Reorder cheques online or call us at 1-888-723-8881. We'll put your new cheques in the mail right away.
Call us at 1-888-723-8881. We’ll replace one lost or stolen card per year for free.
Costs apply for replacing more than one lost or stolen card per year. Courier charges also apply if you request courier delivery. For more information, go to our Products and Services Agreement.
Give us a call at 1-888-723-8881.
About Simplii Financial™ personal banking products and services
Simplii Financial is a trademark and division of CIBC. Banking products and services branded Simplii Financial are offered by CIBC. “We”, “us” and “our” refer to the Simplii Financial division of CIBC.
Simplii Financial products and services aren’t available in Quebec.
We don’t offer accounts for businesses and non-profit organizations. We open individual or joint accounts in personal names only.
You can open a joint account with one other person. We’ll deposit to the joint account any cheques payable to both of you, or just one of you.
Your joint account holder has the same access to the account as you do. Any one of you may sign alone to operate the account, plus make deposits and withdrawals.
All money deposited to the account is joint property with the right of survivorship. If one of you dies, all the money in your account automatically becomes the property of the other account holder regardless of your estate plan.
We act on the instructions of either account holder. Your joint account holder could withdraw money from the account without your permission, even if you made some or all of the deposits.
You and your joint account holder are responsible for unpaid amounts on the account. We can recover the full outstanding amount from either one of you. Or, if one of you dies, from that person’s estate.
The other account holder’s creditors can make claims to the money in the joint account, even if you made some or all of the deposits.
You can access your money from any CIBC ATM in Canada without a fee. But you can’t use an ATM to withdraw money from a savings account. You must transfer your funds to another transactional account first. Also, some machines can’t accept deposits.
You can also withdraw money from any non-CIBC ATM displaying the Interac® or PLUS* signs. Additional costs may apply, including any fees from the owner of the other machine.
For more information about which Simplii Financial accounts you can access through ATMs, call us at 1-888-723-8881.
Yes, you can withdraw money from most ATMs outside Canada displaying the Interac® or PLUS* signs. Additional costs may apply, including any fees from the owner of the other machine.
For foreign currency withdrawals, a converted Canadian dollar amount will be posted to your account based on the conversion rate CIBC pays on the date of conversion. The currency conversion may not happen on the date of your withdrawal. Administrative fees also apply.
We can’t guarantee access to your Simplii Financial accounts through ATMs outside Canada for a few reasons:
Some ATMs may not recognize accounts called "Other" and "Savings"
Some ATMs may have withdrawal limits that prevent you from withdrawing the amount you request
You may exceed the daily maximum on the account because of foreign exchange rates
The Simplii Financial institution number is 010. The branch or transit number is 30800.
Deposits, withdrawals and overdraft
There are two ways to deposit cheques and one way to deposit cash into your account:
Deposit cheques at a CIBC ATM, and cash at a CIBC ATM that accepts deposits
Deposit cheques through the Simplii Financial Mobile Banking App
For more information, give us a call at 1-888-723-8881.
Direct deposit is a convenient way to automatically put funds into a bank account. Your employer, a government agency or other financial institution can deposit funds directly into your account for you. For more information about eligible accounts, call us at 1-888-723-8881.
To set up a direct deposit, complete a direct deposit form and give it to those who make regular payments to you. A direct deposit form is available through online banking.
Direct deposits to your Simplii Financial account are usually available immediately. Canadian dollar ATM and mobile deposits will post to your account immediately but funds may be held for your hold period, as outlined in your product letter, or up to 5 business days. Saturdays, Sundays and national holidays are non-business days.
Example: If the hold period stated in your product letter is 5 business days and you make a Canadian dollar deposit at an ATM on a Tuesday, you can access these funds the following Tuesday morning, assuming there are no holidays. But, if the first Monday was a national holiday, you can access these funds the following Wednesday morning.
Additional holds apply for non-Canadian cheque deposits. For more information on hold periods, review Processing and Verifying Transactions in our Products and Services Agreement.
Overdraft protection is available on the No Fee Chequing account. You can qualify for limits up to $5,000. A charge applies for this service, in addition to a fixed interest rate on overdraft balances. If you use overdraft, you must bring your account balance over zero at least once in a 30-day period.
For your security in the case of a lost or stolen card, we place daily dollar limits on ATM withdrawals and debit card purchases. For details, refer to your product letter or call us at 1-888-723-8881.
You can withdraw U.S. cash at approximately 700 CIBC ATMs nationwide. And as a Simplii Financial client, you get preferred exchange rates on your U.S. dollar transactions.
When there isn’t enough money in your account and you haven’t arranged the appropriate credit, then the cheque or other item — such as a Pre-authorized Debit — will be returned unpaid and an NSF charge will be applied to your account. You can avoid these charges by ensuring your account has enough funds to cover any payments you’ll be making.
If you have pre-authorized payments set up on your No Fee Chequing Account or Personal Line of Credit account, the merchant may present the same payment item multiple times. If you have insufficient funds, this can result in multiple NSF charges to your account. If you set up your pre-authorized payments on your Visa instead, and there are insufficient funds, the transaction will simply be declined with no additional charges to you.
Refer a friend
To refer a friend, you must be a resident of Canada who has reached the age of majority in your province or territory of residence, be registered for Simplii Financial Mobile or Online Banking, and have a No Fee Chequing Account, High Interest Savings Account, Personal Line of Credit, Cash Back Visa Card or mortgage, and comply with all terms.
To get your unique referral link or code, sign on to mobile or online banking and select "Refer a friend." You can share this link or code with friends.
When your friend uses your referral link, they must follow all the instructions to set up their new Simplii account and complete the eligible activities:
If your friend opens a No Fee Chequing Account or High Interest Savings Account, they must make a deposit of at least $100 within 6 months after account opening, and maintain a minimum balance of $100 for at least 30 days.
If your friend opens a Cash Back Visa Card or Personal Line of Credit, they must use or spend a minimum of $100 from the account within 6 months of opening the account.
If your friend opens a Simplii mortgage, they must fund their mortgage within 120 days.
You can refer friends and family who aren’t already Simplii clients, who have no prior banking relationship with Simplii Financial since November 1, 2017, and are residents of Canada who have reached the age of majority in their province or territory of residence.
