Simplii Financial is enhancing its app and adding new tools, including the Simplii Account and folders, which are being piloted this month.
Folders can be created in seconds via the new mobile app and can be used to streamline bill payments and spending, savings goals, and planned expenses. Customers can automatically distribute their pay cheque across the folders to create an organized plan without having to open or manage multiple accounts.
New payment backup will automatically cover eligible transactions and reduce the potential for insufficient funds events. In addition, higher base interest rates will allow customers to earn money from the first dollar in their savings folders.
Additional features will roll out over the coming months, including folder sharing with trusted individuals to simplify household expenses, daily spending allowance, and more.
Simplii recently conducted a study with Ipsos that found, not surprisingly, that that just thinking about money causes stress for more than half of Canadians (55%) aged 18-34. The study also found that roughly three quarters (73%) of Canadians wish they were more confident in managing their finances, and almost half (43%) said their ideal financial institution would make their lives easier.
The study was conducted online with the Ipsos panel on June 19 and June 23, 2025 with a total of 2,880 Canadians aged 18 and older, including 585 Canadians aged 18-34.