Desjardins Group vs Simplii Financial™
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
VS
Simplii Financial™ edges ahead on our overall rating (4.4 vs 4.0), but the right pick depends on which products and fees matter most to you.
Overview
Desjardins Group, or Desjardins for short, markets itself as “the largest cooperative financial group in Canada.” The organization offers its members a broad range of financial services including everyday banking, savings, credit cards, mortgages, loans, insurance, and wealth management. Its strongest physical presence is in Quebec and Ontario, where it has 189 caisses and branches as well as 1,260 ATMs.
Providing a full suite of banking products, Desjardins allows members to choose from banking packages ranging from the Basic Plan to the Unlimited Plus Plan. Fee waivers are also available. Desjardins has non-registered savings accounts, credit cards, borrowing products and investment services. Its account fees compare reasonably well with those of the biggest banks in Canada, though its overall fees and savings rates fall short of what customers can find at online banks and fintechs.
Desjardins has several credit cards including those with a cash back option and rewards through its BONUSDOLLARS program. While the rewards platform does not carry the same national recognition as those of the big banks, it still gives members a way to earn rewards across eligible products.
As it provides access to an array of lending options as well as a full-service brokerage and private wealth management, Desjardins delivers more depth than many smaller credit unions or digital banks. Its regional concentration, however, makes it less convenient for Canadians who live outside of these areas. Those within the core markets may find Desjardins to be a strong full-service alternative to the major banks.
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.
Overall rating
4.0
4.4
Customer experience
3.1
3.5
Best for
Desjardins is best for Canadians who want full-service banking through a cooperative financial institution. It is particularly useful for those in Quebec or Ontario where there is the largest branch and ATM presence.
Canadians looking for no-fee digital banking with unlimited everyday transactions and access to CIBC ATMs.
Pros & cons
Pros
Cooperative structure can appeal to those who prefer a member-focused financial institution
Broad lineup of products
Strong reputation as Canada’s largest cooperative financial group
Competitive chequing-account fee waivers compared with many of the Big Six Banks
Strong branch and ATM presence in Quebec with additional access in Ontario
Supports both a full-service brokerage and an online brokerage
BONUSDOLLARS program provides eligible credit cardholders a way to earn and redeem rewards
Cons
Branch and ATM network is highly concentrated in Quebec and Ontario
Savings rates may be below those of online banks and fintechs
Rewards ecosystem is less comprehensive than those from the larger banks
Premium account packages have fewer perks than some of the alternative options at the Big Six banks
Not the lowest-cost option for those who want no-fee digital banking
Pros
Well-ranking products
No-fee chequing account with unlimited transactions and no minimum balance
No annual fee on its credit card
Access to CIBC ATMs at no extra cost
Backed by CIBC, giving stronger reliability compared to many standalone digital banks
Tiered interest rates on savings accounts benefit those who hold more money with the bank
Offers investing through GICs and mutual funds
Cons
Limited product selection compared to full-service banks
No in-branch service available
Mortgages and insurance products not available in-house, only through its parent, CIBC
Pays relatively low interest rates versus competitors
Rewards program is limited to cash back only
Cannot buy stocks, only mutual funds
Not available to Quebec residents
Top chequing accounts
3.7 Our rating
on Desjardins' website
Welcome Bonus
N/A
Monthly Fee
$15.95 (waivable)
Account Type
Chequing • Personal
- Monthly fee of $15.95 (waived with a $4,000 minimum balance)
- No ATM fees with the AccuLink® network
- Eligible for member dividends3
- Unlimited transactions through AccèsD, an ATM 2 or teller
- $1.50 cost for Interac® e-Transfers
Account Fees
Monthly Fee
$15.95
eStatement
Included
on Desjardins' website
Welcome Bonus
N/A
Monthly Fee
$23.95 (waivable)
Account Type
Chequing • Personal
- Monthly fee of $23.95 (waived with a $5,000 minimum balance)
- No cost for ATM transactions in the AccuLink® network
- Member dividend3 eligibility
- No limit on transactions through AccèsD, ATM 2, cheque, or teller
- No charge for Interac® e-Transfers
Account Fees
Monthly Fee
$23.95
eStatement
Included
Best for: Great signup bonus and no fee everyday banking with access to CIBC ATMs
on Simplii Financial™'s website
+ Earn $350. Conditions apply.*
Welcome Bonus
Earn $350. Conditions apply.*
Regular Interest
Up to 0.01%
Monthly Fee
$0
Account Type
Chequing • Personal
- Earn $350 when you become a new client, open a No Fee Chequing Account, and set up an eligible deposit of at least $100 for 4 straight months.*
- Offer ends January 31, 2027*
Save over $200/year with free daily banking.
