Simplii rolls out folders, new account for DIY clients — SkimNews
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- Simplii Financial launched a new account called the Simplii Account and is piloting a folders feature this month, letting users organize spending, earmark cash for goals like vacations, and auto-split paycheques across categories
- Atanaska Novakova, head of Simplii, said the target is DIY clients who want to be 'in control' and good value — explicitly noting the appeal is not about age, income, or financial complexity
- Simplii's pilot includes a payment backup feature that automatically covers certain transactions to reduce insufficient-funds fees
- Simplii plans to roll out folder-sharing in coming months to help clients manage shared expenses like household bills
- Simplii partnered with CIBC Investor's Edge, allowing clients to invest while drawing funds from their Simplii account
- Simplii has nearly 2 million clients and was created when CIBC ended its nearly 20-year President's Choice Financial banking partnership with Loblaw in 2017
- Head Novakova said Simplii won't chase 'flavours of the day' such as prediction markets, citing a June CIBC/Ipsos poll in which 74% of 1,001 Canadians called prediction markets more like gambling than investing and 57% said they should not be on investment platforms
Why it matters: Simplii's nearly 2 million clients get a new no-fee account and budgeting tools that automate organization — and the payment-backup feature directly targets NSF fees, a recurring complaint among Canadian bank customers. The Investor's Edge tie-in also pushes Simplii beyond deposits into investing, sharpening competition with the emerging PC Financial-EQ Bank merger.
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