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PC Financial vs. Simplii: Which bank is best?

Justin da Rosa

By Justin da Rosa

🗓️

Updated: October 21, 2024

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Before we get into these two big bank rivals, how about some history? 

Back in 2017, PC Financial – which had, up to that point, been a joint venture with CIBC – decided to strike out on its own. It was a major shift in the Canadian banking scene; a small-scale financial institution deciding it no longer wanted to be in the shadow of its big bank big brother. 

After the split, PC launched its own banking services, focusing on integrating its financial products with their Optimum loyalty program. 

Today, PC is a full-fledged bank, offering credit cards and the PC Money account, which earns rewards great for those who often shop with the Loblaw Companies' retail network (such as No Frills and Shoppers Drug Mart). 

After that, CIBC rebranded its digital-first banking services as Simplii Financial offering a full suite of traditional banking products, including chequing and savings accounts, investments, mortgages, loans and credit cards.

Backed by CIBC, Simplii aims to compete with other online banks by offering competitive rates and no-fee banking services. 

While PC Financial focuses on loyalty rewards, Simplii provides a comprehensive banking experience, appealing to those who want traditional banking services with the convenience of digital banking.

Now that that’s all out of the way, which one is best for you? We’ll help you figure that out.

PC Financial vs. Simplii: Bank accounts

The PC Money Account is billed as the only bank account in Canada that rewards you with Optimum points. It’s an account that comes with no monthly fees, requires no minimum balance and offers free, unlimited Interac e-transfers.Not bad for a bank account that also earns you rewards anytime you shop. Another feature of PC Financial’s Money Account is that it doesn’t come with a traditional debit card. Instead, you’ll get a prepaid Mastercard – meaning online shopping directly with your account will be a breeze. 

We’ll get deeper into the nitty gritty of this account but, first, let’s take a look at Simplii’s account. 

Simplii’s no-fee chequing account is a little more traditional than PC’s Money Account. However, it also has no monthly fees while also offering unlimited transactions and e-transfers. While you won’t earn rewards with this account, Simplii does offer a number of different banking products that can be used alongside its chequing account, including a rewards Mastercard. Simplii also offers a high interest savings account.

The high interest savings account has no monthly fees and offers 0.4% interest (though that interest rate increases if you have a balance greater than $100,000). Overall, you can get a similar experience using both banks. However, with Simplii, you might need to add a product or two. You can also do more with Simplii’s overall suite of offerings. 

Category PC Financial Simplii
Fees Money Account: No monthly fees No Fee Chequing: No monthly fees
HISA: No monthly fees
Number of monthly transactions Money Account: Unlimited No Fee Chequing: Unlimited
E-Transfer Money Account: Unlimited No Fee Chequing: Unlimited
Minimum balance requirements Money Account: No minimum balance No Fee Chequing: No minimum balance
HISA: No minimum balance
Insurance (CDIC) Money Account: Yes No Fee Chequing: Yes
HISA: Yes
Mobile app Money Account: Yes No Fee Chequing: Yes
HISA: Yes
Paperless statement Money Account: Yes No Fee Chequing: Yes
HISA: Yes
Mailed monthly statement Money Account: Yes No Fee Chequing: Yes
HISA: Yes
Reviews PC Money review Simplii Financial review
Links Visit PC Financial Visit Simplii

Winner: Tie.

PC Money Account might do a little more than Simplii’s chequing account, but stacking Simplii’s other products with its no-fee chequing account evens the playing field.

PC Financial vs. Simplii: GIC, TFSA and RSP accounts

When it comes to investing, it isn’t much of a competition since PC Financial doesn’t offer investing accounts. Simplii does, however. And they offer quite a few different options. 

Simplii’s RRSP savings account has no minimum deposit or balance requirements and your balance is always protected. Unlike other RRSPs, this account can’t hold investments. Instead, it’s a savings account offering an interest rate of 0.4% that gives you tax deductions on your deposits. 

They also offer a similar TFSA account, which offers 0.4% interest. With a TFSA, contributions aren’t tax deductible, but all interest and income earned in these accounts is tax-free. 

Simplii offers both registered and non-registered GICs. The difference between the two is that a registered GIC allows your investments to grow tax free, while non-registered ones are typically more flexible, but the earnings are taxed as income. The rates for both are the same and are guaranteed throughout the term of the investment. Simplii’s GIC rates as of press time are 4.506% for one year, 4.025% for two years, 4.025% for three years, 4.025% for four years and 3.929% for five years. 

When it comes to mutual funds, Simplii offers three different portfolios, based on your risk tolerance: conservative, balanced and growth. Each one has a different asset mix of equities and fixed income. All mutual fund accounts can be set up with automatic deposits to help take the thinking out of your investing. 

Winner: Simplii

Open a High Interest Savings account with Simplii

PC Financial vs. Simplii: Ease of use

As you’d expect of banks in 2024, both PC Financial and Simplii Financial have modern websites that make it easy to choose the right products for you. You can sign up for those online and the process is generally seamless. Sign up experiences will be similar, requiring personal information and, depending on the product you choose, income information and your social insurance number. 

