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Do I need to close my RBC account first?
No. You can open your Simplii account while keeping your RBC account active. Many people run both side by side during the transition, then close RBC once they're comfortable.
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Is Simplii a real bank?
Simplii Financial is a division of CIBC, one of Canada's Big Five banks. Your deposits are protected by CDIC insurance, just like any major bank. They've been operating since 2017 (formerly PC Financial).
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How do I qualify for the $350 bonus?
Open a new Simplii No Fee Chequing Account and set up an eligible direct deposit (payroll, pension, or government payment) by March 31, 2026. The bonus will be deposited into your account automatically.
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Can I deposit cash without a branch?
Yes. You can deposit cash at any of the 3,400+ CIBC ATMs across Canada. You can also deposit cheques using the Simplii mobile app.
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How long does it take to open an account?
The online application takes about 5 minutes. Most accounts are approved instantly and you can start banking right away through the app.