Before Simplii Financial, I would have to walk to my bank in the UK called HSBC, in the town centre.
I never thought the day would come when I’d bank virtually and that I’d live in Canada.
I’d go inside, wait in a line, fill out banking needs (deposits or withdrawals) and 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 as her mother and father banked there.
My mother-in-law also opened a bank account with the Bank of Montreal, which became her primary account.
Lastly, Mrs. CBB became a Simplii Financial customer after PC Financial left the virtual banking scene.
We both still have our PC Financial MasterCard, and we rack up reward points like crazy.
This post has everything we love about banking with Simplii financial, and it’s all good vibes.
Plus, we both earn cash if you are a new customer and sign up under 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 have to chat with support via email or over the phone.
If I need to call for services, I have yet to encounter a disgruntled employee.
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 that do not have a brick-and-mortar bank.
However, I took over my chequing account once I achieved a good credit score.
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.
From my understanding, 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.
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 product from Shoppers Drugmart or any Loblaws grocery stores.
Everything is done online or on the Simplii Financial App we use on our mobile phones.
I recently signed up with Freedom Mobile for $21 a month taxes in with 2GB of data, and Mrs. CBB has Rogers with 5GB of data for $35 a month.
We have no home phone as we cancelled it last year.
We plan to exclusively challenge our grocery shopping habits for one full year using our rewards points.
Can Simplii Financial Customers Use CIBC Bank?
Yes, but only for services such as 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 important 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 before we married, I looked into opening a PC Financial Bank Account.
At the time, because I didn’t have a Canadian credit score, all they offered me were two things.
- My wife was responsible for a PC Financial World Elite MasterCard with my name on it. Using the credit card enabled me to build credit in Canada, which I desperately needed.
- Access to a chequing account with a deposit, and Mrs. CBB was responsible for it.
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
When you use your friend’s unique link to open a No Fee Chequing Account, High-Interest Savings Account, or Personal Line of Credit
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
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
Add an eligible direct deposit of at least $100 a month for three straight 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)
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 thing microphone, 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.
It is in that spot where you can deposit cheques, cash cheques, withdraw money and many other options.
We probably won’t ever 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 haven’t needed 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
Since I was new to the city and did have my UK driver’s licence swapped to Canada without further training, I was able to drive.
Getting car insurance was easy since my wife was with a company ever since she started driving.
It was only until I got my first job in Canada that we swapped 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 should 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 the services of CIBC.
- 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 Canadian Imperial Bank of Commerce (CIBC) Brick and Mortar.
- Simplii Credit Card
- Borrowing (bank loans)
- No Fee Chequing Account
- High-Interest Savings Account
- Student Banking = No monthly fees and no 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 am fortunate to meet new immigrants to Canada, and boy do 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 I can help with Simplii Financial, so sign up today.
Below is the incredible perk from Simplii Financial from me to you.
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 email@example.com
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,