Working hard in the background...
PC Financial® 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
PC Financial offers banking services from President’s Choice Bank, which is a Schedule I, federally regulated bank in Canada. Given this setup, the banking products at PC Financial have coverage of up to $100,000 from the Canadian Deposit Insurance Corporation (CDIC). EQB, parent of EQ Bank, acquired PC Financial in July 2026. Prior to this, the bank was a subsidiary of Loblaws.
PC Financial has a smaller offering than many other Canadian banks. It has only one main account that operates as a no-monthly-fee chequing account with the ability to add on a savings feature, giving you the best of both worlds. Its interest rate applies to all balances in the savings side of the account and is quite competitive considering there is no minimum balance.
The bank also has just a few Mastercard credit cards, with no Visa or American Express options. Lines of credit and mortgages are also not available. It lacks in business banking and insurance products as well, making it a better choice for those who don’t need a full-service banking relationship.
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
PC Financial® has no savings account listed.
GET OFFER
on Simplii Financial™'s website
Exclusive · From FinlyWealth$30 rebate
+ 4.6% rate for 5 months
Welcome Bonus
4.6% rate for 5 months
Regular Interest
Up to 1%
Monthly Fee
$0
From May 1st 2026, earn 4.60% interest† on your first Simplii Financial High Interest Savings Account for the first 5 months. Only on eligible deposits up to $100,000. Terms apply. Offer ends on July 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
All products offered
5 products
Chequing
PC Money™ Account
3 products
Credit cards
Simplii Financial™ Cash Back Visa* Card