When it comes to ATM use, Simplii Financial customers can use any CIBC machine in Canada, of which there are an estimated 2,900. PC Financial customers will be limited to using 750 PC ATMs if they want to save on fees. 

Simplii Financial is a digital bank, meaning there are no physical locations. PC Financial offers “pavilions” in some of its Loblaws locations, if speaking to a human face-to-face is important to you. 

Winner: Tie.

Simplii has more ATM options but PC has its pavilion locations

PC Financial vs. Simplii: Account security

Whichever you choose, you can be confident your money is in good hands. Both PC Financial and Simplii are registered banks and they both offer CDIC insurance on eligible deposits.

Winner: Tie

Simplii vs. PC Financial : Credit cards

Simplii Financial™ Cash Back Visa* Card

Apply now

3.0

10% back

Welcome offer

Good

Suggested credit score

10% cash back on eligible restaurant, bar and coffee shop purchases for your first 4 months. Up to $500 spend†. Sign up by October 31, 2024 and get a $100 Skip Digital Gift Card after you spend $100 with your new Simplii Cash Back Visa card by November 30, 2024†

Expires

Oct 31, 2024

Apply now

Pros

  • Extremely high cash back on bars and restaurants

  • Solid cash back on groceries, drug store, gas and prepayments

  • No annual fee

  • Up to three additional cards free of charge

Cons

  • Cash back applied as year-end statement credit

Eligibility

Recommended Credit Score

Good

Required Annual Household Income

$15,000

Pros

  • Extremely high cash back on bars and restaurants

  • Solid cash back on groceries, drug store, gas and prepayments

  • No annual fee

  • Up to three additional cards free of charge

Cons

  • Cash back applied as year-end statement credit

Eligibility

Recommended Credit Score

Good

Required Annual Household Income

$15,000

Earn 4$ on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year†

4%

Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year† - after that 0.5% unlimited

1.5%

Earn 0.5% on all other credit card purchases with no limit on how much you can earn†

0.5%

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$0

Foreign Transaction Fee

2.5%

For credit cards, Simplii keeps it simple (see what we did there?) by offering just one cash back Visa card. It has an annual fee of $0, has a purchase interest rate of 20.99% and has a minimum income of $15,000 to qualify. As a cash back card, it gives you cash back on all purchases. The amount varies depending on the spending category. You’ll earn 4% on eligible restaurant, bar and coffee shop purchases cash back on money spent at restaurants, bars and coffee shops; 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments cash back on gas, groceries and drugstore purchases; and 0.5% on all other credit card purchases with no limit on how much you can earn† cash back on everything else. 

PC Financial, on the other hand, offers two different credit cards: The PC Mastercards (of which we'll feature the World Elite) and the PC Insiders World Elite Mastercard.

PC® World Elite Mastercard

Apply now

4.0

Fair

Suggested credit score

to receive the latest news, tips and offers by email

Apply now

Pros

  • No annual fee

  • High earn rates in certain stores

  • Easy, straightforward redemptions

  • Points don’t expire provided your account stays active and in good standing

  • Special events allow you to earn extra points

Cons

  • High income requirement to qualify

  • Accelerated earn rates are limited to certain partner stores, and points can be redeemed only for purchases within Loblaw banner stores

  • Points can’t be transferred to other loyalty programs

  • The included travel insurance is very limited

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$80,000

Pros

  • No annual fee

  • High earn rates in certain stores

  • Easy, straightforward redemptions

  • Points don’t expire provided your account stays active and in good standing

  • Special events allow you to earn extra points

Cons

  • High income requirement to qualify

  • Accelerated earn rates are limited to certain partner stores, and points can be redeemed only for purchases within Loblaw banner stores

  • Points can’t be transferred to other loyalty programs

  • The included travel insurance is very limited

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$80,000

* 45 points per $1 spent at Shoppers Drug Mart/Pharmaprix

45 points

Earn 30 points per litre for gas purchased at Esso™ or Mobil™ stations

30 points

Earn 30 points per $1 spent on PC Travel services

30 points

Earn 30 points per $1 spent at Loblaw Banner Grocery Stores (includes Loblaws, No Frills, Valu-Mart, Independent Grocers, Zehrs, Real Canadian Superstore, Fortinos, etc.)

30 points

Earn 10 points per $1 spent everywhere else

10 points

Purchase APR

21.99%

Balance Transfer Rate

5%

Cash Advance APR

22.97%

Annual Fee

$0

The PC® World Elite Mastercard has no annual fees and gives you up to 30 points per litre of gas at Esso and Mobil stations, up to 30 points per dollar spent at Loblaw stores, up to 45 points per dollar spent at Shoppers Drug Mart, up to 30 points per dollar spent at Joe Fresh and 10 points per dollar spent everywhere else.

PC Insiders™ World Elite Mastercard®

3.5

300,000 points

Welcome offer

Very Good

Suggested credit score

Enjoy a welcome offer* of 300,000 PC Optimum™ points.

