Simplii Financial Bank Review

Simplii Financial Bank is a direct banking subsidiary of the Canadian Imperial Bank of Commerce (CIBC). Launched in 2017, Simplii Financial has grown to become a popular choice among Canadians, offering no-fee daily banking, mortgages, loans, and investment options. In this review, we will delve into the various products and services offered by Simplii Financial Bank, evaluate its customer service and online banking experience, and identify areas of improvement.

No-Fee Daily Banking

One of the standout features of Simplii Financial is its no-fee daily banking. Unlike many traditional banks, Simplii Financial does not charge fees for everyday transactions, such as bill payments, Interac e-Transfers, and ATM withdrawals. This is an attractive feature for customers looking to save on banking costs.

Simplii Financial’s No-Fee Chequing Account offers a competitive interest rate, which can be an advantage for customers looking to grow their savings. Additionally, the bank provides free access to over 3,400 CIBC ATMs across Canada, making it convenient for customers to withdraw cash without incurring additional charges.

High-Interest Savings Account

Simplii Financial’s High-Interest Savings Account (HISA) boasts a competitive interest rate, rivaling those of other online banks in Canada. The interest is calculated daily and paid monthly, allowing customers to take advantage of compound interest.

The HISA offers a tiered interest rate structure, with higher balances earning higher rates. This can be beneficial for customers with larger savings, as they can potentially earn more interest over time. However, some customers may find the tiered system less appealing, as it may not provide as much benefit for those with smaller account balances.

Mortgages and Loans

Simplii Financial offers a range of mortgage and loan products, including fixed and variable rate mortgages, home equity lines of credit (HELOC), and personal loans. The bank’s mortgage rates are competitive within the market, and the application process is straightforward and efficient.

The HELOC offered by Simplii Financial provides customers with the flexibility to access funds as needed, while only paying interest on the amount used. This can be an attractive option for those looking to finance home improvements, consolidate debt, or cover unexpected expenses.

Personal loans from Simplii Financial come with competitive interest rates and flexible repayment terms. Customers can choose between secured and unsecured loans, depending on their financial needs and credit history.

Investment Options

Simplii Financial offers a variety of investment products, including Guaranteed Investment Certificates (GICs), Tax-Free Savings Accounts (TFSAs), and Registered Retirement Savings Plans (RRSPs). The bank’s GICs come with competitive interest rates and a range of term options, allowing customers to tailor their investments according to their risk tolerance and financial goals.

The TFSAs and RRSPs offered by Simplii Financial allow customers to save for their future, while taking advantage of tax benefits. However, it is worth noting that Simplii Financial does not currently offer a robo-advisor service or access to a full suite of investment options, such as stocks, bonds, or mutual funds. This may be a drawback for customers looking for a more comprehensive investment platform.

Online Banking Experience

Simplii Financial prides itself on providing a simple and user-friendly online banking experience. Customers can access their accounts, pay bills, transfer funds, and manage investments through the bank’s website or mobile app. The website and app are easy to navigate, with clear menus and a clean design.

However, some customers have reported occasional technical issues with the mobile app, such as login problems or slow loading times. While these issues may not be widespread, they can be frustrating for those affected. It is essential for Simplii Financial to address these technical concerns to maintain a positive user experience.

Security measures, such as two-factor authentication and encryption, are in place to protect customer information and transactions. Simplii Financial also offers a 100% security guarantee, which provides customers with peace of mind and assurance that they will be reimbursed for any unauthorized transactions.

Customer Service

Simplii Financial offers customer support through various channels, including phone, email, and social media. The bank’s customer service agents are generally knowledgeable and helpful, with many customers reporting positive experiences.

However, some customers have experienced long wait times when contacting the bank’s customer support by phone. This can be frustrating for those needing immediate assistance or seeking resolution to pressing issues. Simplii Financial should focus on improving its customer service response times to ensure a better experience for all clients.

Areas for Improvement

While Simplii Financial offers a competitive range of products and services, there are areas in which the bank could improve:

1. Investment options: Simplii Financial should consider expanding its investment offerings to include a broader range of products, such as stocks, bonds, and mutual funds. Additionally, the introduction of a robo-advisor service could attract more customers looking for a comprehensive investment platform.
2. Mobile app performance: Addressing technical issues with the mobile app is crucial for maintaining a positive user experience. Simplii Financial should prioritize resolving these issues and regularly update the app to enhance its performance.
3. Customer service response times: Improving customer service response times, particularly for phone support, would help to ensure a better experience for all clients. Simplii Financial should invest in additional resources or improved processes to reduce wait times for customer support.

Summary

Simplii Financial Bank offers a competitive suite of products and services, with its no-fee daily banking, high-interest savings account, and accessible mortgage and loan products being particularly attractive. The bank’s user-friendly online banking experience and commitment to security make it a convenient option for many Canadians.

However, there is room for improvement in terms of investment options, mobile app performance, and customer service response times. Addressing these areas would help to elevate Simplii Financial’s offerings and further solidify its position within the Canadian banking landscape.

Overall, Simplii Financial Bank is a viable option for those seeking a no-frills, low-cost banking experience. Customers who prioritize convenience, competitive interest rates, and no-fee daily banking may find Simplii Financial to be a suitable choice. However, those looking for a more comprehensive investment platform or top-notch customer service may want to explore other options.