Sunday, October 29, 2017

PC Financial -> Simplii Financial

Deal Link:
Expiry: Feb 28, 2018

I think many PC Financial clients already got the updates that PC Financial users will transition to CIBC’s new Simplii Financial mobile and online brand, with their deposits, mortgages and loans effective Nov 1, 2017. There will be no changes on the PC Financial MasterCard.

Simplii customers will be able to use CIBC’s automated teller machines for free as they did under PC Financial, as well conduct their banking online, via telephone and mobile. But Simplii Financial will not have any physical branches.

You can read the FAQ on the website:

Here I want to mention a few things that are not included in the FAQ:

1) Simplii Financial will waive the Interac e-transfer fee after Nov 1, 2017

2) With the agreement between CIBC and Loblaw Company, Simplii Financial will not issue any credit cards within the next year. And Loblaw will not start any banking services for at least 12 months.

3) Between November 1, 2017 – April 13, 2018, Simplii customers will receive a newly-branded debit card to replace their current PC Financial branded card. Hope you will like the new debit card.

4) In Nov, 2017, Simplii will offer a new savings account rate promotion of 3% interest in new deposits. If you have high deposits in your current PC accounts, you should transfer it out before Nov 1, and then transfer back when the promotion starts. This rate is for new deposits into any savings account, including TFSA or RRSP savings accounts between November 1, 2017 and February 28, 2018 (no enrolment required).