Question 1

What is Simplii Financial?

Accepted Answer

Simplii Financial is a Canadian direct bank and the digital banking division of the Canadian Imperial Bank of Commerce (CIBC). As a completely online banking service with no physical branch locations, Simplii serves almost 2 million clients across Canada. The bank specializes in no-fee banking products, offering chequing and savings accounts, credit cards, mortgages, investment products, and lending services entirely through digital channels.

As a division of CIBC, Simplii Financial is insured under the Canada Deposit Insurance Corporation (CDIC) and shares Institution Number 010 with its parent company.

Question 2

When was Simplii Financial founded?

Accepted Answer

Simplii Financial officially launched on November 1, 2017, though its history traces back to 1996. The bank was established following CIBC and supermarket chain Loblaw Companies mutually deciding to end their 20-year joint venture of providing consumer banking services under the President's Choice Financial brand.

When the partnership ended in August 2017, all two million President's Choice Financial bank accounts, along with loans, mortgages, and investments, were transferred to the newly created Simplii Financial brand. Because CIBC was already the account provider for PC Financial products, all account numbers and terms remained the same during the transition. Loblaws retained their credit card portfolio issued by the separately chartered President's Choice Bank.

Question 3

Where is Simplii Financial headquartered?

Accepted Answer

Simplii Financial is headquartered at 305 Milner Avenue, 5th Floor, in Scarborough, Ontario, Canada. The bank's operations and call centres are proudly Canadian, located in Canada, and backed by CIBC's infrastructure with over 150 years of banking experience.

Despite having no physical branches, Simplii customers have free access to over 3,400 CIBC ATMs across Canada for cash withdrawals and deposits.

Question 4

Where does Simplii Financial operate?

Accepted Answer

Simplii Financial operates throughout Canada, with the exception of Quebec. The bank serves clients in all other Canadian provinces and territories through its online banking platform, mobile app, and 24-hour telephone support.

Customers can access banking services entirely through digital channels, making Simplii accessible to Canadians nationwide regardless of their location.

Question 5

What services does Simplii Financial offer?

Accepted Answer

Simplii Financial offers a comprehensive range of banking and financial services:

Banking Accounts: No-fee chequing accounts with unlimited debit purchases, bill payments and withdrawals; high-interest savings accounts with no minimum balance requirements; and Foreign Currency Savings Accounts in USD, EUR, GBP, CNH, INR, and PHP.

Credit Products: Simplii Financial Cash Back Visa Card with no annual fee, personal lines of credit, secured lines of credit, and creditor insurance.

Mortgages and Loans: Variable and fixed residential mortgages, personal loans, and home equity lines of credit (HELOC).

Investment Products: Guaranteed Investment Certificates (GICs), Registered Retirement Savings Plans (RRSPs), Tax-Free Savings Accounts (TFSAs), and mutual funds.

Digital Banking Services: Award-winning mobile banking app, online banking portal with 128-bit encryption, Interac e-Transfer with free sending and receiving, recurring and future-dated e-Transfers, mobile cheque deposits, and digital identity verification.

Specialized Programs: New to Canada Banking Program, International Student Banking Offer including Student Deposit Program and Student GIC Program, and Global Money Transfer service to over 90 countries with no transfer fees.

Question 6

What makes Simplii Financial unique?

Accepted Answer

Simplii Financial distinguishes itself through several innovative features and industry firsts.

The bank pioneered digital identity verification in Canadian banking in 2021, becoming the first to enable international students and newcomers to open accounts completely digitally before arriving in Canada through Interac document verification service.

In 2023, Simplii became the first Canadian bank to offer personal deposit accounts in Indian Rupee (INR) and Philippine Peso (PHP), expanding to seven foreign currencies total including USD, EUR, GBP, CNH, INR, and PHP.

Simplii's commitment to no-fee banking extends beyond basic services. The bank offers unlimited transactions with no monthly fees and no minimum balance requirements, distinguishing it from traditional banks that often charge fees or require minimum balances.

The bank has received extensive industry recognition, including being listed in Forbes magazine's World's Best Banks list four consecutive years (2019-2022) and ranked third best bank in Canada. Simplii has won multiple Ipsos Financial Service Excellence Awards, including for Mobile Banking Excellence, Value for Money, and Recommend to Family and Friends.

In June 2023, Simplii underwent a comprehensive rebrand with a new visual identity featuring magenta pink, lime green, and black colours, along with the slogan "Start your Engines," positioning itself apart from traditional banking competitors.

Question 7

What type of financial institution is Simplii Financial?

Accepted Answer

Simplii Financial is a direct bank (also known as a digital bank or online bank) operating as a division of CIBC. In Canada, direct banks are financial institutions that operate without physical branch networks, delivering all services through digital channels including online platforms, mobile applications, and telephone banking.

As a division rather than a separately chartered bank, Simplii operates under CIBC's banking charter and regulatory framework while maintaining its own distinct brand identity and product offerings. This structure allows Simplii to leverage CIBC's established infrastructure, including access to CIBC's nationwide ATM network, while focusing exclusively on digital-first banking experiences that appeal to customers who prefer managing their finances online without the overhead costs associated with traditional branch banking.

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