Yes, Simplii Financial is a safe Canadian bank. It is just as legitimate as any major players in Canada’s financial landscape.
Simplii Financial is a Schedule 1 Bank and insured by the Canada Deposit Insurance Corporation (CDIC). However, Simplii Financial is not available in Quebec.
What is Simplii Financial bank?
Simplii Financial is an online bank, which means it does not have any physical branches. It provides exceptional online banking services.
While it comes with a few deficiencies that might not make it one of the best banking options for everyone, it is ideal for those who have minimal banking and investing needs.
As a Simplii Financial customer, you’ll have to do all of your business via online or telephone banking.
How does Simplii Financial work?
Accounts and products offered by Simplii Financial work like any other commodity offered by a financial institution, without restrictions or hidden fees.
Customers can register for goods online or over the phone, and they can access the Simplii Financial website or mobile app to manage their accounts. Because there are no physical locations, this allows the digital bank to provide cost-free banking.
Is your money safe at Simplii Financial bank?
Simplii Financial is a subsidiary of CIBC and carries coverage from the Canada Deposit Insurance Corporation. This coverage insures up to $100,000 of eligible deposits in the unlikely event that Simplii goes under.
As a digital bank, Simplii relies on firewalls and 128-bit encryption to protect your confidential banking information.
It also offers the “Simplii Financial Personal Banking Online Security Guarantee”.
This guarantee reimburses Simplii customers for 100% of funds lost from unauthorized bank transactions so long as they have met the responsibilities outlined in their service agreement.
In 2021, Simplii Financial announced an additional enhancement to its online banking capabilities: digital identity verification.
This technology allows clients to open accounts completely digitally, and while located outside the country.
Is Simplii Financial a safe online bank?
While its account type and service lineup are more limited than what you might find at other banks, Simplii’s online banking platform is feature-rich and functional so you can take care of your finances independently.
Also, with its digital identity verification technology and ability to open an account before arriving in Canada, Simplii may be a good fit for international students and immigrants.