As many as you’d like!
Unfortunately, no. Your friend must use your unique referral information. They must meet all eligibility requirements and follow all the instructions to set up their new account, and complete the eligible activities for both of you to qualify.
Simplii Financial Banking Services and the Simplii Financial Cash Back Visa Card aren’t available in Quebec.
There’s no annual fee.
Once you've submitted your application, we'll be able to tell you within a few days if you've been approved. If we need more information from you, we will reach out to you directly. If you have any questions about your application, you can give us a call at 1-888-723-8881.
When you make purchases using your credit card, you'll earn cash back rewards:
4% cash back at restaurant, bar and coffee shop purchases on your first $5,000 of net annual card purchasesⓘ
1.5% cash back on gas, grocery and drugstore purchases, and pre-authorized payments on your first $15,000 of net annual card purchasesⓘ
0.5% cash back on all other net annual credit card purchasesⓘ
Your cash back is accumulated each month, beginning with your January statement (or when you first open your credit card account) and ending with your December statement. All accumulated cash back is automatically redeemed on the last day of your December statement, resulting in your cash back balance being reset to zero, and applied as a credit on your next statement or, in limited circumstances, at such other time as may be permitted by Simplii.ⓘ
Yes, all your additional cardholders earn cash back for you.
Even after you hit the limit on a category, you still earn 0.5% on your remaining purchases. Example: For spending at restaurants and bars, you earn 4% cash back on the first $5,000. If you spend another $1,000, you’ll earn 0.5% cash back on that amount.
Your current balance is the total of all outstanding charges (like fees and interest) and posted transactions on your credit card account. It doesn't include pending transactions or payments, which may take a few days to post.
Find your balance on your credit card statement, eStatement or by signing in to Online or Mobile Banking. There's a one-page snapshot of all your accounts on your “My Accounts” page. The balance shown on your credit card account is the most up-to-date balance we have, and includes your most recent transactions.
There are several reasons why balance changes don't appear right away:
Your payment may take several days to post
If you pay by cash or cheque, the payment may be held for a few days
If you make a payment too late to post by the payment due date, it'll appear on your next monthly statement
Click to Pay is an online payment solution based on the EMV® Secure Remote Commerce (EMV SRC) standards and specifications. With EMV SRC, a single payment profile can be used across a variety of consumer devices and participating online merchants. The standards include a common payment icon , and an easy and secure journey for card-based digital transactions. To make an online purchase, you’ll no longer have to enter 16-digit card numbers, look up passwords or fill out long forms. Wherever you see the Click to Pay icon, you can enjoy an easy, smart and secure online checkout experience when paying with your Simplii credit card.
You can enjoy an easy, smart and secure online checkout when you see the Click to Pay icon . Just look for the icon when you check out at your favourite participating online retailers.
All Visa cards stored in your Visa Checkout account will be available for use where Visa is accepted. Some existing Visa Checkout users may need to re-verify themselves through one-time codes when using Click to Pay for the first time. Your non-Visa cards saved in Visa Checkout will not automatically transfer. You can set up new cards on Click to Pay at a participating retailer at checkout.
Visa will continue supporting Visa Checkout merchants and users in all regions globally until the transition to Click to Pay is complete.
Yes, you can use Click to Pay with your cards on Internet-enabled mobile devices when you see this icon .
The Visa payment network will share your personal information with participating service providers and merchants to facilitate the checkout experience. For more on how the payment networks collect, protect and share your personal information, please see their Privacy Notice.
Yes, you can choose to enable this feature by selecting “Remember Me.” Then you can skip entering your email and a one-time code to access the cards you set up for Click to Pay. It’s a great way to make your checkout experience even faster and easier — you won’t have to enter your 16-digit card number and other payment information. The “Remember Me” function works for all merchant websites displaying this Click to Pay icon . For your security, we’ll still ask you to re-verify in certain situations, such as updating your personal info. Go to “My Device Settings” to change your settings at any time. This feature is not recommended for shared devices.
You can adjust your “Remember Me” settings anytime by signing on to Visa’s Click to Pay account, and going to the “My Device Settings” section on the “My Card Details” screen.
A loan is a lump sum amount you borrow from a financial institution. To repay the loan, you make fixed payments over a predetermined period.
A line of credit is a revolving source of funds, up to an approved amount. You access the funds only when you need them. Any amount you repay is accessible to you again without reapplying. Unlike a personal loan, a line of credit lets you write cheques and make ATM withdrawals. Also, you only pay interest on the funds you use.
A secured line of credit is a revolving source of funds that’s secured by the equity in your home, up to an approved amount. You can access your available credit anytime without reapplying. You can also make interest-only payments each month.
You’re asked to provide personal and employment information, plus information about your assets and debts. With your consent, we’ll use a credit bureau report to help determine if you qualify.
When you apply for a secured line of credit, you’re also asked to provide information about your property and any mortgage or other secured line of credit against the property.
Contact one of Canada's credit bureaus to get a free copy. You can also access your credit report online for a fee. If you’re denied credit because of a rating you feel is inaccurate, you can ask the credit bureau for a correction.
For more information, contact one of these credit bureaus:
You’re charged interest from the day you withdraw money, until you pay it back in full. Interest is calculated daily and payable monthly. There’s no interest-free grace period.
You need to make a payment each month, but you can set up weekly or biweekly payments at any time, although you need to allow 5 or more business days before the due date. There’s no prepayment charge for paying off your loan in part or in full anytime.
You decide how much you'd like to pay back each month. With a personal line of credit, repay as little as $50 or 2% of your balance, whichever is greater. For a secured line of credit, you can make interest-only payments each month. There’s no prepayment charge for paying any amount above the minimum.
There are no setup or annual fees for a personal line of credit. For a secured line of credit, you pay a $150 one-time setup fee for processing, appraisal and registration of the security.
A co-borrower is a person who’s equally responsible for repaying a credit balance with the primary borrower. The co-borrower repays the loan or line of credit if the primary borrower doesn’t.
If you’re a first-time home buyer, you may be eligible for the federal government's Home Buyers' Plan (HBP). You and your spouse or common-law partner may withdraw up to $25,000 each from your Registered Retirement Savings Plan (RRSP), which could help you buy a home. Certain repayments are required.
