Wondering if Simplii Financial is legit and safe to use? This article answers that question.
Simplii isn't a traditional bank, it's an online bank owned by CIBC. That means Simplii doesn't have any physical bank branches so you'll have to do all your banking online. However, you can use CIBC ATMs (and there are no ATM fees) if you need to withdraw or deposit cash. Since Simplii doesn't have a physical branch it doesn't have to pay as many employees. That allows Simplii to offer you more competitive rates.
Yes, although Simplii Financial doesn't have a physical location it is a legitimate company that's been around since 2017. Simplii is a division of CIBC and CIBC is a member of Canada Deposit Insurance Corporation. That means your deposits are protected up to $100,000 just like they would be at a regular Canadian bank. CIBC is also one of the largest banks in Canada, so you can rest assured. If you want to check for yourself (it's always great to check your sources!) type in Simplii on the CIDC website https://www.cdic.ca/depositors/whats-covered/ and you'll see that Simplii is covered.
Yes, Simplii encrypts your transactions to protect your data and money. You can also enable Two-Factor Authentication (2FA), which Simplii calls Two-Step Verification, for added security.
Simplii makes money in a few ways. Like any other bank, Simplii charges interest on loans, mortgages, etcetera. Simplii also earns a fee from merchants whenever you use your Simplii credit card to make a purchase (don't worry you don't pay any extra, it's the same as any other credit card). But make sure you don't overdraw your account as Simplii does charge an insufficient fund fee if you overdraw.
Simplii has thousands of positive reviews and a 4.2 / 5 star rating on the App Store. Most users say it’s easy to use, helps them save money, and is basically a no-frills version of CIBC. It seems like the only consistent complaint is that some people don't like the colours of Simplii's brand. I personally don't care what colour my bank is, I just want low fees and an app that works. If you're really picky about the colours of your bank then Simplii might not be for you. But if you want no monthly fee, Simplii could be a great call.
Yes. Simplii is a no-frills version of CIBC. You're basically trading the convenience of a physical branch for no monthly fees. It has CIDC insurance so your money is protected, and is powered by one of the largest, oldest banks in Canada, CIBC.
Yes, sign up today using the Simplii referral link https://blue.mbsy.co/6zsr93 to get up to $430 in sign up bonuses!