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Simplii vs. PC Financial 2023: How Do They Compare?

Simplii Financial and PC Financial are popular online banks in Canada.

If you owned a PC Financial chequing account before November 2017, that account is now under Simplii Financial, while your PC credit card stayed with PC Financial.

This Simplii vs. PC Financial comparison covers their product offerings, pros, cons, fees, and everything else you need to choose between them.

Simplii vs. PC Financial

This guide compares both financial institutions and what you can expect for everyday banking services, including chequing, savings, investments, credit, fees, security, customer service, and more.

What is Simplii Financial?

Simplii Financial is the online banking arm of CIBC, one of Canada’s largest banks. It was launched in 2017 after CIBC parted ways with Loblaws.

Simplii offers various products, including a chequing account, savings, investments, mortgages, personal loans, and a credit card.

You can read this in-depth Simplii review for more details.

What is PC Financial?

PC Financial is part of the Loblaw group of companies that includes over 2,400 retail stores across Canada and 18 million PC Optimum members.

It offers a spending account (PC Money) and several credit cards.

Simplii vs. PC Financial: Chequing Account

Simplii Financial and PC Financial offer a free-spending account with access to unlimited transactions and ATMs across Canada.

Let’s break things down.

Simplii Financial: Chequing Account

The Simplii No Fee Chequing Account is one of the best free chequing accounts in Canada. It offers free and unlimited debit purchases, bill payments, withdrawals, and Interac e-Transfers.

Simplii customers can use CIBC ATMs for free and earn 0.05% to 0.10% interest on their balance.

When you open a new Simplii chequing account here, you also get a $350 bonus (terms apply).

PC Financial: PC Money Account

While the PC Money Account does not offer cheques, you get the other benefits of a chequing account, including a debit card and unlimited free debits, and Interac e-Transfers.

This account also offers PC Optimum points on every dollar you spend, including higher earn rates at Shopper Drug Mart.

Verdict: Simplii Financial offers a more versatile chequing account than PC Financial, and you can use CIBC ATMs for free, which is convenient.

Simplii Vs. PC Financial: Savings Account

Simplii has a high-interest savings account that pays a standard 0.40% interest (for a limited time, you earn 5.00%).

There are no monthly transaction fees.

You can also open a USD savings account and gain access to international money transfers to 130+ countries.

PC Financial does not have a savings account.

Verdict: Simplii wins this round if you need a savings account alongside your chequing account.

Simplii vs. PC Financial: Credit Cards

Both Simplii and PC Financial have credit cards, and these cards are ranked in the top 10 best cashback credit cards in Canada.

Simplii Financial: Cash Back Visa

The Simplii Financial Cash Back Visa Card has no annual fee and pays:

  • 4% cash back on restaurant, bar, and coffee shop purchases (on the first $5,000 per year)
  • 1.5% cash back on gas, groceries, and preauthorized purchases (on the first $15,000 per year)
  • 0.50% cash back on all other purchases (unlimited)

You only need a $15,000 annual income to qualify and also get free purchase security and extended warranty coverage.

Simplii vs. PC Financial

PC Financial: Credit Cards

PC Financial offers three popular credit cards:

  • PC Mastercard
  • PC World Mastercard
  • PC World Elite Mastercard

You earn PC Optimum points when you spend with these cards and can redeem the points at a rate of 10,000 points = $10.

 PC MastercardPC World MastercardPC World Elite Mastercard
Shoppers Drug Mart25 points/$135 points/$145 points/$1
Loblaw grocery stores10 points/$120 points/$130 points/$1
Esso/Mobil30 points/litre30 points/litre30 points/litre
PC Travel20 points/$120 points/$130 points/$1
Everywhere else10 points/$110 points/$110 points/$1
Income requiredN/A$60,000/year$80,000/year
Learn moreRead reviewRead reviewRead review

In addition to earning PC Optimum points, the PC World Mastercard offers free purchase protection, extended warranty benefit, and concierge services.

For the premium PC World Elite Card, you also get car rental insurance, travel medical insurance, and identity theft assistance service.

Verdict: Simplii = PC Financial.

For everyday spending, both banks offer credit cards that earn competitive rewards. If you regularly shop at Loblaw stores, a PC Mastercard is better for maximizing your PC Optimum points.

Simplii vs. PC Financial: Investments

Simplii customers can invest using GICs and mutual funds in registered (TFSA and RRSP) and non-registered accounts.