With a variable-rate mortgage, your interest rate fluctuates when the CIBC Prime Rate changes. If the CIBC Prime Rate drops, the amount of interest you pay also drops. Your regular mortgage payment amount increases or decreases as interest rates change.
With a fixed-rate mortgage, you pay the same interest rate for the entire mortgage term. Even if the CIBC Prime Rate changes, your regular mortgage payment amount stays the same. You know exactly what your interest payments will be and how much of the principal you’ll pay off during the term.
The amortization period is the length of time it takes you to pay off your mortgage, including interest. To keep your mortgage payments as low as possible, choose a longer amortization − up to 30 years for uninsured mortgages (those that don’t require mortgage default insurance). To pay off your mortgage faster, choose 25 years or less.
The amortization period (among other factors) helps determine how much interest you pay over the life of your mortgage: The longer the amortization, the more interest you pay.
A short-term mortgage has a term less than 3 years. It generally offers a lower interest rate than a long-term mortgage. When the current interest rates are high, and you think they may drop, a short-term mortgage lets you to lock in for a shorter term.
A long-term mortgage has a term of 3 years or more. It generally offers a higher interest rate than a short-term mortgage. When the current rates are reasonably low, a long-term mortgage secures the interest rate for a longer period and makes budgeting easier.
Consider these expenses when determining how much home you can afford.
Mortgage default insurance: You need mortgage default insurance if you have less than 20% down payment. If your down payment is less, lenders usually add the premium to your mortgage. Depending on where you live, you may also pay provincial sales tax on the premium. For more information, go to Canada Mortgage and Housing CorporationOpens a new window in your browser..
Legal fees: These include the cost of hiring a real estate lawyer to negotiate the purchase agreement and close the deal. Plus, the lawyer’s out-of-pocket expenses for things like title searches and registrations.
Property insurance: This is an ongoing expense of owning a home. It protects you in case of fire and some other disasters. You’re required to provide proof of insurance before the start of our mortgage.
Appraisal: An appraisal is a report that indicates the estimated value of a property. Your lender may order an appraisal for financing purposes, but you pay for the appraisal.
Taxes payable on purchasing land: Most provinces and some municipalities charge a one-time tax, usually called Land Transfer Tax or Property Purchase Tax. It’s usually based on a percentage of the home’s purchase price.
Survey: A survey identifies the exact size of the property, and the location of the boundaries, buildings, shared driveways and any overhanging structures on the property. These could impact the property value. Your lender may ask you for a current survey during the mortgage application process.
Home inspection: A home inspection by a qualified professional may save you headaches in the long run. A home inspector identifies potential problems with the home or outlines needed repairs. Your lender may ask for a home inspection report when you apply for a mortgage.
Title insurance: You may wish to buy title insurance to cover any title-related issues, such as fraud, encroachments or zoning non-compliance that may come up after closing. For more information, talk to your real estate lawyer.
To choose the Simplii Financial mortgage and optional features that meet your needs, give us a call at 1-888-723-8881.
We'll contact your existing financial institution to complete the paperwork for you. And to help you feel at home, we’ll pay your appraisal fee.
A mortgage prepayment lets you become mortgage-free sooner.
Here’s one thing you need to know about the mortgage rules.
If you’re a home buyer with an uninsured residential mortgage (for example, most mortgages where the down payment is 20% or more of the property value):
The qualifying rate (the rate a lender uses when determining whether you qualify for the mortgage you applied for) is your mortgage rate plus 2%, or the Bank of Canada’s 5-year conventional mortgage interest rate, whichever is higher
If you’re a home buyer with an insured residential mortgage (for example, where the down payment is less than 20% of the property value):
The qualifying rate is your mortgage rate, or the Bank of Canada’s 5-year conventional mortgage interest rate, whichever is higher
These rules don’t apply if you renew your existing mortgage with Simplii Financial.
These scenarios can help you understand when the new qualification rules apply:
New qualification rules apply to me
Apply for a mortgage
Refinance an existing mortgage
Transfer your mortgage
Renew your mortgage
For more information, call a Simplii Financial Mortgage Specialist at 1-888-276-3744.
A TFSA is a registered savings plan that lets taxpayers earn investment income tax-free inside the plan. Contributions, withdrawals and earnings on the plan aren’t taxable if you follow the rules.
Any individual (other than a trust) who’s a Canadian resident 18 years of age or older is eligible to open and contribute to a TFSA. Simplii Financial TFSA accounts aren’t currently available in Quebec.
Not a Simplii client yet? Want a simple way to bank? Give us a call at 1-888-723-8881.
You can contribute up to $6,000 this calendar year (annual TFSA dollar limit), plus any unused contribution room from previous years starting in 2009 or the year you turned 18, whichever is more recent for you.
If you didn't contribute the full allowable amount each year since you were eligible, you can add the difference to your current year’s annual TFSA dollar limit. Plus, if you withdraw any amount from your TFSA, other than to correct an over-contribution, and haven’t re-contributed, you can add that amount to your next year's contribution.
If you don't know your TFSA contribution room, contact Canada Revenue Agency at 1-800-959-8281 or sign on to My AccountOpens a new window in your browser.. If you contribute more than your limit, you’ll pay a 1% per month penalty tax.
An RRSP is a savings plan where your money can earn interest that’s tax-deferred until withdrawn. Each year you contribute to an RRSP, you may claim a deduction that could make you eligible for an income tax refund after filing your annual tax return.
An RRSP matures the year you turn 71. At that time, you can choose to take the RRSP proceeds as a taxable cash withdrawal or use them to purchase a registered annuity or a RRIF, or any combination of these.
To withdraw funds from your Simplii Financial RRSP, give us a call at 1-888-723-8881.
Withdrawals from an RRSP are subject to withholding tax. Withdrawals made under the CRA Home Buyer's Plan or Lifelong Learning Plan aren’t subject to withholding tax.
The HBP is a Canadian government program that lets you withdraw funds from your RRSP to buy or build your first home. Restrictions apply. If you’re eligible, you can withdraw up to $25,000 in a calendar year.
When your GIC matures, add to the amount you invested by buying a new GIC. You can’t contribute to an existing GIC.
