Give Me Back My Five Bucks

Hello Simplii Financial!

Note: This post is sponsored by Simplii Financial but the views and opinions are my own.

Back in August when President’s Choice Financial announced that they were going to end their banking service, I was as shocked as anyone. Some of you know I had been a PC Financial customer for almost a decade! I had switched most of my banking over to another bank about two years ago, but still kept my PC Financial account open just in case I ever wanted to switch back.

That’s why I was so curious about Simplii Financial entering into the direct banking scene. I’m always one for competition, and was intrigued as to how they were going to entice new customers.

Simplii Financial promised a seamless transition from PC Financial – with no changes to account numbers, or pre-existing automatic payments, or any issues with automatic payroll deposits. And that was true. I found I was able to login to the Simplii website with my existing PCF debit card number and password. Aside from a fresher image, everything online looked exactly the same.

I will admit that one of the reasons I switched away from PC Financial was because you couldn’t transfer money between different chequing accounts without having to pay $1.50 for an Interac e-Transfer. In fact, I blogged about that more than once! Honestly, that really made it hard for me to use the bank for my daily needs, because if I need to transfer money to my boyfriend’s PCF account, I had to pay each time. That’s why I was really pleased to see that one of Simplii’s offerings was free, unlimited Interac e-Tranfers.

I’m not going to list pros and cons of the different online banks there are in Canada, but I feel like Simplii definitely stacks up against them. They have the standard no-fee daily banking, their ATM network (using 3,400 CIBC ATMs) is really good, and customer service is available 24/7. They also offer a wide range of other products too – including mortgages, RRSP, GIC, TFSA, lines of credits, and loans.

I’m really interested in seeing how people react to Simplii and what their next steps are for gaining a bigger share of the direct banking market. I’m not in a position where I’m going to switch banks right now, but I’ll definitely be keeping an eye on them. To be honest, they’ve already done good in my books by introducing free Interac e-Transfers. :)

To learn more about Simplii Financial and their offerings, please visit their website at www.simplii.com!

Would you consider switching over to Simplii?

I’d also love to hear about your transition over to Simplii!

Author: Krystal Yee

I’m a personal finance blogger and marketing professional based in Vancouver. I’m a former Toronto Star (Moneyville) columnist, author of The Beginner’s Guide to Saving and Investing, and co-founder of the Canadian Personal Finance Conference. When I’m not working, you can usually find me running, climbing, playing field hockey, or plotting my next adventure.


Comments

  1. Kait says:

    I was curious to see this announcement the other day and would definitely consider switching. Growing up I had an RBC account (still have it open) but I don’t use it because, you know, fees. I currently use Tangerine for my day-to-day banking. Honestly though I’ve lately found it really hard to get ahold of their customer service, their connection is always down with my Mogo card, and it drives me batty that I can’t send free Interac transfers (I use these all the time). I might have to sign up for Simplii and just see how it is….

    • Krystal Yee says:

      Yeah the lack of free Interac transfers with Tangerine is a pain. Thankfully I don’t send too many of them (maybe 4 or 5 a year), but still very annoying. Honestly there’s probably no harm in signing up for Simplii because it doesn’t cost anything. That’s why I never closed my PCF account – gotta have options haha!

  2. Thanks for the review! I have never heard of the company before, but it sounds like a seamless transition from Choice Financial.

    I do online banking with my bank exclusively and live in the US, so I’m not sure if Simplii Financial is applicable. But I imagine it will be useful for a lot of people.

  3. Jon says:

    I would be inclined to switch if there was a reason to leave Tangerine. Right now the free etransfers are nice, but I don’t use them that often and it’s not enough to make me move. They need something to separate themselves from the rest. A ‘wow’ factor.

    • Krystal Yee says:

      Yeah which is why I’m really interested in seeing what happens in the next year or so as banks like Simplii, Tangerine, and EQ try to differentiate themselves!

  4. Stacey P says:

    I’m an existing pcf customer and was hoping for a shiny new revamped website but it looks like the same thing. I wish there was a modern upgrade but other than that everything seems ok. I don’t use etransfers.

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