The GICs have 1-5 year terms and can be laddered. For the mutual fund, you can choose from a conservative, balanced, or growth portfolio.

PC Financial does not offer investment accounts.

Verdict: Simplii Financial wins if you need access to investment products.

Simplii vs. PC Financial: Loans

Simplii has several borrowing options:

Secured line of credit: Provide collateral (e.g. home) and get a secured line of credit you can use when needed.

Personal line of credit: This line of credit can be used for any purpose, and it can be combined with creditor insurance if needed.

Personal loan: Apply for a loan with either fixed or variable interest rates.

Mortgage: Get a mortgage online with 2–10-year fixed rates or a 5-year variable mortgage.

PC Financial does not offer loans or mortgages.

Verdict: Simplii Financial beats PC Financial if you want access to loans, lines of credit, or mortgages.

Other Factors To Consider

Fees

While there are no annual/monthly fees for the Simplii chequing, savings, and credit card accounts, service fees may apply as follows:

  • Stop Interac e-Transfer: $3.50
  • Stop payments: $10 to $16.50
  • Money orders and bank drafts: $7.50
  • Outgoing wire transfers: $30 to $80 per payment
  • Wire transfer from another bank: $10
  • RRPS or TFSA transfers to another bank: $50 per transfer
  • Overdraft protection: $4.97 minimum charge
  • Non-sufficient funds (NSF): $45
  • Inactive account (after 2 years): $20 each year

For the PC Money Account, these fees may apply:

  • Non-sufficient funds (NSF): $40
  • ATM withdrawal in Canada (Non-PC Financial): $1.50
  • ATM withdrawals abroad: $3.00
  • Cancel Interac e-Transfer: $3.50
  • Overdraft protection: $5.00
  • Bill payment trace: $15.00
  • Bill payment recall: $24
  • Inactivity fee after 1 year: $20

Convenience

Simplii does not have physical branches you can walk into. That said, customer support is provided by email, chat, and phone.

If you have a Simplii chequing account, you can easily make withdrawals using CIBC ATMs.

PC Financial customers can use its ATMs inside Loblaw stores that sell PC products. They also have access to customer support via phone, chat, and email.

Security

Deposits in your Simplii accounts are protected by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per insured category.

President’s Choice Financial deposit accounts enjoy similar protections.

Promotions

You could get a $350 cash bonus when you open a Simplii chequing account and set up a direct deposit of at least $100/month for 3 consecutive months.

For the PC Money Account, you could earn 250,000 PC Optimum points ($250 value) when you meet specific requirements.

Pros and Cons of Simplii Financial

Pros:

  • No-fee chequing account with unlimited transactions
  • Access to multiple banking products
  • Free access to thousands of ATMs across Canada
  • Good cash back credit card

Cons:

  • No in-person branch support
  • Promotional savings rates are short-lived

Pros and Cons of PC Financial

Pros:

  • Access to a free “chequing” account with unlimited transactions
  • Best rewards program for grocery purchases
  • 3 top-rated cash back credit cards
  • Access to free ATMs across Canada

Cons:

  • Limited financial products (no savings, investments, or loan accounts
  • PC Money Account does not offer cheques

PC Financial vs. Simplii: Summary

Canadians looking to replace their traditional bank accounts are better with Simplii Financial.

This is because it offers a wider selection of accounts, and its chequing account offers robust features.

That said, a combination of Simplii and PC Financial also works.

For example, if your weekly grocery shopping is done at the Real Canadian Superstore or other Loblaw grocery stores, you are better off using a PC Mastercard when you make your grocery run.

Visit Simplii Financial.

Related:

Top Banking Offers in January

Get a top-rated chequing account and up to a $400 bonus

Unlimited debits and Interac e-Transfer transactions.

Monthly account fee is waived if eligible (and 5 ATM fees rebated/mo.).

Get up to $400 cash bonus when you meet minimum requirements.

Access a high-interest savings account.

Get a free chequing account and a $350 cash bonus

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly account or transaction fees.

$350 cash bonus when you deposit $100 for 3 months.

Get a high-interest rate on your savings (5.00% limited-time interest rate offer).

Best no-fee cashback credit card with a $150 bonus

Earn 2% unlimited cash back in three spending categories - no annual fees!

Get a $150 welcome bonus with $1,000 spending in first 2 months.

0.5% unlimited cash back on all other purchases.

1.95% low-interest balance transfer rate and insurance coverage benefits.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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  • Best free chequing account offer in Canada!
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