A laddered plan can be an easy way to help maximize GIC returns while maintaining a secure portfolio. This method of investing (also known as a laddering strategy) can help reduce the risk of interest rate fluctuations and potentially increase your portfolio's overall return. You do this by splitting an investment equally over all GIC terms (1 to 5 years).
An RESP is a registered education savings plan that lets you contribute a lifetime maximum of up to $50,000 per beneficiary. You can contribute to an RESP for up to 31 years, and the plan can stay open for up to 35 years.
Unlike an RRSP, your contributions to an RESP are not tax-deductible. But, the investment income you earn is tax-deferred until you withdraw it.
When you withdraw any income or government assistance from the plan to pay for the beneficiary’s education, it’s taxed at the student's tax rate. That tax rate may be lower than the contributor’s tax rate.
Tax-deferred growth: Although your contributions aren’t tax deductible, all investment income generated in the RESP is tax deferred while it remains in the plan.
Tax savings: When you use plan income and government assistance to pay for the beneficiary’s post-secondary education, it’s taxed to the beneficiary. The beneficiary may pay little or no taxes on the money if they have little or no taxable income.
Government assistance: You may qualify for grants or assistance.
The beneficiary named in the RESP needs a Social Insurance Number to receive a Canada Education Savings Grant.
For an RESP mutual fund account comprised of individual funds, government assistance is paid monthly and deposited directly to a CIBC Money Market Fund. For an RESP mutual fund account comprised of a portfolio, government assistance is paid monthly and allocated proportionately to the various mutual funds in the portfolio.
You may qualify for several savings incentives from the government.
Basic Canada Education Savings Grant (CESG):
The federal government contributes an extra 20% on the first $2,500 contributed every year ― an extra $500 per year ― up to a maximum lifetime grant of $7,200 per child
Additional Canada Education Savings Grant:
Families that qualify based on income can receive an additional CESG from the federal government
Families with a net household income of $46,605 or less are entitled to an additional 20% grant on the first $500 of RESP contributions
Families with a net family income of more than $46,605, but not more than $93,208, are entitled to an additional 10% grant on the first $500 of RESP contributions
These numbers are based on 2017 income brackets. Income brackets are updated yearly
Canada Learning Bond (CLB):
The CLB is available for children born after January 1, 2004, if their family income doesn’t exceed certain thresholds, which vary depending on the number of children in the family
The CLB provides an initial $500 after the RESP is opened, and up to 15 annual CLB payments of $100 for each subsequent year the children's family receives the National Child Benefit supplement
All CLB payments are deposited directly into the RESP account
The maximum CLB available for a beneficiary is $2,000 and can’t be shared with other beneficiaries
Any family member, friend, relative or guardian can open an RESP for a beneficiary. Each beneficiary must be a Canadian resident and have a Social Insurance Number (SIN).
In all cases where the beneficiary is under the age of majority, the primary caregiver (usually the parent or legal guardian of the child) must sign forms required by Employment and Social Development Canada (ESDC). It administers the government assistance for RESPs. If the beneficiary is over age 18, the beneficiary must sign the ESDC forms.
Minimum: To open a Simplii Financial RESP, you can either contribute $25 a month or $500 as a lump sum.
Maximum: The lifetime RESP contribution limit is $50,000 per child. There’s no annual maximum contribution limit. There may be restrictions based on the plan type and the beneficiary’s age.
Yes, you must provide a Social Insurance Number for the beneficiary (child) named in the RESP. This is also required to receive government assistance.
Family plan RESP: You (the subscriber) can name more than one child as a beneficiary of the plan. But, all beneficiaries must be your child, grandchild, great-grandchild or sibling, by birth or adoption. If the child for whom the plan was originally intended doesn’t go to post-secondary education, another child named in the plan can use the funds.
Individual plan RESP: You (the subscriber) can name only one child as the beneficiary, and the child doesn’t have to be related to you.
If you have a family plan, you can use the earnings to pay for the education of another child named in the plan. With an individual plan, you may have the option to name another beneficiary. But, you may need to return any government assistance.
If no beneficiary pursues higher education, you may be able to transfer up to $50,000 of accumulated income earned in the plan tax-deferred from the RESP to your RRSP. You must meet certain conditions to qualify:
You must be a Canadian resident
Your normal RRSP contribution limits apply. If you don’t have enough RRSP contribution room, you may be able to withdraw plan earnings. But, restrictions and additional taxes may apply
The RESP must have been in effect for at least 10 years and all RESP beneficiaries must be at least 21 and not currently seeking higher education. Or, all beneficiaries are deceased
You can always get back your own plan contributions that you haven't withdrawn. But, any government assistance in the plan is returned to the government and can’t be transferred to your RRSP.
To open a Simplii Financial RESP account and to receive government assistance into the RESP, the child named in the RESP needs a Social Insurance Number.
The lifetime RESP contribution maximum is $50,000 per child.
If there’s more than one RESP for the same child, the total contribution amounts contributed for the child (including every contributor and every plan) can’t exceed the lifetime maximum allowed.
For the Simplii Financial mutual fund RESP, government assistance is paid monthly and deposited directly to CIBC Money Market Fund. You can then change how that amount is invested in the usual way. Any government assistance paid into an index portfolio rebalancing service account is allocated proportionally to the various mutual funds in the portfolio.
For more information about RESPs, give us a call at 1-888-723-8881.
A RRIF is a tax-deferred account that provides owners (annuitants) a source of retirement income. It generates income from the savings accumulated under an RRSP or a registered pension plan.
You can only transfer property to a RRIF from an RRSP, a registered pension plan or from another RRIF. A RRIF is one of the choices available when you pick a retirement income option for your RRSP. In addition to a RRIF, you can also choose a taxable cash withdrawal, a registered annuity or any combination of these.
One of the most common options is to transfer your RRSP to a RRIF. This lets you benefit from continued tax deferral on the growth of your RRSP assets.
You can establish a RRIF anytime, but no later than the year you turn 71. Once you establish a RRIF, minimum annual payments must start coming out the next year.
Your choice depends largely on the type of current retirement plan you hold. RRSPs are most frequently converted to a RRIF, to maximize continued tax deferral.
You’ll get a minimum amount annually from a RRIF. The financial institution that holds the RRIF calculates that amount as required by the Income Tax Act based on your age when you open the RRIF.
