Simplii Review
Comprehensive review and analysis of Simplii's digital banking services
Quick Facts
- Founded
- 2017
- Head Office
- Canada
- Active Customers
- 2+ million
- Total Funding
- CIBC subsidiary
- Employees
- 500+
- App Store Rating
- 4.5/5
Pros & Cons
Pros
- No monthly fees
- Full banking services
- CIBC ATM access
- Competitive rates
- Mobile features
- Bank backing
Cons
- No physical branches
- Limited international
- Some service fees
- Canada-only availability
Supported Countries
- Canada
Fees
- Account Maintenance Free
- Debit Card Free
- e-Transfers Free
- ATM Withdrawals Free at CIBC ATMs
- Foreign Exchange Standard rates apply
Overview
Simplii has provided digital banking services since 2017 as CIBC’s direct banking division. Their platform combines no-fee banking with the stability of traditional bank backing.
Key Features
Banking Services
- Chequing account
- Savings accounts
- Credit cards
- Mortgages
- Personal loans
- Investments
Digital Features
- Mobile banking
- Online platform
- e-Transfers
- Mobile deposit
- Bill payments
- Account management
Investment Options
- GICs
- Mutual funds
- TFSAs
- RRSPs
- Investment advice
- Portfolio tracking
Additional Services
- Foreign exchange
- Global money transfer
- Insurance products
- Financial planning
- Mortgage services
- Credit solutions
Security Features
- Bank-grade security
- Two-factor authentication
- Transaction monitoring
- Fraud detection
- Device management
- Secure login
Customer Support
- 24/7 phone support
- Online chat
- Email assistance
- Help center
- Video tutorials
- Social media
Verdict
Simplii excels in providing comprehensive digital banking services with traditional bank backing. Their combination of no-fee banking and full-service features makes them particularly valuable for users seeking digital convenience with established bank reliability.
While the platform lacks physical branches and has some international limitations, it offers excellent functionality for domestic banking needs. The main limitations are the Canada-only availability and some service fees, but for Canadian users seeking no-fee digital banking with traditional bank support, Simplii provides an excellent solution.