Personal Finance

Simplii Financial - worth opening an account?

  • Last Updated:
  • Aug 19th, 2019 2:11 am
[OP]
Member
Jun 28, 2011
331 posts
80 upvotes
VANCOUVER

Simplii Financial - worth opening an account?

I have three accounts:
CIBC is my main one with RBC and Tangerine where I have minimal stuff with them.
I'm closing my Tangerine accounts as I don't use them plus their UI is terrible.
My RBC VISA is my oldest credit card so I'll be holding onto that and I have a day to day savings account with them. (no fees as long as I abide by their usage terms)
While I like the convenience of one stop banking, I like to have other accounts in case my main CIBC account is compromised plus Simplii and other online banks offer regular promotions for savings accounts.
I don't pay fees with CIBC's Smart Plus account so that's not an issue.
I'm thinking of opening an account with Simplii. What are your experiences with them?
As they're an online FI, I'll need to go to a post office to confirm my identity - any bad experiences with this?
48 replies
Penalty Box
Apr 19, 2017
828 posts
642 upvotes
I did it for the free $$$
CucuCovers, GreatCanadianRebates, LendingLoop, Mintos, PayMi, Stack, Tangerine, TransferWise, Uber, Wealthsimple
Jr. Member
May 24, 2018
116 posts
58 upvotes
Ontario
travelandshoppingwoman77 wrote:
Jul 14th, 2019 4:19 pm
... closing my Tangerine accounts as I don't use them plus their UI is terrible.
Not sure you mean browser or apps UI. If browser, I've seen both but I liked Tangerine over Simplii.

Baseline savings interest rate is comparable to Tangerine as it is now also owned by one of big 5.
However, the method of calculating their promotional interest is different.
Newbie
May 29, 2009
47 posts
8 upvotes
Thornhill
travelandshoppingwoman77 wrote:
Jul 14th, 2019 4:19 pm
...
I'm closing my Tangerine accounts as I don't use them plus their UI is terrible.
...
+1. Tangering banking's UI is the worst, both browser and app.
Sr. Member
User avatar
Sep 6, 2018
799 posts
693 upvotes
Nova Scotia
If you like the CIBC app, the Simplii app provides an almost identical experience.
Deal Addict
Sep 11, 2006
1542 posts
356 upvotes
Yea Tangerine UI......they use to have a really good UI like Simplii's, which just works and isn't so weird on the eyes. Then I guess some department head wanted to get promoted so came up with their new UI that looks like a high schooler made an app
Sr. Member
User avatar
Jun 23, 2017
696 posts
274 upvotes
Toronto, ON
I like their free Interac e-Transfers. .. and the interface is very very similar to CIBC which I was already using when I opened up a Simplii account.
Sr. Member
User avatar
Jun 23, 2017
696 posts
274 upvotes
Toronto, ON
travelandshoppingwoman77 wrote:
Jul 14th, 2019 4:19 pm
I have three accounts:
CIBC is my main one with RBC and Tangerine where I have minimal stuff with them.
I'm closing my Tangerine accounts as I don't use them plus their UI is terrible.
My RBC VISA is my oldest credit card so I'll be holding onto that and I have a day to day savings account with them. (no fees as long as I abide by their usage terms)
While I like the convenience of one stop banking, I like to have other accounts in case my main CIBC account is compromised plus Simplii and other online banks offer regular promotions for savings accounts.
I don't pay fees with CIBC's Smart Plus account so that's not an issue.
I'm thinking of opening an account with Simplii. What are your experiences with them?
As they're an online FI, I'll need to go to a post office to confirm my identity - any bad experiences with this?
Your Tangerine accounts are free. I wouldn't close them even if I didn't plan on needing them.
In a pinch, because the only bank machines on campus were Scotiabank .. I could Interac e-Transfer myself funds from Simplii to my Tangerine account and pull it out of a Scotiabank ATM for free.
But that was only because I had an active Tangerine account.
Sr. Member
User avatar
Sep 6, 2018
799 posts
693 upvotes
Nova Scotia
905P4N6 wrote:
Jul 16th, 2019 12:03 pm
Your Tangerine accounts are free. I wouldn't close them even if I didn't plan on needing them.
In a pinch, because the only bank machines on campus were Scotiabank .. I could Interac e-Transfer myself funds from Simplii to my Tangerine account and pull it out of a Scotiabank ATM for free.
But that was only because I had an active Tangerine account.
This is my one and only reason for keeping my Tangerine account active. I find Simplii is better than Tangerine in every way, except Simplii can't compete with TING's HIS lottery (which is moot to me anyway as I have better savings & investment rates outside of TING.)
Last edited by aweawea on Jul 17th, 2019 12:17 pm, edited 1 time in total.
Deal Fanatic
Nov 1, 2006
7375 posts
1081 upvotes
Toronto
I've used Presidents Choice/Simplii for many years and as a no cost chequing account, it has been fine. Since CIBC took it back from Loblaws, it has further improved. For anybody with straight forward banking requirements, I'd recommend it.
Deal Addict
User avatar
Sep 19, 2013
2049 posts
676 upvotes
Winnipeg
I have been using PC/Simplii for last 7 years now and I like it. Simplii is just a subsidiary of CIBC, so their look & feel is same as CIBC.
In the beginning the Universe was created. This has made a lot of people very angry and been widely regarded as a bad move. -- Douglas Adams
Member
Jul 16, 2019
295 posts
220 upvotes
I have no idea how you guys are praising Simplii's UI and criticizing Tangerine's. Simplii's UI looks like it's from the '90s. Tangerine's is modern, simple.

