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Canadian Imperial Bank of Commerce (CIBC) 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
Known as CIBC, the Canadian Imperial Bank of Commerce sits among the biggest banks in Canada. Customers seeking full-service banking can access a range of banking, borrowing and investing options. Its product lineup is comparable to the other major banks, though some of its savings rates and fees are less competitive.
CIBC’s banking includes accounts for students, seniors, foreign workers, and newcomers to Canada. The CIBC Smart Account is one of its core everyday banking products and comes with a monthly fee rebate when customers maintain the minimum balance. While it may appeal to those who qualify, other customers might find more value elsewhere.
The bank has a wide selection of credit cards including those for cash back, travel, Aeroplan, Aventura and Costco. Its borrowing options are also comprehensive including mortgages, personal loans, lines of credit and home equity borrowing. CIBC’s product lineup as well as its highly rated online and mobile banking tools make the bank a well-rounded choice for Canadians looking to build a banking relationship with a single institution.
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
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