Read review

Pros

  • Generous welcome bonus

  • Excellent earn rate on everyday expenses

  • Access to free online delivery

  • Super rare identity theft protection

  • Rental car insurance

  • Emergency medical insurance

Cons

  • $120 annual fee

  • Poor travel insurance for a World Elite credit card

  • Limited to PC brands

Eligibility

Recommended Credit Score

Very Good

Required Annual Personal Income

$80,000

Required Annual Household Income

$150,000

Pros

  • Generous welcome bonus

  • Excellent earn rate on everyday expenses

  • Access to free online delivery

  • Super rare identity theft protection

  • Rental car insurance

  • Emergency medical insurance

Cons

  • $120 annual fee

  • Poor travel insurance for a World Elite credit card

  • Limited to PC brands

Eligibility

Recommended Credit Score

Very Good

Required Annual Personal Income

$80,000

Required Annual Household Income

$150,000

Earn 40 points per $1 at Loblaw banner stores

40

Earn 50 points per $1 at Shoppers Drug Mart

50

Earn 10 points per $1 everywhere else

10

Get free online grocery delivery and pick up

$0

Earn up to 70 points per lire of gas at Esso and Mobil stations

70

Purchase APR

21.99%

Balance Transfer Rate

5%

Cash Advance APR

22.97%

Annual Fee

$120

Foreign Transaction Fee

2.5%

PC Insiders™ World Elite Mastercard® costs $120 per year and gives up to 70 points per litre of gas at Esso and Mobil stations, up to 40 points per dollar spent at Loblaw stores, 50 points per dollar spent at Shoppers Drug Mart, 40 points per dollar spent at Joe Fresh and 10 points per dollar spent everywhere else. It also gives you free grocery order and pickup with a complimentary PC Express pass. Plus, Enjoy a welcome offer* of 300,000 PC Optimum™ points.

Winner: Tie.

While PC Financial has two different options that are geared to people who shop at Loblaw grocery stores and want to earn Optimum points, Simplii’s no-fee card is a flexible way to earn cash back. It all depends on your priorities.

Simplii vs. PC Financial : Locations

Simplii Financial may not have physical locations, but they do have nearly 3,000 ATMs. PC Financial has fewer ATMs at around 750, but they also have physical locations in over 300 Loblaws stores.

Winner: Tie.

Simplii vs. PC Financial : Banking app

Simplii Financial’s app has a 4.2 rating among 12,000 reviews in the App store and a 4.6% rating among 16,000 reviews in the Google Play store.

PC Financial’s app has a 4.7 rating among 278,000 reviews in the App store and a 4.4% rating among 45,000 reviews.

Winner: PC Financial

Simplii vs. PC Financial : Current promotions

Account PC Financial Simplii
Savings N/A Earn 5.9% interest for the first five months
Chequing Earn up to 125,000 points in welcome offers* Earn $400 as a new Simplii financial client
Credit card Enjoy a welcome offer* of 300,000 PC Optimum™ points. 10% cash back on eligible restaurant, bar and coffee shop purchases for your first 4 months. Up to $500 spend†. Sign up by October 31, 2024 and get a $100 Skip Digital Gift Card after you spend $100 with your new Simplii Cash Back Visa card by November 30, 2024†

Winner: Simplii

Simplii vs. PC Financial : Account extras and other financial products

Besides standard banking products, PC Financial offers home and auto insurance. They operate as a broker, meaning they work with several different insurers to find you the best coverage. PC Optimum members can save up to 35% on their coverage and earn two times the regular PC Optimum points for every dollar spent on their premium (if using a PC credit Mastercard). 

Simplii, meanwhile, offers personal loans and mortgages. With a PC mortgage, homebuyers can get up to $3,500 cash back and an additional $1,000 if they switch their mortgage to PC. 

Winner: Tie.

Which bank is best? Simplii vs. PC

Drumroll, please…

It’s so close that determining a winner might come down to what you value in a bank.

Simplii offers more investment options, more account options and access to more ATMs.

PC Financial has physical locations and earns you PC Optimum points just by banking with them.

Overall, the suite of options at Simplii is more attractive to the average Canadian, in our opinion. You can just do so much more with what’s offered, even if that requires having more than one product with the bank.

FAQs

  • What are the downsides of Simplii Financial?

    +

    While not a downside per se, Simplii Financial has no physical branches. However, as a fully operational bank, Simplii offers a number of different banking options, including bank accounts, credit cards, loans and investments.

  • Is PC Financial the same as Simplii Financial?

    +

    No, PC Financial is not the same as Simplii Financial. They do share one thing in common, though: PC Financial was once affiliated with CIBC. Once they split, Simplii was launched and it is now affiliated with CIBC.

  • Is the PC Money Account worth it?

    +

    The PC Money Account is a great option for Canadians who want to earn PC Optimum points just by banking. It’s a prepaid Mastercard that does everything a chequing account does but also offers the flexibility of a prepaid credit card.

Justin da Rosa Freelance Writer

Justin is a writer and editor who has been covering personal finance for over 10 years. He's written for companies such as KOHO, Ratehub, BMO, Zoocasa, and Questrade, among others. Justin also created a course in Content Creation, which he taught at York University for four years. When not writing, Justin can be found at a live concert, on the golf course, riding a motorcycle, or sailing.

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