Many of Simplii's practices are outdated, too. Have you tried linking an external account with them? They ask you to send a PAD and void cheque through snail mail. If you phone them, you can ask to do it through their secured email system instead, but they don't mention this anywhere on their site. I had to learn this from a thread here. And they need to have a stamp on the form from your other bank. An actual physical stamp. When I told this to a Motus rep, she was incredulous. With Tangerine, all you have to do to link an external account is punch in a few numbers and confirm the amounts of a couple microdeposits. Much easier.

I like Simplii's free e-transfers and cheques, but their UX is horrible.
[OP]
Member
Jun 28, 2011
331 posts
80 upvotes
VANCOUVER
Thanks for the comments. I applied for a chequing and savings account with Simplii online and the next day I got a message to call them. I think it's their credit department that called because the number I called is only open Mon to Fri, 9-5 EST.
Did anyone have to call them? I have a fraud alert placed on my credit file so I'm guessing they need to verify it's me who's applying.
Deal Guru
Aug 2, 2010
14438 posts
4235 upvotes
Here 'n There
travelandshoppingwoman77 wrote:
Jul 14th, 2019 4:19 pm
I have three accounts:
CIBC is my main one with RBC and Tangerine where I have minimal stuff with them.
I'm closing my Tangerine accounts as I don't use them plus their UI is terrible.
My RBC VISA is my oldest credit card so I'll be holding onto that and I have a day to day savings account with them. (no fees as long as I abide by their usage terms)
While I like the convenience of one stop banking, I like to have other accounts in case my main CIBC account is compromised plus Simplii and other online banks offer regular promotions for savings accounts.
I don't pay fees with CIBC's Smart Plus account so that's not an issue.
I'm thinking of opening an account with Simplii. What are your experiences with them?
As they're an online FI, I'll need to go to a post office to confirm my identity - any bad experiences with this?
Been using them as my only personal account for almost 20 years and got an unsecured $50K personal line of credit from them right off the batt. Everything is free. Couldn't recommend them more.
[OP]
Member
Jun 28, 2011
331 posts
80 upvotes
VANCOUVER
travelandshoppingwoman77 wrote:
Jul 19th, 2019 2:11 am
Thanks for the comments. I applied for a chequing and savings account with Simplii online and the next day I got a message to call them. I think it's their credit department that called because the number I called is only open Mon to Fri, 9-5 EST.
Did anyone have to call them? I have a fraud alert placed on my credit file so I'm guessing they need to verify it's me who's applying.
I called them back and yes, they had to verify my identity because of the fraud alert.
They sent me the email signature document which I'll sign and send and here's to an account with Simplii.

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