Let me go back a bit to give you some context about this new online bank sweeping the nation.
Where Did Simplii Come From?
If you’re just hearing about Simplii Financial for the first time, that’s totally fine. Let me give you the lowdown.
You’ve heard of PC Financial right? It’s been a fan favourite Canadian financial institution for a while because they offered higher interest than the big banks on their chequing and savings accounts and have a pretty good rewards program for their credit cards.
Well, what you may not have known is that this past November there was a big transition in which nearly two million PCF clients transitioned to become Simplii clients, all without any changes made to account numbers, investments or mortgages.
And if you’re wondering where the name “Simplii” came from, it was a brand name chosen to show how this new online bank is focused on keeping things efficient and simple. And my personal view of the double “i” is that they wanted to cater this new brand to a millennial audience who are more apt to bank online and even switch banks if it means saving on fees.
What Does This Mean for New Simplii Clients?
Because this is a big transition, Simplii wanted to make sure there were as few headaches for its clients as possible (which is a pretty big task to do).
One of the ways they are trying to accomplish this is by not requiring current clients to change any of their information (meaning account numbers will stay the same) or stop using their current debit cards. Simplii is currently sending out clients their new Simplii debit cards, but they can still log on to the new Simplii Financial banking portal with their old card.
That being said, you will be able to still use any CIBC ATM across Canada (there are over 3,400 of them!), and you can do all of your banking via phone (1-888-723-8881), online (Simplii.com) or mobile app (available on both Android and Apple devices).
What Sets Simplii Apart from Other Online Banks?
So, I’ve talked a lot about what this new Simplii online bank means for its clients, but what does it mean for everyone else?
Personally, I think the biggest purpose for this new Simplii Financial brand is to rival other leading online banks in Canada such as Tangerine and EQ Bank. I think the decision-makers at Simplii realized that their younger clients have different needs than older generations, so they needed to up their game with something new and different to keep those young clients from going somewhere else.
No Fee Chequing Account
- Free and unlimited Interac eTransfers (both sending and receiving)
- No fees with no monthly minimum balance
- Free daily banking with unlimited debit purchases, withdrawals and bill payments
- Earn interest on your balance (view annual interest rates)
High Interest Savings Account
- No minimum balance required
- No monthly or transaction fees
- Annual interest rate of 1.00%
And This Is Just the Start
This is really just the start for Simplii. It’s clear to me that Simplii doesn’t just want to compete with other Canadian online banks, but it aims to be the go-to online bank in Canada. That’s why they’re also introducing Simplii Labs in the C Suite at MaRS Discovery District where they will explore the latest technologies to help deliver bigger and better digital financial services solutions in the future.
This is honestly such a huge leap forward in terms of digital banking in Canada. A lot has changed in the past 10 years in the financial industry, but I have a feeling with brands like Simplii Financial disrupting the landscape, there will be even more impactful innovations yet to come.