It's simple. With a no-fee chequing account, you get free daily banking. Life’s always busy and you work hard every day for your money – it’s time for your bank account to do the same.
Product Highlights:
- Free daily banking – Enjoy unlimited debit purchases, bill payments and withdrawals.
- Skip the monthly fees - No monthly fees with no minimum balance
- Free access to over 3,400 CIBC ATMs across Canada
- Unlimited Interac e-Transfer® and debit transactions
- Earn interest on every dollar
Additional Features:
- 24/7 access to bank account via mobile app and online banking
- Setting up direct payroll deposits, account-to-account transfers and pre-authorized bill payments is easy. Overdraft Protection (optional extra): Fixed interest rate of 19.00% will be applied on overdraft balances, in addition to a monthly charge when ODP is used
- Send Digital Gift Cards
Account Fees
Monthly Fee
$0
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$1.5
USA
$3
International
$3
International & Currency
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Interest
19% annually (if used)
Bank Draft
$7.5
Top savings account
Desjardins Group has no savings account listed.
on Simplii Financial™'s website
+ Earn 4.6% for 5 months
Welcome Bonus
Earn 4.6% for 5 months
Regular Interest
Up to 1%
Monthly Fee
$0
- Earn 4.60% interest† on your first Simplii Financial High Interest Savings Account for 5 months
- Only on eligible deposits up to $200,000
- Terms apply
- Offer ends on October 31, 2026
Put your savings in the fast lane with great rates and no monthly fees.
Grow your savings. No matter what you’re saving for, it’s easier with Simplii™.
Product Highlights:
- No minimum balance needed
- No monthly or transaction fees
- Access your savings if you need them
- Easily set up automatic deposits
Top credit card
on Desjardins' website
Welcome Bonus
N/A
Rewards Rate
No Rewards
Annual Fee
$0
Interest Rates
10.9% - 19.9 / 12.9%
RECOMMENDED CREDIT SCORE
4/5
If you plan to carry a balance on your credit card, this is one of the best no-fee, low-interest-rate credit cards in Canada. However, outside of this specific use case, the card doesn't offer many additional benefits.
Pros
- No annual fee
- Low interest rates
- Comprehensive insurance
Cons
- No rewards
- No benefits
- Short travel coverage
Rewards
No rewards earned on this card
Insurance
Coverage
Travel Medical Insurance (64 & under)
$5M/insured up to 3 days, under 75 years old
Trip Cancellation
$500 per person for trips up to 3 days
Trip Interruption
$1,000 per person for trips up to 3 days
Baggage Delay
$500 per person after 6 hours delay for trips up to 3 days
Lost or Stolen Baggage
$500 per person for trips up to 3 days
Common Carrier Travel Accident Insurance
$10,000 per person for trips up to 3 days
Mobile Device Insurance
$1,000
Purchase Protection
90 days
Extended Warranty
Doubled up to 1 year
Eligibility
Credit Score
GoodAnnual Income
N/A
on Simplii Financial™'s website
Welcome Bonus
20% cashback† up to $500 in spending
Annual Fee
$0
Interest Rates
20.99%* / 22.99%*
RECOMMENDED CREDIT SCORE
4.3/5
If you dine out a lot and don't want to pay an annual fee for your credit card, the Simplii Financial™ Cash Back Visa* Card will undoubtedly be one of your best friends with its 4% cashback. Additionally, the card offers a decent cashback rate (1.5%) for gas, pharmacy, and groceries, making it one of the best no-annual-fee cashback credit cards in Canada. However, there are limits on how much you can earn in these categories. Therefore, you need to be careful not to exceed those limits; otherwise, your cashback rate will drop to 0.5% after those spending limits are reached.
Awards & Recognition
Best Dining Cash Back Credit Card
2026
Pros
- High restaurant optimization
- Decent cashback rates
- No annual fee
Cons
- Basic insurance
- No benefits
- Capped rewards
Rewards
- 4% cash back on eligible restaurant, bar, and coffee shop purchases up to $5,000 spent per year†
- 1.5% cash back on gas, groceries, drugstore, and pre-authorized payments up to $15,000 spent per year†
- 0.5% cashback on all other purchases†
Insurance
Coverage
Purchase Protection
Up to 90 daysExtended Warranty
Up to 1 year
Eligibility
Credit Score
GoodAnnual Income
$15,000 household
All products offered
3 products
Credit cards
Simplii Financial™ Cash Back Visa* Card