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Bank of Montreal (BMO) vs Simplii Financial™
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
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Simplii Financial™ edges ahead on our overall rating (4.4 vs 4.1), but the right pick depends on which products and fees matter most to you.
Overview
The Bank of Montreal, known as BMO, is the oldest and one of the biggest banks in the country. With a comprehensive range of products, its network extends across both Canada and the United States. Its broad product lineup makes it a popular choice amongst those seeking full-service banking.
At BMO, account types cater to different customer needs and include those for students, seniors and newcomers to Canada. Customers can choose from low-cost banking services to more premium accounts that include additional benefits. Depending on the account type and balance maintained, a fee waiver might be available. Long-term savings rates are less competitive than digital institutions though.
BMO has plenty of credit cards ranging from no-fee options to premium rewards cards. The bank stands out for having one of the best cash back credit cards in Canada. Though BMO has a few Visa credit cards, it partners with Mastercard for its primary network. In terms of lending options, the bank tends to have many promotional rates and even a unique mortgage cash back incentive, making it one of the most comprehensive in Canada.
Simplii Financial is a relatively new brand name in the banking scene, starting in 2017. It is, according to the bank, “a trademark and division of CIBC,” acting as its digital bank. Today, it has nearly 2 million clients and a reputation for quality. In Forbes’ 2026 list of the World’s Best Banks, Simplii Financial ranked number two in Canada, a list it has appeared on for many years.
The bank has a limited offering of products, though boasts some particularly well-ranking ones. For example, FinlyWealth rated the Simplii Financial No Fee Chequing Account at 4.5 out of 5, calling it our top chequing account pick for 2026. We also named its Cash Back Visa Card as the best dining cash back credit card in Canada.
As a digital bank, Simplii Financial does not have branches or its own ATM network, though clients can access their funds or make deposits using CIBC’s ATM network. A number of its more premium services are from its parent, CIBC. In terms of lending, for example, Simplii Financial has lines of credit and loans, though it ended its mortgage program in June 2025. Instead, clients can now access mortgages through CIBC. Its insurance program is also limited, with no standalone life or car insurance options available.
Top chequing accounts
Top savings account
Top credit card
All products offered