The payments can also be calculated based on the age of your spouse or common-law partner. Before the first minimum payment is made, you must decide whose age to base the minimum payments on. You can’t change it after that.
A LIF is a RRIF that holds locked-in pension funds, funds that came from a registered pension plan Locked-In RRSP, or a Locked-In Retirement Account.
LIFs pay out the annual RRIF minimum. But, they also have maximum annual payments and other features based on the pension law for the locked-in funds.
A LIF is also known as a Locked-In Retirement Income Fund (LRIF) in Newfoundland and Labrador.
A mutual fund is a pool of money managed and invested by investment experts. When you invest in a mutual fund, you combine your money with that of other like-minded investors. Each mutual fund has a professional investment manager who either researches, chooses and monitors investments for the fund or, if it’s an index fund, invests in the same securities and in approximately the same proportion as the market index being tracked.
Simplii Financial personal banking clients can open a Simplii Invest Mutual Fund Account through CIBC Securities Inc.ⓘCIBC Securities Inc. offers several features and benefits:
Index funds, a money market fund, unique index portfolio rebalancing service portfolios and premium classes for clients with larger investment assets
Canada's only index fund to track the Wilshire 5000, the broadest equity index in the U.S.
An index portfolio rebalancing service to monitor and automatically rebalance your portfolio and keep your investments on track
Competitive management expense ratios (MERs)
A special management fee rebate for Simplii Financial clients
The flexibility to invest on your own terms, for as little as $25 a month
To check your mutual fund account balance, sign on to online or mobile banking. To make any changes to your account, call us at 1-888-723-8881Opens your phone app. . Mutual fund accounts can't be accessed at CIBC ATMs.
No, it’s not available in Quebec or to non-residents of Canada at this time.
It’s the fee paid out of fund assets to the fund manager for managing the investment portfolio.
A MER is the management fee, plus any other expenses for operating the funds. It’s expressed as a percentage of the funds’ total assets.
All Simplii Invest Mutual Fund Accounts have fees paid by the funds. The fees are expressed as the management expense ratio (MER).
You’ll pay an annual administration fee (charged semi-annually), withdrawal fees and account closing fees for registered plan accounts.
Simplii Financial clients get a special management fee rebate of 10 basis points. You save about 10% off the current management fee. Here’s how the special management fee rebate is calculated:
Calculated daily, paid quarterly
Based on closing market value of the index funds within an account for the previous day
Paid to the investor's account through a distribution of additional units of the funds
Considered income to non-registered account holders and reported on the Statement of Trust Income and T3 tax slips. Applicable sales taxes are included
If you redeem or exchange all units of a mutual fund you get any accrued rebate up to and including the date of the trade.
No, this isn’t available at this time.
Mutual funds may help you earn higher returns than some other investments, such as fixed income securities. They also let you diversify your portfolio. Diversification is often difficult or too costly for individual investors. But, it may limit potential total losses. If one of the securities in the fund you own is losing value, its losses may be offset by other securities that are performing well.
Investing in mutual funds lets you put your money to work, even if you have a small amount of money to invest.
But, investing in mutual funds also has risks. Some mutual funds have relatively low risk. Others have relatively high risk. But even then, they’re generally less risky than an individual security because of the benefits of diversification.
Each January, you’ll get a year-end account report for each of your investment accounts. The report has information about how your account is performing, plus our fees associated with it. It includes details about your account’s market value changes, your account performance, and the fees you and others paid in connection with your account.
Interac Debit contactless payment or tap to pay allows you to use your chip-enabled bank card for everyday purchases in Canada from your Simplii Financial account without entering your PIN. All Simplii Financial bank cards are enabled for contactless debit transactions.
When you use a terminal that’s Interac Debit contactless payment enabled, hold your card over the terminal and wait for the approval to appear on the screen, or for a beeping sound. You don’t have to insert your card or enter your PIN for purchases up to $250 — for a single transaction, or $1,000 cumulative — at participating merchants. Your purchase is deducted from your bank account immediately just like Interac Debit purchases that use chip and PIN.
There are several security features to help protect cards enabled with contactless technology and contactless transactions from fraud.
Interac Flash is part of the secure microchip that’s already on your card. Your card has chip technology to protect it from being copied and counterfeited. For more safety, if you go over your Interac Flash spending limit, the terminal will ask you to do a PIN transaction to confirm that you’re the actual cardholder. In addition, Interac Flash comes with the Interac Zero Liability policy ― if your card is lost or stolen and is fraudulently used, you’ll get 100% of your funds back.
All Interac Flash cards come with the contactless feature enabled. If you want to turn it off, give us a call at 1-888-723-8881.
Simplii Financial™ Debit Mastercard®
With your new Simplii bank card you can now make purchases online and in-store, locally and internationally, wherever Mastercard is accepted. The functionality of the card is still the same, but we’ve added some more features.
Shop online: Make online purchases directly from your Simplii bank account
Shop in-store worldwide: Make purchases using your new bank card directly from your Simplii bank account at international merchants that accept Mastercard
It's a debit card. Your new card has the Mastercard and Interac logos to highlight that you can make purchases at merchants that use these networks. Purchases made in-store in Canada are processed by Interac, whereas online and international purchases are processed by Mastercard. Purchases are paid directly from your personal chequing account.
You can activate your card by completing any of the following:
Sign on to online or mobile banking with your new card number and existing password
Complete a transaction at a point-of-sale (POS) terminal or ATM with your new card and existing Personal Identification Number (PIN)
Activate your card by making a PIN transaction at a POS terminal or ATM
We’ve sent you a new bank card so you can enjoy the new features it has to offer. The functionality is still the same. All you need to do is activate your card to start using it.
You’ve received a new card number to help provide enhanced security on your purchases. Use your new card number to sign on to online and mobile banking.
Once your new card is activated, your list of bill payments will automatically be transferred from your old card.
We’ve changed the orientation of the bank card to vertical to align with how you insert the card into a POS terminal or ATM.
You can continue using your bank card as you normally do. You can shop in-store in Canada and pay using the CHIP or tap technology. Now, you can also use your card for online and international shopping, where Mastercard is accepted.
When you’re making an online purchase and you’re ready to checkout, enter your information, such as your card number, expiry date and CVC. This information can be found on the back of your card.
