks.
I think Canadians have grown to love the process of walking into a bank to see a teller cashier.
Banking In The ’70s
Even in the 70s, Mrs. CBB remembers going to the drive-thru for Royal Bank and a lady waiting in the window.
She had a microphone, was dressed professionally, and sat on a computer chair.
The drive-thru teller would push open a metal container out where a flap would come down.
In that spot, you can deposit cheques, cash cheques, withdraw money, and many other options.
We probably won’t see this service again, but that one-on-one builds banking relationships.
Making a phone call to Simplii Financial has worked out fine for us.
We don’t need anything apart from bank drafts, which cost money.
It didn’t matter to me that Simplii Financial was not a brick-and-mortar bank because I could use CIBC for products such as money orders.
Just Keep Driving
I could drive since I was new to the city and had my UK driver’s license swapped to Canada without further training.
Getting car insurance was easy since my wife has been with a company since she started driving.
Only when I got my first job in Canada did we swap to a new insurance company, as the rates were lower.
Online banking with Simplii Financial was dead easy to do from home because I didn’t have a mobile phone.
I don’t even know if there was a mobile app in 2007, but there is one now, and it’s pretty cool.
Why We Love Simplii Financial Bank
Below, it would be best if you read what we don’t like about Simplii Financial, but you’d have a blank screen.
What we love about our Simplii Financial relationship is that there are no hidden fees unless you need CIBC’s services.
- Order Free Cheques Online
- Mobile Deposits (I love this)
- Competitive interest rates
- USD Bank account availability (New) Open a Simplii Financial™ USD Savings Account and earn 1.65% interest on eligible deposits of up to $1 million.† Rate ends Sept 30. Apply.
- Using CIBC ABM machines without banking fees
- Easy access to a representative on the phone or computer
- Simplii Financial is Open 24 hours a day
- Overdraft Protection, if you need it
- The parent company is the Canadian Imperial Bank of Commerce (CIBC) Brick and Mortar.
- Simplii Credit Card
- Mortgage
- Borrowing (bank loans)
- Investments
- No Fee Chequing Account
- High-Interest Savings Account
- Student Banking = No monthly fees and minimum balance, Unlimited earning potential through the Refer a Friend program, Access to over 3,400 CIBC ATMs across Canada.
- Simplii Global Money Transfers, which I’m so excited about as this will come in handy.
New Client Offers
Friends Helping Friends Get Started With Simplii Financial
Since I was a landed immigrant, I have sent many friends I’ve met over the years to Simplii Financial.
In my career, I have been fortunate to meet new immigrants to Canada, and boy, I get many questions asked of me.
I appreciate that they asked me questions as I felt I didn’t have many options but with my wife’s family.
It wasn’t that they were wrong, but it’s always nice to get feedback from others outside your family circle.
Today, Simplii Financial has an offer for my CBB friends, and I think you’ll love it.
Unfortunately, I only have 50 CBB friends and can help with Simplii Financial, so sign up today.
Below is the incredible perk from Simplii Financial, which is sent to you by me.
Get $100 for each friend who starts banking with us
Earn $100 when a friend opens an eligible account using your unique referral link.
Plus, they’ll get $50 as a welcome bonus, so share your link and earn rewards.
You can refer 50 friends in 12 months and up to 250 over your lifetime as a client with us.
Call us anytime at 1-866-236-9106Opens your phone app.
Email us talktous@simplii.com
Discussion:
If you bank with Simplii Financial, share with the readers what you like or dislike about the online bank in the comments below.
Thanks for stopping by,
Mr. CBB
EQ Bank is by far better. It’s an independent virtual bank and you receive hard cash for keeping your money in their accounts. No contest.
Hi Llyane,
I’ve written about EQ Bank as one of the best virtual online banks, along with Motus, Tangerine and Simplii Financial. I think each bank has fantastic perks for the right customer. What works for one person might not work for another. With Simplii and PC Financial, we earn thousands of dollars that we will use on food and toiletries since we have to buy them at some point. If you like cold, hard cash as a reward, you get to spend it however you like and perhaps that’s the reward that works for you. The good news is that EQ Bank made my top 4 online banks when I reviewed them all. Thanks for stopping by to read and share your experiences Llyane. Mr. CBB