Manulife Bank of Canada 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 3.8), but the right pick depends on which products and fees matter most to you.
Overview
Manulife Bank is “Canada's first branchless bank,” with its parent company well-known among Canadians. The digital bank has $33.5 billion in assets and is ranked by Forbes as number seven in Canada on its list of the World’s Best Banks 2026. It also has Canada Deposit Insurance Corporation (CDIC) coverage on deposits.
Offering a much narrower lineup versus the biggest banks in Canada, Manulife Bank has one main bank account, which acts as a hybrid between chequing and savings. It also has Visa-branded credit cards, though does not offer Mastercard or American Express. The bank’s lineup is complete with mortgages and lines of credit, but its ongoing, non-promotional borrowing rates are less competitive, especially compared to offers available through digital banks.
One of the standout features of Manulife Bank is its integration with Manulife Financial, which allows customers access to insurance and wealth management services alongside daily banking. For those who already use Manulife products, it can provide a simple way to manage everyday banking with other financial needs.
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
3.8
4.4
Customer experience
3.2
3.5
Best for
Manulife Bank is ideal for Canadians who want digital banking from an established financial institution. Is it particularly attractive to those who already use Manulife for insurance, wealth management, or borrowing.
Canadians looking for no-fee digital banking with unlimited everyday transactions and access to CIBC ATMs.
Pros & cons
Pros
Schedule I federally chartered bank with backing from The Manufacturers Life Insurance Company
Integration with Manulife Financials’ broader offering
CDIC insurance coverage on eligible deposits
Access to over 2,600 surcharge-free ATMs in Canada through Manulife Bank or The Exchange Network
Hybrid banking, which combines interest with everyday banking features
Cons
No physical branch locations
Less banking options compared to the Big Six Canadian banks
Mixed customer reviews
Business banking is not a complete offering
Rewards ecosystem is less competitive
Regular savings rates are not market-leading
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
Manulife Bank of Canada has no chequing account listed.
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): Minimum charge of $4.75 + 19% of the amount accessed applies§
- 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 Protection
$4.75/month
Overdraft Interest
19% annually (if used)
Bank Draft
$7.5
Top savings account
3.9 Our rating
on Manulife Bank's website
Welcome Bonus
Get an additional 1.5% in interest for new customers
Regular Interest
1.5%
Monthly Fee
$0
Earn an extra 1.5% on top of the regular 1.50% variable interest rate when you make a deposit your new Advantage Account*
* 3.00% promotional rate is for new deposits to a new personal, non-registered, Canadian-dollar Advantage Account. The promotional interest rate is made up of the regular posted annual variable interest rate of 1.50% and the variable annual promotional rate of 1.50%. Interest is calculated daily and paid monthly beginning on the date the account is opened and continuing 730 days (2 years) on net new deposits to a maximum of $500,000. Any change to the regular interest rate will result in a corresponding change to the promotional interest rate. The offer is limited to one account per client and cannot be combined with other offers. The offer and rates are as of July 2, 2026 and subject to change without notice. Click here for full terms and conditions (PDF).
- Earn interest on your entire account balance
- $1.00 per Interac® debit transaction, Interac e-Transfer or bill payment
- $1.50 to withdraw your money
- Access to 2,600 Manulife Bank or The Exchange Network ATMs in Canada
- Fees waived on all banking transactions with a minimum account balance of $1,000
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
- Offer ends on October 31, 2026
- Terms apply
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
Manulife Bank of Canada has no credit card listed.
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 days
Extended Warranty
Up to 1 year
Eligibility
Credit Score
GoodAnnual Income
$15,000 household
All products offered
1 product
Savings
Manulife Advantage Account
3 products
Credit cards
Simplii Financial™ Cash Back Visa* Card