Your card number, expiry date and CVC information are found on the back of your new bank card.
You can use your new bank card internationally at any POS terminal, wherever Mastercard is accepted. You may be prompted to enter your PIN or sign for the transaction.
Your limits remain the same.
Yes, your purchases are protected through Mastercard’s Zero Liability as long as you meet your obligations to safeguard your card and PIN or password, and report loss or theft of the card immediately. For more information visit Mastercard’s security benefits Opens in a new window..
There may be a delay between the money taken out of your account and the actual posting of the transaction. Some merchants may place a pre-authorization on your bank card, which puts the transaction amount on hold. This reduces the balance of your available funds until the transaction is posted.
A signature panel is no longer required on the back of the card. In the past, this signature panel was used as a reference for merchants to ensure you were the cardholder. Now, you’re validated through your CHIP and unique PIN.
When you make an international purchase, you’ll pay using Canadian dollars, which will be converted to the local currency.
When you make an international purchase in the US, Simplii’s exchange rate will be used. For all other international purchases, Mastercard’s exchange rate will be used.
One-time verification codes (OTVC)
A one-time verification code is a randomly generated 6-digit code that helps us verify your identity. It also ensures your information is protected when you make sensitive transactions like changing your password or contact information.
You can choose to receive the code through text message, push notification or phone call. Once we send you the code, complete your transaction by entering it in our online or mobile banking app. You can only use the code once for the specific transaction it was sent for.
Every Simplii customer who tries to perform a sensitive transaction will need to use the one-time verification code to confirm their identity. There won’t be any personal verification questions for online banking once the 2-step verification process is in effect.
We may send you a one-time verification code through text, phone call or push notification when you request to reset your forgottenonline banking password, or when you perform a sensitive transaction like paying a large bill or adding a new e-Transfer recipient. To ensure you receive this code, we’ll ask you to confirm or provide us with your contact information.
Push notifications are notifications triggered by apps on your mobile device. We use push notifications to alert you about things like credit card transactions. They’re a great alternative to text messages for certain requests or alerts, particularly when travelling.
To get push notifications, make sure you have the latest version of our mobile banking app. If you’re not sure you have it, you can download the updated version of the app from the Apple or Google Play store. You should also set your device settings to allow push notifications from our mobile banking app.
Note: If you’ve done all the above and still aren’t receiving push notifications, delete and reinstall the mobile banking app. This may display a pop-up where you can turn push notifications on.
Push notifications are interactive, personalized alerts sent directly to your mobile device that can help you stay on top of your accounts. Push notifications are a great alternative to text messages for certain requests or alerts, particularly when travelling. To get push notifications, you need to register for our mobile banking app, have access to a data or Wi-Fi connection and have notifications enabled on your mobile device.
Make sure you’ve downloaded the most recent version of our mobile banking app.
Go to “Settings” on your device to ensure notifications for the mobile banking app are turned on.
Sign on to the mobile banking app, select “Settings” and “Security”, then select “Account Security.”
Select “Get push verification codes to your device” and follow the prompts.
No, your banking won't be affected. However, if you're travelling, you may be asked to enter a one-time verification code if you are completing 1 of the following transactions:
Add or change an Interace-Transfer® recipient
Change your address or contact information
Reset your online or mobile banking password
Register for online or mobile banking
If you're travelling within Canada or the U.S., you'll have the option to receive the one-time verification code via push notification for most requests, text message or voice call to Canadian or American phone numbers and some international phone numbers. Review a list of accepted international numbers:
If you’re signed up for mobile or online banking, you can only receive an OTVC through push notifications via mobile banking. If you require assistance, contact us at 1-888-723-8881 Opens your phone app..
No, you won’t need a one-time verification code every time you use online or mobile banking. It will only be needed for select transactions, such as:
• Add payees
• Add or change an Interace-Transfer® recipient
• Make a large payment
• Change your address or contact information
• Reset your online or mobile banking password
• Register for online or mobile banking
If you’re doing several transactions during the same banking session, the code will only apply to the first transaction.
While you may be asked to provide a code to a CIBC agent if you call the number at the back of your card, no one from CIBC will call you to request this code over the phone. Decline the request and report it to CIBC.
To provide better security to our clients, we’re no longer sending OTVCs by email. Email accounts are susceptible to phishing and malware fraud that can put your financial information at risk. We recommend that you use more secure delivery options, like text messages, push notifications or telephone calls, to receive OTVCs.
We’ll only send you email alerts to make you aware of information affecting your account. These email alerts provide limited information and do not grant access to make changes to your account.
You can cancel a bill payment you made today or scheduled for a future date. Cancel it before 9:30 pm ET on the day of the payment:
Sign on to your account
Select "Pay Bills"
Choose “View Upcoming and Past Payments”
Find the payment you’d like to cancel, then select “Delete” from the status column
Review the bill payment details and select “Confirm” to delete the payment
Banking online is very simple. Once you register and have a password, there's an extensive Help section to answer your questions. If you need more help, give us a call at 1-888-723-8881.
Your online security is our most important concern. When you sign on to your accounts, you can feel confident knowing your account details are protected by one of the most secure forms of encryption widely available for Internet browsers. For more information, review our Products and Services Agreement.
Some merchants accept the date you pay a bill as the date they receive payment. But, some need more time to process your payment. So, you should schedule a bill payment for several business days before you want the payment to be effective to ensure it arrives on time.
The posting date for transactions completed after 6:00 pm ET or on weekends and holidays shows as the next business day.
Our account opening procedure may have been different at that time. And if your friend was already a client and recently applied for another product, he or she wouldn’t need to verify their identity again.
Yes, as long as your name appears on the cheque and you sign it.
This feature lets you deposit a cheque from anywhere using the Simplii Financial Mobile Banking App and your camera-enabled mobile device.
After your download the app, sign on to mobile banking, select Deposit and follow the prompts on screen.
Your mobile device must be compatible with the Simplii Financial Mobile Banking App and must be camera-enabled.
No, there are no additional fees for using Mobile Cheque Deposit.
No, Mobile Cheque Deposit lets you deposit Canadian dollar cheques to your Canadian dollar accounts.
3D Touch is a quick action available on compatible Apple devices. When you firmly press and hold the Simplii Financial App icon, you can transfer funds, pay bills or deposit a cheque in fewer steps.
If you’re signed in to the app, you can begin your transaction right away. If you’re not signed in, you’ll be asked to sign in first before you get to the appropriate screen.
Fingerprint ID is a fingerprint sensor for AndroidTM devices. You can set up your fingerprint on your Android device and on the Simplii Financial Mobile Banking App. This lets you sign on to mobile banking with a single touch.
First, save your fingerprint on your Android device. Then, sign on to the Simplii Financial Mobile Banking App, go to “Settings” and select “Set up Fingerprint ID.”
When you turn on Fingerprint ID in the app, you’re asked to enter your mobile banking password and touch the sensor to confirm your fingerprint. Once you’re authenticated, your preference is saved and you have the option to use your fingerprint the next time you sign on. Just press the sensor with your fingerprint to sign on.
Touch ID is a fingerprint sensor for Apple devices. If you set up your fingerprint on your iPhone or iPad, you can also set it up on the Simplii Financial Mobile Banking App. This lets you sign on with a single touch.
First, save your fingerprint on your Apple device. Then, sign on to the Simplii Financial Mobile Banking App, go to “Settings” and select “Set up Touch ID.”
When you turn on Touch ID in the app, you’re asked to enter your mobile banking password. When you’re authenticated, your preference is saved. You have the option to use your fingerprint the next time you sign on. Press the “Sign on” button and once the Touch ID message appears, use your fingerprint on your device’s home button to sign on.
Yes, you can add both your Simplii debit card and credit card to Apple Pay, Google PayTM and Samsung Pay®.
For more information about adding your card to mobile wallet, go to Mobile payment.
Yes. Your card number isn’t stored on your device and is never shared with merchants when you pay in store. Instead, a unique encrypted number is created for your device.
Yes, the in-store limit is $250 per transaction. But this limit may vary by merchant. If your mobile wallet transaction is declined for any reason, use your regular Simplii debit or credit card.
We don’t charge a fee for using Apple Pay, Google Pay or Samsung Pay. Your mobile service provider, mobile wallet provider or other third parties may charge you service fees for using your device or payment method.
Use your mobile wallet in stores wherever you see the Apple Pay, Google Pay, Samsung Pay or Contactless logos. If you’re using the Simplii credit card or Debit Mastercard in your mobile wallet, you can also make in-app purchases with Apple Pay and Google Pay. With the Simplii credit card, you can also make web purchases with Safari at participating merchants. You can’t use the Simplii debit card in your mobile wallet to make online purchases.
Interac e-Transfer service lets you send and receive money electronically, 24 hours a day, 7 days a week. It lets you send money to almost anyone with an e-mail address or Canadian mobile phone number and a Canadian-dollar bank account at a Canadian financial institution.
You need to be registered for online banking to use this service. You also need the recipient's e-mail address or Canadian mobile phone number and a security question and answer.
Sign on to online banking and select “Interac e-Transfer.” Follow the on-screen instructions to complete the transfer.
Sending or receiving money via Interac e-Transfer is free. If you stop a transaction, you’ll be charged $3.50.
You can access Interac e-Transfer service with several Simplii Financial accounts:
No Fee Chequing
Personal Line of Credit
Secured Line of Credit
When sending money via Interac e-Transfer, the following limits apply:
For any 24-hour period, you can send up to $3,000
For any 7-day period, you can send up to $10,000
For any 30-day period, you can send up to $30,000
Sign on to online banking and select "Interac e-Transfer.” Then select "e-Transfer status" for a list of transactions and links to their current status.
A stop payment is when the sender chooses to stop the payment; the sender is charged a fee for this request.
A reclaim money transfer is when the Interac e-Transfer transaction can’t be delivered. This can happen for several reasons:
The recipient's e-mail address or mobile phone number is invalid
The recipient can’t answer the security question
The recipient declines the transfer
The transaction expires
When the Interac e-Transfer transaction can’t be completed, the funds are returned to the sender. No fees are charged in this case.
The minimum amount you can send per transfer is 100 CAD. The maximum amount you can send is 30,000 CAD in a 24-hour period. Some countries may have limits on how much the recipient can receive.
The maximum amount you can send from a Simplii Financial Cash Back Visa Card is 5,000 CAD in a 24-hour period.
You can send as many transactions as you want, up to a maximum amount of 30,000 CAD, in a 24-hour period.
You need several pieces of information to send money:
The name and address of the person you're sending money to
The name and address of the recipient's bank
The recipient's bank account number
The recipient's bank code
You need a few pieces of information to send money to China:
The name and address of the person you're sending money to
The name and address of the recipient's bank
The recipient's bank account number and bank code
A China UnionPay card number
If you're sending money to China, you can send up to 6,000 CAD per transfer. The maximum amount you can send is 30,000 CAD in a 24-hour period. The Government of the People's Republic of China has limits for recipients. A recipient in mainland China can only receive a maximum of 10,000 USD daily and 50,000 USD a year.
If you're sending money to Indonesia or Vietnam, you can send up to 5,000 CAD per transfer. The maximum amount you can send is 30,000 CAD, in a 24-hour period.
You can check the status of your transfer in both online and mobile banking.
Sign on to online or mobile banking and select Global Money Transfer
To check the status of your transfer on online banking, go to "Transfer Status"
To check the status of your transfer on mobile banking, go to "History"
You'll receive an email confirming your Global Money Transfer has been submitted.
A "Pending" transfer hasn't been sent to the recipient yet. Transfers typically take 1 to 3 business days.
The maximum amount of cash you can order for both home delivery and Canada Post office pick up is 2,500 CAD in a 24-hour period.
You can check the status of your order in both online and mobile banking:
Sign on to online or mobile banking and select Order Foreign Cash
To check the status of your order on online banking, go to "Order History"
To check the status of your order on mobile banking, go to "History"
We'll send you an email update about your order, including when it has shipped. We'll send you a Canada Post tracking number to help you track your order. You'll also get an email when it's delivered or ready for pick up. You'll get it delivered to your home or a Canada Post office in as little as 1 to 3 business days, depending on location.
If you’re not at home, your order will be taken to the nearest Canada Post office. You can pick it up from there.
You can choose the Canada Post office location when you place your order.
Bring a government-issued photo ID, such as a driver's licence, passport or permanent resident card. You should also bring the delivery notice email or card with you.
For security reasons, Canada Post will only release your order to you.
The scrolling results from a combination of your display settings and your font settings. Simplii.com is optimized for a display setting of 1024 by 760 pixels. Check the help menu of your operating system and browser to find out how to adjust the display and font size to avoid scrolling.
Encryption is the practice of scrambling data, so unauthorized parties can’t decipher it. It’s important your confidential information remains secure as it passes between your device (for example, your computer or smartphone) and the issuer's server.
To ensure your information is as secure as possible, we require your browser uses 128-bit encryption. This is the most secure browser technology available.
Caching is your browser's ability to store visited web pages on your hard drive. Caching accesses a page from your hard drive instead of from an Internet source, so pages load faster.
But, if your browser retrieves a page from its cache instead of from the Internet, the page may not be the most recent version. It’s important to regularly clear your browser's cache, so your browser can retrieve the latest version of a page. It’s especially important to clear your cache if you received an error message and are trying to correct the error. Check your browser's help menu for more information about how to clear your cache.
Interac® Sign-In service
The Interac Sign-In service offers you a convenient way to access online Government of Canada services, and it saves you the trouble of having to create another user name and password. To access online government services, you can easily sign in with your Simplii Financial™ Online Banking card number and password.
Yes. Instead of having to remember or manage a variety of user IDs and passwords, you can simply sign on using your online banking sign-on information.
No, you don’t have to do a single thing. Since we’re confirming that your online banking sign on is authentic and valid to the government services website, this means your sign-on information will work.
Your online security is our most important concern. When you sign on to your accounts, you can feel confident knowing your account information is protected by one of the most secure forms of encryption widely available for Internet browsers.
It's a card reader, which helps prevent others from getting your debit and credit card information through illegal devices or practices at an ATM.
It's an extra step we take to ensure your privacy is protected. Your cards and banking transactions are better protected, but the device itself doesn’t affect the way you bank.
Your online banking password is used to access online banking. It’s between 6 and 12 characters, and is case sensitive, meaning it recognizes letters that are in upper and lower case
Your telephone banking password is used to access telephone banking. It’s 5 characters long
Your ATM PIN is a 4-digit number used to access your accounts at an ATM
For online banking password: Sign on and select "More Services" from the menu. Choose "Change Your Password" and follow the directions on the screen.
For telephone banking password: Call us toll-free at 1-888-723-8881, and a Personal Banking Representative can assist you in changing your telephone password.
For ATM PIN: You’ll receive your Simplii Financial PIN in the mail. If you’d like to change it, you can do so at most CIBC ATMs.
If you forget or need to reset your online banking password, choose “Reset your password” from the sign-on page. This is a convenient way for you to reset your password without even picking up the phone.
When you select “Reset your password,” you will be prompted to choose a contact method to receive a 6-digit one-time verification code. This code provides a second layer of security to sensitive transactions like resetting your password. Once you choose your contact method, we’ll send the code. Simply input the code to verify your identity, then follow the prompts to reset your password.
For help with all other passwords, contact a Personal Banking Representative toll-free at 1-888-723-8881.
Call us immediately at 1-888-723-8881.
If you share a computer and Internet connection with someone, that person could access your confidential financial information by using the back button on your web browser after you bank online.
Keep your private information safe by closing your web browser after your banking session or by clearing your browser's cache. The cache maintains a copy of web pages you’ve visited recently. Check your browser's help menu for more information about how to clear your cache.
Simplii Financial wants to verify your identity to ensure your information is protected when you conduct a sensitive transaction like changing your password or updating your contact information.
Every Simplii customer who tries to perform a sensitive transaction will need to use the one-time verification code to verify his or her identity. There won’t be any personal verification questions in Simplii Financial Online Banking once the 2-step verification process is in effect.
To reset your forgotten Simplii Financial Online Banking password, or to perform a sensitive transaction like paying a large bill or adding a new e-Transfer recipient, Simplii may send you a one-time verification code to one of the contact methods on file with us (email, text or phone call). To ensure you receive this code, we request you confirm and/or provide us with your contact information.
It’s important that you don’t share, disclose or provide your debit card number or any of your passwords to another party or website other than Simplii Financial. It’s also important that you don’t save your debit card number or password on any publicly accessed computer.
Simplii Financial will never send you an e-mail requesting your banking information. Although a link may appear to be reputable, it could potentially direct you to a fraudulent site.
You can learn more on how to protect yourself from fraudulent e-mails from our website. If you receive an e-mail requesting this information, please let us know as soon as possible.
In addition, consider the following:
Always keep your browser up-to-date with current versions and security enhancements
Install a personal firewall
Avoid file-sharing sites to prevent unauthorized access to your computer and its data
Avoid clicking on unknown links or going to unfamiliar websites
Use strong passwords — combinations of letters and numbers — that are difficult to guess
If you think that any of your Simplii Financial accounts have been accessed online by someone other than yourself, please contact us immediately at 1-888-723-8881.
Interac document verification service is a convenient way to verify your identity when applying for Simplii products online. Just take a photo of your identification and a selfie with your phone. Interac document verification service uses these images to verify your identity in a few minutes.
Canadian driver’s licence
BC Services Card
Power of Attorney
A Power of Attorney is a legal document that gives someone the authority to manage your affairs on your behalf. That person is called an attorney, but doesn’t need to be a lawyer.
Yes, we do. Before we can setup a POA, speak to one of our representatives at 1-888-723-8881. We’ll send you a POA form to complete and send back to us, plus collect some information about your attorney.
Sometimes, we may question the authority of your attorney to give instructions on your behalf or the acceptability of a POA document. In these cases, we’ll inform you or your attorney a review is needed, except where prohibited by law. Certain reviews take more time, but we’ll tell you how long we expect it to take.
If we can’t act on your POA or your attorney’s instructions, you or your attorney can contact us with any concerns. For more information, review “How to resolve concerns with Simplii Financial” in our Products and Services Agreement.
Nothing in the FAQ constitutes an offer or solicitation. The information is of a general nature only and is subject to change. It’s not intended and shouldn’t be relied on as specific investment, financial, legal, accounting, tax or other advice.